Today’s topic is all about Car Flipping 101 – The KBB SECRET!
I’ll tell you one of my secrets on why I love the old school fat Kelley Blue Book. This is all about car flipping, if you want to learn about how to flip cars for profit, to work your way up and get cool cars, whatever it is, even if it’s a Lambo, whatever kind of car you want, you can absolutely work your way towards it. I am going to give you my three secrets as to why I use the Kelley Blue book.
Why do you guys want to use the Kelley Blue Book when finding deals or doing your research? Because, you don’t have to be playing all your script with phone all day. Don’t you think, we’re playing on our iPhones or SmartPhones a little too much? We’re always in it. It’s really good to have a physical copy, I honestly think it’s faster.
Number 1. You want to get KBB, because you could do your research a lot FASTER. It’s really good to do your market research. I literally mastered doing market research with this little book.
Number 2. OTHER PEOPLE ARE USING IT. Your buyers are using it! Everybody is researching, looking to get a car deal, they are looking in KBB. They are getting evaluations from the KBB to figure out how much they should price their cars out. So it’s smart for us to know what they are looking at, right? Consumers are using the KBB to see what deals are. They are getting the overall ballpark view so it’s good for us sellers to know cars competitively to make profit.
Number 3. You will see all of the valuations on one page super-fast and easy. Check out the video as I show this to you! Once you mastered getting good at this, it’s easy.
I really advice you to pick up one of these and basically learn how to use the physical KBB! This is literally my secret bible. You don’t have to buy every issue they come out, because they come out every six months. You could use the same book for about a year and a half.
I go a lot more in depth on this in my F1 AutoCashFormula VIP Course. It’s great to know the valuations of your cars.
Question: What do you think of buying cars in IAAI? [7:59]
I think if you buy from IAAI, you need to know what you are buying. I bought a lot of cars from insurance auto auctions and made a lot of money with them.
If you know how to inspect cars and know how to buy, then I think it’s a great place to get deals.
You should have connections with salvage certificate shops. This way, if you need to get a salvage rebuilt certificate, you can hook up with your friend at the shop, pay them a couple of hundred bucks and have them inspect it.
You need to get that rebuilt certificate, after you get your car fixed so that you get it back on the road for resell. I would say 95% of the cars are salvage, and 5% are clear titled. I bought a handful of clear title cars at those auctions. They are rare but you can get them.
Question: What’s the plan with no dealer’s license? [9:31]
There’s a couple of ways to go about flipping cars, I would prefer staying under the radar and learn how to buy and sell before you go ahead and get your dealers license.
Once you go out and you get your dealers license, you’re going to have more regulation. You will need to pay all these fees and a lot of requirements. It‘s very expensive to get into that game.
All the big dealers that I know now, they started flipping cars for profit, basically on the side and they got good at it, and then they got into business. If you don’t have a dealer’s license, it’s not a huge deal. You could always partner with a dealer.
Question: What do you think for public auto auctions? [16:08]
I think public auctions are awesome, you can get deals but you need to know how to buy cars. The auctions got really saturated in the past 8-10 years. They are open to the public. You got a bunch of newbies coming there who don’t know the true valuations of car to make money.
They are treating it as cars to buy and the keep not to invest and make money. That’s what the whole car game is about. When you‘re at the auctions, there’s a bunch of people there wanting to buy a car to keep it as their dream car. They are not going to sell it, they are over bidding, past the point that they are not going to make a profit.
It’s not an ideal place to go for flipping cars unless you go to dealer-only auctions. But you need connections to get in there.
Right now, there’s a ton of opportunities sticking in your local private party markets to find good deals. You need to treat it like a business and be on everyday searching for deals.
It’s Tony from F1 AutoCashFormula – How To Buy And Sell Your Cars. For those who haven’t, I urge you to grab your FREE Report now and learn more about flipping cars for profit and become the next flip boss!
Cheers! Talk soon!
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