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Re: Risk of hidden damage Posted by Justin VanAbrahams [Email]  (#32) [Profile/Gallery]
(more from Justin VanAbrahams) on Fri, 16 May 2014 09:47:52
In Reply to: Risk of hidden damage, Bill Homer  [Profile/Gallery]
, Fri, 16 May 2014 08:30:49
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Maybe, but maybe not. As long as he is judicious in his bids and cautious with his post-purchase inspection, he'll probably do alright. Maybe he ends up with a car that has hidden damage, but as long as he has a place to put it or its valuable parts he still has the option of parting it out or waiting til he finds another similar car that can receive the parts. That's not such a bad outcome. Worst case scenario - it sounds like - he's out a grand or more maybe two, and he'll [ostensibly] make up for it the next time around. As long as he doesn't win three or four stinkers in a row, it's not like this is going to be bleed him to death. To that end, I think the only real mistake he might be making is being too scattered in what he's buying - sticking with one make or even one model can really improve the cash flow and decrease effort. If one out of every five is a parts car, and you learn the car inside and out, and you tool up for one job you can benefit from economies of scale. If every car is a one-off, you spend a lot of time getting ready to work, but not actually getting anything done. Maybe he is doing that - he's got a short list - but I wouldn't personally make the leap from Jeep to Ford.
I spent a good part of 2003-2009 rebuilding c900s and flipping them. I "made" a grand or two on each, not accounting for labor. Sure, I probably invested 50-100 hours in each of them, and sure if I'd been doing billable work I would have made a lot more than a grand or two, but I fixed them for the love of the car and the love of the work, and that's ok. There are a million other hobbies I could have invested those hours in, but very few hobbies have a cash money payout. I figure I learned some stuff, kept busy, had fun, and didn't lose money. That's a totally reasonable hobby to have. At some level, I also got a fair amount of satisfaction knowing that I was able to help nice people have nice cars for a little less than they might pay otherwise, and that's a good feeling - icing on the cake.
posted by 12.195.130...
, Thu, 15 May 2014 16:47:40
, Fri, 16 May 2014 08:06:39, Fri, 16 May 2014 11:54:37, Fri, 16 May 2014 08:30:49, Fri, 16 May 2014 09:47:52 <-- Viewing This Message, Fri, 16 May 2014 09:50:40
, Fri, 16 May 2014 04:44:35, Fri, 16 May 2014 12:28:27, Sat, 31 May 2014 16:18:22
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