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Possible to making money in spare time buying cars and selling them
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Grant Erwin
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Possible to making money in spare time buying cars and sellingthem
On 23 Mar 2004 05:34:15 -0800,
(Don) wrote:
I would like to find a side income where I could work at my own pace.
I am building a garage pole barn 24 x 30 and thought about buying cars
that had something mechanically wrong with them, fix them in my spare
time and selling them.
There is quite a bit of trickery involved in buying cheap cars at auction
and fixing them up to sell. There are also a lot of pitfalls. The biggest
pitfall is getting stuck with a bunch of junkers. The next biggest pitfall
is car storage at your house. Most municipalities have antijunkyard ordinances
that will make your eyes pop they're written so tightly. Check *before* you
start. The final pitfall is buying too damn many cars. I know several guys who
have learned the hard way that this is a slippery slope and before they know
it they own 7 cars, 4 trucks, 2 motorhomes, 4 motorcycles, a car-hauling
trailer, and they have to spend half their waking hours just moving cars around
so they don't get tickets for being parked in a city over 24 hours.
Here are a few tips I've picked up:
1. Never fix anything you don't have to, rather tell the buyer how easy it
would be to fix. It *always* costs more and is a bigger hassle than it returns.
2. Try hard to do the minimum amount of title-changing. Try to buy it and sell
it without ever becoming the legal owner.
3. Don't fall in love with *anything*. If a guy has money sell him the car. Turn
over your money to make money -- the goal is to own the car for a day or less.
Grant Erwin
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