This is the Buying and Selling Cars for Profit show and we’ll talk about How-To MAKE $5,500.00 a Month Buying and Selling Cars for Profit!
How many of you have been Buying and Selling Cars, made profit, had a break even or even lost money on a flip? How much money did you make? $500? $1000? That is awesome!
How many of you set income goals on how many cars to flip or how much money to make per month through Buying and Selling Cars? I started setting goals when I had my 8-year old daughter.
I was helping out my mom and my stepdad with their newly-opened restaurant and I was their delivery boy. I woke up early in the morning, work in the kitchen, help them pack and load then do about three or four runs with the van.
My work at the restaurant was done at noon, so from then until the evening, I was Buying and Selling Cars for Profit. I would scout for deals, look at a couple of cars and basically flip them. I was consistently making $8000 to $1000 a month. That’s where I learned more on flipping cars – how to find the best deals, negotiate and make profit. I also started my internet business at the same time.
You’ve probably heard me a lot of time say this, “An average millionaire has seven streams of income.” Flipping cars was basically my savings as I invest and venture in other businesses.
The more ways you know how to earn, the more ways you’re going to be comfortable in life, and the only way to do that is to learn new skills. Prepare for yourself, your family and your future.
Question: At an average, how much does it cost to paint a car?
Maaco charges $500,000 at an average. For average auto body shops, it will cost you around $2000 to $3000 for a decent one, $5000 to maybe $15000 for show jobs and complete restoration at about $15000 to $20000.
When setting income goals, decide on how much you should be making every month. When you think about goals, you should have a strong reason why you want you want to achieve it, so 80% of the time, you are more inclined to achieve it.
Why do you want to flip cars and make $5000 a month? Is it to provide for your family? For a better life for your kids? To help you buy more time and freedom? To take your wife out for a vacation or buy her gifts? To pay off bills? Or simply to save money for a rainy day?
I think a profit of $5000 a month is achievable. Next, you have to decide on how many cars you want to flip? How busy do you want to be? Will you be doing three or four cars a month? A week? I personally think you could make $5000 a month with three cars without going crazy.
Then, there’s always going to be your starting money. How much do you want to start with? You can start flipping with $2000 to $3000 and $1000 profit. However, if you have $5000 to $6000 capital to start with, you can buy better deals, more current cars and basically more profit off of it.
Unless you’re starting with a small capital, I don’t recommend flipping cars older than 12 years old because you’re not going to make that big profit off of it. Then again, it all depends on the deal.
Question: I’m thinking about getting a dealer license. How much would I save?
It’s not about how much you’ll need to save, but how much work you need to put in to get it started. You need a car lot, a handicap accessible bathroom, a bond and a lot more requirements. You’ll be spending $30,000 to $50,000 for this.
If you want buy in auctions and flip as many cars you want without all of the costly fees and paperwork, you can check out GetYourDealersLicense to learn more.
But, if you want to go big, then get a dealer license. But, I encourage you to stay in the private party market if you’re just starting out in flipping cars.
There’s nothing wrong with thinking big, and I really urge all of you to think that way. If you fall short, you’ll still be higher than if you were to think small.
Set your goals a little unrealistically, and try to achieve them. If you set average goals, you’ll get average results. But to get exceptional results, set ridiculous goals which you will keep working on.
Question: What marketing tools do you use to flip your cars?
Through word of mouth. People know I’ve been buying and selling cars and that I get good deals. I’ve built that reputation. There’s nothing more powerful than word of mouth.
Another is through Craigslist. If you really want to be an action taker, put a little “For Sale” sign on your car, which I always do.
Question: What do you think about getting a wholesale license?
That is basically renting someone else’s license, same thing. It’s up to you. If you can make the numbers work, then it’s probably worth it.
How many cars can you buy and sell with his license? Do you only get one plate or two plates? How many can you buy part-time, can you buy three cars or four cars?
Another way to make tons of money is by getting little classic cars, which a lot of people don’t really know about. There’s a niche for this which I also talk about within the F1 AutoCashFormula 2.0 – How To Buy And Sell Your Cars Program.
Question: How hard is it to buy from auction and resale to dealers since they can go to auctions? Why would they buy from someone?
I used to buy from wholesalers as well. It’s basically just like selling cars, but a little cheaper since you get the deals.
You’re probably going to be selling them without doing much work to them because you don’t want to put all your time into fixing all these cars now, and then selling to the public or to dealers.
You’re just going to be like a middle man wholesaling cars.
Feedback: Too many people in the business anymore to buy and resell back.
If you’re talking about auctions, I pretty much agree with you with. Unless you’re doing salvage and you can get a really good deal on it and you have the resources to fix it up. But then, you need to get a salvage rebuild certification for it.
I don’t like buying and selling salvage unless I keep it for a couple of years then I flip it. I used to do that, but not too much nowadays.
Auction fees are really cut throat because a lot of them are open to the public now. You get all these newbies in there bidding up and jacking up the prices, but don’t really know what they’re buying.
They’re not even thinking of reselling for profit. It’s not like how it used to be 10 to 15 years ago that’s for sure.
Don’t buy flood salvage cars unless you need it for the parts. You could really end up with some major electrical computer problems. It’s difficult to sell if they knew that it’s been in a flood. I would rather buy a car in an impact accident than a flood car.
If you want to get started in flipping cars for profit, check out my F1 AutoCashFormula 2.0 VIP Program.
The course will show you everything you need to know about making profit in this game. It’s an 8-week course, with step-by-step, in-depth information.
A total newbie will be able to benefit from this, how they could get started in this and how to take it to the next level.
Here’s the car I’m working on. It’s a 2000 BMW Z3 M Edition, with only 38,000 miles on it. It’s never been in an accident, but had rock chips in certain areas.
First owner, who is the dad of my daughter’s classmate. We talk once in a while in parent meetings. He was moving and had to get rid of the car. The car is worth around $20,000 and I paid $13,000 cash for it. Check out the video as I show you more of what I’m working on.
Question: I can’t fix cars, will this still work for me?
Absolutely! It will still work for you. There are many people in the industry who just buy and have someone work on the car.
But, you need to figure out how much are you willing to pay the mechanic to fix your car. The F1 course teaches you basic overall mechanics since knowing the basics is important like oil changes, or how to fix A/C leaks.
We go through all the basics, the common things and the detailing within the program. And, some proven tricks to sell cars.
It’s Tony from F1 AutoCashFormula 2.0. Thank you so much for joining me tonight. For all the newbies, grab my FREE REPORT and learn more about the flipping cars game.
I’ll see you again next Wednesday at 9pm Eastern. Please Like, Share and Subscribe to my videos.
Cheers! Have a great evening!
Tony
Other Helpful Links:
From Selling 50cc Scooters to 10k a Month Flipping Used Cars
The Car Flip – A Humble $900 and $2,700 Profit on First Car Flips, Hear The Story!
Should You Buy Salvaged Title Cars? HowToBuyAndSellYourCars.com
Why Buying Cars From Auto Auctions Can Be Potentially Dangerous
How To Import Unique Cars and Sell for Profit – Flipping Cars Made Easy!