Once Again Gainfully Employed - Page 2

herr_oberst · 12-30-2014, 06:18 PM

Nice. Thanks for the update, and the best of luck to you going forward.

masraum · 12-30-2014, 06:35 PM

Outstanding, congrats!

Porsche-O-Phile · Porsche-O-Phile's Garage

Matt, what a great thing to hear at the end of what has been a pretty trying year for you (and me). I know how hard it is to weather something like that and remain strong, true to yourself and motivated - and how much harder it is to not get disheartened by the pessimistic naysayers out there. I'm truly glad for you and your family.

Here's hoping 2015 is a better year for all of us. Like you, I've got a few recent developments that point to an upswing - some work-related, some not. All the best to you!

sand_man · 12-30-2014, 11:08 PM

Well done and thanks for the update! I agree with the others in that I'm glad you're keeping the car business; you do seem to have an eye for it!

Scuba Steve · 12-31-2014, 02:32 AM

Quote:

Originally Posted by onewhippedpuppy

Yes I'm keeping the car business, it will just be in a reduced capacity. I'm going to probably stick to buying and selling Porsches, as well as continuing to offer flat rate auction locating services. I'll likely turn 2-3 cars per month, currently incoming are a 2009 Cayman and 2010 Boxster.

Congratulations! I've always wondered, how well does buying at auction work? Are the savings very good?

I'll second the trying year comment Porsche-O-Phile made. This is not one that I'll look back fondly at either. It's nice that something worked out for you at the close of the year though.

billh1963 · billh1963's Garage

The one lesson I learned a few years from a similar situation is to have as many income producing streams as you can manage. The car business is a good start in that direction. You should think of other similar businesses that are related to ( but not dependent on) the car flipping business. The more legs supporting a stool, the more stable it is! Many people people only have one or two incomes.... A one or two legged stool is not very stable!

widgeon13 · 12-31-2014, 03:17 AM

Congrats and have a Happy New Year!

onewhippedpuppy · 12-31-2014, 03:25 AM

Thanks all! For those of you that are struggling, just keep grinding your way through it and looking for new opportunities. Sometimes you'll find them in places you didn't expect. I know that sounds like a fortune cookie, but it's been very true for me.

Quote:

Originally Posted by Scuba Steve

Congratulations! I've always wondered, how well does buying at auction work? Are the savings very good?

I buy exclusively online through simulcast auctions, which is basically a live auction that is also broadcast online. You can bid online in real time, or set a maximum bid and the computer will automatically bid for you. This makes is possible for me to buy a car while at work, and never look at the computer. Most of the live auction cars have 3rd party condition reports, which are the only ones I will consider. It removes most of the risk of buying sight unseen, thus far I haven't been surprised. Savings are good but not as much as many think, especially on nice clean cars that have multiple bidders. Average prices are essentially trade-in price. I do well on Porsches because I see the stuff that others don't, like the value of an Aerokit or other desirable options. I also add a lot of sweat equity when I catch them up on maintenance, fix the little issues, detail, etc. I have bought some very nice cars at auction.

VillaRicaGA911 · VillaRicaGA911's Garage

Congrats was in a very similar situation from June of 2009 to May of 2010. We (my better half and I) were not debt free at the time. We had some cash on hand and only her income along with our then 2 year old. Difficult is an understatement. It turned out to be the best thing that has happened to us so far and it sounds like for you as well. Everyone please take the OPs advice become debt free if you are not already as fast you can, it changes everything!

Seahawk · 12-31-2014, 05:25 AM

Terrific news, Matt...the fact that you are also staying with your business made my New Year: You have a good eye.

All the best!

Rot 911 · 12-31-2014, 05:35 AM

Matt, great start for a new year!

GH85Carrera · GH85Carrera's Garage

I will add another congratulations to the list.

Scuba Steve · 12-31-2014, 06:12 AM

Quote:

Originally Posted by onewhippedpuppy

I buy exclusively online through simulcast auctions, which is basically a live auction that is also broadcast online. You can bid online in real time, or set a maximum bid and the computer will automatically bid for you. This makes is possible for me to buy a car while at work, and never look at the computer. Most of the live auction cars have 3rd party condition reports, which are the only ones I will consider. It removes most of the risk of buying sight unseen, thus far I haven't been surprised. Savings are good but not as much as many think, especially on nice clean cars that have multiple bidders. Average prices are essentially trade-in price. I do well on Porsches because I see the stuff that others don't, like the value of an Aerokit or other desirable options. I also add a lot of sweat equity when I catch them up on maintenance, fix the little issues, detail, etc. I have bought some very nice cars at auction.

Interesting - sounds like the same or a bit better than savings from regular private party sale with the PPI taken care of. If I didn't already have too many cars it sounds like a great way to buy a car.

Sarc · 12-31-2014, 06:17 AM

Fantastic news for you and your family! Just think, no more forking over the big $$$ for insurance coverage.
All the best for 2015!

...and keep the "in the garage" thread going!

gacook · gacook's Garage

Great news, Matt. Good luck in the new job.

sammyg2 · 12-31-2014, 08:14 AM

Quote:

Originally Posted by onewhippedpuppy

... I'm keeping the car business, it will just be in a reduced capacity. I'm going to probably stick to buying and selling Porsches, as well as continuing to offer flat rate auction locating services. I'll likely turn 2-3 cars per month, currently incoming are a 2009 Cayman and 2010 Boxster.

.

Dude, you were gonna PM me when you found me a well-set-up 944. Guess there ain't one out there, huh?

j/k and ducking

Cajundaddy · Cajundaddy's Garage

Congrats on the new gig!

In other news... "incoming 2009 Cayman"?? Gotta link for that?

74-911 · 12-31-2014, 10:03 AM

The best of both worlds!.. It doesn't get much better than that. Congratulations.

onewhippedpuppy · 12-31-2014, 10:41 AM

Quote:

Originally Posted by Cajundaddy

Congrats on the new gig!

In other news... "incoming 2009 Cayman"?? Gotta link for that?

Not yet, it will be here on Tuesday then I'll give it a good once over. Probably a week or two before I get pictures. It's Meteor Gray Metallic over Sand Beige, 60k, 6-speed, bi-xenon, 19" Carrera Sport wheels, and very nice condition.

aigel · aigel's Garage

Congrats Matt!

Good job being conservative on the personal finances. No car loans and getting the house paid off ASAP are very good goals.

I worked with a guy who had to bring his car back to the dealership the week he was furloughed from his job because he couldn't foot the bill. I could never live like that.

G