flipping cash

[tommi]

And I'm still broke.

u just suck at money management

[deevergote]

Obtaining cash legally is often directly proportional to the amount of work you put in... be it physical or mental. Smart people make their money work for them, but it takes discipline and a fair amount of money to start for that to really work.

Do what you know. Find something that you're good at, that someone will pay you for. Something you can enjoy doing, and something that will make you enough money to be worth the effort.

Flipping cars is easy for some. I find it to be difficult. I'm too "fair", and I hate asking someone to pay more than I paid for a car, when I know all the things wrong with it! I'm too honest about those things, and I usually talk them out of it. That, or I ask way too much, because a $100 return after 2 months on a car that I paid $500 for isn't really worth my time or effort.


Honestly, the best way to make money is with a second job. Do you have any restaurant experience? Being a waiter is one of the best ways to pick up extra cash. Flexible schedule, nighttime hours normally, and fairly short shifts. It's crap work, but you can pull in $100 a night in some places (or more... or less...)

[dhill_cb7]

I was in the same boat as you. I am in college and trying to find ways of making more money. I currently work 40hrs a week making peanuts...

I opted to selling items on ebay. I will research roughly what the item is worth, calculate shipping and set up the auction.

As said before find something your good at and pursue it.

[crazymikey]

Obtaining cash legally is often directly proportional to the amount of work you put in... be it physical or mental. Smart people make their money work for them, but it takes discipline and a fair amount of money to start for that to really work.

Do what you know. Find something that you're good at, that someone will pay you for. Something you can enjoy doing, and something that will make you enough money to be worth the effort.

Flipping cars is easy for some. I find it to be difficult. I'm too "fair", and I hate asking someone to pay more than I paid for a car, when I know all the things wrong with it! I'm too honest about those things, and I usually talk them out of it. That, or I ask way too much, because a $100 return after 2 months on a car that I paid $500 for isn't really worth my time or effort.

Also with flipping cars, you can only sell a certain amount of cars per year as a private seller before you must register as a dealer and then pay taxes on the sales profits. You also cannot register as a dealer out of a private residence, as this cuts down on the shady curbside "dealers".

[deevergote]

I wasn't aware of the private residence thing, but I was aware of the certain amount (I believe it's 6 per year where I am... which, if you're good, can still be a pretty nice chunk of change.)

Many people avoid that by never registering the car when they buy it. Basically, you buy a car, the seller signs the title, and you hang onto that signed title... then pass it off to the next buyer. You technically never really "owned" the car, so as long as you fly below the radar, you can sell as many as you want! I don't know if that would work in all areas, but it works where I am. I knew of a guy that had a different Honda for sale in front of his house every 2 weeks. Did it for about 2 years. When my ex was shopping for a car, I actually recommended that guy to her. Never dealt with him, but I knew he sold Hondas like crazy, and they must've been good if he was able to keep doing it for so long!

[crazymikey]

That's what the law is here anyways. If you're registered as a dealer, that means you are a business and need to conduct your business in a commercial zone.

You cannot register as a sales person unless you are or are employed by a dealership, as your sales licence is registered to the company you work for, and the licence is renewed yearly. Mine is coming up for renewal in July. I'm employed at a dealership, but I am no longer in sales and not registered as a sales person at that dealer any more. My licence is good to me still as I can transfer to another dealer if I wish, or be reregistered with the one I work at now.

Mr. Private Joe who sells 10 cars in one year will be taxed on each car over his private seller limit, which here I beleive is 7 or 8.

Of course, you can easily sell 50 cars privately if you want to....until the day someone catches on and decides to audit your bills of sale in the system from all the cars you have sold to people.

When I flip a car, I don't register the vehicle, but I do have to make a bill of sale with my name on it. So if I sell 10 cars, there's 10 bills of sale in the system with my name on them. If someone decides to audit me, I'm screwed.