Searching For The Next Car Flip

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If you have been following my mortgage payoff posts, you know that I need to somehow come up with $4,317 this month in order to keep pace with the rapid payoff of my mortgage. At the beginning of the month I had already written this off as impossible (and I actually wrote that in my post!), but as the month has gone on, all I can think about is that number…..$4,317. Instead of just saying, “Impossible. Can’t be done,” I need to ask myself, “How can this be made possible?” So out came the calculator.

Initially, I thought that I would have to pay my property taxes in the month of July, but this isn’t the case – they’re due on August 15. So, right there I began to have the belief that this mortgage payoff was possible this month.

Next, I actually got a bonus from work because of our excellent quarterly results. It wasn’t huge, but it helps.

I am living quite inexpensively again this month. The utility bills are cheap, gas is cheap, and there have been no emergencies that need funding.

Because of all of these positive factors, if I did absolutely nothing, I figure that I could scrape up about $3,500 and put that amount toward the mortgage, so really I am only $800 short of my goal for the month of July!

So How Can I Earn Some More Money?

Initially, I took Jessica’s advice (from Budget For Health) and scoured my house for items that I can sell. I actually found a ton more than I thought, but even though I listed them all on Craigslist, they aren’t exactly flying off the shelves. I have about $100 worth of items and so far I have earned $20. It’s better than nothing, but not as great as I had hoped.

So how else could I earn approximately $800? Well, if I am able to find a screaming deal on a car, I might be able to turn it around (and quickly resell it) and make about $500 (or maybe event he $800). First though, I have to find that special car that will earn me some money.

So the search is on! Hopefully I can find a car today that is well below the blue book price, and I can flip it in a rather short time frame. These deals typically don’t present themselves immediately, but even if I can’t find a car right away to flip it within the month, the additional money would still be useful in August (when those stinking property taxes are due).

Do you think I have a chance? What used vehicles are hot in your area?

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Money

Derek

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

4 Comments

  1. I think so! Do you have any reward points from credit cards you could cash in? We just got $50 from our chase freedom card we treat like a debit card. Another thing that might take less effort than flipping a car is skimming the “free” page on craigslist and seeing if there are any items you can swipe up and sell.

    • I do have about 7,000 points, but I am holding out for the $100 gas card. This way I know that I am using it on true bills (and therefore saving money) instead of clothes or dinners that I otherwise would not have bought.

      Thanks for the tip on the free page. I will keep an eye on that!

  2. I have made money on cars by buying them on Craigslist and selling them on eBay. You need to find a mechanically sound car/truck that needs cleaning and TLC. eBay has such a wide audience. Something with low miles, maybe early 80s as the 80s vintage cars are becoming collectible as the people who grew up with those cars make more money. Nice rust free early 1980 Ford F-150s. I’ve even put a wanted add on Craigslist instead of looking for cars for sale already. They might not know they want to sell until they see your ad. It is doable, but probably would take a few weeks to buy, clean, take pictures, list and sell.
    Wade recently posted..Downgrade your stuff, upgrade your life

    • Good stuff Wade. Thanks so much for the advice!


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