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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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.