Anyone Flip Cars Here?

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Jason in DLH

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I thought it’d be a great hobby to buy up neglected cars (making sure to thoroughly examine it to negotiate the price down and to make sure you can make a profit after any repairs). I believe there’s a potential for great side income here.
 

Dantheman1540

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Yeah I typically buy at least 2 cars a year and do that. Last one was a ranger current one is a taurus. I like having a beater around and a few hundred bucks cash profit helps fund projects or guns.

Biggest issue is finding stiff that runs but is cheap enough to make money on. If you don't own a trailer the tow bill typically kills the profit margin.
 
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Jason in DLH

Jason in DLH

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Good point on the tow truck. What’s your average profit? And most profit on a car?
 

Dantheman1540

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Good point on the tow truck. What’s your average profit? And most profit on a car?

I shoot for trying to make $1k+ because there's always a hidden $500 of stuff you didn't plan on. So I'd say a safe average is $500-$700.

Most profit was a mid 90s k1500 with a "blown" but almost new GM crate motor. Got it for $350 cause it was in a parking lot and they were about to get a fat fine for it sitting. Rope towed it home and found multiple spark plugs about to fall out essentially making a motor with no compression. Guy gave me the title but I never signed it, sold it to a guy for his hunting club for $3,500. I had no more than quarter tank of gas and $350 in it never even paid to have the title transferred lol.

That's rare and only happens when you have good contacts and cash in hand ready to roll.

Not the only (broke down in a parking lot about to get fined) deal I've done. Just fixed a bad head gasket that wasn't for a buddies POS civic. Bled the brakes fixed some vacuum lines and a few other basically free fixes for $500 cash. Did tow it both ways as well but it was for a buddy so cant ****** him on pricing. 20201215_232209.jpg 20201215_232156.jpg
 

wjburken

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Also having a business tax ID to run the flip cars, occasional in shop repair, and mobileechanic work through means I can write off all my tools, shop supplies, Tahoe, and trailer.

Not highly profitable but I don't technically lose money. Depending on who you ask :secret:
I’ve thought about doing this as well. I already have a tax ID number for other business that I do on the side. Love being able to depreciate tools, mileage, etc.
 

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