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Does anyone buy cars to repair them, then sale it...


Stampede

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I did this for a number of years. My criteria was 50% gut feeling, and 50% knowing that within at least 24hrs, I could without a doubt get me money back should I have to turn right around and sell. As far as body was concerned, I only bought vehicles that had body damge to easily replaceable panels such as hoods, and fenders. I also looked for cars whos owners already had diagnosis worked done to figure out what kind of work the vehicle needed. I then figured wether I or someone I knew was able to fix for a decent price. I also only bought vehicles that would make me at least $1000 in profit after all repairs were done. I looked for vehicles that would sell reasonably for just a few thousand dollars which appealed to a larger group of buyers.
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I usually buy cheap cars, fix them, drive them for a few months or whatever, then sell. Everyone of my car I've gotten for less than $1,000. Every car I've ever owned. I bought my wife's daily, a '94 Saturn SL2, for $200 from the original owners. A water pump, belt, tune-up, and cam cover gasket; and the car is probably worth $2,200.
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Well, by my figures. I should make between $500-1000 on them, while still providing a decent car for a decent price to someone. It just feels wrong, making that kind on money in a few weeks. Now what about taxes, or saleing to many cars in a year?

 

Thanks.

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I usually buy cheap cars, fix them, drive them for a few months or whatever, then sell. Everyone of my car I've gotten for less than $1,000. Every car I've ever owned. I bought my wife's daily, a '94 Saturn SL2, for $200 from the original owners. A water pump, belt, tune-up, and cam cover gasket; and the car is probably worth $2,200.

 

I have a buddy that makes a good bit of money on cheap cars. He has a strategy. He finds cheap cars ($1000 or less), fixes them cheaply as possible, and resells them in poor parts of town. On the first of the month, he parks them in different parts of town for advertisement. He usually sells them for at least a $500 profit. He tries to do 2-3 a month. Not too bad for extra income.

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I have a buddy that makes a good bit of money on cheap cars. He has a strategy. He finds cheap cars ($1000 or less), fixes them cheaply as possible, and resells them in poor parts of town. On the first of the month, he parks them in different parts of town for advertisement. He usually sells them for at least a $500 profit. He tries to do 2-3 a month. Not too bad for extra income.

 

Doesnt the BMV limit the amount of title sales an individual can make in a year? something like 9 per year?

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Well, by my figures. I should make between $500-1000 on them, while still providing a decent car for a decent price to someone. It just feels wrong, making that kind on money in a few weeks. Now what about taxes, or saleing to many cars in a year?

 

Thanks.

have them sign the title over to you and just dont go and register the car, then when they buy it all they have to do is sign it and its theres.
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My dad found a 96 or something Civic on Craigslist in December with a hole in the block for like $600. It was in great condition, spent $400 on a used motor and I managed to get $3000 out of it... That doesn't happen very often. I never look for them though, I just wrench.
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have them sign the title over to you and just dont go and register the car, then when they buy it all they have to do is sign it and its theres.

 

 

Bingo. Title never goes into your name and the DMV never is the wiser.

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A local guy here in Marion buys his own personal cars from a salvage title place in Cleveland. In 2003 he bought a 2002 WRX with like 3k miles on it, it was fucking totalled beyond "repairable". He bought it for like 6K I think(not to mention it came with all the parts to fix it(side and rear clip)), like 4 months later he got it running, couldn't even tell. He also did the same thing with a 2004 cobra. I paid like 18K for it, this was in 2005. Both cars are in great shape, can't tell they were wrecked at all, and the both ride like any other Cobra or WRX I have ever driven/ridden in.

 

It has worked for him.

 

Jackson

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Doesnt the BMV limit the amount of title sales an individual can make in a year? something like 9 per year?

 

I think he may actually have a dealers licence. Not sure though. He may not process the titles though as said above.

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