Buying & Selling from Home
Buy & Sell From Home
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I was wondering where the line is drawn between buying and selling from home, and being a curbstoner? If you are buying cars from the paper, craigslist, ebay etc and then reselling them, couldnt that be viewed as curbstoning? If you have a car that you just bought last week and are flipping, how do you respond to the "how long have you owned it" and "why are you selling" questions that people may ask to sniff out a curbstoner? It seems as if many of the questions listed under What to Ask? in the Curbstoner article, are questions with answers that may discredit someone doing low volume buying and selling from home... I have a few possible leads to move on that could get me rolling with selling from home, but the curbstoning article has me second guessing myself a little. I look forward to your response.
Thanks,
Brandon
@ Brandon,
Curbstoning is selling the car WITHOUT being a dealer OR WITHOUT it being titled in your name. Period. End of sentence.
You must admit, buying a car that has been owned by a guy for one week INCREASES the risk that the car might have something wrong with it, right?
George
Can you legally sell the car without having it registered in your name? In other words buying the vehicle and transfering directly to your buyer in order to avoid having a double tax consequence.
@ Richard Berger
Listen to your gut. This is one of the primary tools you have for survival in the car business. What does your GUT tell you the answer it? Jumping the title is not legal unless you are a LICENSED car dealer/wholesaler/broker. However, it is done ALL the time, every day. That doesn't make it right.
Double taxation is one reason for buying CHEAP cars!
George
Most states have the minimum sell limit you can sell cars before getting your license. I still get the car title in my name and get it insured. I don't like doing that because in nc the state used to have the limit @ 5 cars per year...now it's 10 per year. They know ppl are going to be doing this and want that tax $$$ i believe.
I only want to grow as much as i'm ready for. You gotta think through each move as it's like a mine field when starting anything these days. Don't rush....when buying ......or doing anything as a matter of fact. I found a 2001 GMC sonoma for $3500 when the value is around 6K with the miles it has. I did some little things to the truck to make it sellable and something that sells itself. I put a roll-on bedliner in and changed some bushings in the front end from stock rubber to polyurethane and it's a better ride. I should be able to re-sale it for what the market calls for. Little trucks = sell themselves i believe....if they're clean and clear....title/ looks/ engine etc...carfax....report checks out.....Than, i was in the walmart parking lot and i see a 94 Del sol that looked like hell on the outside, but i used discerment and it just needed a paint and better looking wheels. Sure enough, the guy was a medical student and a sharp dude. He had a medical center bumper sticker on the car and a computer generated sign on the dash. That told me he thought about this which mean't he probably thought about taking care of the car when he had it. Sure enough.... i met the guy and the car is immaculate w/only 108k miles for a 94....He asked 3k and i negotiated a paint job for $400 and brake pads for $100 and i got it for 2.5k$....It's blue booked @ 5k$ with the miles and condition....Now, i did this after reading the Auto academy manual entirely....Take some time and soak up the info....it's worth it!!!.....and you'll have a lotta-fun....i've got a lot to learn....thnx George....
@ Mike Riley
If buy & sell in your OWN name.. make sure you buy CHEAP cars so the tax does not have a big impact.
Thanks for the GREAT feedback!
George
I have sold many cars in the past, but I still don't have access to an auction, where I can buy some decent cars for a good price.
I don't want to invest money in a car lot either. That cuts into the profit.
Mike,
Getting a license does NOT cut into profit. It explodes your profit b/c of your ACCESS to cars!
George