Flip Tips

Love Little Lots

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If you’re not bringing in the values that you want for the cars that you’re selling, you might consider standing out more by placing it directly in front of the public. One of the best places to sell your car is little lots on the side of the road. I’ve arranged deals with small storage facilities on the sides of busy roads that let me place my cars there for just $50 per month. In almost every case, the cars that were placed near busy streets would bring higher sale prices than cars that were only posted on Craigslist.

Are there any little lots or storage facilities near you that are on busy streets? Maybe you should consider contacting them and asking how much they would charge to allow you to park your cars for sale there.

How to Avoid Scams

In this episode of the 3 Hour Car Flip Podcast we’ll be discussing how to avoid scams when car flipping. You’ll attract scammers when you flip cars and you’ll need to make sure you know how to spot them so you don’t get taken advantage of.

And as always I’ll be answering questions from you like “Jeremy, in California we’ve got a 10% sales tax. Wouldn’t that eat up all of my margin?” and “what should I do when a car won’t sell?” You guys always have the best questions and today is no exception!

Do you have a question that you would like answered on the 3 Hour Car Flip Podcast? Just send an email to jeremy@3hourflip.com with “question” in the subject and I’ll answer your question on the show!

Work with Dealers

Car flipping - work with dealers

Believe it or not, great deals can be found at car lots. Car dealers typically rotate their inventory regularly, know realistic values of cars, and have the incentive to get rid of cars that they haven’t been able to find a buyer for.

Also, many of the cars put up for sale at auto auctions are owned by dealers so if you offer them a fair price, it’s possible that they’ll sell you the car close to what it would go for at auction. They’re often happy to sell it to you because it saves them from having to go through the hassle of getting it to the auction in the first place.

Car Flipping Negotiation – 4 Simple Ways to Get the Best Deal

In this episode of the 3 Hour Car Flip Podcast we’ll be discussing negotiation and how it relates to car flipping. I’ve found 4 very simple negotiating tips that I’ll share as well as answering questions from listeners like “Can you really buy and sell a car for profit without a title?” and “When flipping cars, how do you get repairs done inexpensively?”.

Show Notes:

  • USLegalForms.com – the place I recommend to get high quality bills of sale. CLICK HERE to browse all of their state-specific legal forms.
  • 4 Tips for Negotiating: The first person to mention a number loses. Cash is king. Call out imperfections. Be willing to walk away.
  • Please rate the show in itunes and Google Play!

Buying and selling cars for profit is supposed to be fun so make sure you’re having fun and making money!

Look for Lawn Ornaments

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Some of the best deals on cars can be found by purchasing a car someone has sitting in their front yard. On your way home from work  or driving around to do errands, keep your eyes open to spot cars with for sale signs in the window. In my experience people that park a car for sale in their yard have not listed that car for sale anywhere else, which means there is less exposure to other buyers, less interested parties, and a better chance they’ll accept your lower-than-retail offer. It’s not that the seller isn’t motivated to sell the car. I’ve found that often those sellers are older and don’t want to deal with listing it in the newspaper, and they sometimes don’t even own a computer much less know how to list the car on Craigslist. They simply want to sell the car to someone that knocks on their door and makes an offer. You can be that person. Bring cash and offer to buy the car the same day that you find it and you’ll likely snag a deal. Most of the time they’re willing to give you a great price just to get the car off their lawn. It’s a win win for both parties.

Bonus tip: Purchasing cars from elderly people can often be a great way to get a reliable vehicle. Elderly car owners usually keep mileage low, maintain the oil regularly, and take very gentle care of their vehicles. That’s not true for every elderly car owner of course, but in my experience it’s been a good thing to watch out for in a seller.

When is Car Flipping Illegal?

Probably the most common question that I’m asked by someone that’s new to car flipping is this: when is car flipping illegal? Well, that’s the topic for Episode 4 of the 3 Hour Car Flip Podcast.

I’ll also answer questions from you the listeners like “Jeremy, does the color of a car matter when you’re flipping?” and “How do you motivate yourself to buy and sell cars for profit?”

Click to listen below and make sure you subscribe to the podcast using the links next to “subscribe” below!

Would you like to submit a question to be answered on the 3 Hour Car Flip Podcast? Send an email to jeremy@3hourflip.com with “Question” in the subject line and I’ll try to answer it on the show!

Prepare or Be Taken

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One of the most rudimentary principles for making sure you have a smooth transaction is this: be prepared. I know that sounds trite but I simply can’t emphasize the importance of being prepared when you’re buying and selling cars for profit.

To sell cars quickly and effectively, I’ve found that buyers love it when I come prepared. If the vehicle has had repairs I’ll make sure to bring my receipts to show them. If the vehicle has been regularly serviced I’ll make sure I bring the service records. If the vehicle has recently been inspected I’ll bring a copy of the inspection report. And I ALWAYS make sure to bring a bill of sale so the buyer can make a quick purchasing decision and drive it away the same day.

If you live in the US and you’re interested in obtaining a professional legal bill of sale that’s specific to your state I recommend checking out US Legal Forms. CLICK HERE to check out their fantastic legal forms.

I’ve also had a few of you ask when the next podcast is coming out. Don’t worry, I’ll be releasing a new one soon!

Stay Out of Title Storms

Car flipping title storms

One of the most common overlooked steps in the buying process is doing proper title research. Make sure any car you purchase has a clean title. Sure, it’s possible to make money on cars with clouded titles, but in my experience they just make things more complicated and typically the extra effort doesn’t pay off.

I once lost a lot of time and money on a 2008 Ford Focus because I didn’t do proper title research upfront.

The seller signed over what I thought was a clean title. I later found out that the seller gave me an obsolete copy of the title, and the car had actually been branded salvage.

All I needed to do was check the VIN number at vinchecker.net before buying, but I was impatient. Big mistake on my part. Learn from my mistake and do proper title research before you buy!

Inside a Real Car Flip

In this podcast episode I’m going to be going through a real flip that I’ve done step by step. And, as always I’ll also be answering a few questions sent in by you the listeners like “Hey Jeremy, what types of cars should I buy for car flipping?” and “What kinds of problems should I avoid when looking at a car to buy?”

Click to listen below and make sure you subscribe to the podcast using the links next to “subscribe” below!

Would you like to submit a question to be answered on the 3 Hour Car Flip Podcast? Send an email to jeremy@3hourflip.com with “Question” in the subject line and I’ll try to answer it on the show!

The Borrower is Slave to the Lender

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Recently a new car flipper asked: “Jeremy, I only have $700 in cash saved. Is that enough for my first flip or should I go borrow more?”

I gave a full answer in Episode 2 of the 3 Hour Car Flip Podcast, but here’s the quick version of my stance on borrowing money to flip cars: DON’T DO IT.

I always recommend that you have a specific amount of money set aside for car flipping – money that you can afford to lose. $700 is enough to purchase your first flip. There’s no need to go out and borrow more. I only had $850 for my first flip and it was enough to buy a car that I made a little money on.

Borrowing money to flip only increases your risk as well as adds stress to the flip process. Starting slow is nothing to be ashamed of! As a matter of fact you’ll probably make better decisions and keep the cost of your mistakes low.

How to Get Deals to Come to You

Episode 2 of the 3 Hour Car Flip Podcast is now available! In this episode we cover how to get deals to come to you. As you know we recommend trying to keep the entire car flipping process under 3 hours – 1 hour finding and buying the car, 1 hour preparing the car for sale, and 1 hour selling the car and collecting your profit!

After all, that’s why we call this the 3 Hour Car Flip! I also say that finding and buying the car is THE MOST IMPORTANT step. So if you only have 1 hour to do the most important step how can you possibly find a great deal? That’s what we’ll be discussing in Episode 2 of the 3 Hour Car Flip Podcast. Make sure you subscribe to the podcast using the links next to “subscribe” below!

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