Metalworking (rec.crafts.metalworking) Discuss various aspects of working with metal, such as machining, welding, metal joining, screwing, casting, hardening/tempering, blacksmithing/forging, spinning and hammer work, sheet metal work.

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Old March 23rd 04, 01:34 PM
Don
 
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Default Possible to making money in spare time buying cars and selling them

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.

Others have suggested I should just rpair cars but I work during the
day and I am admittantly slow. I just thought It would be something I
could work at my own pace.

Any advice?

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Old March 23rd 04, 03:35 PM
Walt
 
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Default Possible to making money in spare time buying cars and selling them

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.

Others have suggested I should just rpair cars but I work during the
day and I am admittantly slow. I just thought It would be something I
could work at my own pace.


Rent out your pole barn to someone who works at a faster pace.
walt


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Old March 23rd 04, 05:39 PM
Grant Erwin
 
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Default 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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Old March 23rd 04, 08:53 PM
Richard Coke
 
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Default Possible to making money in spare time buying cars and selling them

"The best way to make a small fortune in the used car business is to start out
with a large fortune." Anon.

Richard Coke




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Old March 23rd 04, 11:26 PM
Sunworshiper
 
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Default Possible to making money in spare time buying cars and selling them

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.

Others have suggested I should just rpair cars but I work during the
day and I am admittantly slow. I just thought It would be something I
could work at my own pace.

Any advice?


My dad did that big time and was up to 65 cars when he died. Now days
I don't think that would be a good idea with history searches. But we
where getting cars that had been in a flood or 1/4 smashed. The most
important thing I learned was to detail the car. My dad would have a
import rug rat wagon that ran just fine and lots of people looking at
it. He told me to really clean it (didn't use Zep BTW) , so I cleaned
everything , under the hood , door jams, light Ajax, wax, armoral, and
you name it. The next people bought it in a heart beat. I think it's
because they don't want to be ridiculed when they get it home , so it
looks nice to who ever they show it to , in other words.

I started doing it and had 5 cars in high school with only makings $58
a week working for my dad. The only thing I got free was to live at
the airport alone with lots of tools and space. My plan was to amass
enough to sell and buy a J-3. I read the Trade A Plane all the time
and you could get a fixer upper for like 5-6 grand back then. I was
even holding back then cause I really wanted a 180 , but then
everything went to hell. To bad that would have been cool to own a
plane at 18.

Best to know how to work on these computerized cars if you try it.
This state sucks cause they take 8 weeks to do the paper work and you
can't double sign the titles like you used to be able to do. I still
have a nice Caddy after a year that both people died and willed it to
each other that I'm just about to get the ok from the state. Look
before you leap.
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Old March 24th 04, 02:02 AM
Trevor Jones
 
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Default Possible to making money in spare time buying cars and selling them

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.

Others have suggested I should just rpair cars but I work during the
day and I am admittantly slow. I just thought It would be something I
could work at my own pace.

Any advice?


Yeah! Have a good look at any regulations relating to being an auto
dealer, and the liabilities thereof.

Here in Alberta, Canada, if more than a certain number (not sure of
number) of vehicles pass through your hands (tracked through vehicle
registrations) you are considered to be a dealer, and are liable to
provide at least a minimum level of warantee and other benefits to your
customers. There is also mandatory membership in dealer
assosciations,and mandatory training that must be dealt with, mostly
relating to the afore mentioned liabilities.

Cheers
Trevor Jones
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Old March 24th 04, 02:03 PM
turnitdown
 
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Default Possible to making money in spare time buying cars and selling them

You don't say how old you are, but if you are over 30, then most likely you
do not have the natural talent for buying and selling cars. I say this
because if you did have this ability, you would have recognized it long ago
and would not be asking these questions. If you are a competent, but slow
mechanic, then you would be better off to do repair work for family and
aquaintences ( but be firm about getting paid for your work.) If your work
is good you will soon have all you can handle through referrals. I started
at age 15 by borrowing 35.00 from my Dad to buy a 53 Mercury which I sold
the next day for 75.00- this was in the day when my Dad - a machinist earned
100.00 per week. It took some begging and whining to get the 35.00, but
after that first deal he never questioned me if I asked for a short term
loan. I knew other guys who tried it, but they often fell victim to the
tendency to fall in love with a car and not want to sell it at a reasonable
profit- or spend way too much fixing it up and ending up losing money on the
deal.
"Don" wrote in message
m...
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.

Others have suggested I should just rpair cars but I work during the
day and I am admittantly slow. I just thought It would be something I
could work at my own pace.

Any advice?





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