If a recession comes into town, maybe the local steakhouse ends up closing because everyone stops spending money there. 

This property was my first, I feel like everything went wrong there: 4 flooding, bad tenants, overbudget renos but somehow still came out ahead in an economic recession (given enough time, real estate is very forgiving so this property taught me a lot about what NOT to do.

Fresh paint goes on tomorrow, some recessed lights in the living room, etc.

It's hard to break down cost for each item as we got a bid for the whole jobI'm not too good with numbers which is why I delegate that to someone else to do but I will break down what I can.Property:4 bed 2 bathLot sq ft 7200Living sq ft 1700Rehab:Paint exterior and interiorDemo/removed two walls to create an open floor planScrape and smooth popcorn ceilingsMud and texture walls and ceilingsNew laminate floors throughoutNew carpet in bedroomsTotal gut out of kitchen and two bathAll new Windows (10 windows)New French doorRestucco front of houseNew bedroom doorsNew front doorNew kitchen cabinetsNew front doorAdded a side door to the garage from the porchNew door knobsAdded central air and replaced heating furnace New appliances (fridge, dishwasher, microwave)Move water heater outsideInstalled recessed lights throughoutConvert water heater closet into laundry roomNew bathroom tiles (floors, and floor to ceiling shower tiles)New vanitiesConverted tub shower to stand up showerNew ceiling fans in each roomNew mirror bedroom closet doors Pool repair (30 years of non use and has gold fish and algae)Repaired and painted concrete in backyard and garageNew garage doorNew drivewayNew landscapingNew appliancesNew exterior lightsPainted fire placeStaging Purchase price: $465k via HMLTotal rehab:$60kARV: $590kSold: $610kNet profit: $32k total then split 50/50I learned so much from this first flip but it was all worth the blood and tears.Here's a link to my Box album.https://app.box.com/s/spyxxp27krya754csrstmzz8bv1u8420

I predict recession in 0-2 years from now.All of this started because I watched a video on paying off your mortgage significantly faster by leveraging.    

.#3  When recession hits, you want to grab as many good deals as possible.  

Most realtors and RE investors put almost all their eggs into rentals many lost all during the Great Recession.

Most of the deals my husband and I did were bought during the Great Recession  and were not listed on the MLS.

However, now that we are out of the recession and home prices have stabilized the BRRRR strategy is not a safe as it once was.

Most people have them turned way too high to keep the recesses and far away spaces warm enough.