How To Flip Cars - The Ultimate Beginner's Guide

Flipping cars or buying and selling cars is becoming very popular lately due to the rise in used auto vehicle prices. In this video I go over how exactly to flip used cars for beginners.

I go over many tricks I learned over the years such as what kind of cars I buy, how and where I'd buy these cars, how I negotiate prices, and how I'd sell these cars.

Many of you may not know this, but before making youtube videos and before starting a career in engineering, I actually used to flip cars. It was one of the best, profitable, and fun side hustles I ever had. With auto prices super inflated during the pandemic and although they're a little lower than their peaks, theyre still super high and so i think this video I want to teach you exactly what you need to know as a beginner who wants to get started!

Let's start out with what cars to buy. This is actually totally up to your preference everyone is different. I will say however that if you want to be a profitable flipper, you should try to buy cars that others buy, and not cars that you'd want for your self. There are so many options, you can buy luxurious german cars, american cars, pick up trucks, SUVs, japanese cars. There are literally tens of hundreds of niches. Personally, I like to focus on Japanese cars.

The reason I buy these specific cars is because in my opinion, the market for these cars is huge. If you price the car right, I've had moments where they sell in two days. Also, these cars generally tend to be more mechanicallly reliable than their german or american counterparts.

Okay so now you know what kind of cars to buy, lets talk about where you can buy them. You have many options here. I think the best one these days is by far facebook market place. Craigslist used to be very popular in the past but in my opinion a lot less people post on it ever since they started charging to post cars for sale. I'm not sure if they still do that, but in my opinion FB market place is the place to go.

Now let's talk about what to look for in a potential car. When I used to look for cars online to potentially buy, one of the things I'd always do is search key words and even create alerts. I used to set alerts to key words like "needs work" or "needs tow" or "needs head gasket" because these were cars that I knew had some space to negotiate and potentially create a profit.

I would pay attention to big red flags such as a salvage or a rebuilt title. I'd absolutely never buy those because it totally kills the value of the car. I'd also keep an eye out for a title with a lien on it and confirm that the mileage that was written in the ad matches.

Because I'd buy cars that may have some mechanical issues, check engine light was pretty common, I'd usually take my OBD 2 scanner with me just to confirm its nothing major like a catalytic converter. When driving, I'd also try to pay attention to the engine and transmission and make sure that the engine doesn't have a knock and that the transmission shifts smoothly. If either of those are not the case, it can end up being a very pricey fix that kills your profit.

On the inside of the car, I'd make sure all of the electronics work such as the power windows, power roof, seats, AC, heat, etc Everything you find that doesn’t work, or wasn’t advertised in the ad should be noted down. These will be used to negotiate which brings us to our next section.

Also remember, negotiating is very important because it is many times that you make money on the buying price of the product. So what I usually do is even if I like the price of a car, I will still go ahead and negotiate. I'll start out by saying hey I know you have a reasonable price for the car, but I saw these specific issues that were not mentioned in the ad and want to know if you're wiling to work with me. I have cash on me and I'm ready to make a deal. Always try to have the seller say a number first, but if you really have to say a number don’t be shy to low ball. The worst that will happen is that the seller will say no. And you can ask him/her to say their number.
Now before I end this video, I did want to give two more bonus tips regarding local laws because noone talks about this. Before selling cars, check your local laws. Many states actually have laws put in place on how many vehicles you're allowed to sell per year wihtout a dealer license. And also, check your local lemon laws. Lemon refer to cars that have issues and generally sold in bad faith and what lemon laws do is protect buyers from sellers with bad intentions. In my state any car less than 7 years old has a lot more protection such as being able to return their car for a full refund up to 30 days after buying the car and etc.

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Видео How To Flip Cars - The Ultimate Beginner's Guide канала Inaam Khan