How I established passive income in college by flipping cars
What’s poppin’ world! It’s almost tax season aka shmoney season! Before you go flex on Instagram with your money, I’m going to teach you a simple way to make passive income while flipping cars.
I’m a college student who lives life freely, able to create content daily because I’ve established passive-income. This is free game you cannot get anywhere else so bookmark this link and start letting your money work for you. Don’t even trip.
A business license isn’t required to be your own boss. Copart is the plug. All that they require you to have is a valid driver’s license, and you’re good to go.
Buying and selling cars is one of the easiest ways to flip your tax return. The great thing about it is, you don’t have to know much about cars. Copart has it all consolidated for you. With over a thousand vehicles available each week and located in all 50 states, there is enough for all of us to eat.
Before going into a live auction it’s important to know what you are looking for. Copart has cars classified under many genres, but the only cars you should be interested in are run/drive (meaning the car runs) with a clean title. Most customers are afraid of salvage titles because it is too much of a headache to get cleared by the DMV.
Automatic transmissions are most desirable for buyers over manual transmission vehicles because not everyone know hows to drive stick. As far as damage goes, only go for cars that have normal wear, or if the damage is listed as mechanical.
Unless it’s a truck or RV, let’s keep the mileage under 150,000 so you get the most bang for your buck. Make sure you have four or five whips on your list of potential buys.
If you’re the type that needs to see under the hood, say no more. Monday-Saturday, Copart allows you to preview cars in person at their facility.
Go in with a winning mindset
If you want to make it in the U.S., you have to understand America is a ruthlessly capitalist country. Success comes with collaboration.
With that being said, it’s imperative to find a mechanic in your neighborhood who’s willing to work with you on the price if your car ever needs maintenance.
Mechanics are businessmen too, and if you come to them honestly with your plan in hand, the majority of the time they will work with you since you are helping their business bring in more money.
Be sure to research your area for the cheapest auto-parts store around. Sometimes cars can be a little pricey to fix up and the goal is to spend as least as possible when trying to flip a car. I wouldn’t recommend flipping cars if you are not willing to reach out to a mechanic. Don’t worry about having a dealer’s license either.
It’s not going to stop your grind. Most states allow you to buy 2-6 cars a year to sell without possessing one so it’s all good. If you ever reach that limit, just start buying cars under your mother’s, father’s, sister’s, or brother’s name.
If you are really about your hustle, nothing will stop your grind. Believe in yourself and the rest will work out.
If you play your cards right, you can snag a whip for $300 or $500 and flip for $2000 profit. Before we get into the buying aspect of the car game, you have to know what you are looking for.
With selling apps like Let Go, Offer Up, and Craigslist, as well as the presence of Facebook Marketplace, it has become easier to make a sale. You can even use a Wal-Mart parking lot as a car lot to maximize the amount of eyeballs seeing your whip. Whatever it takes!
When making the sale, you can accept a downpayment of $1500 or $2000 and let checks roll in every month until the car is paid off. Then, you can take that down payment money and go buy another car and start stacking up.
This will allow you to be able to breathe financially, feel like a boss, and make more investments since you’ll have money to play with.
There might be a car that you see during an auction that you may want to buy for your personal use, like Maybach Benz or Jeep Rubicon. We all can dream, right?
Let’s make those dreams a reality. It’s 2018! Let’s diversify our portfolios and win more.
Stop wasting your money start having your money work for you.