Don’t Sell to House Buyers in North Carolina! Can I Help You First?
Did you come here looking for a Cash House Buyer in North Carolina?
Before you fill out a form and sell possibly you’re life’s biggest investment, let me see if I can help get your life in order.
6 Steps to Treat Your House Like a Business:
If you’re upside in your financial life, and feel like an investor or professional house buyer is your only solution, consider why these people have sustainable businesses. It’s because they have cash flow – meaning more income than expenses. This what we’re calling cash flow and this THE BIGGEST measurement of your household business.
If you’re drowning in debt, expenses and other bills, you have a cash flow problem. Which is either an income problem or an expenses problem, or both. Let’s see if we can fix it.
Step 1: Track Your Income & Expenses
The first step to free yourself from the need of a house buyer is to develop a balance sheet. What is your income? Do you have a spouse or partner with income? Write those down and note your total income.
Next go get your bank and credit card statements and look at your expense for the past 3 months. Jot all this information into an excel sheet that will be your monthly balance sheet. There’s an example to the left.
One of the key tricks to getting your finances in order is to save your money first. This is what a business would call profit – paying yourself first.
Be the CEO of your house! Get paid, then live off the rest.
Step 2: Cut Your Spending
Once you can see all your expense, ask yourself “What can I live without?”
When I was in college, I came to a point where my finances were in shambles. I remember being at Food Lion at check out when my card was declined and I couldn’t pay for food.
I didn’t eat for almost a week.
That was the moment it hit me that I took control of my finances, stopped unnecessary partying/entertainment/shopping and cut spending. I started saving money faster, paying off debts & got back in control of my life with peace of mind.
If you’re life is upside down to the point where you can’t make your house payments… and this might be tough love… but you don’t get to party. You don’t get to watch Netflix. You don’t get to have drinks and party with your friends. You get live on rice, beans and chicken until you’re sustainable.
Buckle down, suck it up buttercup, and swing your balance sheet to profitability by paying off debt, selling the car payment for a clunker, and cutting subscriptions.
Step 3: Save $1,000 in the Bank
If you do this step, you’ll have more security than 70% of Americans. This is not an American poverty problem, it’s a financial education problem.
Once you’re profitable, put $1,000 in the bank to come in case of emergencies only. Car needs repairs, your kid needs medicine, you have a medical expense, etc. Open up a separate bank account that you don’t touch.
More than anything, this is just a huge de-stressor for your life and gives you a lifeline in case of emergencies.
Step 4: Pay off Debt
Similar to step 2, you’re going to increase your cash flow by paying off your debts (Credit cards, car loans, student debt, etc.) Pay off everything other than your house.
There are 2 schools of thought:
- Pay off highest interest debt first
- Pay off the lowest balance first
My personal opinion is to pay off the lowest balance first. Remember, right now you’re chasing cash flow and this will be the quickest route to get there. The counter argument is that paying off high interest debt will be less money wasted. I go back to we’re chasing cash flow, and cash flow is security. Plus, once you pay off the lowest balance, you have more money freed up to tackle the higher interest debts.
Here’s the key to make all this work – once you have debt paid off, DO NOT SPEND THE SAVINGS. Instead, put it towards step 5: creating your 3 month cash cushion for emergencies, or if you’ve already done that, move to step 6 and invest!
Step 5: Build a 3 Month Cash Cushion Emergency Savings
Now you’re profitable, you have $1,000 for emergencies, you’re free of debt and you increased your profitability. Now its time to beef up that $1,000 to 3 months expenses worth of savings. Once you’ve achieved this milestone, the amount of stress you get rid of is unbelievable.
Imagine having $10,000 on the side. You don’t touch it, but it’s just there in case you need it. How would that make you feel? Pretty good I bet. But don’t stop there! Let’s increase your profitability with income by investing.
Step 6: Start Investing
It may take 6 months, a year, 2 years or more to get here, but now you can further increase your balance sheet by investing all that money you’re saving. Don’t use your $10,000 cash cushion, this is extra money on top of that.
There are countless ways you can invest your savings:
- Stock market – Index funds (recommended) or individual stocks
- Stock options (advanced)
- Real Estate
- Mortgage Notes
- Tax liens
- Start a side hustle/business
This doesn’t even scratch the surface of investing opportunities. There is so much opportunity out there, its incredible. You just have to chase it and be in a position to capitalize on it when the opportunity arises.
Still Need Help?
You may have come here looking for a house buyer in North Carolina because you don’t have anywhere else to go. Maybe you don’t have the luxury of time to get your finances back in order. Or maybe one of the steps above involves having to sell your house for cash, so you can use the cash to rebalance your balance sheet and reach profitability.
We are professional house buyers in North Carolina and can buy houses in cash, as little as 7 days, with no commissions and cover all closing costs.
If you need help to sell your house fast, fill out the form below. I look forward to helping you take control of your life soon!