This 1973 Honda CL350 had been sitting for YEARS and was an add-on to a package deal that I bought a while back. I was able to get the bike for $100, so I thought this was the perfect way to introduce Carlee to the world of buying and selling vehicles. My dad did the same with me and we still buy things together to this day. We don't always make a good profit on our deals, but we have fun. This time, I knew we could at least sell it for parts and come out ok with only $50 a piece invested. Carlee gladly handed over the cash, trusting that dear old dad was steering her correctly.
Before I bought the bike, I made sure the engine wasn't stuck, and did a quick inventory of the parts that would be included. It looked pretty decent, but it's always a gamble. So, our first order of business was cleaning the bike. I let Carlee do quite a bit of the cleaning, as we attacked the chrome-plating with Brillo pads to remove the surface rust. Next, I wanted to see if we could make it run. The bike had been sitting for years. I kicked it over and it seemed like it had good compression. A little spray of fuel and it fired off. Carlee helped devise a custom fuel system since the tank was a rusty mess on the inside. This allowed me to let it run a little bit and even ride it around the yard.
After we confirmed the bike ran good, I addressed the tank issues, and touched up some other problem areas without spending any money. We did spend a few bucks on a new battery and fuel filters, but again, we split the cost on those items. Ultimately, we got it to a nice stopping point, and sold the bike quickly. It was an easy sale at $800 and my 10-year-old daughter turned her little investment into a big profit!
#profit #investing #family
6 сен 2023
