What Is Car Flipping And Do You Have What It Takes?

The 'Urban Dictionary' defines car flipping as a business where someone buys used cars under value and resells them for profit...

Though that definition seems to portray car flipping as easy. The real picture that entrepreneurs have of car flipping is that it requires 'car savvy.'

Most people believe that in order to flip cars for profit, you must be some type of mechanic, car salesman, or car enthusiast to be successful. Which brings me to the purpose of writing this article. In this article I will uncover the misconception that you have to be a 'Car Guy' to be a successful car flipper!

Things You'll Need:

-Kelly Blue Book

A Kelly blue book is the reason why you don't need to be a 'Car Guy'. You just look up the stats on the car you're looking to purchase and you see if it makes sense to purchase it or not.

-A Computer with Internet Connection

I get a lot of my deals from online directories like Craigslist, Backpage, and Freeads. So a computer would help, even though there are deals in the newspaper.

-Your Own Car

I see end up checking out 3 cars before I purchase one. That's just the numbers so expect to do some driving.

-A drive to increase your monthly income

Like any business that WORKS! This is not get rich quick, yet for the ones who 'stick and stay' always get their pay!

The Game Plan For Buying And Selling Cars:

First get in front of your computer and start looking up deals. If your investment is $2000, you should be looking at cars selling for $2,500 or below. (because $500 can always be taken off of a deal) Second, your Kelly Blue Book gives you 3 prices that portrays the cars value.

1. The retail value

2. The trade in value

3. The suggested value

All of the cars you buy should be purchased around the trade in value and sold between retail and suggested value. Third, get on the phone and start prospecting. (On your first call you want to know if the car has any issues, are they negotiable, and you want to know when can you see it) Fourth, go check the car out and buy it. (There are ways to drop the price of a car through negotiation tactics, yet that will all come in time) Fifth, write a good AD on Craigslist and resell it for more money!

Questions People Have:

-How do I know if the car has something wrong with it? Ask questions. Usually people will tell you everything, yet you'll get a lot of knowledge on cars by just doing it.

-How many cars can you resell? Every state is different, yet I sell 25-40 cars a year without a dealers license. (Not something I would worry about)

-How much money do you need to get started? People can get started with as little as $500. I've seen GREAT deals at auctions and even right next door for just $500.

At the end of the day as long as you have those tools I mention above you can do this business very well despite what people may think. 'All you have to do is get started.'

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