Being conscious on unnecessary business costs are key areas to focus on during a recession.

Unnecessary point of risk. 

Im a 19 year old living in New York with some roommates and my girlfriend, I don’t spend too much on a unnecessary purchases and try to limit my spending.

A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, you should sit down and assess your personal finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.

We are feeling that we have to do unnecessary repair just because someone else wants to keep their job.Does any body have similar experience or different experience / opinion?

You can go through the struggle of figuring out how this business works without the risk of wasting unnecessary time and money.You may have to do a lot of grunt work, but you're laying down the foundation of a successful wholesaling business.

I would like to think we are awesome wholesalers, and this is how we do it:Buyer's side:Submit a comprehensive list of interior pictures, exterior picturesSubmit pictures of all the things wrong, that needs fixing, or updating, with a description of what is wrongSubmit 2 to 3 properties you have comped to arrive at the numbers, and then make sure they know it is their responsibility to verifyCreate a clear, easy to absorb standardized cheat sheet that summarizes all the numbers, including cost of repairs, ARV, estimated profits condition of the houseCreate a list where you describe the age and condition of the furnace, boiler, water heater, oil tank and all other mechanicals.Describe heating source, gas, oil electrical.Make sure they know your rules, deposit, protocol for visiting the house etc.Let the seller know you are going to put a lockbox on the house and have this written and stipulated in the contract, to make it easier for buyers to visit (in case the house is vacant).Be careful not to do the unnecessary, like figuring out if there is a buried oil tank.

Stick to the most important points and avoid unnecessary details.Use bullet points and headings: Breaking up your plan into easy-to-read sections can make it more digestible for your potential lenders.Be realistic: While it's important to be optimistic about your investment potential, it's also important to be realistic about your expectations.

That being said, from personal experience, my boss borrowed from one large national bank, they didn't like him taking all his large investments out to another bank and forced him to close his business bank account, which caused many unnecessary headaches.

I never commit to a new tenant before a property is actually vacant, too much opportunity for unnecessary drama.I do also make it clear with tenants at move in, and at interim inspections when long term plans are discussed, and also when tenants are struggling financially, that I am happy to work with them regarding moving out as long as they have a specific goal in a reasonable time frame, such as buying a new home, going away to school, transferring with their job, getting married, etc.