Lessons for Wholesaling CEOs from the Cyprus Meltdown

The financial meltdown in Cyprus might seem far away and to have little direct impact on wholesaling CEOs in the United States but that doesn’t mean it isn’t time to get prepared for a similar crisis here.

Cyprus was one of the world’s hot financial centers for international entrepreneurs seeking a tax haven to register their companies. In fact, many real estate investors probably have offshore accounts in Cyprus. As of writing this release Cypriot banks have been closed down to prevent citizens and businesses from continuing a run of pulling out cash. In reality it is not an unreasonable scenario to be played out here and some may conjecture that it could happen here soon as the Cyprus fallout makes its way through Europe and around the globe.

While all indicators may be gradually improving in the U.S. although slowly one scary news headline, and fear could easily grip the nation causing a similar situation. Many Americans continue to be on the edge of their seats waiting for it to happen.

Then business transactions could be frozen and interrupted and ATMs locked down so that there is no access to cash. As a wholesaling CEO are you ready?

3 vital lessons for wholesaling CEOs from the Cyprus crisis:

1. Staying Financially Solvent

When conditions and forecasts are great as they are now for flipping houses in the U.S. many wholesaling CEOs get giddy from the rush of green and their fast swelling egos and over confidence cause them to take bigger risks and fail to create emergency plans and set aside reserve funds. You can get started flipping houses with virtually nothing but that doesn’t mean you shouldn’t strive to build up a solid balance sheet.

2. The Need for Cash

Are you prepared for a total cash blackout? What if banks can’t process your transactions, others can’t pay you, you can’t pay staff and you can’t even pull your money out of the bank? Having a healthy stash of cash and cash equivalent assets could certainly help. Just make sure they are well protected.

3. Capitalizing on Current Conditions

If a major financial crisis like this does develop here bank accounts, savings, IRAs and brokerage accounts could all be rendered worthless overnight as well as credit cards. Many Americans believe this is going to happen and it is just a matter of time. Fortunately one of the best ways to be prepared and continue to build wealth is through investing in real estate. Real estate values might fluctuate, but their property values will always come back and go up. Are you helping as many people as you really can to take advantage of the best financial move they can make and buy a home or three?

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