Cost of flipping (a car!)
This is kind of weird. I usually flip houses, but with working from home available from my regular job, I'd love to try out working from a vehicle. Say I buy a bus or a van listed at $30k and sell it 1 year later for $31k (all numbers out of...umm...air), rehab it for $2k, I'm wondering how much it would cost me end-to-end in Texas. I'm being a bit lazy here but any ideas folks? am I missing anything...
One-time costs:
Purchase: -$30,000
Depreciation: -$1,200
Title, tag, registration fees: -$180 (35, 55, 90)
Sales tax, etc (buying): -$2,000 (6.25% in TX)
Broker fees: $400 (?)
Selling: $32,000
Holding costs:
Depreciation: -$1,200 (1 year)
Maintanance: -$2,000 (1 year)
Insurance: -$6000 (1 year)
Total:
Net cost of ownership: $10,980 + gas