One of my side ventures is actually making me a decent amount of cash, and that is purchasing items to resell for profit.
Not only do we enjoy quality time together perusing estate sales and storage units looking for goods, but we are actually making some pretty great cash from it in the meantime!
People are making a living doing this type of thing all the time and in reality, you can really make a good money yourself- but it isn’t easy.
Here’s how to flip items for profit.
1st of all, eBay as not your miracle venue for selling things. A million other people think they are going to make a living on eBay. In reality, for beginners, eBay is a difficult place. It will cost you money, probably more money than you make, is highly competitive, and usually quite disappointing because your items aren’t always going to sell at all.
Why pay eBay for a lesson in marketing? You can do that for nothing elsewhere.
Where your money is going to go further is places like Craigslist, Gumtree or good old fashion flyers. If you stay local then people are coming to you for your item, which saves you (and them) the cost of postage or shipping.
Simply avoid eBay until you have more experience, it can save you a load. You won’t have listing and selling fees to factor in
Another great lesson in flipping is your item is never guaranteed to sell, even if it does sell, you’ll be lucky if you sell it within a week. So don’t buy anything that you cannot afford to sit on for a while. Don’t buy anything that you have to flip for profit immediately. You want to make money, so only buy items to flip that will be cheap enough to attract a quick buyer or if it is money you don’t need to replace quickly.
In other words, if you don’t need that money to live on and won’t miss it, then you can safely use it to buy items to sell for profit.
3 key things
Essential to flipping items for profit there are three key things you need
– a camera
– an internet connection
– and something that has value enough to buy
The less you pay for an item, the more profit you can potentially make on it, pure and simple.
Barter every single time if you can.
Take multiple pictures of what you are trying to sell, even if it is just a pair of shoes. If you have less than 3 pictures, then you don’t have enough.
Post it on Craigslist, Gumtree and Freeads (this method of selling has proven successful for me multiple times, so this is what I suggest) and communicate by email with buyers.
Finally, remember this one simple tip to make profit by buying items to flip
– any reasonable offer is a good one. You will not get rich flipping items if you refuse any decent offers.
If you sell locally and are offered $10 more for an item than you paid for it yourself, this is profit. If you can bump it up to $15, then good for you. Let the money ‘turn over’. Use it more times and you make more money. Don’t be greedy, essentially, or else you will be keeping that item much longer than you can afford to.
Using these methods we have regularly made profits of over $3,000 in 2 months. Not too shabby for a side line eh!
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