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Making Money While Other People Are Eating Lunch

Anything related to matters of the mind

Vigilante

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So, around noon today, I ran over to Staples (right next door to my office) because I needed to pick up some Avery labels. Since there's crazy things going on right now at retail, I took a quick look at their clearance area.

Small gold mine.

They had Sony MP3 Players on clearance. Regularly $69 (+/-) on sale for $26.50. Took out my phone, did a quick google search, and determined these were WAY under the market.

Bought (3) 4GB units for $26.50 each, and (1) 8GB unit for $30.00

Came back to my office and put them up on Amazon and eBay while I was eating a salad.

The 8GB unit sold in less than 10 minutes for $59.99 with Free Shipping. I priced it perfectly. I shipped it using USPS First Class Mail. $5 in Fees between Amazon and shipping. Made $25 on this unit, and my total time investment from purchasing to listing to shipping was 5 minutes. That's an hourly rate of $300 per hour. I immediately had to take my listing off eBay because I only had ONE of the 8GB models.

One of the 4GB units sold in the first hour on eBay. for $49.99. Spent about the same $5 on fees and shipping. Made $23-$24 bucks on this one. Less than 5 minutes invested, and about $300 per hour return on investment.

Called a few of their other stores in the area, and they are out of stock. The point being... these things are ALL AROUND US. You could do this every hour, of every day, full time.

Lets say I got lucky. Lets say you could only generate consistently $200 per hour. Na... lets say $100 per hour. No... lets go WORST CASE SCENARIO. Lets say you could make $50 per hour doing this consistently.

Even at $50 an hour, that's $100k per year in PROFIT, net of expenses. ($50 an hour * 40 hours per week * 52 weeks). You college kids could do this from your dorm rooms.

Or, let's say you only wanted to do this in your spare time while you worked your regular job. Lets say you generated $100 an hour, and spent 10 hours per week on this. $52k a year, working 10 hours a week.

How do you start? Read the eBay and Craigslist threads here. Start with less than $200, but pour all your profits back into buying more merchandise.

I just did this for fun during a 5 minute stop for something else at Staples. These opportunities are all around us.
 
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Gary M

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That's amazing. And love your thinking. I've been some work myself today. I am close to buying a 2011 MacBook 13" w/4gb for about $500. Waiting for the last counter offer. These are selling on eBay (thanks to your advice yesterday) for $1,400 easy. And, I was very close to buying 2 Sony bloggie touchs from Groupon yesterday (before our chat) for $94 each. I didn't see them selling so I held off. But, I at the very least, have began pushing the car down the road, on my way to getting into gear.

Will keep my eyes open...everywhere!
 

MJ DeMarco

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I want to personally thank you for posting a thread detailing how to make money and how anyone can reposition/remarket value when you find it. It certainly beats the "Is this Fastlane?" idea threads.
 

Kung Fu Steve

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Actually this seems even easier with that bar code scanner app for phones. Where you can scan an item and it will tell you the prices of it everywhere else (even online!!) and where you can get it!

Seems stupid not to utilize it.
 

Kung Fu Steve

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Good question... I think it comes standard on the G1 and G2 "google" phones... bar code scanner? It could be Google Goggles... but it has a bar code scanner. I'm sure if you just looked in the android market or whatever on your phone you could find something if you did a search for bar code scanner!

Come to think of it Kohls always has stuff on clearance... expensive stuff too! I have a couple of $300 sport coats I got there for like 50 bucks... someone could start there too.
 

Kung Fu Steve

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Oh and one more thing - my step mom used to have a "consignment store" which is a step up from a thrift store where they would sell your stuff for you. But I was always amazed at what she got in there. Gucci bags, Versache dresses that were selling for $15 at her store (brand new with tags and everything, no not knock-offs the real thing)... she ended up buying most of it herself... hilarious what people buy and never use!
 
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Vigilante

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Picked up a few more things early this morning. I think your guys barcode scanner idea is awesome. Getting the new iPhone 4S soon and will get the scanner app at that time.

Concentrating on stuff that is easy to ship. Software, cell phone accessories, etc...

Footnote that all 4 of the Sony MP3 players sold yesterday. Shipped 2 yesterday and 2 today. With the shipping apps built into eBay and Amazon shipping is a breeze.
 

CommonCents

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years ago already, someone came up w/ software and a cable to attach an external scanner to a phone to input book ISBN#s to check prices. it caught on and people wiped out all the valuable books at used book stores, thrift stores, etc...

Book stores even started banning people from doing it. LOL.

Good old arbitrage to create efficient markets !

I don't know why retailers don't do more affiliate based selling, especially on closeout/obsolete inventory. Why not have thousands of entrepreneurs listing items for sale? Especially like these instances where people can capture significant value selling items in different markets.
 
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BrucetonGuy

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This is a great thread! I think this has MULTIPLE possibilites to make some good income!! One thing I was considering for some extra holiday income was to go to Big Lots, Dollar Stores and buy some discounted toys and resell them on CL or Ebay. For example, I was at the Dollar Store the other day and they had name brand Barbie dolls for $2. I am not sure what the demand is for Barbie dolls but they retail at Wal-Mart and Target for $9-$13 dollars. They also had Tonka trucks for $3 which can sell for $10-$15.
 

Sky

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Thanks for sharing. It's easier than most people think to jump on an opportunity.
 

T&R

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Use this site and set up deal alerts for all types of items that you want to follow and can keep tabs of the market prices of. A lot of the posters on there will do the birddogging for you just for forum reps. You just need to go buy or order online.

FYI - Calling around to the different stores probably alerted the employees of the low prices. The smart ones will buy them all up before anyone like you happens to stumble across them or lie to you on the phone when they see how low the price is when you call to check stock. Trust me it happens. The rule is never to call the stores inquiring about stock on items like this. Try and call a corporate office or customer service agent and have them run the SKU to check stock through the system. Sometimes even this is dangerous as the best profits are made on items with pricing errors that you can snap up before the stores react. Some stores like Target have an online stock checker that you can run the product DCPIs for each store, which is the best.

It is a very lucrative strategy if you know the market prices for a lot of different types of common goods. It helped pay my bills in college, but far from a million dollar fastlane business. It does not build real value and it lacks real scale, because market prices will only hold up under a small amount of supply at X price. When something hits on one of the couple popular deal sites, eBay and prices tend to drop for a while as people unload the products they scored. If you happen to stumble across something just running errands, then by all means buy it up and make that money. Great strategy to make a few bucks here and there.
 
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