Interested in Flipping Cars?

Do you consider yourself great with cars? Can you tell whether something is an expensive fix or a cheap and quick fix? Can you fix cars yourself? If these scream “me, me me!” then you might be interested in flipping cars for some side income.

I will say that flipping cars can be a risky way to make some side money, but if you know exactly what you are doing then there is money potentially to be made by you.

Many states do have rules as to how many cars you can flip. This number may be as low as six (or even lower!). Any amount over this number usually means that you need to get a dealer’s license.

Related Post: How To Make Money From Your Car.

Find a potential car to flip.

You need to decide what kind of cars that you are going to flip. Are you going to flip classic cars? Or cars that are 10 to 20 years old? Will you be doing full on restorations of cars or will you just be cleaning them up? Some car flippers also like to stick to a specific car brand that they know how to work with.

Interested in Flipping Cars?

Photo by modomatic via Flickr

Try to get it at a deal.

In order for you to make any money, then you are going to want to find your car at a deal. Many times car sellers will price their cars low to sell it quickly, because there may be something wrong with it, or just because they don’t know the correct value.

Now, I did just say that there may be something wrong with the car. If this is the case, then you want to analyze whether or not you can fix the car and what the realistic and potential costs may be.

However, sometimes cars may just need a new battery (you would be surprised by how many people do not realize that), or the car may just need a really good and deep cleaning.

Make sure to get the title.

If you are going to buy a car, make sure that you know what you are doing so that you do not get scammed. Make sure to get the title and anything else that you may need (such as a bill of sale). You also need to get the title and make sure that there are no liens on the car.

When showing the car to potential buyers be safe.

You definitely want to be safe if you let someone test drive the car. You will probably want to ride with the person to make sure that they don’t steal your car.

Be safe when receiving payment.

There are many scammers out there. They might ask for all of your bank information, give you a bad check, and so on. Learn about all of the scams out there so that you know what you are dealing with.

Have you ever flipped a car? Would you ever do it?

 

Like this post? Want more great articles? Check out our newsletter to receive exclusive content sent only to the select few who subscribe. We will even start you off with the bonus 10-part eSeries Don't Envy the Successful Entrepreneur - Become One!"

Speak Your Mind

*