Nolan's Fix and Flip Project #1


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Old 11-10-2014, 05:54 PM   #1
nolan
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Default Nolan's Fix and Flip Project #1

I've been watching CraigsList for a while looking for a fix and flip project where I figure that I can come close to doubling my money after all fixes are done. I figured since I am pretty familiar with Cherokees at this point, that would be my fix and flip of choice.

After searching for several months and either looking at rolling turds or being too late to the party, I finally found my first fix and flip project.

I bought a 1991 Laredo with the off road package for $800. I bought it as a non-running vehicle. The PO said that his mechanic told him that he had a bad "o-ring" which was allowing oil to get into the air filter and the engine would need to be rebuilt or swapped. Last time I checked, it was the CCV that allowed oil into the air box. He also stated that the water pump was shot. The water pump appears to be fine. There is a little crust around the t-stat housing...but I won't really know what is up until the engine is running. I also found that the coil wire connector on the distributor cap was completely melted away. Hmmm, could that be why the engine is not running??

The jeep had been sitting for almost a year and the battery was dead. I dropped my battery in to his vehicle so I could at least make sure that the engine would crank, and it did.

I offered him $800 and he accepted my offer pretty quickly. Makes me think I should have offered less. His original asking price was $1000. Since it was sunday, I gave him a deposit and told him I return with the rest on Monday (today).

I returned with the balance that I owed him. I also had picked up a cap, wires, rotor, and plugs on the way to his place. Once I was paid up, I did the absolute minimum that would get it started - cap, rotor, and coil wire. I jumped his jeep off of mine and the sucker started up on the first crank!

Since the temp was dropping rapidly and snow was rolling in, I figured I better top off fluids and call it a day. Since I didn't have a second driver, I left the jeep at his place until I get my oldest son to come with me to take possession.

I know the jeep is going to need a few things before I can sell it as a safe and fully operational vehicle. An ABS brake bleed is first - the sucker has no braking power. There's an antifreeze leak, a small gas leak, fluids and filters need to be changed, needs a new battery, the directionals don't appear to work, replace the valve cover gasket and a bit of cleaning needs to be done.

I think I'll have about $400 in repairs plus the $800 purchasing price for a total of $1200 invested. Once fixed, I'm thinking of asking around $2500 for it.

I want to knock out my repair list this weekend but it's going to be cold and windy. It won't be fun but it might be worth the money.




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Old 11-10-2014, 06:56 PM   #2
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nice!

You got it started, paid him the balance and left it there?? That makes me very nervous, especially since it sat. It may not be there when you go back. Hope you got the keys and a Bill of sale.

That being said. It sounds like a good deal. but 2500 for a 91 may be a bit ambitious. The brakes sound like the biggest pain. ABS can be a nightmare.

Good luck and keep us posted.
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Old 11-10-2014, 07:51 PM   #3
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i do have the keys and the signed title. I'm good there.

It's hard to put a value on the jeep because asking prices are all over the place. When selling it, i'm going to emphasize the off road package items: front skid plate, gas tank skid plate, factory receiver and wiring. I still have to determine if it has the 3.55 or 3.73 axles. I guess its time to order a build sheet.
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Old 11-10-2014, 07:54 PM   #4
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Yep yep, got to get on that!

Whew, on the title.

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Old 11-10-2014, 07:59 PM   #5
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here are a few more pics that the PO took for craigslist.














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Old 11-10-2014, 08:11 PM   #6
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Looks good. Clean. How many miles? How do the floor pans look?

My '96 has a C8.25 in the rear with 3.55 gears. It was NOT a factory off road package.
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1996 Cherokee classic. 100k Miles, I6 HO, AW4, Np242, D30/C8.25 3.5" RE lift
My build thread: Gemini
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Old 11-10-2014, 08:34 PM   #7
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Not a bad buy at all. Hopefully you can flip this for a decent profit, even for $1,800 would give you about 50% return.
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Old 11-10-2014, 09:52 PM   #8
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Nolan, very nice, I wish I had the time to do something like that. Hope you can turn it quick. Looks very clean for the year. Sweet find!
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Old 11-11-2014, 03:51 AM   #9
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Good find,my problem doing that is I would end up keeping it ,i can't sell anything.....djm
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Old 11-11-2014, 02:16 PM   #10
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Im not a hater, just reminds me of what buy here cry here dealers do. But your nice about it , the dealer would've wanted 10.000$ for it and would've left the brakes alone 😌 your giving great vehicles of history a second chance!! Your a hero lol
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Old 11-11-2014, 04:10 PM   #11
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I'd be happy to take $10k for it. I'd even give it fresh paint for that price.
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Old 11-11-2014, 11:00 PM   #12
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I got the beast home tonight. I had to reflect back on other posts to remember how to disable the security system. Once I disarmed the security, she started right up with a jump.

Wow, the brakes totally blow. The brakes couldn't even hold the jeep still at a stop light. I'm hoping it just a fuse or a relay for the abs pump. I'll find out once I check fuses and pull tires.

There's a ton of other micky mouse work to do. Seat belt doesn't retract, wipers don't work, directional don't work, rear wiper arm is missing, check arm for the door is shot, door lock mechanisms need to be cleaned and lubed so doors lock with master switch, door seal needs to be replaced, plus all the stuff listed in the first post.

It's going to be tight staying in my $400 repair budget.
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Old 11-12-2014, 03:39 AM   #13
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So far so good. The ABS shouldn't affect normal braking. It has sat for so long the rotors are rusted. Pull the wheels, polish the rotors, check the pads and calipers. make sure they aren't stuck. If you need any wiring, or service procedures, hit me up.

Anxiously waiting to see how this turns out.
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ZBeard: "How do you make good decisions? Good judgement. How do you get good judgement? Experience. How do you get experience? Bad decisions".

1996 Cherokee classic. 100k Miles, I6 HO, AW4, Np242, D30/C8.25 3.5" RE lift
My build thread: Gemini
NP242 Hack n Tap (SYE) Install
Common links: Budget MODS List And All You Ever Wanted to Know About an XJ

December 2013 Stock Class Cherokee of the month
May 2015 Modified Cherokee XJ of the Month

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Old 11-12-2014, 04:22 AM   #14
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Go to the junk yard and get you a master cylinder and calipers out of a newer model cherokee/ i feel like if it barely keeps still at a stop there might be a leak somewhere dunno good luck
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Old 11-23-2014, 11:55 PM   #15
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I finally had a weekend day that was above freezing yesterday. I decided to start chipping away at getting her safe and road worthy.

She now has a new battery, all lock mechanisms are lubed and working well. I did a vacuum bleed on all 4 wheels until brake fluid was clear. Fuel leak is good. I still have a decent size list to do but most of it is just maintenance stuff and picking up some little items at the pull and pay.

I spent most of my time going through the brake system. I found that a wheel stud is missing. Also found a broken ebrake tensioner cable in one of the rear drums. After all the work on the brakes, they still suck. The ABS pump is not kicking in and providing the power assist. I have learned that the ABS system is under a lifetime recall for my model year so I'm going to reach out to Chrysler to see if my beast qualifies. I would love to have the ABS system examined by the stealership for free.

Thanksgiving and Black Friday should be nice days so I intend to knock out a few more items so I can get the jeep up for sale sooner than later.


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