168: How to Prepare for a Recession in 2024
A recession isn’t off the table for 2024, so you’ll need to know how to prepare for a recession and profit if the economy starts to slide. If your real estate values fall, your tenants stop paying rent, or you lose your job, how will you ensure you keep your properties? Those who can survive the bad times often thrive in the good—so what should you do to prepare? Today, our expert panel gives four suggestions ANY investor can take to make it through a recession unscathed. All of these suggestions are being put into practice NOW by our panel of experts. They’re not complicated, and acting on even a few of them could save you tens of thousands (or an entire property) if and when a recession finally does hit. From cutting costs to keeping cash on hand, investing differently, and building a "backup" for buying properties, these tactics will enable you to scoop up the deals that inexperienced investors couldn’t hold onto!
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Show Notes
A recession isn’t off the table for 2024, so you’ll need to know how to prepare for a recession and profit if the economy starts to slide. If your real estate values fall, your tenants stop paying rent, or you lose your job, how will you ensure you keep your properties? Those who can survive the bad times often thrive in the good—so what should you do to prepare?
Today, our expert panel gives four suggestions ANY investor can take to make it through a recession unscathed. All of these suggestions are being put into practice NOW by our panel of experts. They’re not complicated, and acting on even a few of them could save you tens of thousands (or an entire property) if and when a recession finally does hit.
From cutting costs to keeping cash on hand, investing differently, and building a "backup" for buying properties, these tactics will enable you to scoop up the deals that inexperienced investors couldn’t hold onto!
In This Episode We Cover:
How to prepare for a recession (and profit!) in 2024
Emergency reserves and how much you should have in the bank NOW
Quick ways to cut costs so your business can easily survive downturns
Accessing “backup” debt that’ll help you close on deals as banks tighten up credit
Looking outside of real estate for returns and how the experts are diversifying
Why you MUST keep some “liquid” assets on you during a recession
And So Much More!
Links from the Show
Join the Future of Real Estate Investing with Fundrise
Connect with Other Investors in the “On The Market” Forums
Subscribe to The “On The Market” YouTube Channel
How to Prepare for a Recession (and Profit!) in 2022
Soft Landing or Hard Recession? How to Build Wealth in Both
Books Mentioned in the Show
Recession-Proof Real Estate Investing by J Scott
Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-168
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