I understand theres repairs and other things that might come up so $50k for emergency is what I'm keeping for that. 2) Pay Down Payment on a property.

It's an exciting time to be investing in the Midwest – there are plenty of 1%ers out there looking to take advantage of these emerging markets!

In KCMO, the city will make necessary repairs to a private sewer main in a public easement if it fails within 24 hours of the emergency.

Hi Eric, I'm just getting started in rei but the topic of emerging markets has been my focus as of late as it's clearly a vital factor in buying right. 

As a PM myself, it's vital to have contractors at the ready for emergencies like this, you have to develop relationships.

BP family, The tenants live in my first and only rental property paid a half of October's rent and told my PM that they are having a family emergency, but they will pay the rest of the rent they owe on 10/27, and there will be no problem going forward.

I keep 2 refrigerators to have as emergency replacements to hold them over till I buy a new one  or when I am having a party to hold more beer .

My advise is to buy value add - whatever you feel you can handle (from light reno to gut rehab) and in an emerging market within 10 miles of Boston. 

I leave cleaner and cloths for the granite counters, a small package of the required pay-as-you-go trash bags (and a list of locations where they can buy more), a binder with local attractions, city resources, emergency phone numbers, what to do if..., the large appliance manuals and a $25 gift certificate to a local restaurant.

-i.e  - upfront when signing on the tenant that if it is a non-emergency, they can e-mail instead of call you.