Good Way To Make Money
This has nothing to do with foreclosures but do any of guys buy cars at auctions and sell them for retail prices. If you know someone with a dealers license and have access to a few thousand dollars this is a great way to make extra money as a down payment or give the money to rehab some houses. Sometimes you can double your money at these things just make sure you do a title search before you bid. repos and thefts are your safest bets.
just some suggestions.
I bought a car for me at an auction last summer and thought about doing exactly what you are suggesting. Part of the reason I did not pursue it was that many of the cars need work and it is difficult to tell how much at the time of purchase. Are you actually buying cars at auction?
yes I have done this before. yes it can be risky but we are ivestors for christ sake. Like I said do a title search repos and thefts are your best bet stay away from flood cars if you can. Also I would suggest sticking with newer models I haven't purchased one yet with any major mechanical problems. I only buy between $4000-$8000 if there is major problems I can part with a couple grand. Try popular cars loke Accord's and Camry's they are easy as hell to sell and are worth more than your average sedan
I will weigh in for my brother in law. He is a mortgage broker and yes he does help fund his RE with cars he buys at auction and sells for more.
I only bought the one car and I bought it for myself. It was a charity auction and there were not too many newer cars and it was in my area. I did have about $2000 in work done which I expected and I have a nice car at low cost.
The biggest drawback for me is the amount of time required. I had someone lined up to spend the time and I was going to front the money, but decided this was not someone with whom I wanted a business relation. Maybe I should re-examine.
Sounds like a wonderful idea.. any of you guys have dealers license that would allow you to buy cars at auctions?? if so, how can i sign up for this??
thanks
i've bought a car at sheriffs auction only to find out there was a loan lien on record which made it impossible for me to resell and the possibility that one day the creditor may repossess.
i've heard one way of getting around that is to apply for title with the paperwork you got from the sheriff sale in another state to get rid of liens that would show up on title if you'd registered in your state. is this true? [ Edited by lp1 on Date 01/29/2004 ]
Some states it is very easy to get a dealers license, and some states it is a huge mission. Also, you need someone that is very familiar with the prices, and you will need a 'Black Book'....if you are not someone in the position to lose money here and there, this isn't for you. I am only 21 but have been in the car biz for years, and grew up around it...my grandfather owned dealerships....But that said, it can be a very nice way to bring in cash!! Good luck all! You can PM me.
[addsig]
There are many auctions out there that are open to the public.
You need to know prices and know a bit about cars to do this well. I know very little about cars, but my brother-in-law knows quite a bit. He went with me to an aution. Picked up a 98' Ford 150 for $6K. Low bluebook was $9500. No repairs needed, great condition. I may sell it soon and do it all over again.
I bought a 88 ford escort GT back in like 96' I was 18 years old. Bought it for $600 bucks at a local auction and sold it for $1200. May not seem like much to some, but when your 18.. it's a lot. Over and above that, I proved to myself that I can come up with an idea and make it into concrete results. Thanks for the reminder, when the time is right, I'll definitely do that again on a larger scale!!!
Guys, how do you go about getting a dealers license? I'm assuming from the previous posts, that is needed to be able to buy and sell frequently, that this is a requirement??
How do you locate these auctions?