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EP 163: How to Use Other People's Money for FREE and turn a consistent profit! ...What I learned from a kid that is a third of my age!
Manage episode 362618247 series 3237239
Randy Lee द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री Randy Lee या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.player.fm/legal।
let’s get caught up... In episode 161, I talked about 3 vehicles I bought in one day - here’s an update on those:
- the Lincoln LS - sold almost immediately...
- The Hyundai Accent is back from getting the clutch rebuilt...
- The Honda Pilot that I thought was the pick of that litter...
I’ll update you on these deals when they are completed.
IF you are on the Car Flipping Forum, you have probably seen my video on the solid Kia Sedona that I bought. It is likely already sold and will also net over $1,000 in profit - even AFTER the “STUPID TAX” I had to pay for blowing out a tire while towing it myself. - if you haven’t seen it - that video is on the Car Flipping Forum - Or, if you subscribe to the Flipping Genius YouTube channel, you will find it there too.
In all of these items though - the key is that I bought them right. I kept my risk to a minimum. I think that may be THE MOST IMPORTANT thing I do. …I am happy to say that I passed that bit of information on - along with a few other tidbits of wisdom here and there to my young friend Joey. Today I’ll share a couple GREAT INSIGHTS that Joey was kind enough to share with me this week!
I always enjoy talking with young friend Joey. He flips cars as a side hustle and makes a considerable income, in addition to holding down a responsible full time job...
I thought I’d share a couple of Joey’s insights that he shared with me...
#1 “Be kind to others”. Each day my sweet sister in law would say those words with my nephews when they left for school. Joey apparently had a similar influence in his life. He definitely follows that plan. He works 40 hours a week - which for a kid like Joey is really just a part time gig. While doing his J O B, as well as while Joey does everything he does, he is kind to everyone he comes across. Joey TALKS with people, ASKS them questions and LISTENS to their answers. These days, that is pretty unusual...
The net result is that many people are KIND back to Joey. And some even want to do business with this nice, attentive young man. That has resulted in Joey buying several vehicles for nearly nothing - and even getting one or two cars for FREE! It has also lead Joey to some easy, profitable, quick sales of vehicles he has reconditioned!
#2 “Use other people’s money”.
...His credit is nearly perfect! So, Joey has leveraged that into 2 deals this past year where he had his bank - a credit union in his case - provide 100% of the purchase price for vehicles - $20,000 for one and $21,000 for the other - and then turned around and sold the vehicles to a National Used Car Dealership chain for a substantial profit BEFORE the first payment was even due! Having this available cash allowed Joey to move to the front of the line in these two situations where the sellers were in a hurry to cash out of the vehicles. He negotiated excellent buying prices based on the homework he had done on the National Dealership’s buying perimeters and then, walked away with of profits or $3,000 and $4,000 without doing more than running the cars through a car wash!
Smart kid! I hope to have Joey come on the podcast soon and share more of the details on this. If you’d like to learn more - email me at FlippingQuestions@gmail.com or contact me at the Car Flipping forum.
OK, that is what I have for this episode. Remember to SAVE the podcast among your favorites and subscribe so you never miss an episode. Also SUBSCRIBE to the Flipping Genius YouTube channel too, so you don’t miss any content we post in between episodes.
JOIN the Car Flipping Forum - IT IS FREE - just search Flipping Genius under Facebook Groups. An SEE all of our great stuff -including over 100 videos, over 160 podcast episodes, Our Resources page and more at www.FlippinGenius.com.
HEY, Let’s work together. Let’s make some money! Let’s ALL BECOME FLIPPING GENIUSES!
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