EP 136: Where to start? 3 Easy First Flip Opportunities! (video version)
I know you can find vehicles all over the place – and I know I have told you this before – but let’s make it simple – simple – simple! Take a walk! Keep you head on a swivel. Look for that vehicle with the flat tire, the grass up around the tires, the expired tag and/or the season’s worth of dirt, leaves or other tell-tale sign of non-use. NOW – go to the door and knock! I know I have said use a post-it note or business card before – but let’s take it to the next level and get this thing rolling. Knock on the door and get this conversation started. …When they open the door – say – “Hi, I saw the vehicle in your drive with the expired tag/flat tire/etc. and want to know if you are interested in getting rid of it” DO NOT SOUND ANXIOUS TO BUY IT – they may wind up giving it to you or even paying you to tow it away. IT Happens. Remember, we are trying to do this for $500 or less – so we need to start off with as little out of pocket as possible. Once you get the conversation started – keep that in mind. Only buy what will make you money. Do not be afraid to walk away. You hold all the cards.
#2 “Make a difference in someone’s life!”
You may need to make about 5 of these visits before you find an opportunity, but once you do – it will very likely lead to repeat opportunities and very likely without competition. Find a charitable organizations. Depending on the population of your area – you will find a lot to choose from. Normally – I would use the phone and possibly email to get this thing going – BUT today we are talking about taking action – so I am encouraging you to find 5, look up their address and drive there. Go inside and ask something like this “Do you accept vehicles as donations for fundraising for your organization?” …I recognize this is a little misleading – but my goal is to speak to the person who is on the actual receiving end of this donation. Hopefully the person you ask the question of will access that person and get them in to the lobby for you or at least provide you their name and number. NEXT – explain that you are interested in BUYING their donated vehicles as-is where-is. You are the CASH button that they need to get out of the headache of owning a donated vehicle that is really of no value to them until they push that CASH button! Again – remember that you are here to make a profit – so ONLY BUY what will do that for you and ONLY PAY a price that will result in that conclusion. Be fair – but be smart. Once you create this solution for them, you will be on the speed dial the next time they get a vehicle donated to their organization!!
#3 “Partner Up!”
Look for a small car lot or a mechanic shop and stop in. tell them you are trying to get involved with flipping cars, but are not quite ready to get a dealer’s license yet. Tell them you are looking for a vehicle that you can put a little sweat equity into and sell it for a gain. Ask if they “have anything they would be willing to be partners with you on”. This will likely be a unique offer to them – because most flippers just want to steal the deal, fix it and keep all the profits for themselves. Remember – you want to do that too – but part of what you want from them is the contact and the wealth of their knowledge and connections. That part of the equation can be worth way more than the profits on one $500 flip car. Like I said, you may need to make trips to 5 different places – and you may need to make multiple stops at one place to build rapport and trust – but it can be very, very valuable time invested!
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