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  1. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    So as of the end of July, I was up $570 as compared to the beginning of the month. This seems to be a plateau - for the last few months I seem to be getting to around +$600 by the end of the month. To push beyond this plateau I have a couple of ideas. I used to track net profit for the month...
  2. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Paid bike shop tab -$90 Amazon paid out $60 So July = +$570 Also found a free bike on my walk this morning that should get a quick $40-$50.
  3. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Amazon paid out $20, so July = +$620
  4. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    I think someone just offered me Dracula's watch as a trade for a bike: "I have a 24k gold watch that came from NW part of Romania, from the Dragu family same area as Vlad." ???
  5. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Sold bike basket for $15, so July = +$600.
  6. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Overall I'd say maybe avoid bikes that need work, especially if you're just starting out. In which case that beach cruiser is a better starting point. Even if you got the cruiser for $75 and sold for $100, getting momentum and cash is a better way to get started. You could get the Norco and then...
  7. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Here's what I'd do. Spend some time looking over the bike. Even if you don't know what you're looking for. Ask him some questions designed to get him to point out what's wrong with it, eg. "You said it needs a tune up?", "You said something was broken?" (You know it's the brake lever but get him...
  8. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    When they say firm, I usually find they won't move on price in advance, but maybe in person. The Norco is probably about a 2002 model, so when you get there you can say "well, it's a nice bike, but it's like ten years old and needs work. I can give you $160 cash right now and take it away, but...
  9. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    When they say firm, I usually find they won't move on price in advance, but maybe in person. The Norco is probably about a 2002 model, so when you get there you can say "well, it's a nice bike, but it's like ten years old and needs work. I can give you $180 cash right now and take it away, but...
  10. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    For folding bikes - I haven't bought and sold one yet, but I'd say they're $100 in good working condition. So if you can get around $50 probably an ok buy - but try to stay away from weird bikes and weird sizes in general.
  11. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    I'd pass on the Higgins - stupid looking handlebars and horn, probably why it hasn't sold. I'd also pass on the rusty "old bike" - mostly because cruisers aren't super popular in Victoria (not great on hills). With a cruiser I'd want one that doesn't need work, and I'd be planning to sell it...
  12. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Also, to keep you updated, I bought a Peugeot 10 speed for $60, so July = +$485, removed the rear rack and basket that I'll sell separately, put air in the tires and sold it for $200, so July = +$685. Also bought a Nishiki 10 speed for $75, so July = +$615. Also spent $30 at thrift store...
  13. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Same area? How close? I'd be happy to help. There's a bunch of different things I'm looking at, might depend on what you mean. First of all, I'm looking at price of course. I use Blogtrottr to send me an email every time a bike is posted to Craigslist, UsedVictoria, or Kijiji. I check all...
  14. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Sold three junky mountain bikes for $40, so July = +$545
  15. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Thanks jockinbox, yeah I'm thinking the "best price" thing might work best in person (putting them on the spot), and instead lowball by email.
  16. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Kijiji isn't used much here, most popular is usedvictoria.com, but craigslist here gets enough traffic to be worthwhile too. I also find that people new to the city (students) aren't aware of usedvictoria, so you can find or make good deals on craigslist, where they'll tend to look first.
  17. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Sold a pair of ten speeds for $150, so that puts me at $625, but then bought a (better) ten speed for $120, so July = +$505. The two ten speeds I sold needed parts and a bunch of work, while the one I just bought will be just tape tires and cables, and then I think will sell for $200. Cost for...
  18. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    I'm trying to figure out whether it's better to ask for their best price first, or lowball first. In the past I've generally only negotiated in person, by asking for their best price. I've often been surprised by their answer, and have been able to negotiate lower than their best price after...
  19. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    I agree with the anchoring idea - except that I think the part about "other phones are going for x" might turn people off - because you're telling them they're wrong. You could potentially get someone to anchor lower by asking for a better price first. How about: "Hello! I've got cash to buy...
  20. adamhenry

    Bicycle hustling for fun and profit

    EXECUTION 
    Thanks for the comment! That's my theory - if I can flip bicycles, cell phones, appliances or goats, why not real estate or businesses? If my goal is to increase my net $ each month, I think I'll naturally move to different categories. If I look to make $50/flip, then $100/flip, and then am...

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