Within the last couple of years, you’ve heard LOTS of people talking about flipping houses and cars for a profit. With flipping cars, if you’re a car enthusiast or have some know-how and want to make money flipping cars, then this venture might be the right one for you! Many companies are online these days claiming to help you make a profit flipping cars, but few have delivered the results. Also, many people are doubtful that flipping cars is a legitimate business. The response to the skepticism is you can make good money flipping cars. You just have to give it a shot!
In short, yes you can earn great money flipping cars as a side gig. Yes, there’s such thing as going to auctions, and using an awesome system like ours to gain access to a dealer license without all the headaches to purchase a vehicle at wholesale prices. Yes, you can buy cars below market prices, then resell them for profit. And yes, you can make around $500 to $2,000 per car flip. We call this a win-win strategy J
Now, the type of car you buy at an auction to flip is based on personal preference and part science. Of course, we’ll teach this to you J Some clients like to “cherry pick” the auctions for the later-model and higher-mileage vehicles. Perhaps you prefer to fix up salvage vehicles to resell them. Whatever method you decide, you have to be an expert about cars…but don’t worry if you’re aren’t. One of our coaches at DLC will guide you by the hand.
The approach of “flipping” cars is quite simple.
- Figure out what type of cars you want to flip (rebuilds or quick flips).
- Go and inspect the units at auction.
- Once you’ve whittled down the ones you want to bid on, know the market value. Don’t bother using KBB, NADA, Galves or Black Book.
- Win the car at auction.
- Get it ready.
- Put it Online.
- FLIP and MAKE THAT $$$!
Pretty cool system huh? But what if you’re not interested in going to auctions? That’s fine. You can definitely use Craigslist, Facebook, LetGo or even your own network to identify private sellers that are desperate to sell their vehicle, but this takes a LOT of TIME and strong negotiating skills. Also, private sellers are more likely to trade-in their car than sell their vehicle to you. For this reason, wholesale dealer-only- auctions are a better option, since there are THOUSANDS of cars to choose from and the prices are reasonable.
How do you capitalize on a vehicle?
Let’s get into the nitty gritty here.
Many Car flipping newbies go to auction and they think EVERY car is a great find. WRONG. There are potholes all over the place. Maybe you’re buying junk. Are you paying retail because you didn’t check the price? Is the title even there? Ohh…did you just bid on Unibody thinking it was a clean title?
See what I mean? Unless you’re an expert, there are tons of areas where your hard earned can be wiped away in one or two deals.
So, what’s the formula?
Glad you asked.
I can’t go through everything but there are three things you can do to really help yourself win at the auctions.
- Inspect the cars you’re thinking of bidding on a few days before the auction.
- Once you’ve narrowed down your list, check the local values so that you don’t over pay. Make sure to LOCK your profit.
- Do NOT abandon your principles at auction because you’re chasing a profit. This will end up hurting you tremendously.
Whether you’re looking to make some side cash or looking to change your career, flipping cars can be an excellent way to make money.
Good luck and happy huntin’ for deals!