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

Birdem · Feb 1, 2012

I met him on hes block but ur right, I should have tested it before hand. Trust me ill get my money back hard way or the easy way. I could fix the product but it will be a lost instead of a gain. Worse case will be he doesnt show up today and I gotta buy two parts. The other lesson I learned how important it is to do your homework on certain products ways you can be scammed. I will let you guys know what happened tonight if i actually got my money back or not. Ps when dealing with certain products do you guys suggest that we have our products tested to see how real they are for example say you buy gucci shoes do you think we should meet at a gucci store to ask the salesmen there. Ps my writing may not be clear because im writing on my phone thnx.

Rickson9 · Feb 1, 2012

The rule of thumb in investing is that one shouldn't buy an asset that one is unfamiliar with. Now, if you want to be familiar with an asset, then it will cost something - either time, money, or both.

T&R · Feb 1, 2012

MJDeMarco said:
Robberies By Appointment - Craigslist Robberies on the Upswing
Just for all your hustlers; be careful out there!
Robberies By Appointment - Craigslist Robberies on the Upswing

I have been robbed at gunpoint during a Craigslist transaction in Tucson selling a popular video game console right after it first launched. Not a fun experience and the cops did absolutely nothing. Guy used a prepaid phone the entire time, had a car waiting around the corner. Didn't give two shits about being in a public place. Doesn't matter where you meet, keep your goods hidden and away until they show proof of funds. I would go as far as to remove very expensive items from their original boxes until you talk and feel them out in person.

This could be turned into a business model. A safe place where two parties can perform a transaction for only a very small fee. This could be opened in a strip mall type place. There are surely some bigger money transactions, think ATVs, jewelry, electronics, where people would pay to trade safely with no risk of robbery to either party.

Joehenny · Feb 1, 2012

Also I found another goldmine, I went to the goodwill warehouse today
where they auction off palets and found a whole lot of couches, appliances
and dining sets. You could sell all those 100 bucks a piece since most of
them sell for about 30 bucks.

My money is all tied up right now in stupid a$$ ebay. Definitely going to
make a fund for Craigslist flip money and one for ebay flip money and
also open up a separate bank account from the one that my money
from job is deposited in.

DeletedUser394 · Feb 1, 2012

To anyone and everyone posting their deals, and plans, and what not in this thread. Please post your deals in this thread https://www.thefastlaneforum.com/pr...multiply-100-buying-reselling-craigslist.html or start your own.

Truthfully, I don't really have much interest in what any of you are doing as it relates to this. If it inspires someone to do something, great but I'd rather not hear about it.

And please everyone stop sending me private messages.

This is supposed to be a progress thread, and yet I need to cycle through 19 pages just to see my own posts in order to track my progress.

Icy · Feb 1, 2012

RyanDrake said:
Truthfully, I don't really have much interest in what any of you are doing as it relates to this. If it inspires someone to do something, great but I'd rather not hear about it.

And please everyone stop sending me private messages.

This is supposed to be a progress thread, and yet I need to cycle through 19 pages just to see my own posts in order to track my progress.

Expecting others to not post thoughts, and talking in a great thread is asking for the impossible. It'd probably be better to start keeping your post organized in app, and just copy+pasting here. Plus, if anything happens to the forum you'll still have all your progress!

DeletedUser394 · Feb 1, 2012

Icy said:
Expecting others to not post thoughts, and talking in a great thread is asking for the impossible. It'd probably be better to start keeping your post organized in app, and just copy+pasting here. Plus, if anything happens to the forum you'll still have all your progress!

Yeah, disregard my post entirely.

Honestly, I'm frustrated at the moment and frustrated with myself. I'll work through it.

DeletedUser394 · Feb 2, 2012

Took a massive hit for reasons I will not disclose. Depressed.

Inventory ~$4000
Cash: $0.

Looks like I need to dust myself off and keep going.

DeletedUser394 · Feb 2, 2012

So here it is. Not even sure where I’m going with this, but here we go. The fact that I made any money at all was thanks in large part to dumb luck.

It was dumb luck that I happened to decide one day in early december to sell some video games. It was dumb luck that I used that money to buy some undervalued game bundles from other people to resell. It was dumb luck that this all happened in the rush before and up to Christmas, when I was making on average 2 deals a day.

My first mistake was not keeping track of the flow of money. I really have no idea how much I spent and how much return on investment it yielded. I have no idea where some of the money is and/or went.

If I’m to push ahead with this, I’m instituting some kind of accounting structure to keep track of the money.

Also, because I didn’t have a job during these past few months, a lot of that money generated needed to be used to sustain some living expenses.

I have no idea if I made $1k or $10k during that time.

Second mistake was purchasing inventory just because it was cheap and plentiful. I now have 130 pairs of shoes, of which I’ve been able to sell none thus far.

If I would do it over, it would be in something that I know there is always a market for and that I’ve had success with in the past. Also the dollar amount/item needs to be higher. (I purchased at $5/pair and retail is only $30/pair).

Fourth mistake was being lazy. Not posting in days, not having a strategy, not keeping track of the money, not actively searching deals. This has plagued me this past month.

Most of the ‘success’ I’ve had thus far was largely a consequence of dumb luck and doing the right things at the right time. Luck runs out.

It’s the same stupid cycle with me all the time.

And want to know why I really started this thread? It was simply to generate speed and likes (which is partially also why I’m writing this to be honest). Why? Because it’s easier to build fake accomplishments and accolades in pretend worlds than in the real world. My real life is so anti climatic that by building these stupid profiles online (facebook would be an example.. at one point had over 1500+ ‘friends’. Fact is I probably have 5 good friends) somehow fill that void. This forum is another example. Why do I post? Not to help people, but to build that ultimately worthless ‘speed scale’ and collect ‘thanks’. My ‘thanks’ shot up 250+ as a result of this thread (pathetic how I keep track eh?)

So here’s the update. I have just under $4,000 worth of brand new shoes that I’ve yet to be able to sell even one pair of, I have effectively zero working capital, but at least I have a job, so if I manage to hold this job and not quit like an idiot, then I’ll have some capital.

You know, I’ve been trying so hard to pretend to be some big shot. Trying to be someone I’m not. Fact is, I’m just some kid (who was previously jobless), living with family.

So there, the secrets out. I collect insignificant accolades on the internet in order to somehow fill the void of my mostly insignificant life.

No, I’m not seeking sympathy. Yes I will push forward, yes I will make it to the $10k original goal eventually, but this thread and every other thread was created with the sole intention of generating what I said above.

I think it would be healthier if I actually stopped posting, and actually started hustling.

Because at a fundamental level, why am I posting my progress (and regression)? All it’s doing is creating more competitors.. and for what, so I can collect a few more ‘likes’? I'd rather take dollars over 'thanks' any day.

Real success is more important to me, so I guess I need to start acting like it.

I spend more time updating this thread and browsing the forum and other websites (like facebook) incessantly than actually doing anything. I spend a good long while thinking up the next facebook status update to see how many 'likes' I can generate. It's all crap.

No longer posting in this thread. If and when I reach the goal, I'll let you know. Otherwise, that's it for me here because this (my actions and inactions) are getting to be ridiculous.

Please don't like this post.. it would play right into why I'm posting it in the first place.

MikeC · Feb 2, 2012

Sounds exactly like me. If I didn't waste countless hours "web surfing," I'd be rich as F*ck by now.

You can look at this two ways:

1) I am a complete failure and had only minor success through dumb luck.
2) This $4,000 worth of shoes is real, tangible evidence that I'm willing to take massive action towards reaching my goals.

I'd recommend programming yourself to feel like a badass whenever you look at those shoes. This is the fastlane – you're not expected to succeed the first time. It's not easy.

But you got $4k worth of shoes in one month (starting from broke). That's pretty damn impressive. That's success.

Wanting social proof is nothing to be ashamed about. Speed and "thanks" only exists to encourage people to post shit like this in the first place. It's because in the vast majority of cases, giving people an incentive to post valuable information works like a charm.

And I guarantee you're not the only one who posts stuff on Facebook looking for likes. Because I do that and I'm not unique.

Don't be so hard on yourself. You accomplished a shitton. You may have started this post with the intention of getting speed+thanks, but I (and others) gained a ton of value from it. This thread has motivated me to get off my a$$ and do something multiple times.

Feel like a badass, take what you learned and keep on going. And make a thread next time you do something cool, because I want to read it.

kwerner · Feb 2, 2012

Ryan, Ryan, Ryan... You've experienced what is known as a SETBACK. Don't F*cking beat yourself up over it.

Think of everything you have learned over the last 30 days or so with this experiment and ask yourself "Am I better off having this experience and now knowing what works and what doesn't work?".

To quote Alfred Lord Tennyson:

"I hold it true, whate'er befall;
I feel it, when I sorrow most;
'Tis better to have loved and lost
Than never to have loved at all."

The same can be be said with this experience. You are better off having tried, than never to have tried at all.

If the shoes are holding you up, sell the damn things on ebay at your cost (even in a lot if you have to) just so you can regain your capital then invest it in inventory that moves faster / sells better.

P.S. - Have you ever heard of Dell computers?

Did you know that the founder, Michael Dell, experienced the same damn thing you just did, about holding inventory too long? He credits his learning how to keep a bare minimum of inventory on hand and as one of the biggest reasons for his company's success. You should pick up his book "Direct From Dell" sometime, it's a great read and heck you can find it on Amazon for a penny. And best of all, you didn't have to spend millions learning that lesson like Dell did, and you learned it a heck of a lot younger than he did too, so you're way ahead of the curve dude.

karakoram · Feb 2, 2012

If you can't sell the shoes locally, eBay them for whatever you can get for them. Otherwise they are useless and you should just donate them to get rid of them.

Become an expert in a certain area that most others are not. I hustled camera lenses a few years ago, and I stuck with only a certain brand. Made $100 to $400 per lens. Lenses are pretty technical due to an overwhelming variety of types, sizes, models, etc. and I also had to learn how to inspect them properly (how to inspect the inside). Also, hustling this type of item requires that I invest in equipment to keep permanently so that I can test things. For example, I needed a DSLR body that has a built in focus-motor to test older SLR lenses that don't have built in motors. Cheaper DSLR bodies don't have motors. If I wanted to buy/sell 2 different brands (2 different mounts) I had to have 2 bodies.

I was really into photography as a hobby at that time, so I was having fun learning everything I could about equipment and lenses. I spent many hours reading about lenses online, especially lenses no longer made, but still have lots of value. Also, I discovered that a lot of people don't know that 35mm SLR lenses work on digital SLR cameras (if the mounts match), so they tended to undervalue older lenses quite a bit. Actually, some 35mm SLR's still have value, as well as larger medium format and large format cameras.

I remember one time I bought a couple of pro-grade lenses from a guy I found on craigslist. I offered him fairly low $, and he said he knew what they would sell for on eBay, so he would not sell them to me for that. I was very polite and asked him to call me if he changed his mind. A few days later he called and we did the deal. [there's a lesson here]

I asked him why he didn't sell them on eBay, and he said he didn't want to deal with the hassle. I then immediately sold both lenses for a $475 profit after eBay/paypal/shipping fees (box). I suspect his real reason is that he didn't know how to get top dollar for an item on eBay, and he couldn't get a better price on CL in my area than I offered him. My city is a bit small.

There's an additional lesson here. One of the lenses sold for $750 and I regretted selling it because it was such a great lens, so months later, I was in the camera store, and I noticed they had the same make/model of lens on consignment. I bought it for $860 (so I undersold the first one I had), used it for a year, then bought a different lens brand new that did the same job plus more, and so I sold the lens for $1250 on eBay (the same lens I bought for $860, and the same make/model as the first lens). I obviously undersold the first lens by quite a bit, though the lens may have appreciated in value. I won't get into the reasons for appreciation, but I have an idea of why based on my knowledge of these lenses.

Another time, I bought a 35mm SLR for $300. I sold the 35mm body on eBay for $485 (gross, or before subtracting costs).

Another time, I bought a 35mm SLR + Lens for $150. Sold the 35mm body for $175 (gross) I used the lens as it happened to be one I wanted for my own photography. I used it for 1-2 years and sold it for $251.50. I called it my "free lens" when I still had it.

All was not perfect. At some point, I ended up being stuck with the crappier 35mm cameras and lenses. I practically gave those away to get rid of them. These losses are figured into my bottom line P&L as they had costs to buy, but nothing shown as sold price in my spreadsheet.

I figured out where I went wrong on these particular items, so I won't make that mistake again. The key is really educating myself about the product I am buying/selling, especially if it is expensive and technical. If I were to hustle again, I have a list of rules that I would not violate based on my experience and knowledge I gained in the past doing this.

Another tip is knowing how to get top dollar for an item in an eBay auction. I am really good at this, though setting up eBay auctions takes a lot of time, unless you are selling exactly the same thing over and over.

This was 3 years ago, but I kept a spreadsheet of all my purchases/sales including costs, so I know exactly what I made.

Joehenny · Feb 2, 2012

I've been keeping it simple. not buying anymore product until my original money comes back.
I have a sheet where I write down all my buys though, going to really up my game in it soon
since I'll be coming into a few lumps sums of cash at once. I really am only into two areas
right now though so that I could specialize.

Rickson9 · Feb 2, 2012

Seeking attention is a fundamental need of the ego which most have the toughest time attempting to manage. The irony is that the more intelligent, successful, accomplished the individual, the harder time they will have managing it. Most will fail at controlling this instinct despite their intelligence.

We call ourselves human beings, but that is a misnomer. We rarely examine 'being' because the instict of 'doing' is too strong to overcome. Thousands of years of genetics and evolution are working against us.

JEdwards · Feb 2, 2012

Ryan good luck.

Anon3587x · Feb 2, 2012

I was easily able to flip the ps3 controllers.

Vigilante · Feb 2, 2012

Ryan. You're 19. I can assure you that I have had failures that make your short term setback look like a Sunday drive.

Get rid of the bullshit defeatist attitude, pick yourself up again by the bootstraps (because by now you know nobody else is going to do it for you), stop feeling like a loser, stop posting like a loser, and carry on.

It wasn't luck. It was seasonality (timing) + hustle. You may have underestimated the significance of the seasonality curve, but live and learn. Do it better next year, and get yourself in position to have a bigger bank roll by then (if you are still interested).

Don't discourage other people by shitting on your own dreams. Life is too short. Knock of the bullshit "I'm a kid and a poser" attitude. I don't care how old you are. You now have a few more war scars on you, and that will make you stronger.

Get back in the game. If you can, edit a few of the posts above to be less hard on yourself. You screwed something up along the way. Good for you. You learned something.

So you got in over your head on the shoes. Get rid of them. List them as a wholesale lot on eBay. Donate them somewhere and take the tax write-off. It's not the end of the world.

Do you know how many times I had to fail before I got shit straight? You are not the first one to crash and burn.

Stop the self pity. Stop the soul baring. Get back in the game and cut the shit. Knowing how to talk the talk is the beginning of the game.

I've enjoyed your posts. You got "likes" because you were trying to make things happen. So go make shit happen, and make your own LIKES.

Hang in there kid.

Kak · Feb 2, 2012

I suggest you apply for a credit card for this purpose. If you can flip the goods at a profit in a month you don't have to pay any interest. I honestly think this is about one of the best ways to use credit card. Eventually if you use it a lot you will get a big limit. Then you can buy more expensive things to flip at a profit. Shit if you got really good at doing it in under 30 days you could get an AMEX and flip undervalued cars, boats, tractors, industrial shit. I guess the trick would be to advertise it at your price before you even acquire it.

Bo_ · Feb 3, 2012

I could tell when you were dissing me just because I was "another teenager". I don't think you even remember.

Ryan imo the biggest reward you've gotten in this thread is the realization that this entire thing was just a way to boost your ego. I've had similar sentiments. I assure you this isn't self-pity, it's self-awareness. The more self-aware you are, the more you can change about your life, and eventually the more successful you can be in all areas in life. Getting from slowlane to fastlane is awareness that the regular career path isn't going to bring you far. It's always great to rebuild your mindset foundations from rock bottom.

The best way to battle your ego is to acknowledge whatever that's happening and saying it out loud. For example 'i need tons of facebook likes to feel good about myself', 'i need speed ups and +rep to feel like im successful'. Then you'll realize how stupid that actually is.

Now you could continue thinking I'm just another forum newbie teenager talking shit or actually consider my advice. Remember it's ego that's screwing you over.

On the other hand I wouldn't say your achievements are all just dumb luck. You did get some success, instead of saying it's luck, find out the reasons why you succeeded and replicate/apply it in a different areas.

All the best.

Joehenny · Feb 3, 2012

Kak said:
I suggest you apply for a credit card for this purpose. If you can flip the goods at a profit in a month you don't have to pay any interest. I honestly think this is about one of the best ways to use credit card. Eventually if you use it a lot you will get a big limit. Then you can buy more expensive things to flip at a profit. Shit if you got really good at doing it in under 30 days you could get an AMEX and flip undervalued cars, boats, tractors, industrial shit. I guess the trick would be to advertise it at your price before you even acquire it.

You're a genius thank you.

Joehenny · Feb 3, 2012

Ryan listen to this and push forward, life hits hard you have to be able to take it and keep moving bro.
[video=youtube;OSYtQy9EqTA]http://www.youtube.com/watch?v=OSYtQy9EqTA&list=FLuM6kpppW-mtPXDufwkUcCg&index=29&feature=plpp_video[/video]

Anon3587x · Feb 3, 2012

Hmm, here is some advice.

Get out of your head my friend o_O

oddball · Feb 3, 2012

Hey Ryan, shoot me your email through pm or facebook. I have an excel document that I use to log all my items and cashflow. It is nothing a fortune 500 company would want but I had the same problem keeping track of money and sales and started using this and everything works a lot better.

Same thing has happened to me, we all make bad buys and get caught up in the success sometimes. Shit, I have products I haven't been able to sell in a year, not I just want to get anything for them. Look at the bright side, you made a mistake now on a small scale that you won't make down the road when you are working with $40,000 and not $4,000.

mavwrx · Feb 3, 2012

oddball said:
Hey Ryan, shoot me your email through pm or facebook. I have an excel document that I use to log all my items and cashflow. It is nothing a fortune 500 company would want but I had the same problem keeping track of money and sales and started using this and everything works a lot better.

Same thing has happened to me, we all make bad buys and get caught up in the success sometimes. Shit, I have products I haven't been able to sell in a year, not I just want to get anything for them. Look at the bright side, you made a mistake now on a small scale that you won't make down the road when you are working with $40,000 and not $4,000.

everyone does this. i have $750 worth of legos that i bought that are not selling... 1500 worth of board games just sitting at amazon warehouse, and 1500 worth of telecom old pbx equipment that i thought would sell just sitting in my garage.

i learned a lesson, test the market first with a few items first.

ositaability · Feb 5, 2012

Ryan you are sounding like MJ during his 1st attempt on attaining fast lane lives-style........every body have down time...just beat it and move on....me i ve some short expectation this few weeks in 2012 but it wont deter me from reaching my goals in 2012.

DeletedUser394 · Feb 5, 2012

I have no intentions of quitting. Taking a few days away from it all was nice, but it's time to get back into it. I couldn't come up with any reason to keep my facebook account at this time, so that's gone for now.

My job is perfect, both in location, time, and amount of hours. All of the peak times that people would be meeting me I usually have off from work.

So, assuming I don't quit or get fired, I'll have a nice base to build upon.

The goal to get to $10K by my 20th birthday is still attainable. I have 126 days to do so.

As for these dang shoes.. on the brightside I was able to negotiate for an even lower price when I bought them.

I'm only into them $615.

The only problem now is my big fat $0 operating budget. I get paid next week at some point, so then that changes for the better. This time around, I have an actual strategy for kicking a$$.

Oh and here are the shoes that led to my meltdown lol;

Back to the hustle.. haven't really got another option. What other option is there other than success? I can't think of one, so looks like success is the only option.

Also, thanks for the support.

theBiz · Feb 5, 2012

Ryan i have been doing this for some time. As i looked at those sneakers i laughed a little inside. I laughed because i looked in my closet and saw the 10's of boxes left over i never sold of illegal knock off sunglasses from about 4 years ago. I bought them online and didnt realize they were fake etc. I think i lost about $450 bucks on them. This was after buying and selling many other things. You know what.... i have not thought of them since the day i realized i lost money on them. Dont look at the failures, screw it. I have made alot of money after those glasses and as they sit in my closet i dont look at it as a failure, i feel lucky, lucky that i learned what NOT to do, lucky that i learned my lesson for a measly $450 bucks not $4,500 or $450,000 bucks. Everytime you "screw up" and lose money there will always be people that say i told you.. and trust me i heard it with those glasses, but looking back i cant believe i stressed over it.

I can show you many many things i bought and barely made any money and then i can show you months later, years later things ive bought and sold and covered most people salaries in 5 hours worth of work. As you make more money later in life you realize how much it doesnt matter, you can always screw up and lose money, you will realize what does matter is you outlook at attitude. As corny as it sounds its not about how many times you fall, but how many times you get up... this is a smart part of business and life, we all know it sucks, but get up and beat this. Everyday we all get knocked down, there is no such thing as an easy or perfect business, you should embrace getting "failure" when your back is against the wall it should make you fight even harder, good luck.

Joehenny · Feb 5, 2012

Ryan get creative with selling them I'm sure you could post on craigslist that you're
having a yardsale with babies shoes or take them to a flea market and sell them.

DeletedUser2 · Feb 6, 2012

RyanDrake said:
I have no intentions of quitting. Taking a few days away from it all was nice, but it's time to get back into it. I couldn't come up with any reason to keep my facebook account at this time, so that's gone for now.

My job is perfect, both in location, time, and amount of hours. All of the peak times that people would be meeting me I usually have off from work.

So, assuming I don't quit or get fired, I'll have a nice base to build upon.

The goal to get to $10K by my 20th birthday is still attainable. I have 126 days to do so.

As for these dang shoes.. on the brightside I was able to negotiate for an even lower price when I bought them.

I'm only into them $615.

The only problem now is my big fat $0 operating budget. I get paid next week at some point, so then that changes for the better. This time around, I have an actual strategy for kicking a$$.

Oh and here are the shoes that led to my meltdown lol;

View attachment 2843

Back to the hustle.. haven't really got another option. What other option is there other than success? I can't think of one, so looks like success is the only option.

Also, thanks for the support.

Ryan, Contact some mommy bloggers, offer them a simple rev share for sending an email to their list. send this exact photo of "I have too many shoes in my closet. normaly 39 bucks, now 15 plus S&*H you could get them all gone in about 2 weeks. with a profit.
stop mopping around, and get going.

Pete799p · Feb 6, 2012

Ryan I am feeling about the same as you right now I have had a whole lot of failure in the last year and living in a place I do not particularly like because of it is not helping. I am just trying to keep pushing through and rediscover my passion for business. Some of the recomendations given are solid ones especially zenodolphin's. Hell I am sitting on about $1000 worth of product that I am having a hard time moving. At this rate I will be nocking on doors soon to try and dump it. Best of luck to you.

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

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

PARKED

Gold Contributor

New Contributor

PARKED

DeletedUser394

Guest

Contributor

DeletedUser394

Guest

DeletedUser394

Guest

DeletedUser394

Guest

Bronze Contributor

Bronze Contributor

Bronze Contributor

PARKED

Gold Contributor

Legendary Contributor

Anon3587x

Guest

Legendary Contributor

Legendary Contributor

New Contributor

PARKED

PARKED

Anon3587x

Guest

Bronze Contributor

New Contributor

PARKED

DeletedUser394

Guest

Silver Contributor

PARKED

DeletedUser2

Guest

Bronze Contributor

Sponsored Resources: Jumpstart Your Fastlane

Post New Topic

Fastlane Insiders