Flipped my first car. (no crash)

Tex Star Detail

Tex Star Detail

Formerly TexasTB
No, I did not flip/crash a car......

A while back, I bought a 1988 MAzda 323. 5 speed/1.6 motor. 4 door.
The car did not run when I bought it. It had to be push started. :censored:
I paid 200 bucks for the car, put a new starter in ($45)...and BAM...starts right up. Then it started overheating.... :censored: :censored: The cooling fan was not coming on. So, I hardwired the fan. Flushed the coolant, changed the oil/filter, spark plugs/wires, and new brake fluid. Everything was good....NOT...come to find out, one of the strut mounts was busted and hitting the bottom of the hood. So for 50 bucks, I picked up a spring/strut from the junkyard. Everything good........

I held off on selling it for a few months.....I wanted to wait til income tax time, when everyone had their money, and it was burning their pockets...LOL

I advertised it in the paper today....and sold it today. Sold it for $900 The air didn't work in it........oh well......so..I made a good $600 profit.

The car ran great. Very strong motor. I was thinking about driving it myself a while ago when the gas prices spiked.

So there.......I flipped my first car...... :eat:
Now, with the money, I get to buy my trailer and water tank...plus more.....
 
Is it really all that risky? I dont' know, if you don't overpay.
I've been waiting for a great detailing project to flip, like and oxidized red or a mistreated black to detail and flip. Haven't found it yet.
 
PEI Detail said:
Is it really all that risky?
Click to expand...

Down here in the states it can be. Some states require full disclosure ofany known defects or you can be held liable. Besides the fact that if you do it with your home phone # and your home address is on the title, if it turns out to be a lemon then the buyer knows where to find you. I've seen it get messy. Yes, it can be very profitable as I used to pick up cars at dealer auctions and make a good profit on many until you miss something and end up with a real money pit:censored:. Just be careful, especially if you are not a trained mechanic in engines as well as transmissions. :)
 
I used to work ata dealer ship, and have all the paperwork for them to sign.....Bill of Sale, Odometer disclosure, AS-IS paper work, ect....

Just have to cover your @ss end
 
Congratulations!

FWIW, it isn't quite as easy as that all the time.:)
In addition, you may have some government regulations to consider that you don't yet know about.
In Iowa, the practice of "curbing" or "flipping" cars follows the same rules as any retail car sales facility.
The Iowa rules are here.

Good luck in whatever you decide, just be sure you have your eyes open.:)

Charles
 
Well I've never "fliped" a car nor have I ever even heard that term, but Im glad that this thread was started. I have someone giving me an older car this week because its considered an abandoned vehicle and will be towed. My plan was to put some time and money into it, and maybe sell it for a profit (which I guess would be my first flip). CharlesW that link is interesting I will have to check my local laws and rules. Now I'm kinda having second thoughts on the whole thing. Even if I have good intentions something could still go wrong with the car. Something I will have to think about. Thanks for the link CharlesW.
 
BLUELINE 1 said:
Well I've never "fliped" a car nor have I ever even heard that term, but Im glad that this thread was started. I have someone giving me an older car this week because its considered an abandoned vehicle and will be towed. My plan was to put some time and money into it, and maybe sell it for a profit (which I guess would be my first flip). CharlesW that link is interesting I will have to check my local laws and rules. Now I'm kinda having second thoughts on the whole thing. Even if I have good intentions something could still go wrong with the car. Something I will have to think about. Thanks for the link CharlesW.
Click to expand...


Don't have second thoughts about it.....AT ALL.......If it is going to be put in your name, and you pay the taxes, IT'S YOURS. You can do whatever you want with it....well......not ANYTHING.........When you sell it, make a copy of the buyers drivers license. Print up some papers.....Bill of Sale, stating the car is "AS-IS" No warranties expressed or implied. No returns and NO Gaurantees.....ect.....Print up an Odometer disclosure statement....Just saying the miles on the car are what it really says......


Here is the bill of sale I printed up.
www.creditcarddiva.com/worksheets/autosale.htm
I changed a few things to meet my needs. You can add everything on ONE sheet of paper if you wanted too. You and the buyer fill it out, and make a copy. Give the COPY, not the original, to the buyer.....
Type in "printable bill of sale" on google and see whatelse comes up. Thats what I did......
 
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