$500k profits from flipping exotics

[sugarwood]

starting at 4:17
https://www.youtube.com/watch?v=P7Rbb5SSvTc

[Cajundaddy]

$50k per year over 10 years and this guy hustles a LOT to make that happen. Lots of guys out here in SoCal are doing just that but it is nearly a full time job. Simple entrepreneurship.

[pwd72s]

I gave up before the 3 minute mark. I have some pretty strong feelings about flippers...none of them positive.

[Neilk]

I watched a few of the Vinwiki episodes, this one about McLaren F1 maintenance costs was eye opening

[Tervuren]

Originally Posted by pwd72s

I gave up before the 3 minute mark. I have some pretty strong feelings about flippers...none of them positive.

It really depends.

I've known some good ones.

Have also seen some bad ones.

There are people that do this because they enjoy the different cars.

They also enjoy working on them, they make sure what they sell is right.

Then there are skunks.

[sc_rufctr]

Originally Posted by pwd72s

I gave up before the 3 minute mark. I have some pretty strong feelings about flippers...none of them positive.

The worst are the "backyarders" who do "a quick squirt" paint job in their garages.
The good news is you can spot them a mile away.

I have no issue if someone does this properly but so often they take unacceptable short cuts to save money.

[sugarwood]

Originally Posted by pwd72s

I gave up before the 3 minute mark. I have some pretty strong feelings about flippers...none of them positive.

The video effectively starts at 4:30

[sugarwood]

Originally Posted by Neilk

I watched a few of the Vinwiki episodes, this one about McLaren F1 maintenance costs was eye opening

Thanks for posting.
The $50,000 tire balance thing sounds like total BS
Whether a tire/wheel is balanced has nothing to do with the car.

Same with the $180,000 fuel cell.

Sounds like a very unethical company.

[aschen]

Vinwiki is one of the better youtube automotive channels imho.

[onewhippedpuppy]

Not really a great ROI considering that he was carrying six figure loans. He seems pretty flippant about the risk associated with debt and never mentions what he has paid in interest during the course of financing. That would make it even worse in terms of his investment.

Fundamentally what he did with most of the cars is something that anyone can do. There are always good deals to be had on cars that need some TLC, especially imports that tend to be expensive to fix. If you can invest the labor yourself, effectively sweat equity, you can make some money in the end.

[onevoice]

Originally Posted by onewhippedpuppy

Not really a great ROI considering that he was carrying six figure loans. He seems pretty flippant about the risk associated with debt and never mentions what he has paid in interest during the course of financing.

Fundamentally what he did with most of the cars is something that anyone can do.

His “return” figure is complete BS. No discussion of interest paid is just the beginning. In another of his videos, he discusses operating cost of the exotic car rental business he had. The running cost to operate most exotics is off the charts, he figured in the neighborhood of $7.00 PER MILE. (yes 7 dollars) Those kind of numbers will skew the return dramatically.

Also, during the time he flipped many of the cars, he was working at a Lamborghini dealer. He got into them super cheap because they were cars the dealership didn’t want. No normal Joe comes across desperate owners willing to dump exotics at trade-in, or running from the repo man prices.

All very entertaining, but not really realistic. For a laugh, listen to his story of the Lamborghini he bought from the prostitute, hilarious.

[Geronimo '74]

More cars, less talk would make it easier to watch.