How to Flip Cars | Finding Deals [Beginners Guide]
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- Опубліковано 27 вер 2024
- Finding Deals to flip cars for profit is not always an easy thing. I'm going to show you how simple it is to search and value car deals that will make you money from day one.
Here are some resources;
OBD Scanner Entry Level - tinyurl.com/2d...
OBD Scanner Advanced - tinyurl.com/2x...
I have personally used both and they work great. The result is the same when inspecting a car to flip.
My Car Flipping Profit Tracker - docs.google.co...
Thanks for watching!
Do you have a wholesale dealer's license or dealer license? How many hours a week do you put into your flipping? Can I flip as many cars as I want? Can I flip cars as an LLC?
The hours I put in vary on the work that needs to be done on a car. Typically a few days. Depending on what the motor vehicle department in your state they may have a limit on how many cars you can flip a year without a license. I'm in the process of getting a dealer license and will share the process soon. Thanks for reaching out and checking out the channel!
You can set up an LLC right away if you want.
@@flippingcars Also let me know which license works best for flipping wholesale or retail. I know retail cost more because it requires a lot fo the cars to be stored.
@@flippingcars Is having the LLC beneficial if you turn car flipping into a business instead if a side hustle.
@@urbandisciple5414 You can speak with your local CPA about benefits. As for my situation, when I started, I set up an LLC as a mobile mechanic/Maintenance or Detailing. This helped me set up commercial accounts to get dealer pricing on car parts. I also reaped the benefits of establishing that business. Let's say you set up ABC auto Group then when you're ready to open the dealer ship you can transition to DBA ABC Auto Sales. Keeping it simple was key for me. But again check your local business requirements and laws. I am not a CPA and what has worked for me may not work for others in different states.
My problem buying is that nearly 100% of people selling vehicles in my region post as clear titles, but then have skipped titles, which is a felony for them, and dangerous for the seller.