Automotive Flipping
Flipping Anything is Art and Science
What you probably already know. Researching the actual value of the item you are buying is essential research.
How to find out what you need to know.
1. How much does this item sell for retail brand new?
2. How popular is my item?
3. How inexpensively can I acquire this item used?
4. How much can I sell this item for refurbished?
The final question to answer which will vary while the first four questions will not is how much do I need to spend to acquire and improve in order to sell for maximum price?
If you can answer these 5 questions and still see a profit, you are golden to proceed.
How To Acquire The Cars?
This is where the buyer has loads of options. Literally any marketplace in your area will have an auto sales listing.
Online, Facebook and Craigslist come to mind but, the PennySaver is still around and several other online classified ad publishers.
Local listings in your newspaper or small dealerships are great real life alternatives and allow more time for negotiation and building partnerships.
Additionally, you can drive past any used car lot in your town and determine how long the same cars have just been sitting there. In that sense cars are like houses, the longer it sits out in the open with a for sale sign the less enthusiastic potential buyers are going to be, and sellers are guaranteed to lose money. Dealers know that, so they may work out a deal with you so that you can acquire from them or sell through them.
Do I Need to Be a Mechanic To Flip Cars?
The short answer is no.
The long answer is more nuanced. You don't have to be a mechanic or a detailer, but the more work you can do yourself or from an affordable technician, the better. It is alright, too, if you are just getting your start and not getting in too deep for your first few flips.
You can build your budget for buying and refurbishing as you go.
Keep in mind, you will be meeting more industry professionals that can help you out as you get more invested in your flipping business.
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For Better Ways to Acquire Cars Safely, check out the links below.
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