Does anyone here flip a lot of cars?

BoostedinSoFla · Apr 19, 2010

dsmdeliveryboy said:
What is this the Gone in 60 Seconds thread? Get off your ass and find a real job instead of "flipping" cars, it will catch up with you I can PROMISE that. .

A real job? Please define what a real job is...don't be jealous cause you're delivery pizzas for next to nothing.

SpawnedX said:
I was at a Denny's with a friend who had an 88 RX-7 II. He was frustrated with it's vast amount of problems (boost leak and faulty wiring to his fuel pump) that he said if anyone bought him a cheeseburger he would give them the car. I had witnesses in the waitress and cook on that night.

I bought him a double cheeseburger and we used a napkin to write the bill of sales, stating it was in barter for 1 cheeseburger valued at 5.99. I took the car home with me that night went to the DMV the next day and brought my cheeseburger bill of sales up to the desk. I got funny looks and scoffs that meant they did not believe me, but I provided the contact information for the witnesses.

Paid my 59.00 registration fee and 42 cents in taxes and went on my happy way. Lent the car to a friend a week later, 9 hours later cops banging on my door. Told me my twin turbo RX-7 was sitting in Mulligan's parking lot wrapped around a light pole. Friend got drunk, smashed the car, got out and walked to a nearby bar. To this day he still owes me an RX-7. Douche bag.

I know you ain't got shit to prove to any of us but I think your story is completely BS. There's no way someone who knows what a RX-7 is would just give it away without even getting at least a couple hundred bucks for it.. C'mon son!

extremeatheist · Apr 19, 2010

BoostedinSoFla said:
A real job? Please define what a real job is...don't be jealous cause you're delivery pizzas for next to nothing.

I make good money delivering pizzas damnit. $18.00 an hour

Benshooter · Apr 20, 2010

extremeatheist said:
I make good money delivering pizzas damnit. $18.00 an hour

That's not bad at all for delivering pizza.

The "hourly" wages I pull on some of these cars is rediculous. I made 1100 on an 02 intrepid that I put about 3 or 4 hours of actual work into. Sometimes I also end up working 14 hour days at the same time, but I genuinly enjoy it. I would encourage anyone with decent mechanical abillity to give it a try. I'm not worried about it "catching up to me". The way I see it, as long as I dont screw anybody, I dont have to worry about anyone screwing me.

Lofty · Apr 20, 2010

Benshooter said:
That's not bad at all for delivering pizza.

The "hourly" wages I pull on some of these cars is rediculous. I made 1100 on an 02 intrepid that I put about 3 or 4 hours of actual work into. Sometimes I also end up working 14 hour days at the same time, but I genuinly enjoy it. I would encourage anyone with decent mechanical abillity to give it a try. I'm not worried about it "catching up to me". The way I see it, as long as I dont screw anybody, I dont have to worry about anyone screwing me.

Quoted for truth. You guys can preach all you want, my friends dad makes a living off of this.

extremeatheist · Apr 20, 2010

dealers license isn't all that easy here in nc.

http://www.ncdot.org/dmv/forms/licensetheft/download/LT415.pdf

sherloc123 · Apr 20, 2010

As most of the people have already stated be sure to sell it on an open title. Dont tell the person that you bought it to resell. I have done it a bunch of times while being unemployed and you can make a ton of money on the side.

XiKeiyaZI · Apr 20, 2010

I'm sorry.. but I saw this and instantly had this thought.

"Flip em? Hell, I have a friend who can roll the hell out of one if you need him to! "

o__o During his drivers' test... he rolled his dad's truck... 6 times...

;D Just here to add factual humor!

awdrst · Apr 20, 2010

extremeatheist said:
dealers license isn't all that easy here in nc.

http://www.ncdot.org/dmv/forms/licensetheft/download/LT415.pdf

Its not that bad really. It's pretty similar to NJ. You need a office which you would expect any business to need. A bond which isn't that much ( mine costs me 100 a year and is for about 30K), no criminal record, the classroom thing is a little wierd but if it helps here in nj they give you your plates and license and tell you good luck with no training on how to actually do all the paper work, and some fees which are less there then I pay in Jersey. It's very similar to starting any business. It took me about 2 months and a few thousand dollars to get my license but in my eyes it was worth it. I work alot of hours but enjoy every second of it.

Benshooter · Apr 20, 2010

If anyone has any insight into nevada dealer licensing please let me know. I do plan on getting a dealers license sometime this summer.

Most people ask why I'm selling the car and I tell them "Well that's the reason why I bought it", and I'll tell them what was wrong with the car, and how I fixed it. It has scared off a few potential buyers but I usually get so many inquiries in the first place that it doesnt hurt me whatsoever.

This is actually the first time I've ever been excited for summer in vegas; there's going to be cars dropping dead left and right.

extremeatheist · Apr 20, 2010

google nevada auto dealers licence

Benshooter · Apr 20, 2010

extremeatheist said:
google nevada auto dealers licence

I've read through the state requirements a few times. For nevada you need a business license, an actual storefront (indoor office and enough room outside to show one car, and a sign out front) a surety bond for 50k, a hefty insurance policy to cover any cars you might be driving, and they run a background check to make sure you dont have criminal history. Theres a few other small odds and ends but I was hoping someone could give me some real world insight as far as how much insurance and bonding costs and any red tape they may have had to deal with.

The main reasons I want the license is for the wholesale auctions and the dealer plates. That and being able to title everything in my name.

Does anyone know if they sell non running cars at dealer auctions?

awdrst · Apr 20, 2010

They sell everything at the auctions running, non running, salvage, theft and everything in between. I belong to both salvage and regular auctions. Both have their advantages. The insurance is expensive but the abiltiy to put it on any car you own makes it nice. My surety bond costs me 100 a year and my insurance is in the 4000 dollar range. I have decent coverage and 5 plates.

If you do get a license make sure you read all of the laws regarding the paperwork and what you can and can't do. The fines here in jersey are large if you break laws such as not fully filling out reassignments(these act like titles so the dealer doesn't have to put the title directly in their name), temp tags and the such. I've had friends with fines over 10k.

Benshooter · Apr 21, 2010

awdrst said:
They sell everything at the auctions running, non running, salvage, theft and everything in between. I belong to both salvage and regular auctions. Both have their advantages. The insurance is expensive but the abiltiy to put it on any car you own makes it nice. My surety bond costs me 100 a year and my insurance is in the 4000 dollar range. I have decent coverage and 5 plates.

If you do get a license make sure you read all of the laws regarding the paperwork and what you can and can't do. The fines here in jersey are large if you break laws such as not fully filling out reassignments(these act like titles so the dealer doesn't have to put the title directly in their name), temp tags and the such. I've had friends with fines over 10k.

Awesome, thank you. Does the number of plates you have, have a decent effect on the insurance costs?

In your opinion, what's the advantage of the salvage auctions?

awdrst · Apr 22, 2010

Yes the more dealer plates you have the more expensive insurance is. Adding 5 more plates adds another 1400 a year to my policy. The advantage of the salvage auctions are the fact that if you need a motor or trans out of a car you can buy one there for almost nothing depending on salvage condition like rollover or hit hard on the side. I've gotten sti's cheap there and swapped the drivetrains into wrx's with them. If you happen to want somthing like a cheap s2000 or evo you can get a theft one there and usually its just interior or body panels missing so you toss some new ones on and you have a running and driving fun car for a while for alot less then it would go for at normal auction. The downfall to it is most of them have salvage titles and you have to be careful some states have titles that do not allow them to be rebuilt.

Benshooter · Apr 22, 2010

I see. That info made me look a little more closely into the salvage/rebuilt title laws in nevada. They seem pretty leniant. The only time you need a rebuilt title is if your swapping out a whole front or rear clip, chassis, etc. From what it said, any vehicle with a salvage title can be rebuilt and fixed and after its inspected and passes safety guidelines it will be awarded a rebuilt title. It does point out that there are "non repairable" salvage titles for cars that really are a total loss and belong in a junkyard.

Thanks for all the great info!

awdrst · Apr 22, 2010

No problem. If you can dig up the money to start out a wholesale business i'd suggest doing that. You don't make as much on every car but the volume is where you make a ton. There are a lot and I mean ALOT less headaches doing it that way. Since dealer to dealer deals are alot easier and less problems tend to arise with this type of deal. I've been doing this for a few years now and that is where i'm heading at this point. I will always have a retail lot since it's a good place to store the nice ones and send all the not so nice ones right to auction. You do need alot of money backing you to do this and the right contacts with new car dealers but there is alot of money to be made there. If I can help you out in any way feel free to ask. If it helps me and my business partner started flipping cars with a 500 dollar car and built a business from that. We did have to put a small investment in to start the retail lot but it was not alot.

Benshooter · Apr 23, 2010

Pm'd you.

laserspeeddemon · Apr 23, 2010

I flip cars all the time.
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Benshooter · Apr 23, 2010

Pastrana does it better.

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Does anyone here flip a lot of cars?

BoostedinSoFla

extremeatheist

Benshooter

Lofty

extremeatheist

sherloc123

XiKeiyaZI

awdrst

Benshooter

extremeatheist

Benshooter

awdrst

Benshooter

awdrst

Benshooter

awdrst

Benshooter

laserspeeddemon

Benshooter

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