Today, let’s talk about What Does It Take To Really Make Money Flipping Cars? This is an interactive training, so I encourage you all to participate.
Jacksonville … Chicago … LA … Crestview, Florida … Awesome!
I’m still waiting for the truck that I purchased in Japan that is being delivered here in Texas. They said it was going to be here last Friday, but I’m not sure what happened.
I’ll flip it here and we’ll do a cool video of it. I already found a buyer for that truck. I got it for a couple of grand and had it sold for $6000.
It’s a 1989 classic kei truck, which is like a farm vehicle, micro truck. The truck has 10,000 kilometers on it, that comes out to maybe 6,000 miles or something, which is very little mileage.
It is a rare truck in the US. A lot of them go for around $10,000 because they look cool.
I see a lot of comments on my videos asking if this is legal, what it takes to buy and sell cars, and if they can really do this.
It’s all just mindset. Conditioning yourself that you can do it. Find a deal and just do it.
Timing is very important. Do you want to know when is the best time to search for deals? The best time to search in Craigslist is about 11:30pm until 12:30am, because that’s when the new day starts.
Even if people post their ads say, at around 11pm, their ad gets pushed down and hardly gets seen because the ads get refreshed as we start a new day.
If you’re scouting for deals at that time, you get to cherry pick the deals. Be ready to call them up the next morning and set up an appointment to check on the car.
I share a lot of strategies within the F1 AutoCashFormula 2.0 – How To Buy And Sell Your Cars Course. If you want to know my strategies and learn about my secret on when to find deals, check the VIP program.
Question: What about 6, 7, 8 or 9 o’clock?
Yes, That’s fine, but that’s when everybody is on as well. You can look during those times, but 11o’clock to midnight is the best time.
Question: I get my cars from tow yards. Is that okay?
Tow yards is another great place and we talked about how to connect with tow yards as well.
I went to look at this Yamaha Road Star. There is no mileage indicated in the ad and the owner was asking for $1,500. It looked like a good deal it. The owner was a big black lady and I was really shocked. She said that she bought it and used it for about a year so it has 180,000 miles on it, which is a lot of mileage.
I looked at the gauge, and she was counting the tens column as the fuel mileage. It only has 18,000 miles on it but I didn’t say anything, I was just looking at it and it looked pretty nice so I negotiated a deal and bought it.
She had it sitting outside, so all the Chrome had water spots all over it. It just needed a good detail, buffed it out and made it look brand new.
The main thing is corrosion, the aluminum was a little bit corroded on the break part but that’s not really a big deal, old bike gets that over time.
I got it for $1,500. I washed it and had my guy detail it. Not even a week later, I sold it to a super happy military man for about $3,500. I think the blue book listed it at like $4,500 at the time.
I made $2,000 profit off of doing nothing.
Question: Do you run into a lot of ad scam?
Answer: Absolutely! There are a lot of scams online. “If it looks too good to be true then, it’s too good to be true”.
If you see a 2009 or 2012 Honda for like $1,500 with weird picture that doesn’t even look like in your state and they want you to pay through eBay or PayPal.
There’s no phone number listed and you have to do everything by email correspondence. If you can’t get a hold of the seller at least by phone call or a successful text back and forth, and the guy isn’t willing to show you the car, then it’s a red flag. That’s a scam.
Most of the time when you go back to the ad the next day it’s flagged and it’s removed. Then, you know it’s a scam.
Question: Do you have some keywords when searching used cars like, “just moved and they’re selling quickly”?
I don’t really search for keywords. I just search for deals on cars and trucks. You could do all cars and trucks and you’re going to get a lot of dealer listings.
I go to all listing which takes a little longer to go through. I like to go through all and just search the deals at least an hour a day. You’ll definitely pick out some deals if you’re consistent at doing it every day.
Question: Is a 2004 Honda Civic EX, four door with 126,000 miles, which is selling for $2,400, a good deal?
Yeah, I would think so. Not a bad deal if they are asking for $2,400. The mileage is not bad at all, and it’s a Honda. You could definitely negotiate that $2,400 or less.
In my case, I would bring like $2,000 cash, start the deal off with $1,700 to $1,900 and try to close the deal for that price.
A Honda Civic for that price might need some paint work, maybe the hood is faded or maybe the roof is faded something like that.
If you know how to do some light Auto Body or you know an Auto Body shop down the street that can do a job for you for $500 or less then it might be worth it.
As for me, I do my own auto body. If you guys are interested in learning DIY auto body work, check out LearnAutoBodyAndPaint.
You could take advantage of your auto body skills in buying and selling cars, rather than spending your potential profit in body shops.
Question: When there’s a big price difference between Kelley Blue Book and the actual Blue Book what do I default to?
I would say the online version because you can type in the mileage and get a little bit more information.
Personally, I prefer to use market value more than KBB, which is good to basically inflate your prices a little bit to show what retail is. I use Kelley Blue Book to get the retail price and to do just a little bit of research.
Question: what is my travel limit?
If you’re dealing with a seller which is an hour away, he has to meet you halfway. It’s all about how you negotiate with the seller.
Your goal is to save your time as much as possible, and I talked about all of this a lot more in detail and in depth in the F1 AutoCashFormula 2.0 Course.
Question: Do I do a one and one consultation?
I do one on one consultation but not too much, but VIPs get 3 personal ad critiques.
It’s Tony from F1 AutoCashFormula 2.0 – How To Buy And Sell Your Cars. I hope you enjoyed the show. Join me every Wednesday at 9pm Eastern. My auto body show is every Thursday at 9pm.
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