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The Playbook With David Meltzer

How to Flip $1,000 into $20,000 in 30 Days

The Playbook With David Meltzer

David Meltzer, Entrepreneur.com

Business, Careers, Entrepreneurship

4.91.9K Ratings

🗓️ 4 April 2021

⏱️ 3 minutes

🧾️ Download transcript

Summary

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 david@dmeltzer.com to join!

Transcript

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0:00.0

This is entrepreneurs the playback you want to make money with a thousand bucks

0:04.3

This is what I did I went online and I looked and I and I won't use the website name

0:09.5

But it shows you how fast certain cars sell right use cars

0:12.7

So I looked and I found the car that sells the fastest for three thousand dollars

0:17.2

So I go online and I look and I say okay this car sells fast this at three thousand dollars

0:23.4

Then I go ahead and search that car who's selling it then I email every single person selling that car going

0:30.0

I got a thousand dollars cash today if I can buy your car. I really need it

0:33.9

So I send out 50 emails of people who own that car saying I got a thousand bucks cash

0:39.0

So I'll give it to you today to buy it site unseen and you know 49 of the people basically say quit waste of my time

0:45.5

F off or don't answer and one person says what sure give me the money today

0:52.6

I go get the money

0:54.1

Maybe I detail it maybe I don't for a hundred bucks

0:57.3

I've posted for 3500 bucks and it sells in a day for three thousand two thousand dollars

1:03.2

Right profit then I can take my three thousand dollars and I go online and I look for the fastest selling car at six thousand dollars

1:10.5

Now remember I have one thousand one hundred dollars cash into the deal so far right thousand to buy the car a hundred

1:16.0

I go buy that car same way I put out email I got three thousand dollars today if you sell me the six thousand dollar car

1:23.9

I really need it

1:25.9

49 people who don't answer tell me I'm wasting their time or to f off one person says yes

1:30.9

I immediately clean that car for a hundred bucks post it do the same thing at nine thousand within a month

1:37.5

You can cycle through to about fifteen or twenty thousand dollars in a month from one thousand dollars netting

1:44.1

$19,000 if you keep on going it can get bigger because you start learning things like man

1:49.2

Not only can I clean it, but like I can get a white car

...

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