first car bought to flip

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. :)

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

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...

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

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.

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

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.

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.

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?)

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.

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

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?

dean1484 wrote: They key to flipping cars is stick with a year make and model that you know very well.

troof

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

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.

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.

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.

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!.

It won't take much to make $ :)

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

i clicked on this thread expecting something totally different..

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

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.

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.

what do you about titles?

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

Always wondered about that.

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.

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