Today’s topic is How To QUICKLY Get Started Flipping Cars for Massive Profits in Your Hometown.
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How many of you got the F1 Playbook printed just like I do? Let’s go over a couple of things here.
Chapter 1. Market Research is the most important thing. Learn your market. You need to know how much your car is worth, what it’s going for and how much you’ll eventually profit from it before you buy it.
Check your online resources such as Craiglist as well as your offline resources like auctions. Then, get started with a car that you like, whether you’re a Honda person or Toyota person or whatever.
It’s important that you need to immediately know what a car is going for.
Now we go to PME which is the Profit Margin Estimator. This is when you know your profit margin so well that you know how much you’re going to make before you buy the car.
This is why I like the physical Kelley Blue Book which is what I recommend as well. It’s a lot quicker to scout deals on the physical blue book than online. It’s so much easier.
Question: Do you recommend the Black Book as well?
Yes. I do recommend the Black Book, the Red Book and the Galves.
Remember, the values in KBB just gives you an idea of what the market value can be. It’s not your Holy Grail. You should know your numbers because of your market research.
Question: My dilemma is that my market seems to like American cars.
That’s no dilemma. When you’re doing your market research, figure out what kind of cars are popular in your area. That’s the local demand there. Again, do your research.
As you start doing your market research more and put the time every day, it’s going to be easy for you to know exactly what a good deal is when you find one.
There are consecutive days you won’t find one, but never stop scouting. As soon as you see a good deal, you need to call them up immediately. Be the first one on it, be the first one with cash looking at it and close the deal. Otherwise, someone might scoop it up before you.
$5000 to $6000 profit a month is not a dream. It is possible. You just have to be constantly scouting for deals.
More often than not, Americans usually go for Asian cars. Although there are still some areas that prefer American cars.
Question: Craigslist and Facebook Marketplace overprice those pickup trucks. Any idea how to get them cheaper and find them cheaper to resell them?
You’re maybe new to the game. Just keep doing your research. You can also partner up with tow companies. Some companies have excess cars they need to get rid of.
Also check out public auctions, police auctions. There are a lot of American cars in these auctions. You can even get good deals on police cars and get them painted!
Let’s get into another chapter. Salvage title versus clean title. I like to buy and sell clean title cars. Most buyers don’t like salvage. This goes especially for newbies. I urge you to get a clean title than salvage.
It’s going to sell easily and you’re not going to get potential problems from a customer. The only time I would get a salvage title car is if I’m getting a killer deal.
Most of the time you’ll get killer deals on a salvage, in the past, I usually get one if I plan to keep it for a long time. I rebuilt them for my family to use. These cars need to have a certificate indicating it was rebuilt, then have it registered. That’s the only way you can use the car.
I’ve actually made money on salvage cars as well but it is harder to sell. Check out the video as I show you a scanned copy of a salvage title car.
Question: How high is too high when it comes to mileage?
That would also depend on your local area. In Hawaii, 10,000 a year was the average number. But in Texas, it’s 15,000 to 20,000 a year.
Some people care about mileage, while some don’t. Some people care about the condition of the car more than mileage and I actually agree. I’d rather have a 150,000-mile Cadillac with nice condition than a 50,000-mile Cadillac that is beat up.
I am just fussy about mileage because it’s a great selling point for buyers.
For those of you who haven’t picked up the FREE Report, just check out website and grab your report now.
I’m sorry I don’t have time to cover the rest of the F1 Playbook. If you want the complete step-by-step course, check out the F1 AutoCashFormula VIP Program, you get not just the F1 Playbook but downloadable training videos as well.
It’s Tony from F1 AutoCashFormula 2.0 – How To Buy And Sell Your Cars. Thank you all for joining me today. I’ll see you again next Tuesday at 9pm Eastern.
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