I sold a Range Rover that I didn't even own.

[Real1]

Wed. before last I won a 1999 4.0 SE Range Rover with 55k miles on it. The winning bid was $9,600. Needs a air suspension sensor (about $550 parts & labor) and a heater core resealed (about $250 - $600 parts a labor). The car was worth about $13,000 private party.


I won on Wed on was scheduled to pick-up the following Wed. (day before thanksgiving). Once I won the auction. I re-listed the vehicle for a 5 day auction. I started bidding at $10,000. I got kind of scarred because bidding didn't do much early on in the auction. But, by the time the auction ended........the high bidder paid $10,700.


I went to pick-up the Rover on last Friday. It was so damn clean that I for about .0001 seconds I didn't want to give it up. Flossed in it until yesterday (Monday) and sold it for a profit of $1,100 before ebay and paypal expenses of about $300.

A few people know that I am into Real Estate HEAVY. I often wholesale properties for a profit of about $20,000. Well, this is the same method. Selling something you don't yet own, but that you control by a binding contract to purchase.

 

[Uncle Reggie]

i had friend who did that with a supra he got off ebay or autotrader. he even used the same pics that were in the original auction!

setting the price to ensure your profit is brilliant. have you just started doing that with cars?

also in the real estate game....are you a "legit" realtor or do you just fixed up a little and flip'em for profit?

 

[Real1]

I'm not a legit or unlegit realtor. I am an investor. I don't sell other peoples real estate for them. I buy and sale real estate that I own or control for my profit.

 

[LSN]

I'm not a legit or unlegit realtor. I am an investor. I don't sell other peoples real estate for them. I buy and sale real estate that I own or control for my profit.

lol good answer...

 

[Dallas Bueller]

That's some creative hustling.

 

[deputy dawg]

You can do that with anything.
I'll share 'cuz I'm a Righteous Brother (not the singing group - the racial group)

You know how you drive around in your area and you see those families who are tired of their RV/motor homes - they have them sitting at the end of their driveway with a "For Sale" sign on them? You see the thing sitting there for weeks/months with no takers? Go to the house & knock on the door (or call the phone # if that's the set up) and ask the owner for details on the vehicle (how long they had it, trips they took in it, etc.). Then ask the selling price. Hesitate, then ask how much they would really, really settle for. When you get the rock-bottom price tell them "you kinda specialize in private RV sales. Get an agreement to sell it for them exclusively for the next 30 days. (seeing how it hasn't moved in weeks they should accept your offer).

Take pictures outside/inside. Upload pics with a brief description on ebay with the price and terms buyer will pick up RV with cashiers check or cash. Price it 10% above the owners asking price. Let the bidding begin. If you get a buyer, arrange delivery date/time agreeable with the original owner. Do it early enough in the day to go to the bank to cash the check after the buyer views the RV in person with you. Once the buyer see it cash the check made out to you, go back to the owner and pay him the rock-bottom price he was willing to settle for IN CASH and the difference is yours.

You never bought the RV yourself and didn't have it parked in your driveway. You can do this for motorcycles, jet-skis, almost anything people buy off of ebay.

Say thanks and send me $50 for every $1,000 y'all make!

 

[Mike In Bmore]

Interesting. Did the RR seller require you to put down a deposit and if so how much did you have to come up with out of pocket? Did the terms of the sale require the money for the Rover be paid before you were able to secure your funds from the re-sale? I'm trying to see if you actually had to come out of pocket with $10K to flip the SUV

 

[Real1]

Interesting. Did the RR seller require you to put down a deposit and if so how much did you have to come up with out of pocket? Did the terms of the sale require the money for the Rover be paid before you were able to secure your funds from the re-sale? I'm trying to see if you actually had to come out of pocket with $10K to flip the SUV

The auction required a $500 depost paid within 48 hours of auction end, and pick-up within 7 days. However like many sellers (except for me), the person just told me not to worry about the deposit and to bring it all when I pick-up the vehicle. I paid for the vehicle and just resold it the end buyer. I didn't (and still don't) think it's a good idea to take the end buyer with you when you pick-up the vehicle. It's possible you could do it that way and not have to have any out of your pocket, but it's too much trouble. Pulling out $9,600 (or even 2x,3x, or 4x that amount) isn't a probelm at all. Using paypal, I can either transfer the money from one of my bank accounts or one of my many Visa, Mastercards, or Amex cards.

 

[fatninja]

The auction required a $500 depost paid within 48 hours of auction end, and pick-up within 7 days. However like many sellers (except for me), the person just told me not to worry about the deposit and to bring it all when I pick-up the vehicle. I paid for the vehicle and just resold it the end buyer. I didn't (and still don't) think it's a good idea to take the end buyer with you when you pick-up the vehicle. It's possible you could do it that way and not have to have any out of your pocket, but it's too much trouble. Pulling out $9,600 (or even 2x,3x, or 4x that amount) isn't a probelm at all. Using paypal, I can either transfer the money from one of my bank accounts or one of my many Visa, Mastercards, or Amex cards.

SO YOUR THE GUY.

You beat me for that range rover in texas huh.

 

[Chase Bannon]

Wed. before last I won a 1999 4.0 SE Range Rover with 55k miles on it. The winning bid was $9,600. Needs a air suspension sensor (about $550 parts & labor) and a heater core resealed (about $250 - $600 parts a labor). The car was worth about $13,000 private party.


I won on Wed on was scheduled to pick-up the following Wed. (day before thanksgiving). Once I won the auction. I re-listed the vehicle for a 5 day auction. I started bidding at $10,000. I got kind of scarred because bidding didn't do much early on in the auction. But, by the time the auction ended........the high bidder paid $10,700.


I went to pick-up the Rover on last Friday. It was so damn clean that I for about .0001 seconds I didn't want to give it up. Flossed in it until yesterday (Monday) and sold it for a profit of $1,100 before ebay and paypal expenses of about $300.

A few people know that I am into Real Estate HEAVY. I often wholesale properties for a profit of about $20,000. Well, this is the same method. Selling something you don't yet own, but that you control by a binding contract to purchase.

Tell me this. Did you have to get the title in your name? Also did you have to pay the sales tax on this. I was contemplating about doing this to. I was going to get a dealer's license because of the tax breaks, but there are too many requirements you have to go through to get a dealer's license. Hit me up with the info I requested please.

 

[Real1]

Tell me this. Did you have to get the title in your name? Also did you have to pay the sales tax on this. I was contemplating about doing this to. I was going to get a dealer's license because of the tax breaks, but there are too many requirements you have to go through to get a dealer's license. Hit me up with the info I requested please.

The key to this quick flip is to not get it titled in your name. Because you will have to pay taxes (which would have been about $450) and get the car through state inspections and it will show up as now having 1 more owner.

Getting a dealer's lisc is too much work unless that is going to be your main income stream. Instead get a sales person liscense under a small car lot. You pay about $350 - $500 a month and you get to buy all the cars you want because you have access to Dealers Only auctions and your "sponsor" will also give you a dealer tag to put on your cars when transporting them or riding around in them.

That is the method many small dealers use to make a killing. Here is how it works:

1)Find a small car lot, with a trailer on the lot to be used as the office. Location isn't important. Look for one in a state such as PA or DE (for my North East people). You can buy a lot for about $200,000k or rent for about $2,000k a month.

2)Get liscensed. You will spend $5,000 - $10,000 getting started up.


3)Advertise in newspapers and online:Earn $5,000 a month as a auto wholesaler. Get paid to drive new cars. $500 gets you started. Your phone will ring off the hook

4)Charge $500/month + a $200 start-up to people. This covers their $30 state Liscensed Car Salesman fee. They have to be liscensed since the "work" on your lot.

5) You are probably at a break even if you have 6 people. The dealer that I had my liscense under has 112 dues paying people spread out over two tiny ass car lots in the middle of nowhere. You do the math!??!?

That's a way that it can be done!!

Chase, what's up with options!!! When is class going to be in session again. If you would have helped $30,000 grow into $55,000 or better, I would've given you the Range Rover as well as your management fee. I'm not joking....not even a little bit. Not even quietly laughing. I'm dead serious about that.

I've been spending a little (very little) time learning about options. I've actually attended a 2 day workshops and have spent about $2,000 for my education. Candle sticks, QQQ, LEAPs.....I'm learning

 

[bigblackafrica]

The key to this quick flip is to not get it titled in your name. Because you will have to pay taxes (which would have been about $450) and get the car through state inspections and it will show up as now having 1 more owner.

question, when you buy a car, you have to transfer title and create a bill of sale for tax purposes. in this flip, how do you get title in the name of person you sold it to and also get a bid of sale that reflects what you sold it for, not purchased it for? do you talk the seller into just signing the title and 'you do the rest'?

 

[Real1]

bigblack,

I have the seller sign the title and leave it blank. I'll tell that I'm not sure If I'm going to title it to myself or my corportation and that I'm meeting with my CPA in about 1.5 weeks and he'll let me know which is best.

No, you don't want to transfer title!!!! You will pay sales tax for that. If it's a 5% tax on a 9,600 transaction you are giving your state goverment an easy $480. That is very close to 50% of your net profit!! Don't get transfer title. Let the end buyer do that!

You don't have to create a bill of sale. If the buyer requestes on, then it's not a problem....print one out on Excel or Word.

 

[thesenator20904]

mane ya'll cats are the "ultimate hustlers" thanks for the info...

 

[mrjamaica]

co=sign

 

[dacrazydeafdawg]

damn yall this shyt does work! A friend of mines bought a 2005 Hummer H3 with custom Alphine White Paint off ebay for $28,000 that was fully loaded from a private car dealer in Texas. He made sure the ride wasnt in no accident before bidding and the title was clear using carfax. He flew to Texas and drove it back. Shyt is mad nice. However instead of listing it on ebay I told him to put an ad in the AJC. he was bytching about it after 3 days of riding around it.

Cuz to be honest that shyt is hard to park lol! It was chromed out and it also came with a nice the luxury package and also it only had 1,599 miles when I got it. The previous owner got tired mighty quick of the gas expenses lol and so did did he.

So he put an ad in the paper to sell this fully loaded H3 for $35,000 or Or Best Offer. He said he got helluva of lot of calls due to the color. Next time he'd put serious inquiries only cuz some of these calls were pretty comical. One person want to get it, but he want to pay $2000 as a down payment, and pay him $500 a month for 60 month. That was a slap in his face lol... He would have done it but my boy wasnt gonna that route and told him maybe next time.

Anyway he found 3 serious party. He invited them to view it at the same time to show that I wasnt going to fuck around on this one. They all test drove it and he made his pitch and said ok who want this ride today and a bidding war errurpt because he had 3 buyers that want the truck. However I was shock and later told them that the offer went up because of the paint job was sick and I hadnt seen a white H3 before!

This white dude from Buckhead beat the other 2 bidders by paying him $42,000 in cold hard cash. That shyt was in 100 dollars bills. And took us a fucking hour to count! I wish he had one of those money counter machine. That net him a $14,000 net profit.

He gave me $500 for helping him out. Cheap bastard! lol i want a grand for advising him and helping him count the money and for security lol but it is all good

I got my eyes set on a salvage lexus sc430 , it was selling for $12,000 but it need about $20,000 in work and could sell for $40,000. But I have to investigate the legal aspect of reselling a salvage vechile that has been restore/repair to it original form.
I even saw a restore benz for $18,000 so I was tempt toget it but I felt it was one of those to good to be true lol

Yo Real 1 do ya have any info on that on how to deal with salvage cars?


I may get a H3 myself but it would be strictly a weekend car not an everyday car but the I was told the H3 get up to 23 mpg if ya get the manual transmission.

Are there any H3's owner on BGOL??? If so tell me what yall think about yall ride?

 

[dacrazydeafdawg]

hey real1 one key question for ya..

if i did the same thing as ya and my boy did but he didnt tell me everything that he did esp in regard to the tax part... see he went to Texas to get the car and brought it back to GA... now i dont know if he pay tax or not in Texas but he did have the title in his hands when he came back and after he sold it the other person got possession of the title but i am unclear on that part......that is the question i hope ya can answer...

how does one handle an out of state purchase and arrange for hometown legal sale without being responsibile for the taxes in your home state?

ie. Bought car in Texas but live in GA. Got title in hand from Texas but didnt register the car in Texas but in GA. Shoot I doubt he even register the car in GA lol

 

[Chase Bannon]

hey real1 one key question for ya..

if i did the same thing as ya and my boy did but he didnt tell me everything that he did esp in regard to the tax part... see he went to Texas to get the car and brought it back to GA... now i dont know if he pay tax or not in Texas but he did have the title in his hands when he came back and after he sold it the other person got possession of the title but i am unclear on that part......that is the question i hope ya can answer...

how does one handle an out of state purchase and arrange for hometown legal sale without being responsibile for the taxes in your home state?

ie. Bought car in Texas but live in GA. Got title in hand from Texas but didnt register the car in Texas but in GA. Shoot I doubt he even register the car in GA lol

Let me know if you answered the question above also. I am curious to know how the title thing works.

 

[Real1]

hey real1 one key question for ya..

if i did the same thing as ya and my boy did but he didnt tell me everything that he did esp in regard to the tax part... see he went to Texas to get the car and brought it back to GA... now i dont know if he pay tax or not in Texas but he did have the title in his hands when he came back and after he sold it the other person got possession of the title but i am unclear on that part......that is the question i hope ya can answer...

how does one handle an out of state purchase and arrange for hometown legal sale without being responsibile for the taxes in your home state?

ie. Bought car in Texas but live in GA. Got title in hand from Texas but didnt register the car in Texas but in GA. Shoot I doubt he even register the car in GA lol

You pay taxes in the state that you register the vehicle in. By leaving the sales price blank on the title, you fill in whatever you want to and pay taxes on that amount.

How do you deal with Salvage vehicles? YOU DON"T. People will RUN away from them. Ask me how I know. Ask me about a 2000 Toyota Landcruiser with 26,000 miles that I bought off ebay in 2003 for $26,000. Ask me how come I couldn't sell it? Don't dell with salvage unless that is your market, you know it well, and you are buying the car directly from the Insurance company or the car owner. That is just my opinion, but I speak from experience. That lexus SC430, sounds like a money loser. Don't spend $20,000 rehabbing a car!!! The profit potential isn't good enough, while the risk is outta this world.

Here is a way that people make money buying salvage cars. The lexus you speak of was only $12,000. Ok, pull the engine and the transmission and you will have $8,000 -$12,000 already. Sale the wheels and tires for $600-$800. Sale the radio for $400, The disc changer for $300,Sale the climate control unit for $400, the leather seats for $1,500 - $2,000. So far we are anywhere in between $11,700 - $15,900. You still have the doors, hood, trunk, glass, dashboard, airbag? (That's about $300), quarter panel, window motors, atenna and atenna motors, front end, rear end, exhaust, mirrors, HID headlights ($600 -$1000).....you get the idea!! Go to ebay and do a search on SC430 parts.......you will see just how a car can be broken down!!!

 

[big pimp]

Wed. before last I won a 1999 4.0 SE Range Rover with 55k miles on it. The winning bid was $9,600. Needs a air suspension sensor (about $550 parts & labor) and a heater core resealed (about $250 - $600 parts a labor). The car was worth about $13,000 private party.


I won on Wed on was scheduled to pick-up the following Wed. (day before thanksgiving). Once I won the auction. I re-listed the vehicle for a 5 day auction. I started bidding at $10,000. I got kind of scarred because bidding didn't do much early on in the auction. But, by the time the auction ended........the high bidder paid $10,700.


I went to pick-up the Rover on last Friday. It was so damn clean that I for about .0001 seconds I didn't want to give it up. Flossed in it until yesterday (Monday) and sold it for a profit of $1,100 before ebay and paypal expenses of about $300.

A few people know that I am into Real Estate HEAVY. I often wholesale properties for a profit of about $20,000. Well, this is the same method. Selling something you don't yet own, but that you control by a binding contract to purchase.

i i see u are in the area. Iam in bmore area. IAm doing the same thing with real estate i got property last month the owner wanted 10,000 and i sold it for 22,000. real estate is the way to go. also did u plates for that car. maybe one day we could talk about any deals u got in dc. that sale person license sounds good now the hard part to find someone to sponsor me.

 

[big pimp]

The key to this quick flip is to not get it titled in your name. Because you will have to pay taxes (which would have been about $450) and get the car through state inspections and it will show up as now having 1 more owner.

Getting a dealer's lisc is too much work unless that is going to be your main income stream. Instead get a sales person liscense under a small car lot. You pay about $350 - $500 a month and you get to buy all the cars you want because you have access to Dealers Only auctions and your "sponsor" will also give you a dealer tag to put on your cars when transporting them or riding around in them.

That is the method many small dealers use to make a killing. Here is how it works:

1)Find a small car lot, with a trailer on the lot to be used as the office. Location isn't important. Look for one in a state such as PA or DE (for my North East people). You can buy a lot for about $200,000k or rent for about $2,000k a month.

2)Get liscensed. You will spend $5,000 - $10,000 getting started up.


3)Advertise in newspapers and online:Earn $5,000 a month as a auto wholesaler. Get paid to drive new cars. $500 gets you started. Your phone will ring off the hook

4)Charge $500/month + a $200 start-up to people. This covers their $30 state Liscensed Car Salesman fee. They have to be liscensed since the "work" on your lot.

5) You are probably at a break even if you have 6 people. The dealer that I had my liscense under has 112 dues paying people spread out over two tiny ass car lots in the middle of nowhere. You do the math!??!?

That's a way that it can be done!!

Chase, what's up with options!!! When is class going to be in session again. If you would have helped $30,000 grow into $55,000 or better, I would've given you the Range Rover as well as your management fee. I'm not joking....not even a little bit. Not even quietly laughing. I'm dead serious about that.

I've been spending a little (very little) time learning about options. I've actually attended a 2 day workshops and have spent about $2,000 for my education. Candle sticks, QQQ, LEAPs.....I'm learning

that saleperson license sounds like a good deal now the hard part find someone to sponsor me.

 

[G6Designer]

fuck BUMP !!! keep this going ppl.. good reading..