In This episode Martin Perdomo"The Elite strategist"Shares the four things you should be doing to prepare for a market correction. The first point he covers is making sure that you are working on your credit and that you are getting liquid. During the great recession of 2008 on of the things that happened was that the credit markets froze. Usually when the market is correcting the banks get tighter with the money they lend on real estate, the criterial get a bit tougher and ultimately you have to be an A+ borrower to get credit. Thats why the first recommendation is to get your credit right and get liquid cash in the bank so that you are ready to take the opportunities when they show up. The second point Martin covers is pay attention to legislation. We can't influence what politicians do but we can strategize based on what they do so that we can get in the flow of the opportunities. Every administration presents us with opportunities we just have to be looking for them. The third thing you should be doing to prepare for a market correction is to build relationships with realtors and lender. The reason being is that they are first people that distressed buyers go to when they get into trouble. You want to build relationships with these people so that they can refer you as solution to these people when they show up at their door. Lastly you want to pay attention to whats happening in your markets. Pay attention to the data, watch things like average days on the market, a sudden influx in inventory, the average prices are starting to drop these are all alarms telling you the market is correcting. These are some of the things you should be doing to prepare for a correction. We hope you enjoy the podcast!
To Reach Martin Perdomo "The Elite Strategist"