FOCUS overcomes FEAR every time!
As if there wasn't enough to be afraid of in real estate investing (of every type), now we have the addition of a possible recession to be afraid of. Really! What could an investor be afraid of (or question) up to this point? Maybe:
Are my tenants going to pay their rent on time?
Are my contractors ever going to get this rehab finished?
Is my property going to increase in value through the years so in addition to paying down the mortgage I can gain even more equity?
Are my tenants going to destroy my property?
Is the neighborhood going to change and lower my property value?
Are supplier delays and rising prices going to bite into my flip profits?
So, now, with talk of a recession, even more fears/questions:
Will my property value decrease?
Will my tenants loose their jobs and not pay me?
Will my flip just sit on the market and not sale?
Here is the reality. We have NO control over the economic conditions! Wars arise, gas prices go up and down and contractors come & go. We really have no control over most of the things that can affect our business, but that is OK. You see, what we need to do is NOT focus on the chaos. NOT focus on the things we can't control. NOT focus on fear! Divert the focus on what we DO have control over, such as: buying at the price that makes sense, placing the best qualified tenant into your rentals, negotiating hard with contractors/suppliers for the best value, etc. Focus on the positive and use that to your advantage to continue to make your business work and make money. Opportunity lies in every economy (even the bad ones), if you are focused and searching for it. Best of luck and please remain calm and positive.