Cars & Motorcycles CNBC Hobbies & Lifestyle Reality

Buying a classic or exotic car, fixing it up and selling it equals profit. It seems like a good formula to make money, but it's not as easy as it sounds, to which Jeff Allen and Perry Barndt can attest. As they prove, it takes a certain type of person who's willing to take a gamble in order to make money in the car-flipping business, because a flip doesn't always result in profit. Jeff and Perry travel the country looking for cars they can buy low and eventually -- they hope -- sell high. But of course, they're not the only ones in the business, and their competition includes a familiar foe -- Jeff's father, Tom, who runs his own classic-car dealership around the corner from Jeff's Lubbock, Texas, shop. The father and son are regular trading partners and try to get the better end of each deal. Tom compares making a deal with his son to being stuck in a closet with a porcupine because ``it's gonna hurt, but you know it won't kill you.