We’re going to talk about how I started in this game, From Selling 50cc Scooters to 10k a Month Flipping Used Cars.
I am on early because I have so many things to do tonight, so instead of skipping this show, I decided to do this early. I’ve written down a couple of things that I want to discuss with you today.
(1) The number 1 rule to making money, (2) Starting capital, (3) Other skills that can be an asset to you in this business and (4) The best price ranges for you to start at.
But, before I tackle these things, I want to share my personal story with you, because I get a lot of questions asking about how I started flipping cars for profit.
I was 13 years old and was delivering newspapers at that time to about 250-300 homes every single day. I woke up early to get the papers, wrap them up then put them in my little overalls and knapsack. And, I made around $180 to $200 a month.
My biological father, who was a mechanic gave me an idea to buy and sell mopeds. I thought mopeds were cool and I love working on them.
My stepfather, who was a chef gave me his 1989 Honda Elite Scooter. It was about seven years old at that time and a little beat up, so I worked on it and made it look really nice.
I used it for a while to deliver papers, but I really wanted to make more money. So, I bought an ad for $35 in the PennySaver, since at that time, there weren’t any online ads yet. I had the buyers call my mom’s house.
I didn’t know how much to list it for. They were going for about $600 to $650 and I was selling it for $450. I was all excited and didn’t know anything about negotiation, the guy offered me $400 for it and since I was just a kid, I was like, “Cool! Take it!”
Later on, I found out I could have easily sold it at $600 for it. But, that was my start. Then, I started looking around for in the PennySavers for deals. I found a 1985 Honda Spree. This was my second deal.
The guy was asking $150 because it didn’t run. My biological dad helped me negotiate and ended up getting it for $125. When I took it home, I worked on it a bit, cleaned it up and did a little paint job on it.
I bought a rattle can paint again, just like what I did with the moped and sprayed it all white and painted the rims black. Then, I listed it in the paper for $600, with the help of my biological dad, who gave me tips on how to list it in the paper. It was sold for $550.
My third deal was a Pooch, which was a bicycle-style moped. Then, I bought more mopeds scooters like Yamaha Razzes, Honda Elites, Pooches, Honda Aeros, Honda Sprees.
I was a 14-year old kid and already buying two or three of these in a month, making $400 to $500 per flip. After which, I started flipping motorcycles then eventually got into flipping cars, and it kept on going.
It was heaven for me, at a young age earning $1500 a month. I was very carefree about my money. I was buying my own stuff, stereo and boom boxes, clothes, and buying lunches for my friends. I was a bad student, had my own car, and just passed by school then go to the beach with my friends.
I didn’t learn the money lesson until I was about 17 years old, when I dropped out of high school and moved with my brother in New York.
My brother gave me two choices. Either I work with him during the day full time, pay rent for living with me and pay for your own expenses. Or, work with me during the day, then go to night school and get your GED, which is what I did.
My 8-year old daughter is watching me right now and listening to my story, and this is the story that I didn’t want to tell her. (LOL!)
So, I worked during the day in construction. I was remodeling homes, doing kitchens and bathrooms. Thanks to my brother, I know how to remodel houses too. At the same time, I went to night school and got my GED.
The lesson he taught me was, “Save half of everything that you make”, which is the Number 1 Rule. You always want to use the money that you save, to make more money. Invest your money in profitable ventures or assets and not in liabilities.
The next item on my list is Starting Capital. Some of you here may just have $1000 to $1500 to get started in flipping cars, which is not a problem. You can absolutely get in the game with that amount of money. However, you will be getting a beater for that price range.
I would recommend $3000 to $5000 to play with to buy a deal, which is a comfortable position to be in. You’re of course, a lot more comfortable if you go beyond that price range. If you have $10,000 in budget in flipping cars, you get really good deals, but the $5000 price range is enough to get pretty good deals as well. You make your first profit, then level up from there.
The other thing, I want to talk about is mechanical skills. It’s always nice to learn new skills, especially if you’re doing it for profit. If you learn these skills, you save money and time because you don’t need to take it to a mechanic or an auto body shop, you can just do it yourself.
It is useful to be mechanically-inclined, otherwise I recommend you take time to learn and use it to your advantage in this game.
Auto body is a great skill to learn and I have another program that can teach you everything about it. It’s always nice to invest in your knowledge.
Question: How much money should I spend above purchase price?
The key is to buy as low as possible. You need to do your research to be able to negotiate on the prices. You always want to buy below value.
My gauge is dealer trade-in. It’s great to buy the car from a private party person at dealer trade-in value or lower.
Question: Have you had luck selling sports cars with automatic transmissions?
That’s harder to sell, that’s for sure. Which is why I stay away from automatic transmissions on sport cars. I’ve had a few mustangs, a few Miatas and Supras, which took me forever to sell.
If you’re doing sports cars, I would stick with manual, because people who drive sports cars usually want manual transmission. You need to get a 5-speed or 6-speed sports car and resell that. People like automatic cars on their family cars like sedans.
Question: I find a lot of cars with salvage titles. Can we do anything with these cars?
Yes, you can. If you know how to buy salvage, how to get a salvage rebuild certificate and you have connections on how to get that, you can make some pretty good money with these cars.
I used to deal with a lot of salvage in the past. You can buy salvage cars if you intend to keep it for a while. Sometimes I invest in a salvage, drive it for a couple of years, then flip it and break even on my money, but it’s a lot harder to sell salvage cars.
I suggest that you start in the private party market when you’re starting out and start making some money first. Then, you can get a dealer license if you want to, when you’ve been doing this for a while.
For all of you newbies, grab your FREE REPORT where I show you my $1000 to $10000 game plan, where you can basically double your money on every flip.
If you want to take things to the next level, check out my F1 AutoCashFormula VIP Program, and get in-depth in negotiating, where and how to find the best deals and also the best times to look for those deals. The program also teaches you video strategies which I use because people get more qualified when they see a video of your car.
I hope you guys like the show today, especially my story. If you want to join me and take your flipping cars for profit to the next level so you can make more money per car flip, check out the F1 AutoCashFormula 2.0 – How To Buy And Sell Your Cars. I know that you’re going to love it.
We have so many VIPs around the course who are very successful in doing this. The program is not for everybody. This is only for serious people who want to take this to the next level. We have really advanced strategies within the program that I just don’t give away.
It’s Tony from F1 AutoCashFormula and I have my daughter here, Mayah girl. She’s studying history, so we’re going read history books tonight.
I’ll see you guys on next week, Wednesday at 9pm Eastern. Please Like, Share and Subscribe to my videos.
Have a great day! Cheers!
Other Helpful Links: