{"id":10947,"date":"2024-03-03T03:16:08","date_gmt":"2024-03-03T03:16:08","guid":{"rendered":"https:\/\/imsfund.com\/?p=10947"},"modified":"2024-03-03T03:16:08","modified_gmt":"2024-03-03T03:16:08","slug":"is-there-new-risk-of-a-crash-this-year-heres-what-pundits-are-warning-about","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2024\/03\/03\/is-there-new-risk-of-a-crash-this-year-heres-what-pundits-are-warning-about\/","title":{"rendered":"Is There New Risk of a Crash This Year? Here&#8217;s What Pundits Are Warning About"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button x-on:click=\"open = !open\" class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<p class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/p>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">Yes, many pundits are still warning about a recession in 2024.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Here\u2019s one example. Richard Duncan did a Macro Watch fourth-quarter update. He pointed out that between 1952 and 2009, all nine times total credit (adjusted for inflation) grew by less than 2%, and the economy went into a recession.\u00a0<\/span><\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1999\" height=\"1360\" src=\"https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image1.jpeg?twic=v1\/cover=1999:1360\/max=1000\" alt=\"Credit growth vs. GDP growth (1952-2022) - Bureau of Economic Analysis\" class=\"wp-image-168885\" title=\"Is There New Risk of a Crash This Year? Here's What Pundits Are Warning About 2\" srcset=\"https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image1.jpeg?twic=v1\/cover=1999:1360\/resize=1999\/max=1000 1999w, https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image1.jpeg?twic=v1\/cover=1999:1360\/resize=300\/max=1000 300w, https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image1.jpeg?twic=v1\/cover=1999:1360\/resize=1024\/max=1000 1024w, https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image1.jpeg?twic=v1\/cover=1999:1360\/resize=768\/max=1000 768w, https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image1.jpeg?twic=v1\/cover=1999:1360\/resize=1536\/max=1000 1536w, \" sizes=\"auto, (max-width: 1999px) 100vw, 1999px\"\/><figcaption class=\"wp-element-caption\"><em>Credit growth vs. GDP growth (1952-2022) \u2013 <a href=\"https:\/\/www.bea.gov\/\" target=\"_blank\" rel=\"nofollow noreferrer noopener\">Bureau of Economic Analysis<\/a><\/em><\/figcaption><\/figure>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/itreconomics.com\/\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">ITR Economics<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0also predicts a recession in 2024 based on a few key indicators. They have been over 94% accurate one year out since 1985.\u00a0<\/span><\/p>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/passive-real-estate-investing\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Passive investing<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0pro\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/mailchi.mp\/rollinvestments\/from-rig-year-end-summary-2017-and-happy-new-year-9358018?e=a35c1a054b\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">Jeremy Roll<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0believes a 2024 recession is virtually certain. He believes we\u2019ll see:\u00a0<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Job losses<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Consumer spending decreases<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Stock market decreases (most likely crash)<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Federal Reserve rate cuts. It\u2019s very difficult to predict the amount and degree of Fed rate cuts, but typically, recessions do cause the Fed to cut rates to help stimulate the economy. Based on past recessions, the amount of rate cuts that typically occur during the first 12 months once rate cuts begin is 100-125 bps, with additional rate cuts thereafter.<\/span><\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">But Does the Economy Even Matter When Making Investments? Buffett Says No<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Investing gurus Warren Buffett and the late Charlie Munger have insisted they never based an investment or divestment decision on the economy. They simply sought out solid, undervalued companies with durable products and great management teams.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Though their record shows this is generally true, we know one time when they deviated from this principle. In 2008, Berkshire Hathaway invested $5 billion in Goldman Sachs. This was in September 2008, at the very heart of the financial crisis.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But they didn\u2019t invest in common equity. They invested in preferred equity. And they made a small fortune from this investment.\u00a0<\/span><\/p>\n<div class=\"justify-center \" x-data=\"{ IabAdad_block_: popAd(['r720x90'], '1') }\" :class=\"IabAdad_block_.linkURL ? 'flex pt-8' : 'hidden'\">\n<a x-show=\"https:\/\/www.biggerpockets.com\/blog\/IabAdad_block_.linkURL\" x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/will-there-be-a-recession-in-2024', IabAdad_block_.sponsor, IabAdad_block_.title, IabAdad_block_.id, 'blockAdClicked', 'blockAd', 'postContent')\" target=\"_blank\" x-init=\"&#10;      analytics.track('blockAdLoaded', {&#10;        referrer: 'https:\/\/www.biggerpockets.com\/blog\/will-there-be-a-recession-in-2024',&#10;        sponsor: IabAdad_block_.sponsor,&#10;        ad_title: IabAdad_block_.title,&#10;        ad_page_location: 'postContent'&#10;      })&#10;    \" x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/will-there-be-a-recession-in-2024', IabAdad_block_.sponsor, IabAdad_block_.title, IabAdad_block_.id, 'blockAdViewed', 'blockAd', 'postContent')\" rel=\"noopener\"><\/p>\n<div class=\" hidden sm:block\">\n<img class=\"m-0\" :src=\"https:\/\/www.biggerpockets.com\/blog\/IabAdad_block_.r720x90\" :alt=\"IabAdad_block_.r720x90Alt\"\/>\n<\/div>\n<div class=\"block sm:hidden\">\n<img class=\"m-0\" :src=\"https:\/\/www.biggerpockets.com\/blog\/IabAdad_block_.r320x50\" :alt=\"IabAdad_block_.r320x50Alt\"\/>\n<\/div>\n<p><\/a>\n<\/div>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What Are We Up To?\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">My firm has been saying for years that we do the same thing in every economy. When multifamily syndicators swung for the fences (and hit it out of the park) in the late teens and early 2020s, we were swinging for singles and doubles. (We cheered them on while they made a small fortune for their investors.)\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When multifamily syndicators swung for the fences (and got into big trouble) a little later in that cycle, we were still swinging for those same singles and doubles.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But investing in preferred equity is our one exception.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">We are in an unusual window, offering asymmetric risk and return potential. We sincerely believe this is a rare and short window to lower investors\u2019 risk and lock in higher-than-usual projected returns with preferred equity.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If you\u2019ve been reading my posts for a while, you know why we love preferred equity. Here is an abbreviated list:\u00a0<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Immediate\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rental-property-cash-flow-analysis\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cash flow<\/span><\/a><span data-preserver-spaces=\"true\">, future upside, and shorter hold time.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Payment priority ahead of common equity.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Lower downside risk exposure than common equity.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">No lien, but often gets a personal guarantee from the sponsor.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Receives\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-depreciation-in-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">depreciation<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0tax benefits (as negotiated).\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Negotiated control rights in case something goes wrong.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Negotiated MOIC floor-to-juice returns if taken out early.<\/span><\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Here\u2019s the Takeaway\u2014With a Huge Caveat<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">I\u2019m going to recommend three assets for your consideration as we teeter on the verge of a\u00a0<\/span><em><span data-preserver-spaces=\"true\">potential<\/span><\/em><span data-preserver-spaces=\"true\">\u00a0recession.\u00a0<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Stick with the basics<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">In general, I recommend investors do the same thing they would ideally do in a great (or awful) economy: Invest in recession-resistant assets acquired below their intrinsic value (often from mom-and-pop\/distressed operators) and now managed by professional operators.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As far as asset types, we like mobile home parks, RV parks, self-storage, industrial parks, and more.\u00a0<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Look for built-in equity at acquisition<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">I also recommend acquiring unusual investments with significant built-in equity at initial acquisition. I\u2019m borrowing from Jeremy Roll\u2019s playbook\u2014he taught us about this asset type.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Recently, we invested in a tax-abated\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/finding-multifamily-properties\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">multifamily<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0property. The operator negotiated a complex structure that provided 100% property tax abatement in a high-property tax state.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This asset was acquired for $80 million. The lender\u2019s appraisal at closing (with the tax abatement in place) was $113 million. The equity invested at closing was $26 million. This equity grew by $33 million (over 126%) on day one, according to the new appraisal. (No, this was not a typo.)\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That type of investment offers nice potential in any market. More importantly, in uncertain markets like these, it provides a wonderful margin of safety between net income and debt payment (long-term, fixed, and interest-only for years, by the way). This margin should be able to absorb financial and operational shocks (like insurance increases, flat rental rates, increased vacancy, and more), but there are no guarantees.\u00a0\u00a0<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Invest in preferred equity<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Obviously, I\u2019m a big fan. And I\u2019ve discussed why in several prior posts, like\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/why-preferred-equity-is-so-compelling-right-now\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">this one<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/getting-into-the-nitty-gritty-of-preferred-equity\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">another one<\/span><\/a><span data-preserver-spaces=\"true\">, and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/preferred-equity-can-improve-your-returns-in-this-environment\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">a third<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Here\u2019s the caveat I haven\u2019t often discussed: We have identified four types of preferred equity:\u00a0<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Acquisition (we do this)<\/span><\/strong><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Recapitalization of existing property (we do this)<\/span><\/strong>\n<ul>\n<li><span data-preserver-spaces=\"true\">Filling a gap behind new senior debt.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Providing liquidity without having to replace the senior debt.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><span data-preserver-spaces=\"true\">Development (we haven\u2019t done this, and we don\u2019t plan to).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Rescue capital (we haven\u2019t done this, and only would in very special circumstances).<\/span>\n<ul>\n<li><span data-preserver-spaces=\"true\">Buying a rate cap.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Refilling debt service reserves.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Capital improvements to boost\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/net-operating-income\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">NOI<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0with the hope of refinancing later.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">I could write a post on these four types, and maybe I will. But suffice it to say that not all preferred equity is created equal.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For example, I\u00a0<\/span><em><span data-preserver-spaces=\"true\">don\u2019t<\/span><\/em><span data-preserver-spaces=\"true\">\u00a0recommend you get lured by the siren\u2019s song of rescue capital. Sure, it\u00a0<\/span><em><span data-preserver-spaces=\"true\">could<\/span><\/em><span data-preserver-spaces=\"true\">\u00a0work out okay. But remember that you\u2019re not looking for the highest returns. You\u2019re looking for the highest\u00a0<\/span><em><span data-preserver-spaces=\"true\">risk-adjusted<\/span><\/em><span data-preserver-spaces=\"true\">\u00a0returns. (If you want high returns, why not just play the lottery?)\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">If a 2024 recession materializes, you may find additional opportunities to buy distressed commercial and residential real estate assets. But don\u2019t count on it being a repeat of 2008. It\u2019s hard to imagine a scenario like that playing out again this time.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As for us, we\u2019re not holding our breath for these big bargains to pan out in\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/commercial-real-estate-fundamentals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">commercial real estate<\/span><\/a><span data-preserver-spaces=\"true\">. With over $400 billion sitting on the sidelines, waiting to pounce on these assets, we doubt many of these opportunities will materialize, at least not for most of us.<\/span><\/p>\n<div id=\"visibility-group-block_64dd56548a48e\" class=\"visibility-group  hidden\">\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-theme-gold-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Get the Best Funding<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Quickly find and compare investor-friendly lenders who specialize in your unique investing strategy. It\u2019s fast, free, and easier than ever!<\/p>\n<p><\/main>\n<\/div>\n<div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n<img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block\" src=\"https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Lender-Match.png\" alt=\"find a lender with lender match\" title=\"Is There New Risk of a Crash This Year? Here's What Pundits Are Warning About 3\"\/>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group__inner-container\">\n<div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n<p><\/main>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><em><span data-preserver-spaces=\"true\">Mr. Moore is a partner of Wellings Capital Management, LLC, the investment advisor of the Wellings Real Estate Income Fund (WREIF), which is available to accredited investors. Investors should consider the investment objectives, risks, charges, and expenses before investing. For a Private Placement Memorandum (\u201cPPM\u201d) with this and other information about the Wellings Real Estate Income Fund, please call 800-844-2188, visit wellingscapital.com, or email <a href=\"https:\/\/www.biggerpockets.com\/cdn-cgi\/l\/email-protection\" class=\"__cf_email__\" data-cfemail=\"4920273f2c3a3d093e2c252520272e3a2a2839203d2825672a2624\">[email\u00a0protected]<\/a>. Read the PPM carefully before investing. Past performance is no guarantee of future results. The information contained in this communication is for information purposes, does not constitute a recommendation, and should not be regarded as an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such an<\/span> <span data-preserver-spaces=\"true\">offer or solicitation would be in violation of any local laws. All investing involves the risk of loss, including a loss of principal. We do not provide tax, accounting, or legal advice, and all investors are advised to consult with their tax, accounting, or legal advisors before investing.<\/span><\/em><\/p>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/will-there-be-a-recession-in-2024\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article Yes, many pundits are still warning about a recession in 2024.\u00a0 Here\u2019s one example. Richard Duncan did a Macro Watch fourth-quarter update. He pointed out that between 1952 and 2009, all nine times total credit (adjusted for inflation) grew by less than 2%, and the economy went into a recession.\u00a0 Credit growth [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":10948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/foreclosure-for-sale-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-10947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=10947"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10947\/revisions"}],"predecessor-version":[{"id":10949,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10947\/revisions\/10949"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/10948"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=10947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=10947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=10947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}