With the rising popularity of reality shows such as American Pickers, Counts Kustoms, Gas Monkey Garage and Wheeler Dealer, more and more people are getting into this business. The practice isn't new, it's been around forever. My own dad did this with HUD homes. He'd buy low, recondition and resell for a profit.
So what does this mean for a guy like me and maybe a guy like you who just started out flipping. Well competition is good no matter what. In this given situation, it forces me to hone in my skills and to be able to act fast. Once I've decided to flip something, my money and my car has to be ready to go into action. Deals come and go like a snap of a finger. Though there are some bikes out there that stay listed for a long time and even if you try to come in low, the seller has already heard a handful of flippers doing the same. So they hold on to their bikes and say "price is firm."
One of the things I've learned to remain competitive out there is to find other ways to shop for your bikes. Yes Craigslist is an awesome resource, but sometimes you're just looking at all the same bikes for sale for weeks on end. I've started using other apps like Offerup, Letgo and the Facebook Market Place. I also use my social media to show my current projects and post when I sell a bike. This gives my friends the idea that I'm into flipping. I then become the subject matter expert when it comes to motorcycles. I've actually bought a handful of scooters and motorcycles from people that had one sitting the garage and needed to get rid of it. They remembered what I do and I got a phone call from them. I've also sold a few bikes through Facebook friends. On in particular is a person who bought a scooter from me who was a friend of a friend.
By being creative on how you acquire your inventory and how you sell them, will yield some great success. Right now anyone that has sold one or two bikes will claim that they "flip bikes/cars" but the reality is they got lucky. I'm 32 deep in to my experience and this coming weekend I actually plan on buying another bike. It all depends on which one responds first.
Speaking of which, one thing I also do is cast a wide net. Let's say I'm looking for a Bobber. I have a set price range, I check my online resources for said Bobber and I contact as many sellers as I can. Not everyone responds to their own ads...which doesn't make sense to me. But I send out emails, call, send texts and etc to let people know I'm interested in their bike. I'll ask my basic questions about paper work, running condition, damage and etc. I try not to make an offer right away. People are more likely to negotiate if you're there in person checking it out.
Anyway, let's get back to the subject at hand...too many flippers. Yes too many but be creative, dilligent and be ready to act once you find a deal. This will differentiate you from all the other guys who think they know how to do this.
So what does this mean for a guy like me and maybe a guy like you who just started out flipping. Well competition is good no matter what. In this given situation, it forces me to hone in my skills and to be able to act fast. Once I've decided to flip something, my money and my car has to be ready to go into action. Deals come and go like a snap of a finger. Though there are some bikes out there that stay listed for a long time and even if you try to come in low, the seller has already heard a handful of flippers doing the same. So they hold on to their bikes and say "price is firm."
One of the things I've learned to remain competitive out there is to find other ways to shop for your bikes. Yes Craigslist is an awesome resource, but sometimes you're just looking at all the same bikes for sale for weeks on end. I've started using other apps like Offerup, Letgo and the Facebook Market Place. I also use my social media to show my current projects and post when I sell a bike. This gives my friends the idea that I'm into flipping. I then become the subject matter expert when it comes to motorcycles. I've actually bought a handful of scooters and motorcycles from people that had one sitting the garage and needed to get rid of it. They remembered what I do and I got a phone call from them. I've also sold a few bikes through Facebook friends. On in particular is a person who bought a scooter from me who was a friend of a friend.
By being creative on how you acquire your inventory and how you sell them, will yield some great success. Right now anyone that has sold one or two bikes will claim that they "flip bikes/cars" but the reality is they got lucky. I'm 32 deep in to my experience and this coming weekend I actually plan on buying another bike. It all depends on which one responds first.
Speaking of which, one thing I also do is cast a wide net. Let's say I'm looking for a Bobber. I have a set price range, I check my online resources for said Bobber and I contact as many sellers as I can. Not everyone responds to their own ads...which doesn't make sense to me. But I send out emails, call, send texts and etc to let people know I'm interested in their bike. I'll ask my basic questions about paper work, running condition, damage and etc. I try not to make an offer right away. People are more likely to negotiate if you're there in person checking it out.
Anyway, let's get back to the subject at hand...too many flippers. Yes too many but be creative, dilligent and be ready to act once you find a deal. This will differentiate you from all the other guys who think they know how to do this.
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