Monday, May 30, 2011
How I Flip cars. My current flip is the 2000 Range rover
Ok people, as promised I said I would be blogging about how I flip cars and my current projects so here it is. This ... http://bit.ly/kCfrgK
Update: 2000 Range Rover Car Restoration Complete
Range Rover Go VROOOM VROOOM, Car Restoration Complete! Hey guys, sorry for the long delay inbetween ... http://bit.ly/krA5Gi
Sunday, May 29, 2011
Sell Your Car Quick - Where to Place Ads
How to sell your car quick. Coming up with a marketing strategy to sell your car can be a daunting task. If you do ... http://bit.ly/jwTDb1
I'd like to Flip cars, but what kind of cars should I buy?
Well the first thing I like to do when I flip cars is go to my source for finding public and government auctions (There is a free trial but after that there is a one-time fee of around $40. This grants you a lifetime membership and you do not have to be a dealer to be a member) and look around at approaching auctions in my area.
For instance, I see one that is coming up this week with about 175 cars and trucks. As I examine the list, I find 5 2004 Ford Focus’s. Now I usually do not care about Focus’s one way or another, but the miles on these are excellent. Three of them have between 31,000 and 34,000 miles. And the other 2 has 39,000 and 40,000. For inexpensive, 7-year-old cars, this will be a massive selling point.
The auction listing also shows me that these vehicles were previously "government owned". That explains the low miles and now I'm definitely interested. It is very probable that these were driven by local government office employees when they had to venture out into the field, apparently not often our case. The great thing about it is that government owned vehicles are normally very well maintained, so these 5 vehicles are looking like primary examples of vehicles I can buy extremely cheap and flip for a profit fast.
Alright, so the next thing we do when we flip cars at these auctions, is set up a max bid target price, so now I look for the trade-in value of these vehicles. If I use Kelley Blue Book, that is really just a rough estimate that can be off by alot. To make sure, what I try to find out is what are Dealers paying for this car at dealer auctions. This is the True trade-in value.
Now I know where to get this information, but most of you won't. Don’t worry, Here is how to get it:
Call up a nearest loan department of your local bank and inquire about a Manheim Market Report (MMR) price. Most banking institutions worth anything subscribe to this information. If yours doesn't, just call another bank.
Nevertheless, you will learn that the average selling price for 2004 Focus’s in good condition at these dealer auctions are $2,300 (this is a car or trucks true trade-in value).
However, the Focus’s I am interested in are way under average in miles and would more than likely go for way more than this at the Dealer auction. So because these vehicles are at a public auto auction, where prices are normally lower, I’ll set my max bid at no more than $1,500.
Next I go to autotrader to see the selling prices for these in my local market. I see they are selling on average for around $3,600, but they have two or three times the mileage my potential flips have. So, I will look for a selling price of $3,500 and my car will jump right out at potential car buyers. I’ll likely sell it in a day or two. However if it does not sell in a weeks time, I'll simply lower the price to $2,900 and it sure enough will be sold.
At these prices, a vehicle with low miles are usually irresistible to anyone looking for inexpensive transportation, or looking for a vehicle for a child to get around town or college. And whether the net profit is $1,400 or $2,100, it’s nice for a few hours of work, and this is why I flip cars for a living!
For instance, I see one that is coming up this week with about 175 cars and trucks. As I examine the list, I find 5 2004 Ford Focus’s. Now I usually do not care about Focus’s one way or another, but the miles on these are excellent. Three of them have between 31,000 and 34,000 miles. And the other 2 has 39,000 and 40,000. For inexpensive, 7-year-old cars, this will be a massive selling point.
The auction listing also shows me that these vehicles were previously "government owned". That explains the low miles and now I'm definitely interested. It is very probable that these were driven by local government office employees when they had to venture out into the field, apparently not often our case. The great thing about it is that government owned vehicles are normally very well maintained, so these 5 vehicles are looking like primary examples of vehicles I can buy extremely cheap and flip for a profit fast.
Alright, so the next thing we do when we flip cars at these auctions, is set up a max bid target price, so now I look for the trade-in value of these vehicles. If I use Kelley Blue Book, that is really just a rough estimate that can be off by alot. To make sure, what I try to find out is what are Dealers paying for this car at dealer auctions. This is the True trade-in value.
Now I know where to get this information, but most of you won't. Don’t worry, Here is how to get it:
Call up a nearest loan department of your local bank and inquire about a Manheim Market Report (MMR) price. Most banking institutions worth anything subscribe to this information. If yours doesn't, just call another bank.
Nevertheless, you will learn that the average selling price for 2004 Focus’s in good condition at these dealer auctions are $2,300 (this is a car or trucks true trade-in value).
However, the Focus’s I am interested in are way under average in miles and would more than likely go for way more than this at the Dealer auction. So because these vehicles are at a public auto auction, where prices are normally lower, I’ll set my max bid at no more than $1,500.
Next I go to autotrader to see the selling prices for these in my local market. I see they are selling on average for around $3,600, but they have two or three times the mileage my potential flips have. So, I will look for a selling price of $3,500 and my car will jump right out at potential car buyers. I’ll likely sell it in a day or two. However if it does not sell in a weeks time, I'll simply lower the price to $2,900 and it sure enough will be sold.
At these prices, a vehicle with low miles are usually irresistible to anyone looking for inexpensive transportation, or looking for a vehicle for a child to get around town or college. And whether the net profit is $1,400 or $2,100, it’s nice for a few hours of work, and this is why I flip cars for a living!
Wednesday, May 11, 2011
Up & Running
Finally got the range rover up and running! Also got the new windshield installed ($225). Got a great deal on the windshield. Apparently this vehicle has a special windshield which usually sells at the land rover dealer anywhere from $500 to $800 bucks. I'm told the windshields are equipped with all kinds of heat and rain sensors. Very productive day yesterday. Today I'm getting it detailed and prepped for advertising. My plan is to do a marketing blast on all the free classified ad sites I can find such as craigslist, ebay (Local classifieds) Oodle etc.... With a selling price of $3950. She looks great, and now runs great. The head gasket job was a success and fixed the overheating problem it came with. Now it's time to sell. Be back later with updates...
Tuesday, May 10, 2011
Good Range Rover site for reference
Just wanted to give major props to this website http://www.rangerovers.net For listing some common problems and fixes for these range rovers. So much valuable info there. We are still trying to diagnose the starting issue. Hopefully we cna figure this out by the end of the day.
Car# 1, So Close!
Well, the engine has been put back together, however now she doesn't want to turn over. We ran some test last night, and it is not firing from coil pack. We've narrowed the problem down to either a bad coil pack, or an anti-theft engine immoblization glitch. We'll contine to work on it today and finally get this car done. Will update again later...
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