A Hustler's Guide To Buying And Selling Anything (Part 2)

[DeletedUser394]

THIS THREAD IS A CONTINUATION OF THIS THREAD
https://www.thefastlaneforum.com/co...-to-buying-and-selling-anything-part-1.35889/


New Hustling Challenge 2015!

Ok folks, I want to get this thread to #1 on the forum, so I'm starting up a new challenge. Everyone else, I encourage you to keep posting questions, goals, accomplishments, deals, whatever. Let's do this.

In Canada we have something called a TFSA (Tax Free Savings Account). You can hold anything in it and never pay any capital gains tax. No tax? Heck yes, f the gov haha.

Because I turned 18 a year after the program started, I currently have $26,000 worth of contribution room.

YTD I've contributed $5,600, leaving a contribution room of $20,400. We don't know what the contribution room will be for 2015 yet, but it's at least $5,500 and I'll add whatever it is to the total when the information comes out.

The goal is to use hustling to max this puppy out in 2015. I'll be throwing it all into a single ETF that tracks the TSX. I have other investments, so there's no need to diversify here.

Taking this to the moon.

 

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[DeletedUser394]

Sold some language learning audio tapes on the way home. +$100

The first thing anyone should do if they need startup cash is sell as much of your stuff as possible. Seems obvious, but some people are too attached to their crap. It's all mostly meaningless junk.

I'm a minimalist, so I don't have much excess, but that's my next step. Liquidate anything I don't use or can't justify keeping. Only have a few things worth over $100 that I'll be looking to sell. Every bit helps.

Tomorrow I'm acting as middle man for a silver bullion deal. Only worth about $50 in my pocket I think, but it's easy money.

 

[OVOvince]

I'm in on this. This will be a great foundation base along with my copywriting and sales training programs.

Already goofed up doe, bought a mint condition iPod touch 5th gen pink 32gb for $180, I feel like I could've lowered the price more (was $200). So I'm not sure how much I'll make, we will see.

 

[SeanyHang]

I'm in on this. This will be a great foundation base along with my copywriting and sales training programs.

Already goofed up doe, bought a mint condition iPod touch 5th gen pink 32gb for $180, I feel like I could've lowered the price more (was $200). So I'm not sure how much I'll make, we will see.

How much do they typically go for in your area?

 

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[DeletedUser394]

Richkid is henceforth 'GrumpyCat'.. I love cats and I'm usually grumpy, so it was meant to be.

Anyway, sold a couple of my old textbooks that were gathering dust this morning.

+$150

Total since start of second challenge (yesterday night? lol): +$250

The TSX is taking a major beating lately... maybe I can single-handedly prop it up hahahaha.

 

[MJ DeMarco]

Anyway, sold a couple of my old textbooks that were gathering dust this morning.

Do you think it would be appropriate to start a new thread? This one is getting long. We can call this one Part 1. The new one Part 2? Let me know.

 

[DeletedUser394]

Do you think it would be appropriate to start a new thread? This one is getting long. We can call this one Part 1. The new one Part 2? Let me know.

Sure, no problem. Maybe even lock this one so we can keep the discussion going in Part 2.

Edit: Hope I don't lose gold status :'( haha

 

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[OVOvince]

How much do they typically go for in your area?

I was looking up the market value on ebay and apparently the model i have goes for a decent 240+ (its the latest model for the 5th gen)

The local walmart sells it for 230 lol

I bought it with literally everything, the original box, headphones, charger (kind of old looking) etc.

 

[SeanyHang]

I was looking up the market value on ebay and apparently the model i have goes for a decent 240+ (its the latest model for the 5th gen)

The local walmart sells it for 230 lol

I bought it with literally everything, the original box, headphones, charger (kind of old looking) etc.

I think it's safe to say you can make a nice little profit there then ^_^ idk if you already put in on eBay but I'm sure it will sell pretty quickly.

 

[DeletedUser394]

I was looking up the market value on ebay and apparently the model i have goes for a decent 240+ (its the latest model for the 5th gen)

The local walmart sells it for 230 lol

I bought it with literally everything, the original box, headphones, charger (kind of old looking) etc.

Just to be clear, you're looking at the completed listings that have sold.. right?

What most people list at is irrelevant, and a bunch of people make that mistake with their valuation.

It's also location dependent. If you're selling in person, I'd stick with craiglist (local) prices for valuations. If you're going to sell it on ebay, then obviously you need to be comparing to ebay prices (of completed listings only).

Gogogogogogo. $$$$$$$$$

 

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[OVOvince]

Just to be clear, you're looking at the completed listings that have sold.. right?

What most people list at is irrelevant, and a bunch of people make that mistake with their valuation.

It's also location dependent. If you're selling in person, I'd stick with craiglist (local) prices for valuations. If you're going to sell it on ebay, then obviously you need to be comparing to ebay prices (of completed listings only).

Gogogogogogo. $$$$$$$$$

that makes sense. yeah i just sorta rushed it, i should've thought it out well. oh well, time to flip it, for whatever I can get.

I just had a setback, all due to stupidity, forgot to take defensive driving course, my insurance is going to go higher, my parents can't really afford that right now, so I told them to make me pay my own insurance

so now i decided im going to get serious about this even more to help me so i can pay for insurnace, save up for college etc, as well as my upcoming campaigns in January.

i realize this is all irrelevant, but I figure that if I make a commitment in public, it will stick with me better.

anyways, off i go.

 

[DeletedUser394]

I'll be honest, I was too lazy/tired to do the coin deal today, so I'll do it tomorrow.

B-b-b-b-but, when I went home tonight I found an envelope neatly tucked away in my mailbox. I opened it up.. IT WAS A CHECK FOR $1,000. Don't you love random checks?

Rushed that to the bank.



Moved $650 to the TFSA. Keeping the rest right now for possible flipping opportunities.

We're at $6,500 of $26,000 (25%!)


My Strategy to reach this goal

There are 3 main steps to reaching this goal (and any relevant goal)

Step 1: Take inventory of personal possessions. If you can't eat it, wear it, or sleep on it.. guess what, it's now for sale! Sell everything.

Step 2: Decrease your cost of living. Most people are leveraged and one missed paycheck away from serious trouble. Don't be that person. My budget right now is so low, I'm fairly certain I'd be considered below the poverty line. Things move quick when you're banking 80% of what you're bringing in.

Step 3: Find ways to increase income. Standard hustling, job, second job, cash job, contracts, whatever. Anything that puts money into your account is good.


Not sleeping tonight until I inventory everything. (don't have to list tonight, just inventory). As mentioned before, I don't have many possessions because of minimalism, but I can still stack a few more benjamins from this crap.

 

[RHL]

Gotta get your magnitude on. $100, 200, etc. is nice, but it takes a lot of those to add up to real money. Do you have an automated system to handle the transactions, or are you just able to optimize them well enough to still come out ahead doing micro-transactions like this? Either way, the last thread was killer, can't wait for this one.

 

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[DeletedUser394]

True. Only need $1,500/month in the next 13 months to hit the goal though. + 5.5k or whatever the limit is for 2015.

Just so everyone knows, I'm doing this more out of boredom and wanting a challenge than necessity. My current assets pay my entire cost of living. Well, unless the markets go to zero lol.

Edit: I'm saying that to tell anyone doing what I'm doing is that he's right, and you have to scale it up.

 

[OVOvince]

Wow, okay there is no way I can go about this with no direction planned or strategy like grumpy cat. I should be as professional as possible.

Vision: $10,000 aka my first 5 figures.

Deadline: Before March, (my 23rd birthday)

Goals: Month of December--- $3,000 from Craigslist (dream big son haha)

Sidehustles/other streams of income: delivery job, working about 30-40 hours/week making about 300-400 per week FOR NOW. I will shorten hours as it limits my 30 Day Copywriting CHallenge -Gary Halbert, as well as perfecting my sales script and rehearsing it.

 

[DeletedUser394]

You calling me unprofessional? lol

That's a decent plan. Can you realistically hit $3k in the next 20 days? (ie do you have past experience selling and do you have previous monthly dollar amounts that you've made from Craigslist?

How are you going to hit $3k?

What's your end goal with this $10k?

 

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[Midas Touch]

I made a couple of deals in the past and lost money. I learned some valuable lessons though. Better cheap lessons now than expensive ones later, right?

Anyways, I lowballed a couple of people this morning and forgot to check my email. I checked it now and discovered one accepted my offer but didn't post a number I hope he replies tomorrow morning. If not, I'll look for another deal. Chalk this one up as another lesson...

CHECK YOUR EMAIL PERIODICALLY!

@GravyBoat @GrumpyCat Thank you for your knowledge.

 

[OVOvince]

You calling me unprofessional? lol

That's a decent plan. Can you realistically hit $3k in the next 20 days? (ie do you have past experience selling and do you have previous monthly dollar amounts that you've made from Craigslist?

How are you going to hit $3k?

What's your end goal with this $10k?

haha whoops, I meant to say that I should go about it the way you do--- professionally.

Realistically, off craigslist this month isn't going to get 3k alone, and I meant to say 4 weeks from now so i guess that would include the first week of Jan.

actually, it would really depend on how well I get into the grooves of craigslist by Sunday.

End goal with the $10k would be to scale it and go into another section of craigslist like appliances (right now I am doing electronics and other similar type sections)---if that's what you meant haha.

 

[H Z]

that makes sense. yeah i just sorta rushed it, i should've thought it out well. oh well, time to flip it, for whatever I can get.

Don't forget Ebay has a 10% gain I believe.

 

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[OVOvince]

Don't forget Ebay has a 10% gain I believe.

what do you mean by this?











also I just realistically thought about it--- 3k this month is crazy talk. either way ill keep it as my goal for this month, do my absolute best and see where I hit

 

[DeletedUser394]

Ebay takes a commission from all sales that you make.

 

[OVOvince]

Oh right, i forgot about that.

 

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[Nicoknowsbest]

Sweet stuff!! @GrumpyCat - part one was already a killer, like @ΕΝΔΕΚΑ said above. I am reading your first hustling thread for the third time now - there is so much info in it, don't want to miss anything. At the same time, I started making some deals and right now, I have 5 items I need to list today here on my desk, with two more deals to be made tomorrow.

Thanks for making a second part! This gives starters the chance to report back here and get some input from you guys As soon as I hit my first targets, I will make a detailed overview here and share my lessons learned.

Thanks to all the contributors so far!!

 

[Nicoknowsbest]

Everyday I'm hustling...
I stumbled upon RichKid's alias @GrumpyCat's thread https://www.thefastlaneforum.com/co...-to-buying-and-selling-anything-part-1.35889/ around 3 weeks ago. I read through it, took notes, reread the notes and finally narrowed it down to a relatively short cheat sheet with my personal main takeaways. After also reading @MichaelGrey's https://www.thefastlaneforum.com/co...-guide-to-the-fastlane-by-michael-grey.46884/ and his update https://www.thefastlaneforum.com/co...nths-later-you-might-want-to-read-this.55438/, I decided it was time to get active myself.

On this spot - huge respect for you guys. You showed where a lot of drive can take you to within a very short amount of time AND limited capital. Thanks for sharing your experiences - I learned a ton!

I'm in the hustling game since Tuesday this week. I started out with around 300 Euros and met my initially goal of buying 5 items the same day. I am using a Craigslist equivalent here in Austria, which works almost identically. Here is what I did:

• I started looking for some common items such as iPhones and iPods. I was checking back and fourth on Ebay to find deals that are worthwhile. I found some okay deals, nothing too great, but I wanted to get going. If I could break even, I'll take the first couple of days as a learning experience. For me at this point, it was mainly about taking action and getting rid of fear.
• I switched category and found much better deals. Bought two cameras for a good price.
• I just finished listing all my items. I focused on nice and clean pictures and a solid copywriting with all details and a personal approach. Lost a lot of time doing all this, but later on, I will streamline the process.
• 5 minutes after I finished my listings, I got a call from a potential buyer. While I was listing my items, I realized that I made some bad decisions concerning iPods - so I settled on a break-even deal with the buyer who is gonna come in an hour to pick up the iPod.
• If the rest of the deals goes according to what I planned, I will still make a profit of around 100 Euros. Nothing big, but hey, I started

Lessons Learned So Far
A lot of what has been said already turned out to be totally true, despite the difference in location and therefore, also culture. My main takeaways are the following:

• It is very hard to find worthwhile deals on used iPods and iPhones here, especially older models. Focusing on a different niche that is less frequented with less experienced people will hopefully solve this for me. As soon as I have my capital back, I will dig into this.
• Buy bundles. I was running around the city like a madman, only to buy single used iPods. When you buy bundles, you streamline your input (time and money) as well as have more room for bargaining. Items bought in lots and sold separately are almost a guaranteed profit.

Hustling stuff on Craigslist and similar websites has numerous advantages. Apart from the lessons mentioned by @MJ DeMarco in the first part, I find a huge benefit in learning how to

• Value a variety of items
• Spot what people want

Huslting has so much potential, if done right. For anyone starting out and trying to get on the fastlane, I can only recommend you to start hustling today. In the last few days, my perception of things and my vision changed, but most of all, it sharpened. If you want to learn business, start here. Can't wait to see where this journey will take me. Good luck all

 

[Nicoknowsbest]

Anyone experiences with this - http://www.terapeak.com/?
Just signed up for a free-trial and will report back here...

 

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[joocenasty]

In, selling my custom computer tomorrow as a bundle with a monitor and keyboard/mouse. Should fetch me around 700 to work with. Next step is buying....

this is a great time of the year to make some coin

 

[OVOvince]

Something concerns me. I see so many ads of ipods and ipads in pretty good deals, and they always update it. I live in a top 5 largest US city, so I would think that people would be buying.

Does writing good ads make a big difference?

I can't seem to find ipod "bundles"

 

[DeletedUser394]

You have to update your ads daily otherwise they get buried. Nobody looks past the first couple of pages.

Writing the ad doesn't make too much of a difference since you're selling an identical product to everyone else. Basic stuff and info is fine.

 

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[TheNextTrump]

Does writing good ads make a big difference?

Update as often as you can, most CL ads can be updated every 48 hours. Be on top of it

Be professional, take quality pictures, pictures are very important

I can't seem to find ipod "bundles"

CL isn't the place to look for (ipod) bundles, I mean sure you can come across a business closing down, or something like that
but stumbling across (ipod/iphone) bundles will be once in a blue moon.

 

[DeletedUser394]

I was yet again too lazy to do the bullion deal.. maybe tomorrow lol. I did hit a small breakthrough today. I contracted a former employee to clean a small apartment unit.

I get a recurring income of $40/wk for the entire year. So that's just over $2,000 in commissions for connecting these people.

If it works out, first payment should be tomorrow. I'm not counting the full $2k right now... only counting the money as I get it.

Anyway, waiting for the Cardinals to play later tonight. Looking forward to it.


For now, still $6,500 of $26,000.