Do I sacrifice my first car?

66moneypit · Feb 15, 2006

xoxbxfx said:
the absolute best thing you can do is get reliabe places to do the work you outsource IF you cant inhouse EVERYTHING.

We sent our cars out to blast and body/paint. The mach was at the paint shop for 8 months (we paid upfront) and the owner lost interest I guess. Screwed me over BIGTIME. The other thing is have dependable help... Dont ever depend on friends for the help, depend on yourself. I paid one of my friends to help me and there would be days he didnt show up and what not. Losing friendships isnt worth it, dont do business with friends.

Get some money saved up to build 1 car at a time, dont end up with 4 projects and no money to work on them. Just because you get them for a good deal, doesnt mean its a good deal for you. You dont have to get a "shop" to do business. I would suggest starting in your own garage and just do quality work. Take tons of pictures. If I could show you all the way from the beginning of the mach1 to the end, you would be amazed how much work went into it. I did it for the glory really. Saving a car made me feel good cause I knew these cars wont be around much longer. Money would have been nice but dont expect to make tons of cash per car. I had 16k into the mach 1 and hope to sell it for $25k or so. If I had it done in 1-2 months and paid my labor and shop costs, I probably would have had an actual profit of $4000 over 2 months. You think its gonna be nice makeing $9000 per car, but its not what it seems

Sounds like sound advice. It sounds like you are car rich and cash poor and that's a tough pickle to be in. 4K is not a bad return on a 21K investment (that assumes labor etc). That's almost a 20% return and in that short amount of time it's definitely better than the stock market. I think the money to be made with these cars is fixing and restoring them....not actually owning them.

If I were to open a shop, I'd open a shop have someone to restore the cars there full time. In order to do that though, you are right, it takes money to make money. You have to pay while you ramp up business. But I think once you establish a reputation and continue to live up to that rep you will have good business.

BDT 1967 · Feb 15, 2006

The best time to get into that business would have been about 10 years ago. The market is being flooded by people that dont actualy know what they are doing. But with the invention of the intenet people are finding it easy to work on their own cars and get expert advice from people that are pros :SNSign:

xoxbxfx · Feb 15, 2006

66moneypit said:
Sounds like sound advice. It sounds like you are car rich and cash poor and that's a tough pickle to be in. 4K is not a bad return on a 21K investment (that assumes labor etc). That's almost a 20% return and in that short amount of time it's definitely better than the stock market. I think the money to be made with these cars is fixing and restoring them....not actually owning them.

If I were to open a shop, I'd open a shop have someone to restore the cars there full time. In order to do that though, you are right, it takes money to make money. You have to pay while you ramp up business. But I think once you establish a reputation and continue to live up to that rep you will have good business.

well, $4k isnt much when you add in your own work too. My buddy and I were working on these cars full time when we were doing it. For me to make $4k over 2 months isnt worth it.

66moneypit · Feb 15, 2006

xoxbxfx said:
well, $4k isnt much when you add in your own work too. My buddy and I were working on these cars full time when we were doing it. For me to make $4k over 2 months isnt worth it.

check your PMs when you get a chance.

Platonic Solid · Feb 15, 2006

xoxbxfx said:
well, $4k isnt much when you add in your own work too. My buddy and I were working on these cars full time when we were doing it. For me to make $4k over 2 months isnt worth it.

IMO, the auto restoration business numbers just don’t add up. In order to net $40,000 a year, you’d have to gross $60,000. Subtract $5,000 for health insurance and you net $35,000. Thus you’d have to do 1 car every 2 months at a $10,000 profit.

xoxbxfx · Feb 15, 2006

Platonic Solid said:
IMO, the auto restoration business numbers just don’t add up. In order to net $40,000 a year, you’d have to gross $60,000. Subtract $5,000 for health insurance and you net $35,000. Thus you’d have to do 1 car every 2 months at a $10,000 profit.

honestly now if I could start over from the VERY beginning, I could crank out 2 cars every 3 months, almost 1 a month. After all the debt and learning, I finally have the know how and the right people in the right places to pull out a car a month. Almost everything I need can now be done inhouse including paint... But I just dont have the money to keep going right now and medical school is way more important. I will make more being a dr than I ever would owning a resto shop. It was time to draw the line and now im trying to dig myself out

1320stang · Feb 16, 2006

xoxbxfx said:
I will make more being a dr than I ever would owning a resto shop.

That is if the PPO's and all the other letter organizations don't screw you first. Or if we go to govt. funded health care like Canada.

I know a doctor that 15 years ago had it all, big house, big tv's, lots of cars, commercial properties. She still has the same TV's, a MUCH smaller house, only two cars and has had to sell off some of her properties. She's working on trying to retire about the same time she runs out of things to sell and hopefully retire somewhat comfortably. She won't be able to tour the world like she'd hoped, but hopefully money won't be too tight.

You want to make money, become a lawyer, they're the only ones I know of that make money no matter what the economy is like.

Edbert · Feb 16, 2006

.double.

Edbert · Feb 16, 2006

LUCAFU1 said:
stop dont sell. you will never get what you put in.

If you have high-dollar stuff in there that you bought new then I agree. But put the stock stuff back on, slap a $500 coat of buy-me-now-red on there, list them on ebay as Eleanore clones and you can actually get a decent return. Then take the proceeds, the best combination of parts and build-up your "first car" into a first class ride.

The first car I ever owned was a free 1974 Datsun, I never wish to see it again. But the first car I paid for was a 68 Fairlane-500 that I wish I still had. My first Mustang was a S-code 67 GT fastback, I REALLY wish I still had that one!

Do whatever you have to do but don't sell your first car, that's my advise.

Larry, I work for a medical provider, we write off over 50% of our work before the paperwork even reaches the billing office. We lose $85 on every medicaid patient we see, and $95 on every medicaid patient. It sure aint what it once was.

xoxbxfx · Feb 16, 2006

1320stang said:
That is if the PPO's and all the other letter organizations don't screw you first. Or if we go to govt. funded health care like Canada.

I know a doctor that 15 years ago had it all, big house, big tv's, lots of cars, commercial properties. She still has the same TV's, a MUCH smaller house, only two cars and has had to sell off some of her properties. She's working on trying to retire about the same time she runs out of things to sell and hopefully retire somewhat comfortably. She won't be able to tour the world like she'd hoped, but hopefully money won't be too tight.

You want to make money, become a lawyer, they're the only ones I know of that make money no matter what the economy is like.

LOL... my buddy dave just got out of med school and finished his residency.. Hes making $350k as an ER doc out in Flordia. Im hoping to become and anesthesiologist. Starting pay is around $300K +++. Heck, my girlfriends lil siters is becoming a CRNA (nurse of anesthsiology) and she should be starting around $140k with 8 weeks vacation and a signing bonus

Edbert · Feb 16, 2006

xoxbxfx said:
Im hoping to become and anesthesiologist. Starting pay is around $300K +++.

$300 is not "starting" that is after a couple of years. I agree with the CRNA part, the market is incredibly competitive for them, simply not enough to go around.

The company I work for has 70+ Anesthesiologists and over 110 CRNAs on staff. They pay over 50% of their income on malpractise insurance. While the pay IS good, don;t forget that Anesthesia has the highest malpractise cost in the industry, worse even than OBGyn.

See Larry's comments about lawyers again

xoxbxfx · Feb 16, 2006

Edbert said:
$300 is not "starting" that is after a couple of years. I agree with the CRNA part, the market is incredibly competitive for them, simply not enough to go around.

The company I work for has 70+ Anesthesiologists and over 110 CRNAs on staff. They pay over 50% of their income on malpractise insurance. While the pay IS good, don;t forget that Anesthesia has the highest malpractise cost in the industry, worse even than OBGyn.

See Larry's comments about lawyers again

no... $300 is starting at some places WITH malpractice paid. There are lots of private anesthsiology businesses that are starting at very high pay right now. How it will be in 6 years, Im not to sure but there is still a demand of DR and nurse of anesthsiology. Where do you work? I wont ever be lawyer. I started and got my EMT-B in high school and will never look towards anything except helping people and enjoying my job. My buddies dad is a lawyer and he makes a living..but its not doing that great.

Edbert · Feb 16, 2006

I'd rather not name my employer in a public forum, but we are hiring CRNAs as fast as we can, we are only looking for veteran MDs though. We are a private company too, the pay is good for those guys, not saying otherwise, and I doubt we have any MDs making as little as $300K, but the $300K figure is not for a fresh-out-of-school type. Like your buddy who just finished his residency, how long was he there? Now that he has finished the bucks are on the way

If you would like to discuss a job for your CRNA GF send me an email, I'll get her in touch with our HR and credentialing department ASAP. Lots of folks in Dallas would give their right nut to work in Austin.

xoxbxfx · Feb 16, 2006

Edbert said:
I'd rather not name my employer in a public forum, but we are hiring CRNAs as fast as we can, we are only looking for veteran MDs though. We are a private company too, the pay is good for those guys, not saying otherwise, and I doubt we have any MDs making as little as $300K, but the $300K figure is not for a fresh-out-of-school type. Like your buddy who just finished his residency, how long was he there? Now that he has finished the bucks are on the way

If you would like to discuss a job for your CRNA GF send me an email, I'll get her in touch with our HR and credentialing department ASAP. Lots of folks in Dallas would give their right nut to work in Austin.

LOL... my gf's lil sister is just starting college...shes got a few years to go.

My buddy dave did I think 1 year intern and 2 residency. Its a standard amount for different specialties. I think ER is 2 year resident then you start practicing on your own. No more than 6 months after he was out on his own he got that job

atomicpunk · Feb 16, 2006

... only if you're as stupid as I was.

Jester67 · Feb 16, 2006

$300K a year and its still called practice I picked the wrong profession.

1320stang · Feb 17, 2006

xoxbxfx said:
LOL... my buddy dave just got out of med school and finished his residency.. Hes making $350k as an ER doc out in Flordia. Im hoping to become and anesthesiologist. Starting pay is around $300K +++. Heck, my girlfriends lil siters is becoming a CRNA (nurse of anesthsiology) and she should be starting around $140k with 8 weeks vacation and a signing bonus

I know a guy that is an anesthesiologist, I think he's about 42, graduated from Baylor, he don't make no $300k+/year, but maybe that's because we live in a wasteland (i.e. 'Sir' Charles comments on TNT about Oklahoma).

xoxbxfx · Feb 17, 2006

1320stang said:
I know a guy that is an anesthesiologist, I think he's about 42, graduated from Baylor, he don't make no $300k+/year, but maybe that's because we live in a wasteland (i.e. 'Sir' Charles comments on TNT about Oklahoma).

a lot of it has to do with where you livee in the country... check out www.gaswork.com and you can check starting pays for different firms

Do I sacrifice my first car?

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