How Real Estate Experts Manage Their Portfolio During Recessions
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 9 July 2024
⏱️ 37 minutes
🧾️ Download transcript
Summary
Ken and Danille McElroy discuss strategies for landlords to manage rental properties effectively during an economic downturn. Learn how to maintain stable cash flow, build strong tenant relationships, and make informed decisions to weather the challenges of a recession.
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Visit Ken's Bookstore: https://kenmcelroy.com/books
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. Let's get right into this episode. |
| 0:04.8 | The threat of a recession is becoming more and more real every single day. And today |
| 0:10.9 | we're going to talk about how investors and tenants can prepare to weather this storm. |
| 0:16.7 | Yeah. When you're investing, you have to consider the tenant. Right now, the tenants are in trouble. |
| 0:22.6 | If we head into a recession, they're already getting slammed with high inflation and red increases |
| 0:29.0 | and things like food and gas and all those kinds of things are clipping away at them. |
| 0:34.0 | And so as a landlord, you've got to be really cognizant. |
| 0:37.1 | There's a bunch of moves that |
| 0:37.9 | you could make to make sure that you have stable cash flow during this time. Yeah, absolutely. And the first |
| 0:44.5 | thing you need to understand is that a lot of people are going to be losing their jobs and hours |
| 0:49.7 | are going to be cut. You know, if they're self-employed, contracts might be cut. And you as a landlord |
| 0:54.8 | have to be understanding of that to a degree. This has happened before. And a lot of the, during |
| 1:01.9 | times where rent, you have a lot of rent increases and there's less, there's less option for the |
| 1:07.9 | tenant. You basically can get away with anything. |
| 1:11.6 | Right. |
| 1:12.6 | Now it's moving the other way. |
| 1:14.6 | It's now basically heading to a renter's market for at least the next 18 months. |
| 1:19.6 | And so you have to manage differently and you have to be a little different in a landlord. |
| 1:23.6 | And the one thing is you have to consider the tenant. |
| 1:26.6 | You have to probably do less |
| 1:28.9 | rent increases. And what you're trying to do is you're trying to get people to stay there longer |
| 1:34.2 | because every single time you have turnover, it's expensive. You have advertising costs, you have |
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