{"id":11076,"date":"2024-03-17T05:00:12","date_gmt":"2024-03-17T05:00:12","guid":{"rendered":"https:\/\/imsfund.com\/?p=11076"},"modified":"2024-03-17T05:00:12","modified_gmt":"2024-03-17T05:00:12","slug":"its-time-to-stop-relying-on-the-fed-you-should-do-this-instead","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2024\/03\/17\/its-time-to-stop-relying-on-the-fed-you-should-do-this-instead\/","title":{"rendered":"It\u2019s Time to Stop Relying on the Fed\u2014You Should Do This Instead"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"post-content\" :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\">In late 2022 and early 2023, private equity real estate investors sharply pulled back on funding. They caught on\u2014in some cases, too late\u2014that rising interest rates were going to annihilate deals funded by floating interest debt and drive\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/cap-rate-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cap rates<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0higher (pushing prices lower).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In our own passive real estate investing club at SparkRental, our members (myself included) have become more cautious. When we first started going in on group real estate investments together, we focused on potential returns. Today, when we meet to vet deals together, we focus far more on risk.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Anecdotally, I\u2019ve also heard a lot of active real estate investors pull back over the last 18 months, and I hear a lot of hemming and hawing and hand-wringing about interest rates.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/federal-reserve-to-lower-rates-six-times-says-ing-economics\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">When will the Federal Reserve start cutting rates<\/span><\/a><span data-preserver-spaces=\"true\">? How quickly will they fall? How will they impact cap rates?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">You\u2019re asking the wrong questions.\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why Everyone in Real Estate Frets Over Interest Rates<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">At the risk of stating the obvious, higher interest rates make properties more expensive to buy and own since most buyers (residential and commercial) finance them with debt.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That puts negative pressure on prices, especially 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\">. Cap rates typically rise in tandem with interest rates, meaning that buyers pay less for the same\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/net-operating-income\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">net operating income<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0(NOI).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In residential real estate, the sudden leap in interest rates has caused many would-be sellers to sit tight. No one wants to give up their fixed 2.5% interest 30-year\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-a-mortgage\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mortgage<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to buy a new home with a 7% rate. So, housing inventory has been extremely tight.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Residential investors want to know when financing will become affordable again, at least compared to the low rates we\u2019ve all grown accustomed to. Commercial investors holding properties want to see lower rates drive cap rates back down so they can sell at a profit, or refinance properties currently losing money to high variable interest loans.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">So yes, I get it: Interest rates matter in real estate.\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\/stop-relying-on-the-fed-and-adapt-your-strategy-for-risk', 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\/stop-relying-on-the-fed-and-adapt-your-strategy-for-risk',&#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\/stop-relying-on-the-fed-and-adapt-your-strategy-for-risk', 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\">Why You Should Stop Fixating on Rates<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">First and foremost, you and I don\u2019t have any control over when and if the Fed cuts interest rates.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">I don\u2019t believe in timing the market. Every time I\u2019ve tried, I\u2019ve lost. The best-informed economists and professional investors get this wrong all the time, so it\u2019s sheer hubris to think you can do it when they can\u2019t.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Instead, I invest in new real estate projects every single month as a form of\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/dollar-cost-average-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">dollar-cost averaging<\/span><\/a><span data-preserver-spaces=\"true\">. Our Co-Investing Club meets twice a month to discuss passive group investments, and members who want to invest small amounts can do so.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Is it a harder market to make money in today than it was five years ago? Probably. But two years ago, everyone was euphoric about real estate investments because they performed so well for the previous decade. Every syndicator rushed to show off their sparkling track record. So, investors flooded their money into real estate projects without properly accounting for risk.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In retrospect, the real estate projects from two years ago are the ones most in trouble today. Superstar investor Warren Buffett\u2019s quote comes to mind: \u201cBe fearful when others are greedy, and be greedy only when others are fearful.\u201d\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over the last year, investors have felt far more fear. And from the dozens of passive real estate deals I\u2019ve looked at over the last two years, I can tell you firsthand that syndicators are underwriting much more conservatively today than they were two years ago.\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What Investors Should Focus On Right Now<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Investors should focus first on risk mitigation in today\u2019s market.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">I don\u2019t know when interest rates will drop again. It could take years. I also don\u2019t know where inflation will go or the economy at large.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In late 2022, many economists forecast a 100% chance of recession in 2023. That didn\u2019t happen, and now investors seem to assume a 100% chance of a soft landing with no recession. That seems equally presumptuous.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The good news is that I don\u2019t need to foresee the future. I just need to identify the largest risks facing real estate investments right now\u2014and invest to mitigate them.\u00a0<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Mitigating interest rate risk<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">After all that talk about interest rates, how do you invest in real estate to avoid rate-related risks?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">First, beware of variable interest debt. Although, to be frank, it\u2019s a lot safer now than it was two years ago.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Second, beware of bridge loans and other shorter-term debts of two or three years. Don\u2019t assume that interest rates will be lower in three years from now than they are today.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Instead, look for deals with longer-term financing. That could mean deals that come with assumable older debt.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For example, I invested in a deal a few months ago with a 5.1% fixed interest rate with nine years remaining on the loan. I don\u2019t know if there will be a good time to sell within the next three years, but I\u2019m pretty sure there will be a good time to sell within the next nine.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Longer-term financing could also mean fixed-interest agency debt. Sure, these often come with prepayment penalties, but I\u2019d rather have the flexibility to hold properties longer, unable to sell without a fee, than be forced to sell or refinance within the next three years.\u00a0<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Mitigating insurance cost risk<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Over the last two years,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-819\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">insurance premiums have skyrocketed<\/span><\/a><span data-preserver-spaces=\"true\">, in some cases doubling or even tripling. That\u2019s pinched cash flow and set up some investments that previously generated income to start losing money.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cBetween 2023 and 2024, my insurance premiums climbed more than 30%, which has been a huge strain on my portfolio,\u201d laments Andrew Helling of HellingHomes.com. Higher insurance and labor costs have wreaked such havoc on his rental portfolio that he may pause acquisitions entirely. \u201cI\u2019m considering exclusively\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/wholesaling-strategy\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">wholesaling<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0my leads until we get some clarity on what the Fed will do with interest rates later this year.\u201d\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This brings us back to square one: giving the Fed too much power over your portfolio.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But suspending all acquisitions is far from your only option. Another way to protect against unpredictable insurance costs is to buy properties that don\u2019t need much insurance. For example, I interviewed\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/shannonrobnett.com\/\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">Shannon Robnett<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0a few weeks ago about his industrial real estate strategy, and while he does insure the bones of his buildings, his tenants insure their own units.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Likewise, our Co-Investing Club has invested in\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/mobile-homes-for-rental-property\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mobile home<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0parks. The park does need to maintain a basic insurance policy for any shared infrastructure, but each mobile homeowner insures their own home. The same logic applies to retail and some other types of commercial real estate.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Residential real estate, including everything from single-family homes to 200-unit apartment complexes, need to carry expensive insurance policies. But that doesn\u2019t mean every type of real estate does.\u00a0<\/span><\/p>\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Mitigating rising labor cost risk<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">In many markets, labor costs have risen faster than rents over the past two years. Again, that pinches cash flow and can drive some properties to lose money each year rather than generating it.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cLabor expenses and average rents aren\u2019t rising uniformly across markets, and in some, labor costs have risen faster than rents over the past two years,\u201d observes Soren Godbersen of EquityMultiple. \u201cBoth factors contribute to which markets we are targeting in 2024.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That\u2019s one solution: Analyze the local market rent and labor trajectories before investing. But how else can you mitigate the risk of labor costs outpacing revenue growth?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Invest in properties with little labor required. In particular, look for properties that don\u2019t require much maintenance or management. Examples include self-storage, mobile home parks, and some types of industrial properties.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For instance, many self-storage facilities can be nearly 100% automated, eliminating management costs. The buildings are simple, with little or no plumbing or HVAC and only the most basic electrical wiring. They need almost no maintenance beyond a new roof every few decades.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Alternatively, you could come at this problem from the other side: revenue. Our Co-Investing Club recently vetted a deal with a syndicator in a specific niche: buying Low Income Housing Tax Credit (LIHTC) apartment complexes and refilling them with Section 8 tenants.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The short version: The loophole is that LIHTC restricts how much the tenant can pay in rent but not the total amount of the rent collected by the owner. By renting to Section 8 residents\u2014in which the tenant pays only a portion of the rent\u2014the syndicator can, in this case, double the rents they\u2019re collecting over the next few years. This means they don\u2019t have to worry about expense growth exceeding rent growth.\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">My Outlook on 2024 and Beyond<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">I appreciated\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/multifamily-crash-to-continue-through-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Scott Trench\u2019s cautious, even gloomy analysis<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0of real estate\u2019s trajectory in 2024 and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/multifamily-is-likely-to-recover-in-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">J Scott\u2019s upbeat rebuttal<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Scott Trench isn\u2019t wrong about the headwinds and risk factors, some of which we just covered. And J Scott isn\u2019t wrong that plenty of tailwinds could cause real estate to perform well this year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">My view on all this: You should invest consistently and conservatively. You can\u2019t time the market, but you can analyze the greatest risks in any given market\u2014and protect against them.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">I don\u2019t need a crystal ball. By passively investing a few thousand dollars every month as a member of an investment club, I know the law of averages will protect me in the long run.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">I remember the mood in 2010-2012 in the real estate industry: bleak. No one had glowing things to say about real estate investing. Don\u2019t you wish you could go back and invest in real estate, then?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Stop assuming you know what will happen. You don\u2019t. Stop worrying about what the Fed will do because you can\u2019t control it. Invest instead to mitigate risk, and you\u2019ll make money in both stormy and sunny markets.\u00a0<\/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=\"It\u2019s Time to Stop Relying on the Fed\u2014You Should Do This Instead 2\"\/>\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 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\/stop-relying-on-the-fed-and-adapt-your-strategy-for-risk\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article In late 2022 and early 2023, private equity real estate investors sharply pulled back on funding. They caught on\u2014in some cases, too late\u2014that rising interest rates were going to annihilate deals funded by floating interest debt and drive\u00a0cap rates\u00a0higher (pushing prices lower).\u00a0 In our own passive real estate investing club at SparkRental, [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":11077,"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\/federalreserve-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-11076","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\/11076","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=11076"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/11076\/revisions"}],"predecessor-version":[{"id":11078,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/11076\/revisions\/11078"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/11077"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=11076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=11076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=11076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}