A Hustler's Guide To Buying And Selling Anything (Part 1)

[DeletedUser394]

Too bad that almost everyone is doing this.

I'd love a few tips on dropping the price though.

For example, I need to buy some new work hardware.

This means a big desk, some chairs, a conference table, two IBM laptops, a video projector.

I want to buy them all SH. If you can give me some pointers on dropping the price at least 10%, you're my hero

(I've never haggled before on price and with one small exception, it's the first time I buy this way)

This is easy enough. If you want 10% off, make your offer at 80% of asking price. Most buyers will meet in the middle.

Example: The item costs $100. You offer $80. He counters at $90. You win, and everyone's happy.

10% is really easy... ~40%+ takes some work.

*And while many people may be doing this, they are either too lazy, have no ambition, give up too soon, are just too stupid, etc. There are ~7billion? people on earth..so there's always someone to sell something to.

 

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[DeletedUser394]

GMA. Scammers abound. Be specifically on the lookout for fake cashier's checks from out of state buyers. Ryan... how about some SAFETY tips on how to buy and sell and avoid scammers?

This is easy also. I've yet to be scammed, although I imagine it might happen at some point.

1) If I can find my potential buyers on facebook, I'm really not worried. (95% I can find)
2) I deal only with cash. (Haven't moved anything online yet, but will eventually).
3) Test whatever you're buying before you hand over the money.
4) If the item is expensive, meet in a public place and/or have someone else with you when you meet the person.

 

[DeletedUser394]

Also there are too many lurkers that read this, that take the information, and yet contribute nothing to this forum in return.

I'll still answer questions here in this thread, but I'm moving the rest (action steps, strategy, progress, etc) to the Private Forum (you need 25 mph+ I believe?)

Anyone who can't access the private forum (due to low rep speed), but is a contributing member of this forum is welcome to PM me anything they want.

To the lurkers, join the forum!

 

[biggeemac]

I am not a lurker....and as you can see, mine displays as parked. However, I can't contribute something that I dont have yet. Reminds me of that saying that banks only loan to those that dont really need a loan....<shrug>

 

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[DeletedUser394]

On second thought, I'll keep this thread going.

I am/was worried about competition but I've decimated everyone in my area so far, so hopefully I can stay two steps ahead xD

 

[biggeemac]

I was wondering.....I primarily contact and make the deal via text or email....do you as well, or do you find you have more luck actually calling them on the phone?

 

[DeletedUser394]

This is easy enough. If you want 10% off, make your offer at 80% of asking price. Most buyers will meet in the middle.

Example: The item costs $100. You offer $80. He counters at $90. You win, and everyone's happy.

10% is really easy... ~40%+ takes some work.

*And while many people may be doing this, they are either too lazy, have no ambition, give up too soon, are just too stupid, etc. There are ~7billion? people on earth..so there's always someone to sell something to.

To prove how easy negotiating is, I just got someone to come down 20% on a really expensive item... took me 1 try and 30 seconds.

 

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[DeletedUser394]

I was wondering.....I primarily contact and make the deal via text or email....do you as well, or do you find you have more luck actually calling them on the phone?

Pretty much the same as you. There's an advantage with texting/email because I can make sure what the value of the item(s) is/are (reasearch) in between messages.

You can't do that nearly as efficiently on the phone. (especially when you're buying 20 items at once like I did yesterday).

If it's one item alone, and you already know the value of it, then phone is the way to go. You can actually 'read' people that way.

 

[biggeemac]

I see, so you said that you are shooting for 80% below asking.....so your profit is really only about 10%. You are shooting for volume rather than a single large profit....correct? I have been doing the opposite. Have had a little bit of luck, but not much. As I posted earlier......scored an iphone 4s for 450

 

[Whole Paradigm]

I believe he means on his purchase. If the asking price is $100 and he's only wanting to pay $90, he'll say $80 knowing that most will meet half-way. They will likely counter his $80 offer with $90 and he'll buy at what he wanted to begin with, $90.

Cory

 

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[DeletedUser394]

I see, so you said that you are shooting for 80% below asking.....so your profit is really only about 10%. You are shooting for volume rather than a single large profit....correct? I have been doing the opposite. Have had a little bit of luck, but not much. As I posted earlier......scored an iphone 4s for 450

No no, the 10%/20% example was just for the person that was asking for advice.

I stand to make a 400%-500% profit margin on the item I bought for 20% under asking price.

I don't really bother looking at an item unless I can at least double my money or more upon resale (unless the item is really expensive.. at this point 'really' expensive for me is anything over $500. At $500+ I'd look for 20%-50%+ margins.

I haven't a clue what an iphone is worth, hope that's a good dead.

 

[biggeemac]

Ok, but what if the person is asking 100 bucks for something that sells for 80 bucks on ebay? Thats one of the problems im running into. People asking over market value for their items. In their minds, pricing their items slighly below retail value is doing you a favor.

 

[biggeemac]

then I would say that you have you a nice little niche, because there is no way in hell thats gonna fly here in dallas. If I could find something that I could repeatedly do over and over and make a 50% profit, I would consider myself lucky.

 

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[DeletedUser394]

Ok, but what if the person is asking 100 bucks for something that sells for 80 bucks on ebay? Thats one of the problems im running into. People asking over market value for their items. In their minds, pricing their items slighly below retail value is doing you a favor.

I tell them to have a nice day, and that my offer (whatever it was) stands should they change their mind. Many people change their mind when they realize nobody but you has given them an offer.

The trick is to find the people (and they are out there) that either have no idea what they have, or know what they have, but don't care, and just want whatever it is out of their life/house.

With many things under $500 there's really no reason to lowball anyone, the money is there even if you pay what they ask.

Not sure about over $500 but I'll let you know when I get there.

 

[DeletedUser394]

then I would say that you have you a nice little niche, because there is no way in hell thats gonna fly here in dallas. If I could find something that I could repeatedly do over and over and make a 50% profit, I would consider myself lucky.

Not really a niche, consider I literally buy and sell anything and everything.

If Dallas doesn't work, the rest of the world is at your fingertips (internet).

 

[biggeemac]

I really am trying to understand.....I have been at this for two months with little luck..

The problem I am seeing with your figures (200-500% profit) is that virtually all people are selling items at or above market value in my area. You even said in an earlier post that a nin64 bundle with 4 controllers and 9 games is worth 150 bucks. I tested your figures and created a CL posting at 150 bucks.....not one single email about it. Dropped the price to 130....still not one single email. Like I said....you must just be living in the correct area and picked the correct item because what you are doing would not work where I am. Even on ebay....those things dont fetch the prices that you are claiming. The following ebay auction is the only thing that comes close to the numbers that you are getting....and its one big-a$$ lot.

LOT OF 2 NINTENDO 64 PIKACHU EDITION CONTROLLERS 15 GAMES MARIO KART POKEMON (045496850883) | eBay

 

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[DeletedUser394]

I get those figures on ALL items, not just games.

Buy anything in a 'lot' + sell whatever product you bought from that lot individually = profit.

Buy 10 snowboards for $1,000. Sell the 10 snowboards for $200 each. Make $1000 (or 100%). Really any product, it makes little difference.

Probably 25% of my inventory is games, I've transitioned to other things.

Out of curiousity, I looked at Dallas Craigslist and found dozens of deals (in most categories) in seconds. (200%+). Even found 2 goats (the actual animal) that you could flip for 100% hahahaha.

I think I need to start a consulting service on the side. Teach people how to look for deals in their area, and get payed for it.

EDIT: I just got an idea, I'm going to put up a teaching system/ebook and sell it (there is an obvious need between this thread, others, and PMs I've been getting. More $$$ and actually fastlane!!!! I barely do any work as it is, but with an information product I'll get payed for doing nothing, everytime someone buys a copy.

 

[biggeemac]

Actually, I also thought of creating a similar ebook on this subject....only problem is, im not successful at it. but that never stopped RK or any of the other guru's....lmbo !!!!!

 

[DeletedUser394]

So new goal to add to current.

$10,000 by June 1st (I'm between $1.5K-$2K after 2 weeks)
Ebook/Website up and running by January 1st

Closed 5 deals today, and sold something to someone before I even bought it off another person. This is an addiction hahaha.

 

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[biggeemac]

I definately need some help with this.....I think I have the ambition and the right idea but im not doing SOMETHING right.

 

[The Spark]

I have an Ipad 2 that I got at work for about 445$ (apple employee discount) I have thrown it on craigslist barter and gotten some interesting offers. Any ideas on best way to maximize this item that has serious value?

 

[oddball]

I have an Ipad 2 that I got at work for about 445$ (apple employee discount) I have thrown it on craigslist barter and gotten some interesting offers. Any ideas on best way to maximize this item that has serious value?

Honestly, just put in on craigslist with a couple decent pictures, a nice description, and it should sell pretty fast. iPad's are a hot item right now, especially if its an iPad 2.

 

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[oddball]

I definately need some help with this.....I think I have the ambition and the right idea but im not doing SOMETHING right.

Takes some time to get into the swing of things. Just always remember you don't have to buy any item so don't ever pay too much. It is all a numbers game, if you can buy it a price that gives your room for a nice profit, jump on it. Just keep searching for items, their are always deals out there. When you search CL, trying using these search terms:

Must sell
Need gone
ASAP
Mortgage
Divorce
Payments
Etc...etc...

I usually do this first so I can see right away some of the people who are in a bind for money and usually can talk them down quite a bit. Like Ryan said before, if someone denies your offer, don't play volleyball with them, just tell them the offer will still stand and you have cash.

 

[DeletedUser394]

Officially surpassed the $1,500 milestone. Took me a week and a half.

Made some sales that I turned around and poured directly into more inventory.

Inventory: $1,647
Cash: $125

Total: $1,772

 

[rc08234]

RyanDrake PM me if you can

 

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[Rickson9]

One of the more interesting threads in awhile. Good job Ryan!

To hell with semantixs

 

[Rickson9]

If you ever find yourself in Toronto give me a shout.

 

[Shades]

I definately need some help with this.....I think I have the ambition and the right idea but im not doing SOMETHING right.

I doubt your doing anything wrong. Last month was the first month I tried to do this, when someone posted a thread about it. Made $2000 profit in Id say about 5-6 hours of work. This month however ive made $75. Your at the mercy of your area. At the mercy of people selling things for a realistic price that you can still resell and make money on. Doesnt come around everyday.

Actually you will find that most people value things at far above what they are actually worth. I always hear "well I paid $500 for it 2 years ago so I want $400 for it" Even though the market only pays $200 for that product used. You have to keep in mind most people arent very intelligent, making deals harder not easier most of the time. Maybe thats rude, but its the truth.

I only will do a deal if I can make at least $60 off of it have shipping and fees. I also never resell on craigslist. I find that to consume much more of my time then simply putting it on ebay, then packing it and printing out the label in 10 minutes after it sells. Post office picks up your packages at your house for free.

Also if someone is making a bunch of money off of video games then more power to them. Thats a very tough way to go. Profit margins are usually very slim. But the thread starter seems to live in a area that pays top dollar for old games, you wont find that many places.

I think cell phones are the easiest way to start out. Smart phones to be exact. Very easy and cheap to ship and they are always in demand on ebay. Just check ebays completed listings before you buy it to see what the phone goes for, then get the seller to sell it to you for a price low enough that you can make at least $60.

Here is a handy calculator for seeing what you ebay and Paypal fees will be on a product before you buy it.

eBay Fees Calculator 8.2 by Ryan Olbe (updated July 12, 2011)

 

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[theBiz]

cellphones are probably the worst believe it or not... its a good market.. too good.

You need to start with ONE thing and know it like the back of your hand. Buy something that has some down time and market it better than the last guy. Not everyone is going to buy a generator everyday but it will sell.... a cellphone, that guy is getting 10s of calls per day. I remember one of the first things i did was a motorcycle for i think $500 and turned it into over 1k... not everyone buys that everyday, so that guy has trouble selling it NOW theres opportunity for you. If he has trouble selling it why would you buy it? Because he has crap pictures up and isnt listing it enough, not picking up his phone enough/bad negotiator. Theres money to be made on cell phones and such but its stressful and when your half way there they got a call for a higher offer etc.

 

[biggeemac]

Actually, smart phones seems to be one that im doing right. Picked up another iphone 4 last night for 220. It will sell for 420 on ebay or better. Almost had another one too.