Ive talk on here a little bit about one of my favourite side hustles which is flipping and reselling.
Flipping is the act of purchasing and then reselling for profit. Ive been doing this for awhile, but stopped when I relocated at the end of last year during my depression funk. Last year I made just under $40,000 flipping- not bad for a side hustle right, but this was from building up inventory over several year and a lot of work. I used to deal in a lot of second hand luxury items, but that is something I have decided to move away from as I found it led me to wanting to constantly upgrade my lifestyle while moving in those circles. But I digress, my point is it is actually something that is very simple to do if you select an area you are knowledgable in and work from there. Ie retro games, electronics, music, toys..
Although I dont need to have so many side hustles on the go now, I still love going to the markets, garage sales, auctions and FB market place for some bargains.
So I decided to set myself a little challenge of beginning with 1 item and flipping, reinvesting profit and flipping to see how much money I could earn from that initial out lay over 12months.
So to start out, I picked up a Leather Mimco Bag for $8 at a garage sale at the end of December. The bag was in great condition and I'll admit it is a style that I love and I also know resells really well.
This Bag I was able to list on FB market place and sold within 3 days for $150 + postage (Buyers expense). 3/1 SO $142 PROFIT
Ironically, I saw another Mimco Bag in my local listings for sale for $120 new with tags. Which I purchased TAKE - $120 DROPS PROFIT TO $22
That bag sold this morning for $410 on eBay. SO AFTER TAKING OFF COST OF THE ITEM AND THE EBAY FEES PROFIT IS $262
You can see how quickly it begins to build up. You might think, "Ok, so thats great but you got lucky with the bag".
No. You just need to know what products sells well. For example another item I'm picked up for $3-5 multiple times at Garage sales is Woodles The Penguin Waffle Maker - it's a sunbeam waffle maker shaped like a penguin that makes penguin shaped waffles. I have sold this online at auction many items and average between $70-130 depending on condition and if it comes with original box. There are so many small & cheap items like this you can find easily to flip for a quick profit.
I know a lot of people loath re-sellers and I get that, and if this isnt for you thats ok. But ive seen a few post about people looking for ways to bring in extra income and thought I'd show how it can be done.
I know not everyone likes resellers and I have seen myself how greedy some people can be, so I get it.
For example the current "Limited Edition' Stanley cup drama in the US is insane.
But the items i'm selling are from auction and garage sales, I'm not haggling and lowballing and I avoid hitting up the thiftstores unless its for the lifeline book sale.
So in 2 weeks I've turned $8 into $262. I really need to aim for $300 to meet my goal so when I re-invest my profits next I will begin with multiple smaller items and build up from there, its a more conservative approach but I also wont loose all the profit if I make a bad purchase.
Feel free to follow and contribute if you are interested.