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!
Dave:
Hey everyone, welcome to On The Market. I’m your host, Dave Meyer, and today we’re going to be talking about, God, the thing that we just keep talking about for the last three years straight. Is there going to be recession in 2024? Well, we’re just going to take the question out of it and pretend that there is going to be, and we’re going to give you some advice on how to recession proof your business in the case that there is a recession in 2024.
To help me with this, I have Henry Washington, Kathy Fettke and James Dainard joining me. Thank you three for joining us. I appreciate your time.
Kathy:
Thank you.
James:
I’m ready to talk about 2024. I’m done with 2023.
Dave:
You look tired, man. You look like 23 has worked a number on you.
James:
Yeah, the only good 23 is Michael Jordan. That’s about it.
Dave:
All right. Time to move on to 24.
Henry:
Kobe year.
Dave:
Yeah. Wait, was Kobe 24 first or was he eight first?
Henry:
He was eight first. Whoa. 2008 was the recession, so maybe Kobe 24 is the next recession. Boom!
Dave:
Oh, no….