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Hello fellas. I've been thinking a lot lately about a new venture to make some extra money. I know that to get involved in something for that purpose...a good idea would be to do something that's at least halfway enjoyable so to keep the interest. Well I'm thinking about flipping cars. Starting off small.

I'm thinking about taking out a small loan to buy a decent used vehicle that needs some work and some better tools. I plan to fix it, clean it and then sell it....the usual. But what I'm wondering is...for you guys that do this for a living...what cars tend to bring in the better money, or what conditions to look for that usually would signal a good buy?

I don't want to take the biggest risk, but I do want to take enough risk to bring in a decent profit...so relative, I know. But I think you guys get the gist of what I'm trying to look for here. Just had a baby girl, still on one income and just looking to make a little extra cash on the side while polishing my mechanic skills.


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To make more income I'd just get a part time job at Taco Bell.

Seriously, with a new baby, you're needed at home. You're only going to get lunch money out of flipping cars, and you're up against pros who are going to know where to get the best deals and where to sell for the most profit.
If you're repairing cars in your driveway, this could be a problem if you have an HOA, and it will bother your neighbors in any case.
And if you're essentially operating a business out of your garage, and God forbid someone who buys a car gets hurt, then they can establish a claim on your house.
If you sell too many cars, depending on your state, you might get a notice from the DMV to either register as a car dealer or stop selling.
Craigslist buyers. One will tell you that your cobra isn't really a cobra. Another one will take a test drive then ask if you can finance the deal because she's penniless. Another will say he'll buy the car, but he has his own wheels, radio, and seats, so you keep those and reduce the price.

Dude, seriously, you have a brand new baby. That's the best thing in the world. Go play with her and teach her some Zeppelin songs.
 

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Its tough but can make money if your patient i do it on the side but i only buy non running needs work etc. That's how i pay for my race car, tools (i buy something nice every time i sell one) etc. There are more reliable ways to make money. its risky and selling the vehicle can be a headache. Most people are not titling them in their names and not paying sales taxes they float the title which can be a debacle if something goes wrong. P63 is right new babies done stay young long. Enjoy it while you can.
 

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while you can make money flipping cars, understand that to make enough money to make it worthwhile, you will essentially have a second full time job, and chances re that you wont be flipping cars very fast overall, perhaps one a month or one every two months depending on how much you can invest in time and parts to fix the cars up.

also the amount of money you make flipping cars isnt going to be all that much. for instance check out a program called wheeler dealers on velocity. they go through the ins and outs of buying and flipping cars. sometimes they make decent money, but they really dont go into how long it takes them to repair and sell the cars.

and as noted, if you flip enough cars, you will have to register as a dealer in your state, not to mention that you gain some liability if repair you make is faulty and is the cause of an accident.

in the end i agree that if you want to make more money, get a second job flipping burgers, or as a busboy in a restaurant, or digging ditches, laying brick, or what ever. leave the car flipping to those who have the money, and the time, to do it right.
 

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Discussion Starter #5
I really appreciate you guys' advice...and its some good stuff, but being that I'm already am a Chemical Operator, I couldn't ever see myself going to work at a Taco Bell or Burger King...ever. I can only sell 4 cars a year before I need a license here in Louisiana and I think if I could do at least that a year, I'd be satisfied. It would be a slow start. I'm 24, married with a new baby girl. I have a degree in process technology and the fast food joint is just totally not an option for me at this point. I'd like to do something that could possibly turn into a business for me...I am not opposed to that at all. But I have to start somewhere.


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I admire ambition,as long as you're making it honest. Me,I drove basically free cars throughout high school+ college doing this(some nice). The key is to know what vehicles are really popular in your area,and what price range is a good deal,based on what it needs. You have to be honest with yourself about your mechanical abilities too...for when you have to farm out work,there goes profit(potential anyway!). Really, it's a gamble..just like the stock market! I will say that I've always had good luck with muscle cars,Toyota 4x4's,and any pickup truck that's clean & dependable. A truck will sell itself,because it can be used to WORK...and family cars are the absolute worst to try & sell!! Also,realize who the main audience is that'll be looking for that vehicle...certain vehicles attract certain parts of society,that you may not want to deal with! Never bring them to your house.. Unless you know them personally.First impression is everything..the cleaner & shinier it is..the more likely to sell. Start small/cheap & go for modest profits..not full retail/blue book price. Stay with cheap stuff & progress to bigger stuff when you can afford to lose more money :) lots of common sense stuff really...
 

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I have been in your shoes for a while now, im 34, have 4 kids, and have always had several jobs at a time. I have been a youth pastor for the last 6 years, and prior to that i was in a corp job, not using my degree. ministry does not pay well, but I have also been in the Air Force reserves/guard (changed as i have moved) since i was 19....i'll have 20 in by 39, but i will continue to stay in as it only gets easier the more rank/time you have.

Honestly, if you are half way smart, in decent shape, i would HIGHLY recommend the A.F. guard or reserves. there are many jobs you can do that can transfer over to the civilian world, you can either get your loans paid off, or even earn college tuition for your daughter! i just re-upped and i got my 3rd $15,000 signing bonus...i'm paying off my wifes student loans! i am not a recruiter or anything like that, i am just a guy who is very grateful for what the military pays me for my service 1 weekend a month (literally two 8 hour days, of which i drive home from in between) and 2 weeks a year (which is optional). btw insurance for a minister is rally difficult as churches rarely employee more then a few folks. my insurance thru the A.F is AWESOME, and my family of 6 is covered for $210/month, with $12 deductibles. this allows my wife to be a stay at home mom. PM me if you want ore info.

back to flipping cars....you can do it, i just bought a clean 2002 $500 explorer that needed a wheel bearing and a few sensors, and for under $200 i had the car running and driving....been my daily since sept. i could flip this and make some money, but i like it, and need a winter driver. i have done well with cars, buying low, selling for a profit, but one major issue could really sink you.

in my experience i have made the most money detailing on the side. learn on your own cars, get some tools (harbor freight polisher works well for me) and for less then $100 in tools (polisher, micro fibers, drying clothes, OTS waxe's and soaps) make some flyers and go pass them out/look for community bulletin boards. if you are good at selling yourself, and can do good work you should be able to build up a clientele, and have repeat customers. i have done this and i make a couple hundred in an evening, with very little overhead (gas, chemicals). to date my best day was a 4 detail day and i made $1,100! this is much easier/less risk then buying and selling.

if you are determined to make money wrenching, just offer "mobile mechanic" services on craigslist, or hang around a parts store, make friends with the guys and tell them to refer you some business, you'll have tons of simple tune up jobs from women and such. tax return season is a good time for this. I do this too, and make a little coin on the side, also this is good in the winter since detailing is weather dependent.

whew. sorry for the novel. good luck!
 

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Stock up on $2500 cars in fall get them running good and clean. Start listing them mid February at tax refund time. Easy low budget cash deals. People get dumb at tax time with all that extra cash on hand.


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I have been in your shoes for a while now, im 34, have 4 kids, and have always had several jobs at a time. I have been a youth pastor for the last 6 years, and prior to that i was in a corp job, not using my degree. ministry does not pay well, but I have also been in the Air Force reserves/guard (changed as i have moved) since i was 19....i'll have 20 in by 39, but i will continue to stay in as it only gets easier the more rank/time you have.

Honestly, if you are half way smart, in decent shape, i would HIGHLY recommend the A.F. guard or reserves. there are many jobs you can do that can transfer over to the civilian world, you can either get your loans paid off, or even earn college tuition for your daughter! i just re-upped and i got my 3rd $15,000 signing bonus...i'm paying off my wifes student loans! i am not a recruiter or anything like that, i am just a guy who is very grateful for what the military pays me for my service 1 weekend a month (literally two 8 hour days, of which i drive home from in between) and 2 weeks a year (which is optional). btw insurance for a minister is rally difficult as churches rarely employee more then a few folks. my insurance thru the A.F is AWESOME, and my family of 6 is covered for $210/month, with $12 deductibles. this allows my wife to be a stay at home mom. PM me if you want ore info.

back to flipping cars....you can do it, i just bought a clean 2002 $500 explorer that needed a wheel bearing and a few sensors, and for under $200 i had the car running and driving....been my daily since sept. i could flip this and make some money, but i like it, and need a winter driver. i have done well with cars, buying low, selling for a profit, but one major issue could really sink you.

in my experience i have made the most money detailing on the side. learn on your own cars, get some tools (harbor freight polisher works well for me) and for less then $100 in tools (polisher, micro fibers, drying clothes, OTS waxe's and soaps) make some flyers and go pass them out/look for community bulletin boards. if you are good at selling yourself, and can do good work you should be able to build up a clientele, and have repeat customers. i have done this and i make a couple hundred in an evening, with very little overhead (gas, chemicals). to date my best day was a 4 detail day and i made $1,100! this is much easier/less risk then buying and selling.

if you are determined to make money wrenching, just offer "mobile mechanic" services on craigslist, or hang around a parts store, make friends with the guys and tell them to refer you some business, you'll have tons of simple tune up jobs from women and such. tax return season is a good time for this. I do this too, and make a little coin on the side, also this is good in the winter since detailing is weather dependent.

whew. sorry for the novel. good luck!

I think that this is the best post that has ever been posted on the corral.:salute:
 

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Thanks P63!

hopefully this helps someone out.
 
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