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re: Is There Any Way to Flip Cars & Make a Profit?
Posted on 11/3/15 at 5:07 pm to carguymatt
Posted on 11/3/15 at 5:07 pm to carguymatt
quote:
You DO NOT want to even think about starting your own lot unless you have about 25k capital and know a lot about used vehicles.
I think 25k may be too low. I'd say 40-50k.
Posted on 11/3/15 at 5:34 pm to Coach Guidry
that would be more ideal. I'm talking about a tiny lot with $300 a month rent and about 10 cheap cars one man show working 70 hours a week.
It's a lot more possible on 25k if you have spots you can buy wholesale from that take credit card. I sometimes use credit cards like a floor plan. When the vehicles sell, I'll keep the cash out and put in other cars to keep more higher priced inventory. About every six months I pay the original investment back to the card and start over. By doing that I also accumulate a ton of rewards points.
I just wouldn't advise it unless you know a lot about what your doing and surrounded by people like your daddy and best friend since kindergarten you know you can trust that know more than you.
It's a lot more possible on 25k if you have spots you can buy wholesale from that take credit card. I sometimes use credit cards like a floor plan. When the vehicles sell, I'll keep the cash out and put in other cars to keep more higher priced inventory. About every six months I pay the original investment back to the card and start over. By doing that I also accumulate a ton of rewards points.
I just wouldn't advise it unless you know a lot about what your doing and surrounded by people like your daddy and best friend since kindergarten you know you can trust that know more than you.
This post was edited on 11/3/15 at 5:40 pm
Posted on 11/3/15 at 8:21 pm to carguymatt
quote:
The best way to start is to pay a dealer a one time fee, which is probably going to range from 2000-4000 to use his company nam
Interesting idea. I've made about $3000 in profit. My original plans were to just going to sink all my profit into this '65 Ford Galaxie I bought.
Could I just cold call dealers and ask to buy in as an agent? My issue is I just moved to Chattanooga over the summer and i don't know the market that well.
Eta: kinda humorous story O had recently about overvaluing. This guy was trying to sell an '07 Kia Sorento without working AC and no title for $3500. Told me it was a bank writeoff in a bankruptcy, that i could spend $20 and get a lost title. I laughed out loud when he said that, then offered him $250 bucks for it. He unpolitely decined my offer.
This post was edited on 11/3/15 at 10:14 pm
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