Originally Posted by
Otis
I have a strict "bikes pay for bikes" policy. Although that takes some good scores and lots of work flipping hoopti's to get started.
+1 Bikes pay for bikes. No exceptions. Bikes pay for inventory too. Prevents me from overpaying for a flip bike. While I have a decent inventory of bikes to finish right now, average cost was about $30 per bike.
In order for that system to work, you either have to have a pretty meager selection of keeper bikes, or..., you need to flip many bikes. 20, 30 or even 40 flips (bought right of course), will pay for a nice group of keeper bikes.
Keep a bike budget, funded solely by flips and parts sales, and then only spend from that budget. It will make you think twice about any bike purchase, and also encourage you to find really good deals.