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NOTABLE! So you want to flip used items and make cash? Cool!

Discussion in 'Hustles, Freelancing, Bootstrapping' started by Sander, Jan 30, 2018.

  1. Sander
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    Sander But I get up again... Read Millionaire Fastlane Speedway Pass

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    You want to start a company, but you don’t have any cash?

    Awesome!

    Today you will learn how to knock that problem to the ground.

    How?

    We’re going to sell used stuff for a profit.

    “But I don’t have any money to buy stuff that I can flip for a profit”

    Alright, let’s start here.

    How to get money to get started

    Open your eyes and take a look around. I bet you have plenty of items you can sell for starting cash.

    Don’t believe me?

    Is that a television in the corner with a Playstation 4, a Nintendo Wii and a surround sound system?

    Moving on.

    To get myself going, I sold my Playstation 4, my bass guitar (haven’t played it for three years), an old Xbox 360 and some games for the consoles. In total I made around $600.

    Okay, got the cash. Now what?

    Now you will do the exact same thing.

    Easy, right?

    Only this time, you won’t sell the Playstation 4 with a loss (I assume you bought it from the store back in the days, and sold it for less today).

    You’ve already proven that you can sell a PS4. Let’s say you made $250 from that.

    Now it’s time to chase another PS4. And no, it’s not to replace the first one.

    And your task is to buy it for less than $250.

    Can you do that?

    No probs.

    What? Nobody will sell a PS4 that cheap!

    Okay, fine, you win. Go get drunk and buy pizzas for the $600. Or buy another brand new PS4 in the store, because you already miss the old one.

    Or…

    Instead of yelling at the screen, you can read on and learn how to buy.

    If you know how to buy, you know how to profit.

    Is it easy to buy a PS4 for less than $250?

    No.

    Can it be done?

    Sure.

    I’ll show you how.

    How to buy dirt cheap stuff

    First, you want to scan the market.

    Open up Craigslist.

    Open up eBay.

    Open up Facebook groups where people are buying and selling stuff in your local area.

    You can go to garage sales or flea markets, but if you don’t know what to look for, you can end up spending all your time there. We don’t want that.

    Scan for Playstation 4’s.

    If it looks good, open the ad in a new tab in your browser.

    Keep digging until you have found all the available, good conditioned PS4’s in a realistic radius.

    Now go through the listings one by one. Look through the ad and skip the ones that your guts tell you to avoid.

    Place bids for the rest.

    Depending on the item, I usually bid between 20-50% of the price. So if the listing says $200, I’ll bid $50-$100.

    Done bidding?

    Perfect.

    Now you must prepare for

    1) The dreadful waiting. Do yourself a favour and do something else meanwhile. Otherwise you can spend your entire day looking at the sites for new replies.

    2) All kind of bad words coming your way. Some people will be pissed at you, some people will ignore you etc. Leave your feelings and emotions out of this. This is business. /ignore.

    Okay then.

    Let’s say you placed bids on at least 20 ads. You want this number to be high, if you want to make sweet dollar deals.

    10 people ignore your offer. Fine.

    5 people won’t go lower than the asking price. Fine.

    4 people are mad at you for placing such a low bid. Cool.

    1 guy is answering you.

    His PS4 was listed for $250.

    You offered $100.

    He offers you to meet him halfway at $175.

    He switched to Xbox One and just want the PS out of the way.

    You offer him $150 and promise him, that you can pick it up in an hour.

    He accepts.

    You smile, put on your pair of 8 sunglasses and newest flip flops and jump in the car to go pick up your fresh and crispy $100 bill.

    Remember; the PS4 is only an example. This could be a bicycle, a washing machine, a car, an office chair etc. To make money with this, you have to understand this part.

    Quick tips to grow profits and save time flipping used items

    1. Avoid antique stuff and useless crap, unless you have a master’s degree in that area. Flip what people buy.

    2. Know the market value. Did you buy anything recently? Perfect. Because then you probably researched the market well enough to know the prices. I just bought a new office chair. Now I’m flipping office chairs, because I know what that sells for on Craigslist.

    3. Don’t be afraid to make low bids. This is where you find your profit. Everyone can sell a PS4 for $200. But only a few can buy it for $50.

    4. Try to get a buyer before you buy. You want to flip the item as fast as possible to get new cash for new investments.

    5. Place. Many. Bids.

    6. And don’t be scared if you only get 1 yes in 100 bids.

    7. Don’t be in a hurry. Leave that position open for the seller. You can always find another item to flip.

    8. Make good descriptions for your ads when selling. Include measurements, small flaws, following items etc.

    9. Never lie in your ad, or in life for that matter (uuh, deep). Ever.

    10. Take good pictures when you want to sell.

    11. Search for new ad listings. The minute the seller post the ad, he’s looking for cash. The sooner you can give it to him, the better. Because then he can be open to lower his price, if you can pick it up quickly.
     
  2. JohnnyAppleseed
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    JohnnyAppleseed Goyim Gone Wild Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I don't flip very often. But my favorite strategy is to take someone's ad from craigslist and post it onto facebook marketplace with a higher price. If I get reasonable offers then I will try and negotiate with the original seller so that I can get his item for a lowball price in order to resell it.

    A quick $50 is much more enjoyable than having to work 5 hours as a stock boy. Now I have a ton of free time to build my business.
     
  3. Sander
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    Sander But I get up again... Read Millionaire Fastlane Speedway Pass

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    And if you don't feel good about using other people's images, you can try to use a product image of the item, if that's possible.

    But yes, this can work.
     
  4. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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  5. Jello
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    Jello Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    I like this. Bold

    Verstuurd vanaf mijn SM-G955F met Tapatalk
     
  6. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    @JohnnyAppleseed

    This is f*cking brilliant.

    You get all the rep dollars I can give for such an out of the box idea.


    Any noobs here looking for a business model, @JohnnyAppleseed just handed it to you on a silver platter.

    1) Develop script to repost Craigslist ads on Facebook marketplace at a higher price
    2) Determine the most efficient processes for getting the items from Seller A into buyer B.
    3) Hire someone to run the process.
    4) Iterate to other cities.


    This opportunity will last as long as Facebook is mainstream, and Craigslist still has traffic.

    Airbnb - Millions of properties for rent, no properties owned.
    Amazon - Millions of 3rd party sellers, no inventory owned.
    Craigslist --> Facebook arbitrage, no inventory owned (for long).


    Cash flow is king.
     
  7. Van Halen
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    Van Halen Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    No domain experience, but guitars are probably a good potential item to flip. They depreciate in value massively when bought new, guitars can be quite expensive so when people need money and fast, its usually the first thing to go. Ive seen it many times in guitar groups where people are "quick selling" if you will, at heavily discounted prices because they need cash. Most people in these groups are consumers and see it them as more of a "its nice but eh dont need it/dont have the money", whereas if you were an Entrepreneur coming in, you could put money down and negotiate good prices from these people.
     
  8. Sander
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    Sander But I get up again... Read Millionaire Fastlane Speedway Pass

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    Actually, trying this. Have made a few listings tonight. Will report back how it goes.
     
    AdamUK, Kingmaker, Raoul Duke and 2 others like this.
  9. NateTheGreat
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    NateTheGreat Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I've seen this done before (in other settings), but you have to be careful using the same images. I've seen where that same seller will be on both sites and will call you out openly - especially if the Craigslist site and Facebook Group are in the same narrow location. But it can be done.

    ---------------

    Great write-up overall. I usually stick to the older ones that didn't sell. That way they are more open to lowering their price further. But for your technique of many bids and few answers, your quick offers work well. Nice job!
     
    Last edited: Jan 31, 2018
  10. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Better to do in a big city of course.

    You'd definitely want to be operating multiple facebook accounts anyways, as I'm sure Marketplace would start to ghost you if you were posting too much stuff.
     
  11. Process
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    Process Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Love it. I can personally vouch for this overall method as it has helped me out.

    You inspired me to share:
    1.) Ask each buyer what they're looking to get out of the purchase, it weeds out scammers and shows you're not one yourself. Then you can tailor your answers to this too.
    2.) Have the item ready for demo, if they even let you...(not kidding, many times I've had to shut up and close the sale)
    3.) People will always have money problems and need to sell fast and buy reliably and cheaply. Fill these gaps for the buyer and the seller. Do that and this process is evergreen.
    4.) Learn some basic photography. Good lighting and angles set you apart. Most pics bring to mind getting mugged. Skew value by being the one who doesn't.
    5.) Write emotional benefit statements in the Craigslist copy style.(i.e. great for X lovers, X nostalgia, etc.). Mention the minor flaw/why getting rid of it. Then flow back to a big benefit then a call to action of call me now for X.

    Most listings languish because they miss these factors.

    Do these things and you'll be a little money generator.
     
  12. ZCP
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    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Don't forget to ask if they are looking for anything! That way you are their 'go to person' for selling future stuff and finding things they need.
     
    Kingmaker, Raoul Duke, lowtek and 5 others like this.
  13. Morethan1
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    Morethan1 Bronze Contributor Read Millionaire Fastlane Speedway Pass Summit Attendee

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    Here are some things I've learned from doing this:

    Buy from one platform and sell to another
    So obviously, you're not going to make much money when buying from eBay just to sell back to eBay. Find where the enthusiasts are and sell to them directly, usually at a mark up, since they know the product and are actively looking for it.

    Buy low, sell high
    Buy slightly broken things that need a simple fix. These items will sell for less, thus increasing your profit margin.

    The rest of the stuff has already been covered, taking good pics, not being a dick when dealing with people (even though people are sometimes dicks) etc.

    Have fun!
     
  14. JohnnyAppleseed
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    JohnnyAppleseed Goyim Gone Wild Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Thank you so much for the reps!!!

    I have multiple call/text apps on my phone and 3 facebooks accounts. And yes, I definitely would have a much easier time if I lived in a bigger city! Things are all spread out where I live and that's exactly why it's not my main focus.
     
  15. JohnnyAppleseed
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    JohnnyAppleseed Goyim Gone Wild Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I take many precautions in order to help prevent this such as having multiple facebook accounts, multiple phone apps, checking both websites for the ad, and screening the person to see how involved they are on marketplace.

    In my region, the ideal person to arbitrage off is someone who is unable to sell his item on craigslist because he doesn't realize that most people in our region use facebook marketplace. If it's been a couple weeks without a sale it's a very easy lowball.

    I find that my biggest problem is actually flakey buyers more than anything else. If I don't get multiple offers on the item I am less likely to be willing to flip it. I just don't like to deal with the risks of selling on ebay. More offers, more likelihood this won't happen.
     
  16. jasoncuellar123
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    jasoncuellar123 I’m probably awake. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Facebook marketplace is a goldmine...
     
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  17. Sander
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    Sander But I get up again... Read Millionaire Fastlane Speedway Pass

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    Awesome breadcrumbs already!
     
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  18. vinylawesome
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    vinylawesome Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I heard this podcast the other day that I thought was relevant to this discussion.

    http://www.tropicalmba.com/artofthedeal/

    They do a good job going into the psychology of dealmaking in this buy low sell high "Craigslist" manner. I Thought it might be useful for folks that would like to do something similar. The tactics would work for any category.
     
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  19. NateTheGreat
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    Yep, I see your point exactly. In my area, a lot of people use Facebook marketplace for smaller items like smaller electronics. If going to bigger, more expensive things, then Craigslist is definitely where to go. I try to typically aim at the ads that have been on the site for a few weeks, because like you said, easy lowball.

    I am like you in that regard with the offers. Product needs to be in somewhat high demand and to get multiple offers. It's just easy to buy from your area and resell in the same area if you can take advantage of the price arbitrage right in your backyard instead of going to eBay.
     
  20. minivanman
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    minivanman Gold Contributor Speedway Pass

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    Friday we had a lady stop by and want to sell us her stainless steel refrigerator for $120. We declined because we only sell washers and dryers. Not 15 minutes after she left (she lived across the street in a circle and was moving) a guy came up and was buying a washer and dryer and asked if we had a stainless steel refrigerator. Lupe (guy that works on my washers & dryers) & I looked at each other and he said... we might have one over at the other shop for $400. Let's load the washer & dryer in your pickup and you take them home then come back after the refrigerator. He leaves and we head to the ladies house that wanted to sell the refrigerator. We get her down to $80. Wheel it on a dolly from her house and quickly wash it with a hose and clean it out just in time for the guy to get back and hand over $400.

    I do this with washers & dryers sometimes too but it puts too much pressure on me and I don't like to do it. I'm just in this to keep busy and have fun. It can be done but I don't like pressure. lol
     
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  21. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Not to mention the pressure of selling an appliance you didn't have time to check to see if it worked or not.

    But, the upside was worth the risk for sure.

    I did a few deals like this when I was doing appliances. Selling a set, and then having to go find one of the pieces of the set.
     
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  22. minivanman
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    minivanman Gold Contributor Speedway Pass

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    I have a pretty sweet set-up so I can test in 1 hour and then clean and paint. Clean = 5 minutes per unit, paint = 15 minutes per unit. Dry time for paint is minimum 4 hours. So within 6 hours I can have it all done if I hurry.... but I gotta drink a Dr. Pepper, eat a candy bar or 3.... answer 10 texts from idiots who think their washer or dryer doesn't work then it turns out they were doing something wrong..... lol But yeah, I hear ya, if you don't test them it can come back to bite ya. It can waste several hours of your day if you have to go repairing them. Luckily, I don't do repairs, I have a guy that does it but still.... it can suck.
     
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  23. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    well, yeah, washer/dryer not so bad for testing.

    Testing a fridge though? Don't you have to wait and see if it gets cold? Could take hours?

    I never did fridges, just stuck to laundry machines
     
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  24. minivanman
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    minivanman Gold Contributor Speedway Pass

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    Yes, it is best to keep them a week to make sure they work correctly. Just 1 of the many reasons we don't carry them. Too big and bulky... people want them delivered and I do not want to be responsible for getting them in and out of their house. The only reason I sold that one is because it all came together so nice and if it went to hell I was only going to be out $80.

    My house cleaner (she is here now) sells tables on the side. She does pretty well. She shines them up and doubles her money usually.
     
  25. RobD88
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    RobD88 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I absolutely love this strategy. My kids flip clothes online for extra cash. I'm going to share this with them. Thanks!
     
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