Additional income by flipping cars?
I've been trying to come up with a way to make a few extra bucks on weekends for a while now and I keep coming back to flipping cars. Anybody do this, and how realistic is it that I would succeed? Any tips?
My thinking is I'd go to those michener allen auctions and form my max bids based on what those cars are selling for on kijiji at the time, or other sources. Maybe take the average selling price there, drop $500, and thats my max. From there just make sure to pick decent cars. Thoughts?
Also, I've never been to these auctions before. How much can you check out the cars beforehand? Can I pop hoods/trunks/etc, are they all alberta cars (or specified if they aren't), can I start them up, anything like that? Are there other car auctions in the city I should know about (who does the police auctions?)
I'm nowhere near in a position to flip real estate and this seems like it could potentially work as an evening/weekend hobby :dunno:
Re: Additional income by flipping cars?
Quote:
Originally posted by woodywoodford
I've been trying to come up with a way to make a few extra bucks on weekends for a while now and I keep coming back to flipping cars. Anybody do this, and how realistic is it that I would succeed? Any tips?
My thinking is I'd go to those michener allen auctions and form my max bids based on what those cars are selling for on kijiji at the time, or other sources. Maybe take the average selling price there, drop $500, and thats my max. From there just make sure to pick decent cars. Thoughts?
Also, I've never been to these auctions before. How much can you check out the cars beforehand? Can I pop hoods/trunks/etc, are they all alberta cars (or specified if they aren't), can I start them up, anything like that? Are there other car auctions in the city I should know about (who does the police auctions?)
I'm nowhere near in a position to flip real estate and this seems like it could potentially work as an evening/weekend hobby :dunno:
Good luck with that. The cars there don't really go cheap as people think. They're mostly dealer cars, most of them throw their shitty cars there. While you can check them out, pop the hoods, trunks, etc. Move them up and back about 2 feet or so. Thats about it. I've been there and you have LOTS of idiots who are willing to pay big bucks for cars. Hell, even at the salvage auctions too.
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Originally posted by ercchry
expect a call from amvic eventually :thumbsup:
This. AMVIC is cracking down on curbers. One of my neighbours was flipping cars, AMVIC came knocking on his door with a list of every car he sold and to whom.
Re: Re: Additional income by flipping cars?
Quote:
Originally posted by G-ZUS
Good luck with that. The cars there don't really go cheap as people think. They're mostly dealer cars, most of them throw their shitty cars there. While you can check them out, pop the hoods, trunks, etc. Move them up and back about 2 feet or so. Thats about it. I've been there and you have LOTS of idiots who are willing to pay big bucks for cars. Hell, even at the salvage auctions too.
This. AMVIC is cracking down on curbers. One of my neighbours was flipping cars, AMVIC came knocking on his door with a list of every car he sold and to whom.
Is there something illegal about doing this? I just want an extra 500 bucks every so often lol, and I have no problem submitting the bill of sales to an accountant. And I didn't really think about dealing with idiots, I haven't actually done a private deal since my first car when I was 15, and dad obviously took care of that one. Dealerships are alright..
Re: Re: Re: Additional income by flipping cars?
Quote:
Originally posted by woodywoodford
Is there something illegal about doing this? I just want an extra 500 bucks every so often lol, and I have no problem submitting the bill of sales to an accountant. And I didn't really think about dealing with idiots, I haven't actually done a private deal since my first car when I was 15, and dad obviously took care of that one. Dealerships are alright..
yes, yes there is. if you want to sell cars why not try and get on with a dealer for 2 days a week :dunno:
Re: Re: Re: Additional income by flipping cars?
Quote:
Originally posted by woodywoodford
Is there something illegal about doing this? I just want an extra 500 bucks every so often lol, and I have no problem submitting the bill of sales to an accountant. And I didn't really think about dealing with idiots, I haven't actually done a private deal since my first car when I was 15, and dad obviously took care of that one. Dealerships are alright..
Yes, if you want to buy and sell cars, you have to have a dealer license through AMVIC. To get a license from them you have to get a business license from the city first.