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m4ff3w
m4ff3w GRM+ Memberand UltraDork
9/9/12 12:35 p.m.

My boss and I have decided to start flipping cars. I've always bought cheap/broken interesting cars for myself, fixed them, drove them for awhile, and then sold them to fund the next purchase.

This is the first I've bought with the intention of flipping.

'94 740iL. It is absolutely beautiful.

Here's to making money to finish my projects. :)

stan_d
stan_d Dork
9/9/12 12:52 p.m.

Every time I buy one to flip I loose . if I buy it and drive it I win. Go figure

ransom
ransom GRM+ Memberand SuperDork
9/9/12 1:29 p.m.

Someday I'll get this right.

Trying to figure out whether learning to haggle will change my character so much I won't know who I am...

Datsun310Guy
Datsun310Guy UltraDork
9/9/12 1:53 p.m.

Make this into a "Build Project" for us to watch and learn.

stuart in mn
stuart in mn PowerDork
9/9/12 1:56 p.m.

When I saw the picture I was afraid you were going to say it was a 750i. even so and even though they were great cars, a 740i of that era isn't worth a ton of money - hopefully it doesn't need much.

grafmiata
grafmiata Dork
9/9/12 2:05 p.m.

My first "intentional" attempt at flipping. Worst-case-scenario, if I end up scrapping it, I will basically break even.

dean1484
dean1484 GRM+ Memberand UltraDork
9/9/12 2:05 p.m.

I use to do that with late 80's escorts back in the mid 90's. I had owned 2 87's and had fixed about everything on them so I knew them cold and knew what broke on them. The biggest thing was timing belts. Many just needed a timing belt. The book said something like 8-10 hours when in reality all you did was drill a hole in the frame rail to get the crank shaft bolt off. Doing this made it a 1 1/2 hour job tops with about $30 in parts. I probably flipped 15 or 20 of them over about three years. I would get them for next to nothing (less them $200) and sell them for anywhere between $1000 and $1700 depending on millage and what not. Made a nice little bit of extra $$$ doing that.

They key to flipping cars is stick with a year make and model that you know very well.

m4ff3w
m4ff3w GRM+ Memberand UltraDork
9/9/12 2:16 p.m.
stuart in mn wrote: When I saw the picture I was afraid you were going to say it was a 750i. even so and even though they were great cars, a 740i of that era isn't worth a ton of money - hopefully it doesn't need much.

Doesn't need very much. Purchase + estimated repair costs are about 1/2 of KBB good condition - and it is in way better than "good" condition.

m4ff3w
m4ff3w GRM+ Memberand UltraDork
9/9/12 2:16 p.m.
stuart in mn wrote: When I saw the picture I was afraid you were going to say it was a 750i.

One day, I'll have a 750, but it will be a doner into an e28 (maybe e34?)

patgizz
patgizz GRM+ Memberand UltraDork
9/9/12 2:19 p.m.
dean1484 wrote: They key to flipping cars is stick with a year make and model that you know very well.

yep. i've passed on some crazy deals because i had now real knowledge of the make/model. including a few bimmers.

dyintorace
dyintorace GRM+ Memberand UltraDork
9/9/12 3:27 p.m.
m4ff3w wrote: One day, I'll have a 750, but it will be a doner into an e28 (maybe e34?)

Not relevant to your flipping topic, but very relevant to your comment above. My mind = blown!

http://forums.bimmerforums.com/forum/showthread.php?t=1759889

stealthfighter1
stealthfighter1 Reader
9/9/12 3:47 p.m.

i 've thought about starting to buy cars to flip but i always think of buying semi performance cars and doing the fix/flip ... but idk . any advise on what things work better to flip?

fasted58
fasted58 UltraDork
9/9/12 3:48 p.m.
dean1484 wrote: They key to flipping cars is stick with a year make and model that you know very well.

troof

benzbaronDaryn
benzbaronDaryn Dork
9/9/12 4:14 p.m.

I hate to ask but are those BMW worth much money even in really nice condition?

Woody
Woody GRM+ Memberand MegaDork
9/9/12 4:20 p.m.

I've done this a few times, but you have to know exactly what you're doing and be very careful of what you choose. The car in question needs to be a genuine bargain, have a reliable source of cheap parts and be in high demand.

I almost got burned bad on the Legacy GT last month. Fortunately, I broke even. I hate breaking even. My motto is simple: All I want to do is double my money. Is that too much to ask?

These days, I limit myself to Jeeps, rust free Civics and maybe Miatas.

Donebrokeit
Donebrokeit Reader
9/9/12 5:34 p.m.

Watch your cost, and remember reuse everything you can! And you might want to see what the laws are in your area about "curb stoning" just saying.

m4ff3w
m4ff3w GRM+ Memberand UltraDork
9/9/12 5:34 p.m.

Repair costs looks like they dropped dramatically. We were told it needed a drive shaft - but it looks like just a guibo will do it.

nedc
nedc New Reader
9/9/12 8:50 p.m.

Yes, those E32s don't bring much $$$- I drive a 93 740i. Had problems w/ the driveshaft too. First I replaced the CSB, then the guibo, but the U joints were the real problem and they're not replaceable. Finally just bought a rebuilt driveshaft and all was well. I hope you make some $$ flipping it, but the odds are not in your favor!.

m4ff3w
m4ff3w GRM+ Memberand UltraDork
9/9/12 9:09 p.m.

It won't take much to make $ :)

I knew they didn't sell for a whole lot of cash, it was purchased accordingly.

novaderrik
novaderrik SuperDork
9/9/12 10:42 p.m.

i clicked on this thread expecting something totally different..

http://www.youtube.com/watch?v=1tL1d-mzRR0

benzbaronDaryn
benzbaronDaryn Dork
9/10/12 1:22 a.m.

Good luck, bmw without much calling doesn't ring me as a successful money making idea. If you want to turn cars for a profit find cars people want to buy. A V8 late model bmw goes for between 3500 around here. I wouldn't want one, would you? Bm trouble you isn't my idea of a flip. Find a car people want to buy.

Feedyurhed
Feedyurhed Dork
9/10/12 5:39 a.m.
benzbaronDaryn wrote: I hate to ask but are those BMW worth much money even in really nice condition?

No they aren't and that's the problem. Most people don't want to drive an older complicated German luxury car unless it's absolutely fabulous, low miles and at a rock bottom price. At a rock bottom price you don't make any money. The other problem is the next guy is probably trying to buy it to flip also so they will low ball you. It seems easy but it really isn't.

As another poster stated, other makes hold their value like Jeeps and Miatas and are easier to sell but then it's harder to find a cheap one to start with so it's a vicious cycle.

I am really not trying to bring you down, just talking from personal experience so good luck in your new endeavor and I hope you prove me wrong.

CarKid1989
CarKid1989 Dork
9/10/12 6:18 a.m.

what do you about titles?

I know there is a limit to how many titles can pass through your hands.

Always wondered about that.

Feedyurhed
Feedyurhed Dork
9/10/12 6:32 a.m.
benzbaronDaryn wrote: Good luck, bmw without much calling doesn't ring me as a successful money making idea. If you want to turn cars for a profit find cars people want to buy. A V8 late model bmw goes for between 3500 around here. I wouldn't want one, would you? Bm trouble you isn't my idea of a flip. Find a car people want to buy.

The original poster probably got it at a really low price so it seems good but there is no market for them. The seller just wanted to get rid of it so they took what ever they could get. It's just amazing the older German luxury car market, the values drop like boat anchors even though the cars themselves still may be really nice.

egnorant
egnorant Dork
9/10/12 6:52 a.m.
dean1484 wrote: I use to do that with late 80's escorts back in the mid 90's. I had owned 2 87's and had fixed about everything on them so I knew them cold and knew what broke on them. The biggest thing was timing belts. Many just needed a timing belt. The book said something like 8-10 hours when in reality all you did was drill a hole in the frame rail to get the crank shaft bolt off. Doing this made it a 1 1/2 hour job tops with about $30 in parts. I probably flipped 15 or 20 of them over about three years. I would get them for next to nothing (less them $200) and sell them for anywhere between $1000 and $1700 depending on millage and what not. Made a nice little bit of extra $$$ doing that. They key to flipping cars is stick with a year make and model that you know very well.

I do this with 91 and later Escorts! My record for a timing belt is 19 minutes! Hated the 86 and earlier as the access to the crank bolt was non existent. Later models can be reached without a lift.

It is helpful when you are familiar with the cars and stick with a similar model.

Slipped over to some 1995 and later Mustangs (V6 headgaskets) and tore through some Fox bodies as the Automatic transmission on the 4 cylinders often crapped out on some rather nice cars. 5 speed swap and you are golden.

Hit a few Rangers successfully, Explorers were cheap for a while...then I got an Olds Aurora. Quite a learning experience!!

Having a couple of parts cars is a great asset.

Good plan is to write down all the things that you don't like and need to fix immediately. If you wait until you have fixed a few things and drove the car some, you will get used to the little things and forget that they will turn off potential buyers. $14 worth of shifter bushings is worth it.

Second tip: CLEAN IT! Maybe I get the less maintained cars, but a day on just powerwashing and polishing pays off. Windows cleaned inside and out is a startling transformation sometimes.

Third tip: Know the car. Check the brake pads when you pull the wheels to clean them. Check the belts and hoses, read the manual etc. Nothing turns a customer off more than unanswered questions because you have no idea of the condition or the operation of controls on YOUR car!

Buy em' right and have fun!

Bruce

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