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- Earn $500+ This Weekend: An Intro to Flipping Cars?
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Boats and boating Maintenance and repair. Popular Mechanics avr. Artificial snowstorms to freeze fires. Often a local business owner that is located on a busy highway will be willing to rent lot space to someone selling vehicles. I personally love to have agreements with storage facility owners located at the intersection of two very busy streets. They rent cheap and are happy to maximize their unused real estate. If you already live on a busy street simply park the vehicles in front of your house with a for sale sign in the window.
You may be surprised the amount of attention your vehicle gets if it is priced correctly. Target the type of customer that would purchase your vehicle and find out where those types of people hangout. Once you know where they are, post a flyer for your vehicle on a bulletin board. For example, if you purchase a small vehicle that would be perfect for a college student, post a flyer on a local college bulletin board. If you have a large vehicle designed for comfort, post a flyer on your local retirement community bulletin board. Turo is a peer-to-peer car rental service.
Think Airbnb, but for cars. There is some strategy and work involved, but a couple friends of mine ended up essentially getting a free Tesla by renting their other cars out on Turo. This could be one way to turn your cars into cash-flowing assets, instead of depreciating inventory waiting to sell. To keep your time invested in this step low make sure you try to gauge how serious the buyer actually is. However, I do consider myself a good marketer.
Being a good marketer is VERY different than being a good salesperson. Just be yourself, be honest about everything and let the buyer make the decision about purchasing. Negotiating price while selling is very similar to negotiating price when buying. Pick a number in your mind that is the lowest price you would be willing to accept, and stick to that number. Not perfect, but still great shape. A win-win! Doing it again of course! Once you reach a point where you can buy and sell enough cars to recapture your initial investment, all of the profits from the sales go directly into your pocket.
Visit me at 3HourFlip. It may not be as flashy as the sneaker business, but may be easier to source inventory and begin to multiply your money. Click here to learn more about how to get started , or listen in below:.
Earn $+ This Weekend: An Intro to Flipping Cars - Side Hustle Nation
I just visited the website to get the ebook, thanks for sharing! Hey very insightful, quick question. When you buy the car from Craigslist that you plan to sell do you add it to your insurance policy?
How do you guys handle the title when flipping cars? Do you register it in your name and wait on it to come back from the state? Those types of cars generally attract the largest number of buyers and appeals to the largest demographic. I typically try to stick with sedans that have less than , miles because high miles sometimes scare buyers off.
Some good tips but how do you deal with the DMV stuff? It would be nice if you had given some detailed examples of the math for cars you had actually bought and sold in terms of hours and dollars. Hi James, excellent question and certainly a common one! If someone lives in a state that has a cumbersome vehicle ownership transfer process and requires a notary public, the process might take more time than just an hour.
After all, traditional auto dealerships pay taxes and commissions to their salespeople but still have plenty of margin left over to make it worth their while. Keeping sales taxes down is just another reason why I like lower priced cars. It dives a little deeper into car flipping and might answer a few more questions that you have.
Shoot me a note at 3HourFlip. I believe it takes a few weeks to get the title transferred over and back in your possession. Can you elaborate on any methods to streamline this portion of the process? Also, are you insuring it even for a few days? Or just carrying home on trailer and offering no test drives? Hi Mike, many states offer expedited title transfers and if I sell the car before I get the title back from the DMV I usually sign over ownership and mail it to the buyer after the sale.
I make sure to give them a solid bill of sale at the time of purchase. Check with your insurance provider regarding liability coverage on transporting newly purchased vehicles. My policy covers in-state short distance transports. A trailer also works too.
Great post, you gave me nice Idea for earning money. Especially liked part about buyers in lower price range. Thanks for sharing. So do you title these vehicles in your name or do you need to get an independent dealer license of some sort to sale cars? I know in Texas if you sale more than 5 cars you have to get a dealer license and the 5 cars you sale to flip must be titled in your name for tax purposes….
I have a question about title transfer and how you handle that. In WA state we have 15 days for title transfer or pay a penalty they want their sales tax. What is the correct way or way around to sell the vehicle without doing title transfer and just sell directly to the new buyer.