This is an interactive training. I hope you enjoy the show! Today’s show is all about How To Turn $1,000 Into $10,000 Profit In 5 Simple Car Flips or Less.
We’re going to be doing this every Wednesday about 9pm EST, so this is a live Q&A. Expect me to be here and expect to get your questions answered so I can help you move forward with this.
I don’t want to be on here too long, probably 30 to 45 minutes max because your time is valuable. I just want to get out good information, so I can leave you with an idea and more inspiration, and maybe even with a plan and goal.
A lot of people get hung up because of their mindset. The way you perceive, the way you think of things affect your actions, some of you know about this, but it’s the truth.
You need to change your mindset, change your belief system that you can do this. You can do it. It’s not as hard as everybody says. Stop listening to all the fear mongering people out there. Negativity is no good for us.
The title of tonight’s mini show is How To Turn $1,000 Into $10,000 Profit In 5 Simple Car Flips or Less. Does that sound exciting? If it is, can you type in the chat and say, “Yeah, it sounds exciting!”
If you have any questions when we get started, feel free to type them down in the chat. Like I said previously, this is an interactive training. The more you give me, the more I could give back.
A lot of people think that they need a lot of money flipping cars for profit. When I got started, I was 15. The first car I flipped was my father’s Honda 1989 Accord.
Then, I went to the auction with my dad’s partner and I bid on a 1987 or 1988 Honda Civic Wagon. It was a little boxy wagon. Nobody wanted it when they were bidding and I got it for $35.
It was a local insurance auction. You have to pay pull out fees, taxes and auction fees, so it came out a little less than $100. It was like $88. I brought it back to my dad had a body shop, which I grew up in.
But, you don’t have to have a body shop or a complete mechanical background to get started in flipping cars for profit.
It ran excellent. No mechanical problems. All it needed was a paint job. It really didn’t need a paint job, but I just want to paint it to look better. That’s what I used to do to all the cars that I flip. Now I paint some of them, not all of them.
I spent about $125 on an enamel single-stage system. I did the whole car and painted it all in one day. You could do fast jobs like that.
You can sand the whole thing down in half a day, prep it for three to four hours and paint it, which takes about an hour and a half.
I sold this I think right before Craigslist came out. I had to actually put it in the local Pennysaver for like $17.50 and sold it to the first person who looked at it.
He offered it to me for about $1600 cash. I was in it about $150 and made $1500 off this flip, just like that.
You can still get unbelievable deals, cars at $500, $800 all day long. It’s not impossible. The issue is some people say they can’t find deals online. They look in Craigslist, Kijiji, and look out on the streets but they still can’t find deals.
One of the main problems is, you don’t know what you’re looking at in the first place. You’re not conditioned to spot a good deal that’s why it doesn’t even go through.
If you have $500 to $1,000 of saved up seed money, you can get started flipping cars for profit.
Feedback: Hey, Tony. I flipped 14 cars since taking your advice. Thanks and give me a shout out.
That is awesome, Lucky! Lucky flipped 14 cars. Did you invest in my VIP program? You probably would have sold 30 cars if you invested in my VIP course. It’s your choice, though. If you invest in my VIP, you’ll get a lot of golden nuggets that would literally double your profits.
Question: Would you recommend starting at $500?
Yes! Start with what you got. I had an 18-year old student who recently joined VIP. He borrowed $1000 from his stepfather, invested in the F1 AutoCashFormula VIP and still had some money left to buy his first truck flip.
He made $2500 and paid his stepfather back and still had $1500 in profit off his first deal. If that’s not a success story, I don’t what to tell you.That’s how you can literally get started with other people’s money, even if you have zero.
Your investment in this course is nothing compared to the amount of knowledge, the value of information that you will be getting from the program.
(Hey, check out the mug I got from Mexico. The texture is sooo cool! LOL!)
Just because you have a $1000, it doesn’t mean that you will be searching for cars worth $1000 and below. There’s no negotiating in there.
You have to look at cars within the $2000 price range, their asking price. People don’t even know what they got and they overprice their cars like crazy. You can see the prices gradually go down if you check their listing every day.
I wouldn’t recommend looking at deals below $1000. I would ideally look at $1000 to $1700 price range because you can always negotiate and get a $1700 listed cars for just $1000, or even a $1500 listed car for $800.
This is the business and is not unheard of. That’s number one. Look at the price range. If you have $2000, look at $3000-$3500 cars.
You always want to look at price range that are 50% more than your budget, so if you have $500, I would look at listings within the $900 to $1200 price range.
You can probably get deals lower than that, but you could expand your reach with the value of your pricing.
Just because you just have $500, don’t eliminate cars that are over that budget because you can always negotiate the price.
Here’s the thing, you make money on the buy and not on the sale, just like real estate. When you know you’re getting a good deal, you make money.
Having $2500 is a great starting point, it gives you more options, but you can absolutely start with $1000 or less.
You can start out with $1000, look at a $1200 car and negotiate. You close the deal at $800. I don’t know what kind of car, maybe it’s a 1998 Toyota Camry, which runs great with 150,000 miles. Maybe all it needed is to have the front bumper painted.
You go to a local body shop have it painted. They charge you $300 to get it done, so you’re in at $1100 after that.
When it comes to title and registration, I don’t want to give you too much legal advice on that. You get a lot of guys in the industry who float the title.
They just buy the car, signed off to them and sell it and give the title. You can get it legally and register to your name and resell it.
In some states like Hawaii and California, you can get the title the same day. For other states like New York and Texas, it could take you 2 weeks to get the title.
But that’s business. Who cares if you wait for 2 weeks if you’re going to make $1000 profit in it? You can fish for more deals while waiting.
You’re at $1100, you write up a good ad and list it down for $2100 OBO (or best offer) because the car is absolutely worth it. You get an offer and sell it for $2000.
That’s $900 profit. You turned your $1100 to $2000.
Question: Do you need a dealer’s license?
No. You don’t need a dealer’s license. You can stay in the private party market without a dealer’s license. If you want to go big, get a dealer’s license. Do you think all these people will bother you to get a dealer’s license, I don’t think so.
Now, you have $2000 to work with. With that money, you can look for cars that’s listed at $3000 to $3500. See what’s out there.
What I usually like to do is, try to negotiate but not too much. You negotiate on the phone.
Here’s a sample scenario with a car that’s listed at $3500:
Me: Hey, I’m interested in the car. What’s your bottom line? I have cash and I’m not playing around here. What’s your bottom line?
Seller: Look, you give me $3200 and it’s yours.
You’re already down $300. The guy’s negotiable. If you’re serious about this deal, I would go look at the car as soon as possible because somebody’s going to beat you to it.
That’s another important thing too. You get there with cash on hand and negotiate. When you look at the car, what you want to do is, start pointing out the negatives.
Just like playing poker, never show your cards. You have to bluff sometimes, you can’t show that you’re excited about this deal.
You don’t want to say, “Oh, this car is amazing. This car is awesome.” You don’t want to say that even if it’s a good car.
You point out the negatives like, “The paint here is a little scuffed up and I need to have that fixed. My wife is not going to like that.” Or, “Oh, the windshield is cracked.”
Even if it’s not a big deal, you have to make a big deal out of it. That gives you negotiating power.
Say you get it for $2800, you spruce it up and now it’s valued at $4500. You list it back up for $4750 OBO or a little higher, and then you sell it for $4300. You make another $1500 profit on that.
Once you get to the $5000 level and that amount to work with, you buy two cars. That’s what I like to do. I like to invest $2500 invested in two cars that are both valued at about $4500. When you sell those, you get $9000.
That’s how you basically double down. Once you’re in the $10,000 profit, you’re in a different ball game.
You can be fishing at $4500 to $5500 cars, selling them for $8000 to $9000. You’ll be making $3000 profit per car flip.
You need to take action, you need to get in the game and start finding deals. You have to be proactive in finding deals. You’re not going to find a deal if you’re not looking.
You can just put in an extra 3 to 5 hours a week in searching for deals, maybe an hour a day, 5 days a week or maybe 7 days a week.
There are some days that you won’t find a deal, but be persistent. People screw up because they do it for one week then give up.
There have been times where I’ve been fishing for two weeks and then a good deal comes up. As soon as you spot one, you have to be the first one there, first one to offer and first one to snatch it.
If you want to make money, put in the time and put in the work. That’s it.
If you’re interested in learning more, go to the F1 AutoCashFormula 2.0 and download your FREE book. In that book, I have something called, “The $1 to $10,000 game plan”.
Question: What about insurance? I feel like if you keep adding and removing car from your policy, company will start wondering what’s going on.
I’ve never had a problem with it. I have two insurance companies. It’s not bad. All you have to say is you’re got a car and you’re selling it because something’s wrong with it. You want to get rid of it. It’s not a big deal.
You’re not going to do that on every single car anyway because sometimes you’re getting the car signed off and not going to even bother getting it registered under your name and getting it insured.
I’m not telling you to do this, I’m saying that’s what people do, so go with it that way.
Question: Are there any cars you think we should avoid buying?
It all depends. There’s a market for all kinds of cars out there. I like to stick with Asian cars. I like Japanese and Korean cars.
They’re dependable and to the mass public, Asian cars have a great reputation for being reliable. I don’t really go with American cars. It’s about 80/20 for me. I go 80% for Asian cars and 20% for American cars.
Also, I would advise you to stay away from Salvage title cars. (Sorry for the connection issues in the video!)
Toyotas are number one. Nissan, Honda, Suzuki and other Asian cars. They sell really well.
Question: I have $4000 from a summer job. Should I buy multiple cheap car or one expensive car?
If you know what you’re doing, I would buy one expensive car. If you’re brand new, get a less expensive car, do a deal and flip it and learn something from it. You learn from every car that you flip.
If you want to get the unfair advantage from this stuff, check out F1 AutoCashFormula 2.0 – How To Buy And Sell Your Cars VIP Course.
I take you from total newbie and go over the most advanced negotiating strategies, ad posting strategies, I tell you what times to get on to find the best deals.
Believe it or not, there are certain times to go on searching for deals where people post. You can get the rest of the information through the VIP program.
Question: Honda Odyssey 2000 with 180,000 miles. Too high or skip it?
It’s a 2000 car. That’s about the average mileage for a 16-year old car. It depends how much you can get it for. I wouldn’t pay for $2000 for it.
I would probably get it for $1200 to $1500. You can probably flip it for $2500 if it was in clean condition.
Condition has a lot to do with a car versus mileage. You can have a low mileage car with bad condition or a high mileage car in a total clean condition. Which one would you rather buy?
I would rather buy the clean one, well taken-care of. Mileage doesn’t really mean that much, you can ask any professional car dealer or anybody who knows about cars. It’s the condition and maintenance of the car over the miles.
If you can get both, if you can get a low miles car and well taken-care of, it’s a double plus.
Question: Tony, do you mostly buy cars that need to be painted or detailed? Have you ever bought cars that just need mechanical work? I think those are the best deals on my state.
I do everything. I buy and sell cars that need a little bit of paint work. I change the way I bought cars 10 years ago.
I used to think that I have to put in a lot of work to earn money. I used to think that when I bought and sold cars, I had to paint it and fix all of the mechanical things.
I was looking for cars that need a lot of work. You don’t have to do that. That’s the wrong way of thinking. Look for cars that don’t need much work.
If call this the 3-Part Car Buying Rule and it’s in my manual. I expand about this in the F1 AutoCashFormula Course.
If you’re interested in partnering with me and learn more about this, check out the F1 AutoCashFormula Course. You’re going to get so much more.
Question: Is it your manual a free download?
Yes, it is a free download. You will receive an email from me email@example.com. If you reply to that, you can talk directly with me. We can work together.
It’s Tony from F1 AutoCashFormula 2.0. I have so many questions here but be on early next Wednesday so we can answer the next group of questions.
I hope you enjoyed this show. I will see you on next Wednesday, around 8pm-9pm Central, 9pm-10pm Eastern. Please Like, Share and Subscribe to my videos.
Talk soon! Cheers!
Other Helpful Links:
NEW: How To Flip Cars For Profit Live Weekly Stream
Should You Buy Salvaged Title Cars? HowToBuyAndSellYourCars.com
How To Upgrade Cars While Buying and Selling Cars for Profit
How to Set Income Goals When Buying And Selling Cars for Profit
Car Flipping for Profit: Specialize in Selling Cars For Profit By Make and Model