Managing Expenses and Access to Capital | 17min snip from On The Market

Get the app

168: How to Prepare for a Recession in 2024

On The Market

chevron_right

notes

CHAPTER

Managing Expenses and Access to Capital

Importance of tracking expenses, understanding where money is going, and working with banks to secure backup funds and credit. Advantages of building relationships with banks and moving money to smaller portfolio banks. Importance of having access to capital during a recession and utilizing tools like unsecured lines of credit.

00:00

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode 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

Find an Agent

Find a Lender

BiggerPockets Forums