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You forgot to add in time,gas and travel etc.I bought a truck for $600 then it was parts,car shows,advertisingto buy/sell,tools and building a garage.I gave up on the truck and haven,t finished the inside of my shop (which is costing me extra on taxes).The list goes on and on.
Plus after you get your project done,you end up selling it after a couple of years while it still looks good before you end up doing it all over.
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