How to Flip $1,000 into $20,000 in 30 Days
If you’re looking to buy low and sell high, one of the best places to start is a market that you’re passionate about. For me, I’ve always been interested in cars, so when I’m looking to create margins in a market that interests me, I look for cars to flip. My typical strategy goes something like this:If I have $1,000 to start, I will begin researching the fastest-selling cars right around the $3,000 mark. If a specific model car is selling fast, it means that it is likely to be selling for under its fair or intrinsic value. Once I’ve identified those target car models, I reach out to anyone selling them and offer them $1,000 cash for the car and keep offering that deal until I find the right seller. It usually takes a bit to find a person who is motivated to sell, but you need to be consistent and persistent in your pursuit.Once you’ve purchased that car you believe is worth $3,000, then sell it! Work to get as close to that $2,000 profit as possible. Create that margin! Once you’ve done that, then repeat the process. Apply the exact same strategy and find the fastest-selling cars at $5,000 this time.The best part about this strategy is that you can apply it wherever your passions lie. Find a market where you can consistently build in margins for yourself, instead of spending your efforts focused on identifying when the markets dip and peak.Tweet me @davidmeltzer your favorite takeaway from today's episode and come ask me questions live every Friday at 11:00 am PST / 2:00 pm EST. Text me at (949) 298-2905 or email me at [email protected] to join!
The Playbook With David Meltzer
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Show Notes
If you’re looking to buy low and sell high, one of the best places to start is a market that you’re passionate about. For me, I’ve always been interested in cars, so when I’m looking to create margins in a market that interests me, I look for cars to flip. My typical strategy goes something like this:
If I have $1,000 to start, I will begin researching the fastest-selling cars right around the $3,000 mark. If a specific model car is selling fast, it means that it is likely to be selling for under its fair or intrinsic value. Once I’ve identified those target car models, I reach out to anyone selling them and offer them $1,000 cash for the car and keep offering that deal until I find the right seller. It usually takes a bit to find a person who is motivated to sell, but you need to be consistent and persistent in your pursuit.
Once you’ve purchased that car you believe is worth $3,000, then sell it! Work to get as close to that $2,000 profit as possible. Create that margin! Once you’ve done that, then repeat the process. Apply the exact same strategy and find the fastest-selling cars at $5,000 this time.
The best part about this strategy is that you can apply it wherever your passions lie. Find a market where you can consistently build in margins for yourself, instead of spending your efforts focused on identifying when the markets dip and peak.
Tweet me @davidmeltzer your favorite takeaway from today's episode and come ask me questions live every Friday at 11:00 am PST / 2:00 pm EST. Text me at (949) 298-2905 or email me at [email protected] to join!