Lex DeVille
Sweeping Shadows From Dreams
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This morning I was listing stuff on Facebook Marketplace. My daughter asked what I was doing, so I told her. We talked about how she does chores and how that creates value for me, so I pay her. Then I explained this is kind of like that, but it's a different way to create value.
If I buy something for $1 that's worthless to me and sell it for $10 to someone who wants it, then I made $9 by creating value for them. I explained that when she does chores she's limited to what she can earn. But if she could buy something and sell it for more than she bought it for, then she would gain some control over how much money she earns. She's 6, so I wasn't sure she understood. But then she asked if she could list some toys she doesn't play with for sale to someone who might want them. And I said...YES!!
This afternoon, I dropped into an estate sale. While I was there, I started looking for things to flip. I spent about $55 on necklaces, a painting, and a small piece of wall decor. Next, I went to our local landfill thrift store. Landfill is a fancy way to say "the dump." I was surprised by the quality and cleanliness of items in the store. It's off the beaten path, so there are a lot fewer people who shop there compared with the town's other thrift stores. The prices were awesome. I bought a bunch of $1 and $2 necklaces, bracelets, rings, etc. In total I spent about $45.
So for $100, I came home with a bunch of items that can easily be stored, listed, and shipped. I'm reasonably confident I can flip all of these items for a higher price than I paid for them. Some of the items are worth $100 or more on their own, but the most I paid for any single item was $14. Others will require a creative marketing angle to move them at a solid price. Anyway, I had a lot of fun so I'll probably do more soon and take my daughter with me so she can learn.
For now, I thought I'd see if anyone wants to do some flipping and see how it goes for them. @KJFast @MTF
My criteria for buying flippy stuff:
- Always buy what you know (or have thoroughly researched)
- Never buy what you don't know UNLESS...
- It looks really bizarre and old, and makes your hands smell funny when you touch it
- Set a budget and stick to it
- Try to find small items that will be worth a big price and will also be easy to ship (that's one reason I like jewelry)
- Try to find items you can build a story around
- Avoid broken items (unless you know you can easily fix them or unless the buyer wouldn't care)
- Always be thinking about items you might bundle to create more value
- Always be thinking about how you can create more value
- Niche down... (some people like fish stuff, some like light houses, some like hunting etc. get to know your niche)
Places You Could Look for Good Deals
- Estate Sales (love these)
- Thrift Stores
- Garage/Yard Sales
- Church sales (these are good because old people bring stuff and donate it and all money goes to the church, so there's a high incentive to price low so the church can make some cash, and there's a good chance some of the items will be worth a lot.
- Dumpster Diving
- Online Estate Sale Websites (make sure you read their shipping terms)
- Online auction sites (even ebay can be used for this)
- OfferUp (MJ said he's used this one)
- Facebook Marketplace
- Craigslist
- NextDoor
Places Where I Am Listing Stuff for Sale
- Facebook Marketplace
- Ebay
- Private Websites
- Craigslist
- Who knows where else.
Okay, that's all I can think of for now. If anyone tries flipping anything, share below.
I'd love to hear what cool deals you come across and what you're able to turn it into. I'm sure I'll share mine once I start making sales.
If I buy something for $1 that's worthless to me and sell it for $10 to someone who wants it, then I made $9 by creating value for them. I explained that when she does chores she's limited to what she can earn. But if she could buy something and sell it for more than she bought it for, then she would gain some control over how much money she earns. She's 6, so I wasn't sure she understood. But then she asked if she could list some toys she doesn't play with for sale to someone who might want them. And I said...YES!!
This afternoon, I dropped into an estate sale. While I was there, I started looking for things to flip. I spent about $55 on necklaces, a painting, and a small piece of wall decor. Next, I went to our local landfill thrift store. Landfill is a fancy way to say "the dump." I was surprised by the quality and cleanliness of items in the store. It's off the beaten path, so there are a lot fewer people who shop there compared with the town's other thrift stores. The prices were awesome. I bought a bunch of $1 and $2 necklaces, bracelets, rings, etc. In total I spent about $45.
So for $100, I came home with a bunch of items that can easily be stored, listed, and shipped. I'm reasonably confident I can flip all of these items for a higher price than I paid for them. Some of the items are worth $100 or more on their own, but the most I paid for any single item was $14. Others will require a creative marketing angle to move them at a solid price. Anyway, I had a lot of fun so I'll probably do more soon and take my daughter with me so she can learn.
For now, I thought I'd see if anyone wants to do some flipping and see how it goes for them. @KJFast @MTF
My criteria for buying flippy stuff:
- Always buy what you know (or have thoroughly researched)
- Never buy what you don't know UNLESS...
- It looks really bizarre and old, and makes your hands smell funny when you touch it
- Set a budget and stick to it
- Try to find small items that will be worth a big price and will also be easy to ship (that's one reason I like jewelry)
- Try to find items you can build a story around
- Avoid broken items (unless you know you can easily fix them or unless the buyer wouldn't care)
- Always be thinking about items you might bundle to create more value
- Always be thinking about how you can create more value
- Niche down... (some people like fish stuff, some like light houses, some like hunting etc. get to know your niche)
Places You Could Look for Good Deals
- Estate Sales (love these)
- Thrift Stores
- Garage/Yard Sales
- Church sales (these are good because old people bring stuff and donate it and all money goes to the church, so there's a high incentive to price low so the church can make some cash, and there's a good chance some of the items will be worth a lot.
- Dumpster Diving
- Online Estate Sale Websites (make sure you read their shipping terms)
- Online auction sites (even ebay can be used for this)
- OfferUp (MJ said he's used this one)
- Facebook Marketplace
- Craigslist
- NextDoor
Places Where I Am Listing Stuff for Sale
- Facebook Marketplace
- Ebay
- Private Websites
- Craigslist
- Who knows where else.
Okay, that's all I can think of for now. If anyone tries flipping anything, share below.
I'd love to hear what cool deals you come across and what you're able to turn it into. I'm sure I'll share mine once I start making sales.
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