Today, we’re going to talk about title and registration secrets. You need to watch this video before you register your flipper car.
I wanted to make this video because I’m getting a lot of questions even from new VIPs of the F1 AutoCashFormula course 2.0 – How To Buy And Sell Your Cars. They’re getting confused.
“Tony, what do I do with the paperwork, with the title, with the registration, with the insurance and all these info that I have to fill out and do when I flip cars for profit?”
There is a simple answer, a gray answer and an illegal answer. Don’t misconstrue the information that I’m going to give you. Don’t take this negatively. I’m not an attorney.
I’m just going to give you my opinion that comes from experience. I’m going to give you the blunt truth about how this goes about.
There’s a legal limit when flipping cars in every state. In some states, if you’re going to flip more than 5 cars, you will need to have pay taxes and get a dealers license and a bunch of other stuff.
In some states, the limit is higher and quicker to get titles. I’m pretty sure you get titles the same day in Hawaii and California. You literally just find a good deal, buy that car and get it registered under your name and get the title the same day.
But in some places, it will take two to three weeks to get in the mail. So, some people ask what they should do while waiting. In the meantime, you can keep looking for deals and pick up another car.
Or, if you’re just getting started and don’t have the money, just keep doing your regular day job and keep saving money to have more to flip for profit. So, when you get the title, you’re ready to sell it.
Some people ask what to do with the insurance. Just switch the insurance. For some insurance companies, no matter what car you buy, you are automatically covered for that car for 30 days. Even if you don’t change the title to your name.
As long as if it’s a blank title and the car is still in your possession, it’s covered from the date of purchase, if the date is on the title. Keep that in mind.
I’m not going to reveal all of the information here. But, that is a strategy that we’re going to talk more in-depth within the F1 AutoCashFormula 2.0 course.
The other question is, “Tony, what about not getting the car registered under your name and just flip the title? How do you get sellers to leave the title blank?”
This is where it kind of gets gray. I’m not saying every seller that you talk to is going to do that, but if you talk to them the correct way, some of them will let you take the title blank.
They just sign it off and leave the date. I would say, fifty percent of the time you can get away with that. If sellers don’t want to do that, then don’t do it. You take your chances. It’s gambling.
Some people are going to say yes. But, some people will say no. You just take what you have and take it to the next level.
Eventually, you want to build up to where you want to get a dealers license and you want to go big time. But, when you’re starting out, why go crazy?
Why spend all the money and go through the hassle, when you just want to earn a few extra ten thousand to twenty thousand dollars a year on the side, finding good deals, sprucing them up for people and putting a win-win situation out there?
So, that’s another strategy. Again, we cover all of these things in-depth in the course. I don’t want to reveal too much but that’s the idea.
Another question is, “How many have you registered under your own name and got away with it?”
I have a lot of friends in the dealer industry and they have their dealers license. They told me that if you do it under the radar where you just get them registered under your name and flip ten to twenty a year, it won’t really give you an issue. They just make it a big deal.
But, if you get your dealers license, that’s when they really start to keep an eye on you and watch everything you do. So, they say it’s better to stay under the radar. That’s straight from the horse’s mouth.
My friend told me that. And, not just one. A couple of other guys out there told me the same thing.
If you want to flip cars for profit just on your spare time, why get a dealers license? What’s wrong with being a car fanatic, finding a good deal, fixing it up and maybe a couple of months down the road, want to sell it?
If you look at it from that perspective? What’s the big deal?
You’re taking maybe an old beater that an old lady had and didn’t know what was wrong with the car and the engine and you fixed it. You got it running great and you sold it and made a profit. That’s business.
This is the foundation of what America was built upon. The capitalism. What is wrong if you want to flip a couple of cars a year?
As for the taxes part, I’m not a lawyer. I’m not a tax attorney. I have a disclaimer all over my website. I can’t tell you to claim any of that income. That’s not me. That’s up to you if you want to do that. I can’t tell you to do that.
So, that’s my take on all these. I hope I cleared it up a bit. I gave you a straight truth. Again, this is my opinion.
Do you want to learn how to flip cars for profit, how to find the best deals, how to really make money on the buy… Because the most important thing is how to make money on the buy?
Do you want to know where to find the cars and how to inspect them? Selling them at a no-brainer deal for people that when they see them, they’d say “Wow!”
It’s a little undervalued but you still make money on it. And you have a win-win situation.
If you want to learn how to do all of that, flip a couple extra cars and make a few thousand bucks to pay bills, pay for a vacation or save up for college. Check out the F1 AutoCashFormula 2.0 – How To Buy And Sell Your Cars Course and learn more. You can absolutely do whatever you want to do.
It’s Tony. Grab your FREE REPORT and know more about what’s in store within the program. I’ll talk to you soon. Bye!
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