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Thread: Additional income by flipping cars?

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    Default 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

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    Flipping anything is easy...just do it and start winning at life.

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    It might work, it might not, I would expect to make money on some, and ose money on some or have problems selling cars.

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    expect a call from amvic eventually

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    Well, before you start a business of this nature you have to make sure you live in an appropriate area such as the N.E. or Forest Lawn

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    Default Re: Additional income by flipping cars?

    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
    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.


    Originally posted by ercchry
    expect a call from amvic eventually
    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.

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    I wouldn't want to flip cars. The amount of idiots one has to deal with trying to sell just one car every few years is enough for me.
    Ultracrepidarian

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    Default Re: Re: Additional income by flipping cars?

    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..

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    Default Re: Re: Re: Additional income by flipping cars?

    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

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    Default Re: Re: Re: Additional income by flipping cars?

    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.

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    Originally posted by msommers
    I wouldn't want to flip cars. The amount of idiots one has to deal with trying to sell just one car every few years is enough for me.
    Or the ones who will be pounding on the door because the car is falling apart.

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    I know people who make a living off this... Just have to know what you're buying and drive all around Alberta to get vehicles.
    Hittin' every hole


    1999 gmc sierra z71, 5.3L 4x4
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    Aren't you allowed to sell x amount of cars a year with needing a dealer license?

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    The magic number is 4, IIRC.

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    ...
    Last edited by Sugarphreak; 07-12-2019 at 11:18 AM.

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    Originally posted by Sugarphreak
    Why not take a weekend job OP?

    Flipping cars is going to be a PITA; unexpected repairs, work cleaning them up to re-sell, shifty buyers, getting stuck with something that doesn't sell, ect. When you add up all the hours and other costs into it, you will find that a weekend job will be more cost effective and better use of your time.
    The people I know who do it make a ton of money, like over 50 vehicles a year . Just don't register them
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    Originally posted by Boosted131
    The people I know who do it make a ton of money, like over 50 vehicles a year . Just don't register them
    the people i know who sell drugs also make a ton... amazing what not paying tax can do... but i wouldnt advocate it

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    Some ppl make a lot of money robbing banks too

    Just had to get on the bandwagon haha

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    Originally posted by Boosted131
    The people I know who do it make a ton of money, like over 50 vehicles a year . Just don't register them
    You don't have to register them to get busted. It's not a matter of if they get busted, but when.

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    The only way you can manage to avoid a record of you selling a car is if you get a registration signed to you without your info on it. Then you can put the info of the new owner when you sell it. Unfortunately, this looks a little shady to a prospective buyer. If you do a bill of sale, even if you didn't register, there is still a record if they want to go and investigate. However, I imagine not registering them does at least help keep the red flags from being raised.

    I thought the limit was 4 cars as well, but this weekend I was discussing this same thing with a fellow Beyonder and he was fairly certain it was 7 cars before you required a license.

    I've bought and sold many vehicles over the years and have probably walked away with some 25-35g's cash from it. Never had an issue with any "authority". However, I generally drive these vehicles for some period of time, and have been careful to not go over 4-5 per year which I understood was the maximum.

    If you want to make money though, you also have to be good at it. You need to be able to know what is wrong with a vehicle, how much roughly it costs to fix. Keep in mind people will often want inspections... especially with vehicles that aren't super cheap. You need to have good negotiation skills, and knowledge about what a vehicle is worth.

    If you fall short in any of these areas, it is entirely possible you'll be left with a piece of crap vehicle you can't sell (or at least, *shouldn't* sell if you have any morals), or overpaying for a vehicle which keeps you from turning a profit. So far, I've at worst broken even on a vehicle I intended to flip, and have only lost money on vehicles I knew that I would, but were purchased for personal use.

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