Can you make a living "flipping" cars?

While lots of good points have been made here, the short answer is "go for it". You've got enough knowledge to try it and it doesn't require a huge outlay of capital upfront to start. Find a deal, fix it up and sell it. If you make money, do another. If you don't, reconsider. Start with local stuff and a brand/model you're comfortable with.

As for the state limit on the number of cars you can buy/sell within a given year (FL is the same way...I think 5 is the limit), that's a pretty easy one to get around, for now. If you really go gangbusters and you cap out your 5, Mrs. Twin_Cam buys/sells the next 5! Bingo! Double your limit.

Asheville, NC is becoming somewhat of an East Coast brewing center.

jap cars usually turn out profitable, especially considering the resale value of late 90s hondas and toyotas

In reply to dyintorace:

It's changed to 3 per year. I was looking up something related and ran across it. That's not enough for the average GRM guy and his personal cars.

I sometimes make stupid money at this.

Sometimes it gets a bit upside down too!

I tend to buy 'sitter' that are at private homes and usually have one small problem that is too much for the current owner to handle.

Deals are still out there, but I have had to adjust my price thinking over the years.

My first fixer-upper was a 69 Shelby Mustang for $450 needed a starter in 1975. Latest was a 1995 Escort wagon with a destroyed motor...$450!!

I go through different types of cars as my knowledge grows. had a run of Fox bodies Mustangs with bad 4 cylinder automatic transmissions. Found a junkyard with 8 5 speed cars that I got all needed parts from for $150 each. Then late 90's Ford 3.8 engines with head gasket problems. About $150 cash to fix those too!

90's Escorts have been a good deal for me as they are usually cheap and I have room to store the (3) parts cars.

If you do good work, the sales will be there! I give FULL disclosure on any car I flip and these folks often find come back for more.

I usually get a few cars ready to bolster my cash for swap meet season and it happily coincides with folks getting Income Tax returns.

Just used car money to get electricity in my big shop so I may step things up a notch after my vacation/swap meet at the Texas Motor Speedway this April 27-29th (come by..say HI!)

Know your flipping cars and keep an eye out for the fun stuff cause if it ain't fun...it just ain't fun!

I have the advantage of a big shop, no (big) bills, grown kids, lots of tools and a job that takes 20-30 hours of stress free time.

You spoke of cars with one small problem as the money makers. You listed head gaskets, transmissions and such. These can be good if you have a parts supply ready and available, but they can be hit or miss on the profit.

95 Escort with a bad motor was a deal because I had just bought 2 engines the week before! But it also needed an axle, brakes, trim paint and a severe cleaning. Aurora with a bad security key switch also needed 11 bulbs, wheel sensor, tune up, headlight, electrical work from hell, and a couple of junkyard trips for little plastic parts! Add the severe cleaning (leather is hard!) and it was not near as profitable or easy as the 91 Escort that needs a new timing belt!

Start with one car you know, list the stuff that needs fixing as you DD it and then sell it on for a profit! Treat it as a hobby until your confidence get up there a bit.

Bruce

I have flipped foreign and domestic cars. It is currently easier to buy a domestic car cheap with a problem versus the equivalent foreign car.

Right now I'm trying to flip an 01 grand Cherokee that I bought reasonably cheap. It's not selling very quickly, but then again I have the asking price on the high side to leave room for negotiations.

I don't recommend doing it as a full time deal unless you go in full blown with a license and a lot. even then the money is in financing and repoing the deadbeats car that the down payment was good on and they didn't make the payments

I've found that cars that run fine that people just want to get rid of because they need the money for a down payment on something knew has been the car of choice for me. I lowball and show cash and they almost always take my offer.

Then I detail them to make them look good and sell them at or a little above the lowest KBB price.

With that said, I don't just buy any old piece of junk. I buy cars I would feel comfortable letting my wife or mother drive and of course that I would drive myself.

People are out there that have shot credit and down payment money but can't get approved and don't want to get raped bc of their terrible credit. These are the people who will use the money they had saved for a down payment to get something reliable that gets them from A to B.

That is my target market.

One other thing I do is NEVER buy a car to flip from someone who is flipping the car I want to buy. You don't want their sloppy seconds lol.

It's easy to tell if they are a flipper. I actually have a video up on YouTube that shows how to spot a flipper. It's in my sig.

Anyways, foreign cars like Japanese and Eurpopean and Domestic trucks like Yukons, Tahoes and Suburbans are usually sure things.

And lastly, always be patient. Don't get anxious and get any old car to flip just for the sake of flipping. Wait for the car you want and don't make any exceptions. Being patient and disciplined will serve you well and save you from losing money on a car you had no business trying to flip.

Good Luck :) Jay

We've had our best luck with a sturdy ramp and a small rwd car like a chevette with a welded rear.

Oh and to answer the OP's question in his title of "Can you make a living flipping cars?"

Maybe, but you'd have to hustle and hustle hard and move a ton of cars and at that point you'd pretty much be a dealer. There are ways to do it full time, but don't quit your day job just yet.

Focus on moving your first car, then your second, etc.

I think it's more appropriate to look at it more like some side money to help pay for stuff like bills, toys and mistresses lol.

• JayDogg

NIce videos Jaydogg!! Great flip on the Sentra. Link at the bottom of the page for more information appears to be broken though.

midknight wrote: NIce videos Jaydogg!! Great flip on the Sentra. Link at the bottom of the page for more information appears to be broken though.

Damn!! Hate when that happens re: the link. I fixed it.

And glad you liked the vids :)