Does anyone here buy and flip wrecked cars from insurance auctions? how are the profits if you do the work yourself?
I know a Polish guy up in Canada that does this, though he's shady about it. He buys wrecked cars for really cheap, fixes them, then passes them off as clean. He makes pretty good money but is scummy
There's a local methhead that I know. He's a total asshole. Doesn't share etc. But he's got good work ethic.
What he'll do is low ball the fuck out of everyone on craigslist. Posting for 2k? $400 it is. He just does that for every single ad. Then he takes it for a drive, see if it has any problems, fixes them. Gives it a wash, claybar,, polish and wax. Cleans the interior. then flips it for more than the asking price.
The thing is, if you start doing a lot of cars a year, then you have to start paying taxes for every transfer. So what you do is, get the other owner to sign the title, and don't put your name on it. Then do everything within the 15days. Fix it, and sell it.
Yeah I actually do a little bit of this myself, I was just curious if the margins would be any better if I bought wrecks and fixed them myself I have a shop at home and tools to do just about anything, my thinking was that I could buy later model cars and make a bigger profit
Yup. Used to a bunch. Would buy it, fix it, drive it for 3-6 months and sell it.
Just gotta make sure its a quick/cheap/easy fix. You miss something like frame damage or a toast engine it can turn into a time/money pit real quick.
Bought my namesake pic related for $50. Didn't run, owner thought engine was toast, etc.
Was real upset when I bought it, had signed paperwork in hand, and swapped one of the big main fuses out and drove it away. Sold it around a year later for $1200.
His name is Kris
>prove me wrong.
theres a well known rebuilder in NJ that does this. I almost bought a salvage from him. They mostly stick to german brands (I assume is the largest margin). I see shit like a 2011 M3 for 30k, 2012 3 series for 18k, etc