No Limits Ladies.com

"When credit dries up, cash goes into hiding," said Robert Kiyosaki at one of our meetings. He was talking about the current markets, and how he didn't think we were in a housing bubble so much as a credit bubble. He went on to talk about how they are paying down their own mortgages, and freeing up cash in order to take advantage of the opportunities this kind of market provides.

When cash goes into hiding, those who have it, get the deals.

That was a couple months ago and I am really starting to see it happen. I have a vehicle for sale right now, and wow is it a different market than it was back in November when I bought this one.

When people's house values are up, they feel good, "house-rich" and are more inclined to spend. When housing values go down, people feel much less inclined to spend money, especially when so many were highly leveraged and may not find themselves upside down in their homes.

Cash goes into hiding.

So, even the market for cars has changed. Those with readily available cash can find really good deals right now, not only on cars, but houses, etc. (Range Rover anyone?)

1. Know your price range and keep to it. I generally use Cars.com, Craigslist, call on cars I see driving around town, or in the paper.

2. Get your money ready/financing in place ahead of time. Having this ready will help you in negotiating a price for the car. Motivated sellers will generally take an even ower offer if they know you have the cash to buy the car quickly.

3. Find vehicles already priced at or below KBB.com private party pricing. Also check average pricing on Cars.com, because supply and demand drives pricing more than KBB. Look for "motivated seller", "need to sell", "extra car", "divorce", "moving" etc.

4. Ask lots of questions: who, what, where, when, why, how long, miles, how does it run, does it need any work, is the title free and clear, is it salvage, etc. You can get the VIN (vehicle identification number) and run a CarFax as well.

5. Always meet in a well lit public place. Do not ever meet at your house, preferrably a grocery store or bank where there are cameras in use, and ladies- make sure you bring someone with you. ( I never test drive in the vehicle with the person selling it alone.)

6. Either bring a friend who is mechanically inclined, or arrange for the vehicle to be checked out at a local auto shop you trust. Understand this is a used car and it will not be perfect- you are mainly looking for a sound engine and to be alerted to any major issues. There are no take backs when buying a used car. Just know what you are getting into, and be aware that it may be running perfect the day you buy it and something could go wrong the very next day- that is now your responsibility.

7. When you are ready to buy, meet at the seller's bank, and have the banker verify the cash, or cashiers check there. (Cashiers checks are best made out to you if you get one from your credit union, etc., then cashed at your bank, and handle the rest in cash at their bank.) This is neat and clean and you have receipt of the transaction.

Also when you are at the bank you can have the title notarized at the same time, since you will want the title in hand as you hand over the money.

The title is the bill of sale, however, you may want to print a bill of sale up from Cars.com or from your local DMV, since you may need the DMV specific one to register the vehicle in your name. Check with your DMV also to see if current plates transfer (here in AZ we keep our own plates).

Those are just used vehicle buying tips that come to mind. I have learned these myself and I know they have helped some of my friends, maybe they can help you too!

Some of you may have read about how I flip cars for extra money. This past week, I had run across a good price on a 1996 Range Rover. I made an offer that was accepted ($5800 and I could turn around and sell it for $7500).

There were two catches: the vehicle was 3 hours away, and I didn't actually have that cash on hand.

So I made three calls to people who have offered to loan money to buy vehicles. Unfortunately, I was not able to move fast enough to get the Range (he sold it to someone else for $6000). That's okay, because there are deals every week.

If you can learn to spot deals that make money, and have a track record and trustworthiness, you will be able to find the money you need to make it happen. Find out how to utilize other people's money to make money starting with small deals and then build up to large deals.

"Our greatest lack is not money for any undertaking, but rather ideas. If the ideas are good, cash will somehow flow to where it is needed."

In keeping with Kimber's More Money Monday's, I thought I'd share in a nut shell how I flip cars for a little extra cash. I actually am doing this myself right now, and is something I learned from one of best friends who did very well at it, and now flips real estate. (I'll talk more about a circle of friends later) Here's the deal: I find used vehicles for sale, often times through Cars.com , and I price them using KBB.com . When I find one that I know is in more demand, with a motivated seller at or below private party pricing, I go look at it and sometimes buy it. Then I drive it for a while for free (meaning no car payment), and sell it when I'm ready, for more than I bought it for. Then I roll that money into the next vehicle, or sometimes keep a bit for myself.

Case in point. I bought my 1998 Land Rover Discovery for $5300. It was already priced well when I went to look at it. I brought along a boy who knows more about cars than I do to look at it. We decided the problem the Discovery had was a minor fix, and I made my offer for less than he was asking based on what I thought it would cost me to repair (not all need repairs- used does not equal junker), and in cash right there.

I've been driving it for a bit, and it's time to keep my money moving as well as pull some out. So last Friday, I listed it on Cars.com ($40.00) based on what other Discoveries are selling for ($6400), took it to get cleaned and detailed at the car wash ($24.99), and I'll be fielding calls and showing it until it sells. (I will make about $1000 out the door.)

I do most all of the screening work over the phone. There's an ass for every seat, and that's what I'm looking for. It fits or it doesn't.

When I show the vehicle, I go to bank or grocery store parking lot (cameras). I never show at my house or with my kids, and more often than not I bring along boy just to be careful. I'll tell them a little about the car, why I like it, point out a couple used car quirks, and then leave them alone. Like I said, it works for them or it doesn't.

I don't negotiate, I set my price lower than others and fair and I do not place myself in a position of having to sell, because I don't want to take a loss. I only accept cash, and if they have a cashiers check, I go with them to their bank to have them cash it. Better to have people just have their banks make the cashier check out to them so they can cash it and give you the cash. I always have title clear and ready to hand over when they give me the cash.

Then I usually have another vehicle lined up to go buy! I tie up my money as quickly as possible and make sure I have insurance on it. It's a fun way to make money and drive for free!

Watch for follow-ups on flipping cars on NLL in the future...