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THOSE interested in making extra cash every month could get upwards of $20,000 if they look for six things.
A side hustle expert revealed the tips and tricks to get started, and it would help if you’re familiar with cars.
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The part-time gig, flipping vehicles, would require a bit of elbow grease and an initial investment before making a profit, per a recent clip from Financial Freedom Academy (@FinancialFreedomAcademy1111) on YouTube.
First, those looking to make money from the side hustle would want to look for used car listings online that don’t have the best pictures.
“I literally look for cars that have the worst photos, just like this one,” the expert said while pointing to an image of a gray 2010 Honda Civic advertised for $2,800.
He added that looking for cars with no description also helps, as there’s likely some damage that’s easily fixable but contributes to part of the low price point.
Read More on Side Hustles
Thirdly, the expert ensured that the cars he looked for had relatively dirty interiors.
Many people expect that the interiors can’t be cleaned well, but they can with the right tools.
“I know I can clean them up, take better pictures, and sell them for more,” he emphasized.
Additionally, the expert stressed that those interested in the side hustle should “completely stay away” from rebuilt or salvaged car titles.
Looking for that information is crucial, as it could mean too much work and money invested in the car to make a profit.
The expert negotiated the price for the 2010 Honda Civic at $2,200 and pointed out a few “bumps and bruises” that would require repairs and new parts, like a bumper.
MILEAGE CHECK
Still, they were mostly cosmetic issues, and there were decent tires on the car, with all “mechanical things fully in check,” according to the expert.
“I’d rather replace a sensor than a whole transmission,” he advised.
He also noted that those who take on the side hustle avoid cars with mileage over 200,000.
Cars tend to die out after that mark, and the 2010 Honda Civic had about 168,000 miles.
Side hustles and tax implications
The extra income made from side hustles may need to be reported to the IRS.
If you receive more than $600 in gross payouts from a selling platform like eBay, the site will issue you a Form 1099-K to use in your tax return.
Individuals should calculate their adjusted gross income, taxable earnings, and deductions for the year.
Once they have that, they can use the 1040-ES form to calculate estimated taxes.
Arguably, the most important tip from the expert was to always pay for below the Kelly Blue Book value for the vehicle you want to flip.
It ensures the prospect of making a little extra cash with the right improvements.
OTHER OPTIONS
While this side hustle is likely perfect for mechanics or those who know their way around cars, several other side hustles don’t require as much knowledge or labor and could still make thousands extra per month.
Dog lovers could make nearly $10,000 each month with a walking and babysitting side hustle.
Those willing to paint could also make a few hundred bucks a day with a unique part-time gig in their neighborhood.
Someone else said they make around $1,000 with a laundry gig.
Another writes LinkedIn posts for CEOs and executives and typically makes around $3,000 monthly.
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