You are probably wondering what I mean by “Flipping Cars for Profit”. Well it is definitely not actually flipping a car over on its roof. What I mean by flipping cars for profit I mean it to be like the term real estate investors use when they buy and fix up a house and sell it right away. Yes flipping cars for profit is a lot like flipping houses for profit. The only difference is that flipping cars is much cheaper and can actually see a rate on return.
I came about this opportunity one day when I dropped by my sister-in-laws house and saw her husband polishing a BMW. He called me over and I looked at the car it was in good shape and I asked who the car is for? He told me he bought so that he could sell it again. I asked how much he paid for the car and he told me $3,000 but he is going to turn around and sell it for $5,000.
I was a little intrigued because being a car guy I wanted to know how he was doing this. So I prodded some more and he told me that you could make some serious flipping cars for profit. The car he had he was polishing for a customer who wanted to buy it for $4,000 he still made an extra thousand of the BMW he had in his driveway. I was amazed but knowing him there had to be a catch to these flipping cars for profit scheme he was doing.
I asked about this opportunity and he told me “Jose have a seat brother” I sat down on the bench and he handed me a beer and he began explaining how he got into this. From here I will explain what you will need to do step by step so that you can follow along and make yourself some money too.
Are you ready? Then let’s go!
The term flipping cars for profit is a term that means buying and selling used cars. Yes you can buy and sell your used cars and make money. Just like the car dealerships do except that there is much less paperwork to contend with. And with flipping cars you could make money right away no credit here. The minute you get to sell cars the money will come in quickly and you will get hooked. The more cars you sell the more your money multiplies after every sale. The trick in making money in this business is buying low and then selling high. But don’t sell too high because then you will not be able to sell the car. This hustle is going to take some money from you part. Most likely you will need like $3,000 to start off the process.
Now that you have your money ready to invest you will need to start looking for a car to flip. I suggest looking in the Penny Saver or if you are an internet buff you can check out Craigslist and check out the section where they sell used cars in. You will need to scour Craigslist and believe me you will find some good deals on some very nice cars. Also your odds in getting a better deal will be larger if you are dealing with the owner rather than a dealer.
Looking through Craigslist you found a nice car but then you will start to think it’s nice and all but will it sell? Well to be honest it depends on the brand of car that you are selling. I find that foreign made cars and SUV’s tend to sell better and faster than domestic brands. The reason being is that the foreign cars tend to be more dependable and they tend not to fall apart unlike most domestics also foreign cars do not lose their worth as quickly as a domestic.
Even BMW’s and Audi’s tend to flip really fast and people will tend to pay more for it. Reason being is that these are status symbols and of course everyone wants to follow the Joneses
I will list the car brands that sell the most below:
- Mercedes Benz
Any models from these brands above tend to flip quickly into cash. These brands are known for their quality dependability as well as most of these brands are recognized all over the world. In the end these popular car brands will tend to make your wallet fat. I remember Louis selling three used Beamers in one day!
Now that you found a car that you could flip quickly into cash, now you call the owner of the car. Remember it is better to view the Craigslist car ads put by owners rather than dealers. You see dealers do not want to deal in price and they have set margins which will make it difficult for them to play with the numbers.
Once you contact the owner of the car ask to see the car and when it could be good for him/her to let you see it. DO NOT TALK ABOUT PRICE over the phone! First take a look at the car then you can negotiate price.
You are at the owner’s house and you are going to look at the car. Here is a list you should follow when visually inspecting a used car:
- Check the exterior of the car for any dents or rust
- Check interior of car for any rips on the seat and check that all the buttons work as well as radio and AC
- Turn the car on and let it idle for a bit. Check for shakes while the car is idling make sure windows roll up and down power locks are working as well as signal lights and headlights
- While the car is on put in drive and feel the transmission catch. Move it a little to feel how it moves then move it back to the spot and put it back to park.
Never ever pay what the owner of the car wants you to pay for their car. You must negotiate a price that’s fair and reasonable. People do not respond well to “low ball” offers and will not want you to waste their time. Usually you could negotiate a price which is a thousand dollars less than the price offered or even five hundred dollars less than offered price.
Most of the time they will agree to let it go for five hundred to a thousand less than offered. Sign off on the paper and take the car home with you.
Now that you have done all of this work now you can go home add the car to Craigslist and begin the process again. This time selling the car as the owner rather than the buying, set the price s that you could have room to negotiate and still get something out of it. Make sure you wash and detail the car no one wants to buy a car that’s filthy. So was the car inside and out armor all the tires and the seats if need be. Make the car presentable!
Rinse and repeat and there you have it! DO this a few times and you will make a lot of money hands down. And if you buy it you do not have to sell it right away you can drive it for a while until you get tired of it.
Flipping cars is a great hustle to do! Nowhere else can you make large amounts of money really quick and easy, so save your money or do other hustles like Lawn Mowing, Selling Bottled Water or Shoveling snow to get your money ready to invest and make some money!
Also one more thing please check what the rules are in flipping cars in your state. Reason being that every state has different laws that you will need to abide by. Find out what they are before you jump in as it will not cause you headache when closing the deal!