Today’s title is From Flipping Scooters, To Cars, To Houses… My True Story.
I get a lot of questions asking how I started flipping cars for profit. A lot of you get stuck and confused then don’t move forward. That’s when you start doubting if this works and that’s when you actually fail in flipping cars for profit.
Today, I’m going to share with you how I started in this business and hopefully it gives you inspiration and motivates you to move forward and start making things happen for you.
I was doing a local paper route ever day after school when I was twelve years old and would be delivering papers to around 50 homes. It wasn’t a big route.
On Sunday mornings, I would wake up at around 4 in the morning to bag up the newspapers before I do my route. This is 7 days a week and would get around $200 to $250 a month.
My stepfather gave me his 50-cc Honda Elite, so I started doing my route with the moped. On the other hand, my real father who had a body shop gave me the idea to buy and sell scooters.
I initially started with my moped, fixed it up, painted it and put it up on PennySaver and asked around $600. At that time, I didn’t know how to create ads since I was just 13 years old.
The guy literally showed up at my house and literally handed me $400 for the moped. Of course, my eyes got all huge because that was twice what I was earning from my paper route, so I took it.
I got all excited because it was my first flip and I earned $400. If I was smarter back then, I would have played my cool and negotiated a better price for it. Then again, you’ll learn from each flip.
Afterwards, my father and I started looking at PennySaver every week. We’ll be looking at motorcycles and mopeds and he would take me around on the weekends and find scooters.
We picked up two or three starter projects. One of it was a Puch which looked like a bicycle. It had pedals to start it up but it run like a motorcycle. I got it for like $80
Then, the other one was an ’85 Honda Spree which I paid for like $150. I got them for a very cheap price.
In Hawaii, scooters, bicycles and mopeds are easy to sell. I would post ads at colleges and my dad would drive me. That’s how I got started.
Within the year, I was already making $1000 to $1500 buying and selling mopeds. It was pretty awesome!
The first motorcycle that I did was a Honda Rebel. It’s a lightweight bike. Then, I got into cars.
My stepfather had a black 1989 Honda Accord with faded paint job. He told me to fix it up, paint it then sell it, and told me that we’ll split the profit.
I sanded it down and painted it with single-stage white enamel and put a pinstripe on it. I sold it for around $3500. My stepfather gave me half of it and I used it to buy and sell cars.
My father would take me to auctions once in a while and one of my first cars was an ’88 Oldsmobile Cutlass Supreme. It was black with a blown engine.
I got it for about $150 and bought an engine from a junkyard at around $350. They guaranteed that the engine would run. I had someone replace the engine for about $500. I was in the car for roughly around $1000 and sold it for $3000.
Then, I started playing around with higher end cars at around $10000. So, that’s how I got started and moved up to more expensive cars.
I would still go to auctions but not as much nowadays. But, I don’t really encourage you to go to auctions unless you know how to buy and sell. I highly discourage newbies to go to auctions immediately.
People get emotionally attached to cars and get into bidding wars. A lot of times you end up paying for cars more than you should have.
You need to know what your price point is for a car. When the bidding goes over that, you have to stop. As long as you have that discipline, you’ll be fine. But right now, the best places to get deals are out on the streets, Craigslist, your local PennySaver. A lot of old folks still don’t know how to post on Craigslist.
You can still find a lot of deals on newspapers. It’s not a lot, but you’ll still find some.
That’s how you make money in flipping cars. Then, save half of it and invest the rest. Use the money you’ve made to invest and grow more of your income. Remember, the average millionaire has seven streams of income.
On mechanics, all you really have to know are the basics like know how to inspect a car – check the body, the mechanical, the oil. For example, if your oil is milky, it’s possible that it has a leak.
If you can do simple mechanical fixes, then that’s a lot easier for you. In the F1 AutoCashFormula 2.0 – How To Buy And Sell Your Cars VIP Program, I have videos that show you all these mechanical tips.
There’s a lot of opportunity out there. I get a lot of emails saying that they’re tired of working from paycheck to paycheck. Then, you can do this on the side. Make this your side-income.
Question: Do you buy cars with a lot of damage? I’m in auto tech and I tend to buy a lot of cars that have mechanical work. Is that a smart thing to do? [24:43]
You can do that if it’s a really good deal. If that will make you $3000 to $5000. Figure out how much time you’ll invest in the car. If you’ll make more money on those deals, why not?
I don’t buy as many damaged cars as I used to. I got away from that but I may get back into it again just to show you how it’s done. But, I actually like to buy cars that don’t need much work anymore.
I like to buy cars where I just do a little small detailing and profit $1000 to $3000. Flipping cars for profit is not my main gig anymore. It’s my extra source of income. That’s what I want you all to know.
Some of my VIPs turned around and made $80,000 the first year after going through the program. These guys are aggressive and taking action. They bought the program, learned from the program and applied all of the strategies.
Majority of my VIPs earn an extra $15,000 to $20,000 a year. Hey, that’s not bad! For some people, it’s no big deal, but for some, it’s a life changer.
Question: What is the best line to grab someone’s attention on Craigslist? [33:20]
I have a whole chapter on that. I discuss how to specifically format your ads. It’s all going to depend on the deal that you got. I like to put a lot of benefits on the headline like new tires, cold A/C, low mileage, etc. As much benefits as you can in the headline.
Of course, you need to put the make and model of your car as well. That’s the first thing.
Question: Do you think it’s a good idea to knock on someone’s door and buy their car? [35:05]
I don’t know if I’d do that. If you know that the car has been sitting there for months or probably a year, maybe I would. Why not? Especially if it’s a collectible or a classic.
For those of you who haven’t, grab your FREE Report now and start buying and selling cars to earn extra income.
Thank you everyone for jumping in today. Join me again next Tuesday at 9pm Eastern. Please Like, Share and Subscribe to my videos.
Talk soon! Cheers!
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