How to overcome economical downturn as landlord
To start off, this is question post, not a solution thread. I have been thinking and planning on deploying the BRRR strategy over the past few weeks. While meditating this morning (I'm trying out the miracle morning routine recommended by the latest podcast, committing myself to it for at least 30 days), one question came across my mind.
Question: How would one prevent from foreclosing/offloading their rental properties when the economy took a dive.
When economy is rough, it is inevitable a percentage of workforce will be laid off, and thus your rent will likely be in jeopardy, which would also translates to reducing the cash flow is landlord's wallet, which could ultimately result in landlord not paying bank. I think you get the idea.
I have a bad feeling the economy will take another dive in <5 years, and would like to plan for the worst before starting off. Any advises and suggestion would be greatly appreciated.