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flippin cars

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  1. dams dams is offline

    MA
    United States

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    Aug 26th, 2012 (8/26/2012 4:32am)

    I'm thinkin about buying and selling cars on the side, kind of wait til I see a steal, pick it up, do some light work and sell. There's tons of old people where I live and well old people die and then their cars go quick.

    When you buy a car to resell it, do you have to register it inbetween? In MA as far as I know you need insurance to register and that's the only way to get the title.

    Is there a cap on how many cars you sell before you need to get a dealer license?
  2. SpankyHamm SpankyHamm is offline

    Altamonte Springs, FL
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    Aug 26th, 2012 (8/26/2012 4:40am) in reply to dams

     
  3. Autolobotomist Autolobotomist is offline playing air is my style? so what

    Tempe, AZ
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    Aug 26th, 2012 (8/26/2012 4:43am) in reply to SpankyHamm

    tippin' cows >
  4. El Burro El Burro is offline

    Dallas, TX
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    Aug 26th, 2012 (8/26/2012 4:46am) in reply to Autolobotomist

    I don't know for sure, but I'm guessing that getting a dealer license would make this much, much easier. I presume that inventory isn't registered individually until sale (hence the use of dealer plates) and that a blanket insurance policy covers inventory.
  5. OldGrowth OldGrowth is offline

    Scottsdale, AZ
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    Aug 26th, 2012 (8/26/2012 4:48am) in reply to dams

     
    Originally Posted by dams View Post

    I'm thinkin about buying and selling cars on the side, kind of wait til I see a steal, pick it up, do some light work and sell. There's tons of old people where I live and well old people die and then their cars go quick.

    When you buy a car to resell it, do you have to register it inbetween? In MA as far as I know you need insurance to register and that's the only way to get the title.

    Is there a cap on how many cars you sell before you need to get a dealer license?

    I believe if you buy and sell 5 or more a year you have to be a licensed auto broker.
  6. ntanygd760 ntanygd760 is offline

    Fort Drum, NY
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    Aug 26th, 2012 (8/26/2012 4:49am) in reply to OldGrowth

    can you do the work on the car yourself. If you can't you are pretty much killing where most of your profit will come from.
     
  7. dams dams is offline

    MA
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    Aug 26th, 2012 (8/26/2012 4:56am) in reply to ntanygd760

    Def not a mechanic, and not thinkin I can get rich off it, but if I could pull in an extra 5k a year doing it I def would.
    Thread Starter
  8. Niceguy Niceguy is offline I will find you.

    NV
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    Aug 26th, 2012 (8/26/2012 5:03am) in reply to dams

    Do you know how to change brake pads, rotors?

    Bleed your brakes?

    Change an oil filter?

    Do minor touch-up work(painting/detailing)?

    Check and replace the serpentine belt?

    If you can't say yes to all of these, you won't make a profit. It's like flipping houses, you have to at least make it look pretty and well maintained.
  9. OldGrowth OldGrowth is offline

    Scottsdale, AZ
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    Aug 26th, 2012 (8/26/2012 5:09am) in reply to dams

     
    Originally Posted by dams View Post

    Def not a mechanic, and not thinkin I can get rich off it, but if I could pull in an extra 5k a year doing it I def would.

    make sure there is an "As Is" clause in every car sold.
  10. dams dams is offline

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    Aug 26th, 2012 (8/26/2012 5:32am) in reply to OldGrowth

    Yeah that's pretty basic stuff, I've swapped out alternators, sensors, control bar swaps and some minor suspension work. Usually just find a diy for the fix.
    Thread Starter
  11. dolphin13 dolphin13 is offline OT Vice MVP

    Chicago, IL
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    Aug 26th, 2012 (8/26/2012 6:13am) in reply to dams

    This sounds like a disaster.
    Good luck. You'd be better off meeting rich Asian woman on the Internet and marrying her
  12. AMARTIN1181 AMARTIN1181 is offline Is not a girl

    West Hartford, CT
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    Aug 26th, 2012 (8/26/2012 6:18am) in reply to dolphin13

    719 
  13. Lameass_ Lameass_ is offline

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    Aug 26th, 2012 (8/26/2012 6:25pm) in reply to AMARTIN1181

    yea unless you figure out how to do the easy mechanic work dont even try. you will hate yourself for it and cost alot of time and money. if you dont figure it out try to become friends with someone who has an auctioneers license...then you go to auto auctions and get that shit for really cheap.
  14. gmoneypzza gmoneypzza is offline

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    Aug 26th, 2012 (8/26/2012 8:13pm) in reply to Lameass_

    Having been a licensed dealer in NC, I can give you a wealth of knowledge. Feel free to pm me. I will say that you can make a little scratch, but it not all lollipops and puppy dogs.
  15. gmoneypzza gmoneypzza is offline

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    Aug 26th, 2012 (8/26/2012 8:16pm) in reply to Lameass_

     
    Originally Posted by Lameass_ View Post

    yea unless you figure out how to do the easy mechanic work dont even try. you will hate yourself for it and cost alot of time and money. if you dont figure it out try to become friends with someone who has an auctioneers license...then you go to auto auctions and get that shit for really cheap.

    Sorry I posted before reading this one. Auctions aren't as cheap as people think.
  16. EyeKnows EyeKnows is offline

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    Aug 26th, 2012 (8/26/2012 8:25pm) in reply to gmoneypzza

    find a "bargain", flip it, see what happens. couldn't hurt too much if you flop. you'll probably be OK as long as you don't really fuck up, it's not like you'll have to invest a lot to start.
  17. Lameass_ Lameass_ is offline

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    Aug 26th, 2012 (8/26/2012 8:45pm) in reply to gmoneypzza

     
    Originally Posted by gmoneypzza View Post

    Sorry I posted before reading this one. Auctions aren't as cheap as people think.

    depends what youre looking for. im guessing hes not looking to buy $15k cars and sell them
  18. gmoneypzza gmoneypzza is offline

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    Aug 26th, 2012 (8/26/2012 9:20pm) in reply to Lameass_

     
    Originally Posted by Lameass_ View Post

    depends what youre looking for. im guessing hes not looking to buy $15k cars and sell them

    "Cheap cars tend to be overpriced at auction, Dealers buy them as loss leaders or use them as buy here pay here" cars. These are sold at inflated prices repo'ed and sold again. Trust me if you get a 'steal' at an auction, there is a reason.
  19. Exterminate U Exterminate U is offline

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    Aug 27th, 2012 (8/27/2012 1:15am) in reply to gmoneypzza

    you should try antiques it's more profitable
  20. Big_L Jahfari Big_L Jahfari is offline

    Atlanta, GA
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    Aug 27th, 2012 (8/27/2012 2:15am) in reply to Exterminate U

    I know a guy who does this and knows nothing about cars.

    He only buys Honda's and usually buys them for under 1k$ and usually it would be someone desperate to sell. He would troll Craigslist and if he saw one up for $800 he would B-line over with 5 or 6 hundo in his pocket and usually end up with the car.

    He will detail them, give them new hubcaps if they need it and flip them real quick.

    If you have a local "pull-a-part" you can get cheap windows, doors, etc. and watch DIY videos to up the value before sale.

    It always seemed like pretty easy money to me but what do I know. GL
  21. Slay Slay is online now

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    Aug 27th, 2012 (8/27/2012 4:26pm) in reply to Big_L Jahfari

    Check out auctions/police auctions...

    I bought a car and flipped it for about 20k profit
  22. phish42O phish42O is offline

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    Aug 27th, 2012 (8/27/2012 5:11pm) in reply to Slay

    Xzibitmaconepedal.jpg
  23. cmval cmval is offline

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    Aug 27th, 2012 (8/27/2012 6:38pm) in reply to phish42O

    i know two guys who do this and one knows absolutely nothing about cars, the other knows cars and both of them do very well

    you can flip a few cars in most states without being a dealer but usually there is a limit per year. You will have to look it up. In Illinois I think its between 6-10. Your best bet is auctions. Some are open to the public and some are only open to dealers. My buddy rolls over to these auctions with like 4 or 5 friends and like 25-30k. Ends up coming back with 5 or 6 cars. Many of these cars dont need much work. Some need minor shit. If it was major he wouldnt purchase it obv. I seen him come home with only 1 car one time.

    The other guy is a mechanic and he sells cheap cars out of his lot in front of his shop. Both guys are friends and go to auctions together.
  24. supra1988t supra1988t is offline

    Cary, IL
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    Aug 27th, 2012 (8/27/2012 9:16pm) in reply to cmval

    My dad did this a lot when I was younger. If you can do the work yourself there is money to be made, just have to hunt for deals and be quick. Of course this was 15+ years ago and I dunno how the used car market is anymore, seems like a lot more people lease/buy new now a days.
     
  25. alewine09 alewine09 is offline

    Athens, GA
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    Aug 27th, 2012 (8/27/2012 10:12pm) in reply to supra1988t

    the market is still ripe, buying cars with minimal cosmetic damage or w/e is fine but i would shy way from any running gear problems... theres a really good mark up percentage in cars you can buy in the 1200-1500 range. also there is probably a weekly car auction in your area and now is the time especially if you have money to invest b/c tax money is coming soon. stock up, make 40%, ez game.
     
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