Today’s topic is Why and How People FLOAT Car Titles When Flipping Cars for Profit.
Before we get started, I’d just like to remind you that I am not responsible for any of your actions or results. You need to do your own research and due diligence. I just give you examples of what is usually done in this industry.
When you float a title, you get the seller to sign the title over to you and leave out the section where you’re supposed to fill your name and date blank. It’s a chance that you take when asking them to do that. Some of them will say yes while some will disagree.
You can resell the car without you being in the picture at all. What’s nice about this is you are not at any record at all. On your end, you can write a bill of transaction between you and the owner of the car and keep it as your copy.
Then, write up another bill of transaction between you and the person you sold the car to. You then, have them sign the title, so the person buying the car from you can’t flip it again. You lock it in. By doing this, you can buy and sell more cars.
A lot of states have limits in buying and selling cars. They just put that in place to try and put a ceiling. It’s not as if the system will decline you when you register a car beyond the limit.
In some locations, when you switch titles, they require you to get it notarized. That gets more complicated. That’s when you have to get it registered and may take weeks before you get the title.
Yet, there are areas such as Hawaii and California, where you can get your title the same day you get your car registered. So, you can flip it on that same day. That’s pretty cool.
In other states however like New York and Texas, it takes around 10 days to 2 weeks to get the title.
I’m not sure about how they do it in Canada. My F1 Course basically teaches you how to get good deals and flip it for more profit. I have a lot of Canadian VIP members who flip cars, but I don’t know how they get around that.
When I was starting out, I used to think that I needed a car that needs a lot of work in order to make more profit. I was wrong. That’s not the case. I then changed my strategy and looked for cars that needed less work.
More often than not, you’ll earn more by just doing a good detail job, cleaning up, creating better ad posting and good negotiation strategies. These things will give you at least $1000 per flip.
Another question is how to get the seller give you the title without your name. This is where you try to weave in a story.
You can say that you’re buying it for your sister or whatever. They can put the date on it but leave the name blank.
I hope you like the topic. I discuss more about all of these strategies in the F1 AutoCashFormula VIP Program, so go check out VIP and secure your slot.
Question: Is it a bad idea to just tell them to keep it blank because you’re planning to resell it?
I would think that’s a bad idea because the owner might have his guard up.
Question: I buy wholesale, but selling is my toughest part.
Why is selling tough for you? It’s either you’re pricing it incorrectly or you don’t have a good deal. If you have a good deal, it should sell itself. If you follow the tricks that I show you in the course, you should be able to sell it easily.
Question: Does it raise your insurance if you get the car registered?
No, absolutely not. You can tell your insurance company that you have this car registered then when you sold it, just tell them to take you off because you sold it. They won’t mind.
Question: What cars should I avoid?
It all depends on your market. I like to buy Asian and European cars. That’s my preference. Also, I feel that the masses prefer Asian cars because they are more reliable. You have to do your research and study your local market.
Question: Is it still practical to start with mopeds when you don’t have the capital?
Absolutely. That’s economics. You buy low and sell high. I like to sell at a deal. I want a win-win situation. My dad’s strategy was different. He wanted top dollar for his flips. He had a ’54 Chevy that was on the market for 6 months because he was asking $18,000 for it. He never would budge.
I was already asking him to get rid of it. People were offering him $14,000 or $15,000 but he declined. He had it parked on the side and a lady passed by who bought it and gave it to his husband for his birthday. She paid $18,000 for it.
You can copy my dad’s strategy if you want to. But I do it differently. I like to do the turnaround. I make a little bit less on a deal then jump on to the next project. I like to rotate my inventory, constantly work and hustle.
It’s Tony from F1 AutoCashFormula 2.0 – How To Buy And Sell Your Cars. Thank you everyone for joining me today. I’ll see you again next Tuesday at 9pm Eastern. I hope you enjoyed today’s show.
For all of you who want to start flipping cars for profit, grab my FREE Report and start making more money.
What I want to leave you with tonight is, start thinking outside the box. Believe in yourself and take action. Please Like, Share and Subscribe to my videos!
Cheers! Talk soon!
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