How Kay Cabuco Bought $12M Worth of Businesses with No Banks
Introduction
Kay Cabuco, an immigrant from Laos, has achieved an incredible feat of buying two auto businesses and two care home facilities in just three years. With a total worth of over $12 million, Kay's journey into entrepreneurship is both inspiring and impressive. In this blog post, we will delve into Kay's background, her decision to leave her nursing career, and how she ventured into buying businesses.
How Kay Cabuco Bought The Businesses
We will be summarizing a video featuring Kay Cabuco, who shares her experience of buying businesses without the help of banks. Kay has successfully purchased multiple businesses, including a towing business and residential assisted living facilities, using creative financing techniques. She emphasizes the importance of finding motivated sellers and understanding their pain points to negotiate seller financing deals. Through her story, we will explore the benefits of creative financing and the power of collaboration in business.
Key Takeaways:
1. Kay Cabuco went from being a nurse to owning $12 million worth of small businesses. She bought businesses during the middle of COVID, taking advantage of the recession-proof nature of essential services.
3. Kay used creative financing, such as seller financing, to purchase businesses without involving banks. Kay's success highlights the power of entrepreneurship and the ability to create wealth through business ownership."
4. They found the car registration service business through online searches and analyzed the financials to identify potential opportunities. The car registration service business she bought generates a cash flow of $22,000 per month.
5. Kay and her husband focused on businesses that were simple to operate but essential in nature. Towing business is a low-risk investment due to its essential nature and long-standing demand.
Kay's Background and Decision to Leave Nursing
Kay Cabuco moved to the United States at the age of 12 and pursued a career in nursing. As a mother of three and a proud owner of a golden doodle, Kay enjoyed being a nurse but eventually felt burnt out during the COVID-19 pandemic. This led her to quit her job and dive into the world of business with her husband.
The First Business: Auto Registration Services
Kay and her husband's first business venture was in the auto registration services industry. Despite having no background in this field, they were fortunate to find a willing owner who taught them everything they needed to know. This essential and recession-proof business proved to be a success, especially during the COVID-19 pandemic when people needed to register their cars.
The Second Business: Towing Company
After the success of their first business, Kay and her husband decided to expand their portfolio by purchasing a towing company. They chose this industry because it provided an opportunity to invest in an already cash-flowing business. By acquiring an established towing company, they could avoid the challenges of starting a new location and building a clientele from scratch.
The Third Business: Care Home Facilities
Continuing their entrepreneurial journey, Kay and her husband ventured into the care home industry. While they were still awaiting the final piece of the puzzle, which was the license, they were confident in their ability to close the deal soon. What made this acquisition unique was the use of creative financing, allowing them to purchase the business without involving banks.
Understanding Creative Financing
Creative financing is a powerful tool that enables buyers to acquire businesses without relying on traditional bank loans. In Kay's case, creative financing involved asking the seller to act as the bank, eliminating the need for external financial institutions. This approach allowed Kay and her husband to make payments directly to the seller, making the process more flexible and efficient.
The Benefits of Creative Financing
Creative financing offers several benefits for entrepreneurs like Kay Cabuco. Firstly, it allows buyers to acquire businesses without the need for traditional bank loans. This means that individuals who may not qualify for a loan or who want to avoid the lengthy process of securing a loan can still pursue their entrepreneurial dreams.
Creative financing often involves flexible payment structures, such as balloon payments or seller financing, which can make the purchasing process more manageable and tailored to the buyer's financial situation. Lastly, creative financing opens up opportunities in different industries, as buyers are not limited to businesses that qualify for bank loans. This allows entrepreneurs to explore a wide range of options and find the perfect business that aligns with their interests and goals.
Kay's experience with creative financing has allowed her to build a portfolio of businesses worth over $12 million. She highlights the advantages of creative financing, such as avoiding the need for traditional bank loans and the associated taxes. By becoming the bank themselves, Kay and her husband have been able to generate significant cash flow from their businesses. This approach has allowed them to grow their wealth and invest in other ventures, such as residential assisted living facilities.
The Towing Business: A Low-Risk Investment
Kay's journey into the world of business ownership began with the purchase of a towing business. She saw this as a low-risk investment due to the essential nature of the towing industry and its long-standing relationship with roadside assistance provider AAA. With a purchase price of $1.6 million, Kay and her husband put down $250,000 and negotiated seller financing for the rest. This was their first experience with creative financing, and it proved to be a successful strategy.
Finding Motivated Sellers and Pitching Seller Financing
Kay explains that their success in securing seller financing was largely due to finding motivated sellers who were looking to exit their businesses quickly. By understanding the pain points of these sellers, Kay and her husband were able to present seller financing as a win-win solution. They approached the sellers with a simple pitch: they would become the bank, and the buyers would make monthly payments to them. This approach worked well, and they were able to acquire the towing business for $1.6 million.
Transitioning to Residential Assisted Living
While the towing business was a successful venture, Kay and her husband decided to explore other opportunities. Kay, a former nurse, missed the healthcare industry and wanted to return to her roots. They identified residential assisted living as a promising sector and purchased two facilities. The first facility has 15 residents, while the second will have 65 residents with a total of 80 residents from all of her residential assisted living facilities.
The Power of Collaboration and Community
One of the key takeaways from Kay's story is the power of collaboration and community in business. She emphasizes the importance of surrounding yourself with like-minded individuals who can support and guide you on your entrepreneurial journey. Kay credits her success to the knowledge and mentorship she gained from Pace Morby's course on creative financing and real estate. Through this course, she learned the importance of problem-solving and the value of building relationships with motivated sellers.
The Importance of Proximity and Networking
Kay also highlights the significance of proximity and networking in business. By being actively involved in her local community, she was able to build connections and find opportunities that may not have been available otherwise. Kay believes in the power of being a ""go-giver"" and helping others succeed. By providing value to others, she has been able to create a network of individuals who are willing to collaborate and support her in her business ventures.
How to Use ChatGPT in Google Sheets to Boost Your Productivity
If you're already familiar with the power of ChatGPT, then you'll be excited to learn that you can now integrate it into Google Sheets. Whether you're using ChatGPT to write emails, draft ebooks, or create ad campaigns, incorporating it into Google Sheets can take your productivity to the next level. In this blog post, we'll explore how you can leverage ChatGPT in Google Sheets to streamline your workflow and generate engaging content.
Using ChatGPT as a Caption Builder
One of the most useful applications of ChatGPT in Google Sheets is as a caption builder. For example, if you have videos that require captions, you can use ChatGPT to generate three different variations of an Instagram caption based on the video transcription. The first version can be short, no longer than 20 words, while the second version can be longer, with a maximum of 75 words. The third version should include an engaging question to encourage audience interaction. This caption builder provides an easy starting point for creating captivating captions for your social media posts.
Creating YouTube Titles with ChatGPT
In addition to caption building, ChatGPT in Google Sheets can also be used to generate YouTube titles. By copying and pasting the video transcription into a designated cell, you can prompt ChatGPT to generate three different YouTube titles. This feature is incredibly helpful for content creators who want to optimize their video titles for maximum engagement. However, it's important to note that you'll need to install the GPT4Sheets extension from the Chrome Store to enable this functionality.
Utilizing ChatGPT with RSS Feeds
Another way to leverage ChatGPT in Google Sheets is by integrating it with RSS feeds. By pulling in news articles from various sources, such as personal finance and real estate publications, you can use ChatGPT to generate hooks for social media posts based on the article's content. This allows you to add value to the articles and spark curiosity among your audience. Additionally, ChatGPT can help you come up with video prompts that add context, create a challenge, or even generate controversy. With this feature, you can ensure that your content remains fresh and engaging.
Building an Endless Idea Bank
By combining ChatGPT with Google Sheets, you can create an endless idea bank for your content. Whether you're brainstorming ideas for blog posts, newsletters, or ad campaigns, ChatGPT can help you generate fresh and creative concepts. Simply input a few keywords or prompts into a designated cell, and ChatGPT will generate a list of ideas that you can use as a starting point. This feature is especially useful for content creators who are looking to expand their repertoire and explore new topics.
Enhancing Email Writing Efficiency
Email writing can be time-consuming, especially when you have multiple messages to send. However, with ChatGPT in Google Sheets, you can streamline the process and enhance your email writing efficiency. By creating a template in Google Sheets and using ChatGPT to generate personalized email content, you can save time and ensure that your messages are engaging and effective. Whether you're reaching out to clients, colleagues, or potential customers, ChatGPT can help you craft compelling emails that get results.
Optimizing Ad Campaigns with ChatGPT
Creating effective ad campaigns requires careful planning and strategic messaging. With ChatGPT in Google Sheets, you can optimize your ad campaigns and generate persuasive copy. By inputting information about your target audience, product or service features, and desired outcomes, ChatGPT can generate ad copy that resonates with your target market. This feature not only saves time but also helps you create ads that are more likely to convert and drive results. Whether you're running ads on social media platforms or through Google Ads, ChatGPT can be a valuable tool in your marketing arsenal.
Conclusion
In conclusion, this blog post highlights the journey of Kay Cabuco as she successfully purchases multiple businesses using creative financing strategies. She emphasizes the importance of finding low-risk opportunities, such as essential businesses like towing, and leveraging seller finance to secure deals. Kay's story demonstrates the power of problem-solving and taking action, even without extensive knowledge or experience. Additionally, her participation in Pace Morby's course has provided her with valuable insights on the power of community and collaboration in achieving success. If you're looking to enter the world of business ownership and real estate investment, consider the lessons learned from Kay's experiences.
Kay Cabuco's journey of buying businesses without the involvement of banks is truly inspiring. From being a nurse to owning four successful businesses, she has shown that with determination and the right mindset, anyone can achieve financial success. Her decision to focus on essential and recession-proof industries, such as auto registration services and towing, has proven to be a smart move, especially during the COVID-19 pandemic. Through creative financing and careful analysis of business potential, Kay and her husband have been able to generate a monthly cashflow of $22,000. This success story serves as a valuable lesson for aspiring entrepreneurs looking to enter the world of small business ownership.
Incorporating ChatGPT into Google Sheets can greatly enhance productivity and creativity in various tasks such as writing emails, creating captions for social media posts, generating YouTube titles, and even generating prompts for video content. By utilizing the power of ChatGPT, users can easily generate multiple variations of captions, hooks, and prompts based on video transcriptions, news articles, or specific topics. With the help of the GPT4Sheets extension, users can seamlessly integrate ChatGPT into their Google Sheets workflow, allowing for efficient data analysis and content creation. Whether it's improving marketing strategies or building wealth through real estate, incorporating ChatGPT into Google Sheets can provide valuable insights and streamline workflows.
