Flipping bikes for profit - broham - 10-22-2012
If i was loaded, I'd do it for fun, but I'ma broke ass mutha fucker. I flipped a bike once cause I had the money, but it still took a month to sell and almost wasn't worth the time I put into making it look good. If I could afford half a dozen bikes, I'd do it
Flipping bikes for profit - 808BMW - 10-22-2012
A lot of my friends flip cars/trucks like this all the time. They usually register it under their mom/dad/grandma/uncle/brother/etc. That way you don't hit that "6 vehicles per year" type of thing.
Flipping bikes for profit - Swanny - 10-22-2012
start an LLC,. you can register the vehicles under the companys name and not have to pay any taxes on them (buyer pays sales tax at time of purchase), still have insurance on all parts and vehicles while they sit in storage , therefore your covered in event of fire or theft. also your covered in the event someones gets sue happy after anything happens to a persons in or around a vehicle you'v sold them.. hence (Limited Liability Company)
Flipping bikes for profit - my750 - 10-22-2012
 Originally Posted by ~03~raven
Well you talking about selling whole bikes or parting them out, or both? Because if so and the title thing your are asking about a lot of states you have to register within soo many days of sale and have to have a bill of sale as well at the time of transfer. So if you are going to sell the bike to someone else the person you purchase the bike from would have to give you a none dated title and bill of sale and the bill of sale would have to have no name on it so it could be filled out when you sell it and it looks as though who you bought it from is selling it to them. Or something. Because otherwise you will be selling bikes and having people pissed because titles will be in limbo, because if the title isn't in your name you can't sell it to them. Well you could but then they couldn't transfer the title or anything.
Should probably add, maybe someone else knows some loopholes or tricks. I never figured anything out but not like I did it full time or a lot. Probably only sold 10 bikes or so like that.
Thats what i would do. have them sign their part and dont date it and when the time comes i just hand the title over to the buyer. and here in ohio you have as much time as you want to get the title signed over but after a month theres a $5 fee.
Originally Posted by Raf
I just started a motorcycle salvage yard. In AZ, you can only buy/sell 6 bikes a year without becoming a registered automotive recycler. Obviously they will never know if you don't put the titles in your name, however the last owner can apply for a new title and your title will be voided.
If you get caught flipping bikes, you can be tagged as a "street dealer" and there are fines and even jail time for that.
This is what im trying to avoid. I have the cops breathing down my neck as is with stunting. I dont even take it to the steets...that often. ive been harassed trying to learn idle wheelies in back lots more times than i can remember. So im trying to fly under the radar as much as possible. Im just wondering how likely it is that they will catch me if im not switching the titles.
Flipping bikes for profit - Raf - 10-22-2012
Odds are they wont catch you unless you are in a small town. Here in PHX there is no way I would have got caught. Looks like the population of your place is only 40k though.....
Flipping bikes for profit - my750 - 10-22-2012
Originally Posted by Raf
Odds are they wont catch you unless you are in a small town. Here in PHX there is no way I would have got caught. Looks like the population of your place is only 40k though.....
Thats what im sayin, out of those 40k is one person who stunts-me. ill just play it by year. My gameplan is to find a bike for a couple grand under blue book with either no problems at all or minor damage and let it sit untill spring when everybody is ready throw down cash on bikes. Im not well versed on working on motorcycles but if its for a deal i cant pass up, fuck it ill learn.
Flipping bikes for profit - broham - 10-22-2012
Originally Posted by Swanny
start an LLC,. you can register the vehicles under the companys name and not have to pay any taxes on them (buyer pays sales tax at time of purchase), still have insurance on all parts and vehicles while they sit in storage , therefore your covered in event of fire or theft. also your covered in the event someones gets sue happy after anything happens to a persons in or around a vehicle you'v sold them.. hence (Limited Liability Company)
Is this true? I always thought the only way to avoid the tax was to be a certified dealer
Flipping bikes for profit - Swanny - 10-22-2012
Originally Posted by broham
Is this true? I always thought the only way to avoid the tax was to be a certified dealer
im not sure about state specific. but essentially here in MI yea. technically its the "sales tax licence" that covers you on the tax, the LLC covers you legally.
Flipping bikes for profit - Raf - 10-23-2012
Originally Posted by my750
Thats what im sayin, out of those 40k is one person who stunts-me. ill just play it by year. My gameplan is to find a bike for a couple grand under blue book with either no problems at all or minor damage and let it sit untill spring when everybody is ready throw down cash on bikes. Im not well versed on working on motorcycles but if its for a deal i cant pass up, fuck it ill learn.
If you flip one or two here and there they wont care. If you have 5+ bikes on CL at the same time, they might look into you.
Originally Posted by broham
Is this true? I always thought the only way to avoid the tax was to be a certified dealer
In AZ the tax ID lets you get away without paying tax. Or you can write it off.
Flipping bikes for profit - my750 - 10-23-2012
Originally Posted by Raf
If you flip one or two here and there they wont care. If you have 5+ bikes on CL at the same time, they might look into you.
In AZ the tax ID lets you get away without paying tax. Or you can write it off.
All i want is one or two bikes a year to maybe make a couple g's off of. I live on craigslist and im sure the deals will only get better going into winter
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