GloryDogs' Bootstrapping Diary

[Glorydog]

At this point in my life, there isn't a whole lot I can do. I am 18, still in high school and live with my parents with no job. I have two options: Learn what I can do when I have established credit and built up capital, etc, etc OR I can focus on what I can do now. Well, that's the way most people see it. I choose to do both. While soaking up all of the information I can and working on a project I'll probably disclose later on, I'm going to do the popular Craigslist bootstrapping method of flipping items. Here is my diary, it is really for me to keep track of what I've done, but I figured maybe it could provide some entertainment/ education to somebody out there. Without further ado, let's begin.


Starting with $100 on 2/25/15:

2/25/15: Bought a PlayStation Vita from a car salesman. Cost: $100.

3/2/15: Decided to hold onto it until I got what I wanted and play with it in the mean time (Pretty cool gadget) Sold: $140 (Total Profits: $40)

3/2/15: Bought iPhone 4S from very foul smelling guy. Cost: $100

3/3/15: Sold iPhone 4S. Sold: $150 (Total Profits: $90)

3/3/15: Decided to increase capital. Borrowed $160 to be repaid as $170 tomorrow. Bought two iPhone 5(s). First guy appeared to be fairly wealthy. I had to email him to buy the phone. The second person was a Hispanic girl around my age. Apparently just got back from California because she forgot to delete her photos from vaction! Cost: $150 + $175 = $325.

3/4/15: It's really snowy, so it may affect sales.
Sold Black iPhone 5: $215 (Total Profits: $135)

3/8/15: Went to my mock trial competition from 3/5 to 3/7. Since I was out of town, I didn't sell the white iPhone 5 until today.
Sold White iPhone 5: $180 (Total Profits: $165)

3/9/15: 4:30 PM - Bought a pink iPhone 5c from a hotel worker. Cost: $180

3/9/15: 4:33 PM - Sold the pink iPhone 5c to a lady that happened to call me as I was meeting up with the person I bought the iPhone from. Even better, she was literally two blocks away from the location I was buying the phone. I never even posted an ad! (She contacted me about an ad I had forgot to delete)
Sold pink iPhone 5c: $220 (Total profits: $205)

A little note. Since this is my only wealth, I am forced to use it on expenses like gas. I also had to spend some while at the competition because I obviously had to eat. From here on out, I will start posting what I am currently using as capital.

3/10/15: Bought PS3 with tons of accessories. Was about an hour round trip.
Cost: $150

3/11/15: Sold PS3 with accessories to a guy that looked like a cholo. He was pretty nice, though.
Sold PS3: $220 (Total Profits: $275)

3/11/15: Bought iPhone 5. Cost: $200

3/11/15: Sold iPhone 5: $220. (Total Profits: $295)

Currently working with $280.

3/12/15: Bought a 42 inch TV from a really nice, chill couple. The guy was drunk, and the woman had a very thick southern accent. Pretty nice people. I like getting to connect with so many people since I've been doing this. Many people are pretty cool to talk to. ---- Back on topic: Cost: $130

3/13/15: Friday the 13th! I was sure I was going to be murdered when I let a guy come to my house to pick up the TV, since I didn't want to deliver. He spared my life, though.
Sold TV: $175 (Total Profits: $340)

3/13/15: Bought iPhone 4S from a lady I met on 3/12 but could not remember her password. I bought the phone and ended up spending the rest of the day trying to fix it after I got an error when attempting to restore it. Finally, thanks to being tech savvy, I was able to fix it around 10 PM.
Cost: $100

3/13/15: Bought a laptop from a couple with a baby at McDonald's. I don't really have a lot of experience in the computer market, but I guess I'll give it a go!
cost: $85

 

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[sQri]

I like these kind of threads, but I think, there are some minor flaws in your process.

I would never buy one item with the full amount of your money. As you experienced, the cash was stuck in it for a whole week, while you cant buy anything.

Then, never fall in love with your stuff, and play with or use it. It is strictly for selling.

And why borrow Cash, if you pay 10$ for it?

 

[Glorydog]

I like these kind of threads, but I think, there are some minor flaws in your process.

I would never buy one item with the full amount of your money. As you experienced, the cash was stuck in it for a whole week, while you cant buy anything.

Then, never fall in love with your stuff, and play with or use it. It is strictly for selling.

And why borrow Cash, if you pay 10$ for it?

Because I'll make $40-$70 on the money I borrowed. He didn't ask to be repaid extra, I just offered it because I hate borrowing money so I thought it would be the right thing to do.

I've always done these types of things. I started flipping stuff at about 14. I had more than $100, that's just what I decided to start with (Not a lot more, though Lol). Try to make a game out of it.
You're right, you shouldn't fall in love with your stuff. But, I figure I might as well play with it until it sells. I know I can't keep it so I don't get attached.

When I bought the Vita, I was sort of using it as a way for me to keep cash out of my wallet while making a bit extra. I decided to actually start doing this the day I sold the Vita.

Thanks for your response!

 

[thidr0]

Why do you think the people who sell you something (like an iPhone) don't just sell it at the higher price that you do?

 

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[Glorydog]

Why do you think the people who sell you something (like an iPhone) don't just sell it at the higher price that you do?

I've always wondered this. Maybe because they see dollar signs selling their old crap when I give them my offer and they take it right away. Really the only way I have been able to rationalize it lol

 

[Journey2Million$]

Try dumpster diving. This guy makes $2500/night just doing it part time.
http://www.wired.com/2015/02/high-end-dumpster-diving-matt-malone/
If you try this let us know how it works out. There's also videos of dumpster divers on Youtube. I saw one woman find two mac books and an ipod. Recently some teen on this forum said he found a lot of dancing water speakers at a warehouse dumpster. He fixed them and sold them. I wish I had found out about this a long time ago. I could have used the money when I had no income. Also you're forgetting about all the ways to make money on the internet.

 

[Glorydog]

Try dumpster diving. This guy makes $2500/night just doing it part time.
http://www.wired.com/2015/02/high-end-dumpster-diving-matt-malone/
If you try this let us know how it works out. There's also videos of dumpster divers on Youtube. I saw one woman find two mac books and an ipod. Recently some teen on this forum said he found a lot of dancing water speakers at a warehouse dumpster. He fixed them and sold them. I wish I had found out about this a long time ago. I could have used the money when I had no income. Also you're forgetting about all the ways to make money on the internet.

Thanks for the advice! I'm sure there is money to be made in dumpster diving! However, I cannot bring myself to dig through the trash LOL! There are many ways to make money on the internet. I'm currently working an a method of passive income that can net me ~$400/mo per computer.



Side note: Some guy that always tries to sell his phones for twice the going rate reported me to the admins and got me banned on the largest Facebook group in my area for selling things. Those Facebook Admins walk around their groups like the sheriff of the wild west, and I thought that before they kicked me off.

 

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[Ron Dee]

On the FB selling groups I frequent everyone wants retail price for there used items. If you shoot them a realistic (not even a lowball) offer they get all offended.

 

[Glorydog]

On the FB selling groups I frequent everyone wants retail price for there used items. If you shoot them a realistic (not even a lowball) offer they get all offended.

Haha yeah, sometimes! I mostly sell on there. People seem to pay a little more, I'm guessing people will pay a premium for knowing exactly who they will be meeting!

 

[smartman]

Borrowing money was smart. Who cares about interest? the rule of flipping is to never turn down a profit. So you're already a few lessons ahead Of other people just starting. Good job.

I hate fb sales pages. I would suggest sticking with craigslist. More people see your ads and it means less time spent on small minded fools that run fb groups.

 

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[Glorydog]

Borrowing money was smart. Who cares about interest? the rule of flipping is to never turn down a profit. So you're already a few lessons ahead Of other people just starting. Good job.

I hate fb sales pages. I would suggest sticking with craigslist. More people see your ads and it means less time spent on small minded fools that run fb groups.

Thanks! I have it posted on both sites. I seem to be getting more hits on my Facebook posts, though. Strange.

 

[Glorydog]

Added new sale.

 

[Glorydog]

New entry

 

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[Glorydog]

How can I edit the post? The option to edit is no longer available, and I have more entries.

 

[P3HSB]

How can I edit the post? The option to edit is no longer available, and I have more entries.

Just continue your entries with a new post.

 

[Glorydog]

Entries Continued
​

3/14 - Bought an iPhone 5S. The girl was about my age, but she wouldn't let me touch it until I paid her lol...
Cost: $275

3/14 - Sold iPhone 4S: $150 Profit: $50 (Total Profit: $390)

3/16 - Had a lot of trouble selling the 5S and it cost me a lot of money. Decided to dump it for $280. Profit: $5 (Total Profits: $395)

3/16 - Sold the laptop. The guy didn't even open it to look at it.
Sold: $120 Profit: $35 (Total Profits: $430)

3/17 - Bought iPhone 5 from a guy at the university. He only had $5 on him and couldn't make change for a 20, so I wan't able to pay $150 like we agreed, but since the price was already so low, I went ahead and paid $155.
Cost: $155

3/17 - Sold iPhone 5. The buyer was from a Facebook site, so I was able to see who I was meeting. He was a scary looking buyer guy on Facebook, but when I met with him, he was a soft spoken guy with slicked back hair and a sweater vest. Very different from his Facebook page! Anyway,
Sold iPhone 5: $220 - Profit $65 (Total Profit: $495)

 

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[EarnStackEnjoy]

Inspiring. Keep up the good work! I will follow you.

 

[Maka702]

Keep it up. Not something I'll get into seems to crowded but all power to the people grinding it out!

 

[Glorydog]

Keep it up. Not something I'll get into seems to crowded but all power to the people grinding it out!

Flipping the phones is very crowded. But if you don't strictly do phones, there is plenty of room!

 

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[Glorydog]

Is there anyway I can get an admin to edit my thread and instruct readers to scroll down to read the continuation of the diary? I expected to be able to continuously modify the OP for as long as I wanted.

@MJ DeMarco @Vigilante

 

[MJ DeMarco]

readers to scroll down to read the continuation of the diary?

A diary has multiple entries. Readers know how to scroll through it assuming you keep making posts/entries/notes.

 

[Glorydog]

3/18 - Bought 2 iPhone 4S Cost: $200
3/18 - Sold 2 iPhone 4S: $300 Profit: $100 (Net Profit:$585)

3/19 - Bought iPhone 5C - Cost $190
3/19 - Sold iPhone 5C - $230 - Profit: $40 (Net Profit: $625)
3/19 - Bought iPhone 4S - Cost $100
3/19 - Sold iPhone 4S: $130 - Profit: $30 (Net Profit $655)

3/20: Gonna list all I've bought and then all I've sold since I've gotten a lot done today.
Bought: iPhone 5 - $200
Bought: iPhone 5 - $150
Bought: iPhone 5c - $190
Bought: iPhone 4S - $100

Sold: iPhone 5 - $230 - Profit: $30 ( Net Profit: $685)
Sold: iPhone 4S - $125 - Profit: $25 (Net Profit: $710)

 

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[Glorydog]

Finally back. After a great Spring Break, I'm back at it!

From here on out, I'm just going to start copying from my spreadsheet.

Date Item Buy Sell Profit Net Profit
3/20/2015 iPhone 4S 100 125 25 735
3/27/2015 iPhone 4S Trade iPhone 5 150 0 735
4/1/2015 iPhone 5c 180 220 40 775
4/1/2015 iPhone 5S 225 280 55 830
4/4/2015 iPhone 4/4S 140 Trade 5c Trade Trade
4/5/2015 iPhone 5c Trade(140) 210 70 900
4/5/2015 iPhone 5 190

I've gotten the bank to extend me $400 overdraft protection. Basically, I can borrow $400 at any time, with no fee if I pay it back within 24 hours. $17 fee if I don't, with a month to pay it off. I rarely sell products for less than $17 profit, so if I end up sitting on it, I should be fine. Not really something that I NEED, but it's nice to know that if I have all of my cash in product, I don't have to miss out on that $225 iPhone 5S that goes for much more on any given day.

On a side note, I'd like to take a conversation I had with my girlfriend on this topic. Basically, she knocked what I'm doing because "It isn't secure, you don't know if that is going to sell or not." I combated with "While it may not sell today (My products often sell within 24 hours), it will sell soon. The market isn't going anywhere." She tries to be supportive, but she really doesn't understand my entrepreneurial mindset. Some people just don't, I guess. Please don't take this opportunity to tell me that she is dragging me down or something of the like, this is only a small excerpt from a much bigger picture.

Looking to order mostly from reputable suppliers on eBay soon. Eliminate a lot of footwork on my part. But right now, time is money, and I don't got a lot of either!

I just keep thinking of side notes! I've recently met with one of the larger dealers in my area, who told me that last year he cleared $1.2M in gross sales. I think I'll keep him in my Rolodex


Anyway, I hope you all are enjoying my diary


PSS - How can I better upload my spreadsheet? It's on Google Sheets. I just noticed that the spacing is not working as it should... I'll just upload an image for now so that everyone can see it.

 

[Glorydog]

Ever since Spring Break, things have slowed down ALOT. I'm not making nearly as much money as I was before. I feel like the farmer in the farmer's market whose booth nobody stops at. I guess I'm going to have to look for ways to separate from the pack even more.

I broke my own rule of never buying damaged phones. I guess that gets me into repairing now, which actually isn't all that difficult. I'm considering buying a lot of iPhone 5 screens and starting to buy iPhones with cracked screens at a highly discounted price. The repair is pretty easy, and doesn't take but like 10 minutes.

On a positive note, I finally put some of the money I've made from this and put it toward my start up. I purchased a domain and built the website with one of those website builders. The business isn't internet based, but considering my target audience, it is necessary to appear as professional as possible. I don't want to go too far into any of this, I may make a separate progress thread for the start up once I get further along into the process.

Anyway, without further ado, here is a photo of my spreadsheet since I last posted.

 

[Glorydog]

Things have been a lot slower recently. Prices have been falling for the past couple of weeks, so I've started buying lower than before. This way, I can provide lower prices and not sit on products for a week like I have for the past couple of weeks.

Because of the slowness of things, the thought of giving this up has crossed my mind. The same day that the thought crossed my mind, I made a flip for $200, which got me motivated again. This is my biggest flip to date. I'm getting close to the point where I will be able to start trying cars and higher priced items. I'm also getting to the point where I can do larger orders on eBay and eliminate a lot of foot work.

On another note, I've passed $1,200 in total profits. I believe the total sales added up to $5,860.

Here is my updated sheet:

 

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[gabeBenitez]

Not bad! You've racked up some good cash from nothing.

Noticing any trends in your area in different Craigslist/FB buy sell markets?

Here in Dallas I noticed premium items tend to be where you can make money on a buy, and nearly all other items tend to be placed closer to fair market value.

Just something you might want to take a look at and see if you can pick up some money flipping more expensive items now that your capital has grown considerably.

 

[Glorydog]

Not bad! You've racked up some good cash from nothing.

Noticing any trends in your area in different Craigslist/FB buy sell markets?

Here in Dallas I noticed premium items tend to be where you can make money on a buy, and nearly all other items tend to be placed closer to fair market value.

Just something you might want to take a look at and see if you can pick up some money flipping more expensive items now that your capital has grown considerably.

What do you mean by premium items? Things like high end watches? I wouldn't want to get into buying/selling things I don't know anything about, but I guess I could learn.

I've noticed that the market values on phones is going down considerably in my area right now. Thursdays tend to be the day I get really good deals, which is convenient considering that Fridays and Saturdays are my biggest selling days.

 

[gabeBenitez]

What do you mean by premium items? Things like high end watches? I wouldn't want to get into buying/selling things I don't know anything about, but I guess I could learn.

I've noticed that the market values on phones is going down considerably in my area right now. Thursdays tend to be the day I get really good deals, which is convenient considering that Fridays and Saturdays are my biggest selling days.

Exactly. For example, a 100 dollar bike might be flippable for 20 dollar profit, but people here sell 800 dollar carbon fiber frames that could sell for 1100. Just keep your eyes peeled and get to know your market.

 

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[Glorydog]

Things haven't been too bad lately. I've been intentionally slow this week to make sure that I have enough cash for prom on Saturday. I got a really good deal on a couple of galaxies from a lady who upgraded their phones. I always love it when people financed their phones with their phone bill and paid them off and don't really know what they're worth because they bought them under contract. So they let them go for basically anything because it seems like it's free money for them. But anyway, I got a 2 for 1 deal and the same day that I met with them, a couple happened to contact me asking for some Galaxies. I ended up cutting them a good deal on them because it was such an easy flip for me. I never even had to post an ad and I love NOT posting ads.

I've applied at some of the phone shops in the area. They all need cell phone technicians which is fancy term for a phone repair man. With May 1st (Tomorrow) being my last day of school, I plan to go on full time at one of them. This is a pretty good job for me because it will help me gain even more knowledge and experience to scale my own gig. Of course, they told me the don't want me doing this side gig anymore once I get hired. I don't see myself stopping, just doing it in a way that they won't be able to find out. I'll probably just do mostly eBay sales when I get hired, which will be pretty convenient for me anyway.

I feel that in the next two years, I can take over the industry in my area. I've got tons of scale ideas, and I really like this industry, so I think I may turn this from a bootstrap method to a business. Probably won't be fastlane, but hey, it's something. I can always scale, adjust, and tweak things later. Or, I could just start another business. I mean, the possibilities are really endless... But I'm babbling.

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