The Chattel Challenge - Operation Benjamins
 

Hey guys,

In response to my recent post Chatteling to $50,000 by December 31st, I have decided to create an official challenge thread. It seems like there are some other people on here who would like to have some fun, learn to chattel better and put some Benjamins in their pockets.

This is what this thread is for if the moderators are okay with it.

Before we get started it would probably help to lay down some guidelines of what specifically this thread is for and what I'm trying to accomplish by creating it.

To start with you should probably understand my basic plan and see if it's something you might want to try for yourself with some modifications.

My basic plan is to hit one, two or three of my target goals of $5,000, $25,000, or $50,000 by December 31st using the vehicle of Chatteling. The reason I set three goals was because the $50,000 goal excites me, it's only 17 weeks away and I feel that if I could do that it would be a big accomplishment. The other two goals are my guidelines, even if I don't hit my $50,000 goal by then they'll at least give me a way to make a reasonable estimate of the amount of time it would take me to hit that goal. Once I understand what it will take I can either adjust my plan or find a new plan. The other bonus is even if I don't hit it, at least I'll have $5000 in my pocket :)

Next you should understand what I'll be sharing in this thread. I have decided that since this forum has been a great addition to my life, I'm going to share the products I find and sell, triumphs, failures, stats and tactics. The only things I am not going to share are information someone else has charged me for or shared with me privately otherwise I'll do my best to be an open book and share what I've learned.

Now for my disclaimer, I am doing this challenge and sharing my results because I think it will be fun. This forum is filled with the most knowledgeable, kind and generous people I've ever met on the internet and I'm going to try and give back a little of what I've already gained in the week or so I've been here. If I stop having fun or feel it's in my best interest to stop pursuing the project I'm going to do so, but I urge you to keep going if you're enjoying it. I also won't take any responsibility for you, your purchases and outcome of participating, the world's a crazy place and sometimes things workout differently for different people.

Now that you know the basic plan, what I'm doing and why I'm doing it I think you should decide if this would be something you could have fun with as well.

If it is, commit to doing it with me with a short post of your stated goals, expectations and plan below. I look forward to hearing from you and sharing an adventure.

I'm already having fun and learning new things, come join me!

The Operation Begins - My Progress - Don't Reply To This Message
 

Don't reply to this particular message. I will post my updates in response to this thread to keep it organized.

9/6/12 - 9/9/12
 

Summary of my chatteling progress since 9/6/12 - if this post is too detailed let me know, I find other people's stories to be motivating so I will try and share as well.

Purchased Skip Rossell's book
-Read it through
-Got excited started looking for deals midway.
-Found a few, emailed away, why doesn't anyone put numbers?
-Waited eagerly for responses
-Figured I'd be better off using my time in a productive manner, decided I'd setup a picturing station.

Setup picturing station, see below:



I'd built this for my defunct eBay business a few years ago, it's only slightly ghetto but I used what I had. The light cube is also from then. Sorry about the lighting I just took this today, you can see my two eager business partners Charlie the brown one, and Sammy the black one. Charlie is a little hefty and would probably eat away my profits rather quickly as he is constantly hungry.

9/7/12
Withdrew a $100 to start chatteling with.
Went to work
Finally received a response back on an ad I asked about, but we couldn't schedule a meeting time due to scheduling conflicts. I asked her if I could keep her number and call her when I'm out there again, she said okay.
Decided that since I wasn't having any luck with Craigslist I'd start with stuff I've been meaning to sell but haven't taken the time.
-Listed two auctions for a Logitech Revue Google TV, and a Microsoft XBOX 360 Kinect
-Sold the Revue with a Buy It Now. I put Buy It Now's based on the idea that quick cash to get me started would be better than waiting to get a few dollars more.
I was stoked this evening and could barely sleep, normally I don't have any trouble, but when my mind get's whirring...

9/8/12
-Woke up early 7:00, imagine that on a weekend! I had an epiphany, I originally thought I'd have to make $431 a day to hit my goal by December 31st, I realized I only had to use the law of exponential growth with doubling my money to hit my goal. The reason I think this is a good idea is that the more money you have to play with the bigger deals you can afford. In my other thread it's been pointed out by Cornell that this has been tried before and it generally breaks down at the $200-$400 range if you're trying to double on each purchase. Ankesh shared that it would be better to just take a 15%-20% profit on more things to make it up. I still haven't formed my opinion, I'll deal with it when I get there.

-Once my wife got up, she asked me if we were going to yard sales like we used to. I said sure, drove around for a good 10-15 minutes looking for one yard sale, I'm pretty sure it was last weekend :) Ended up finding an Estate Sale up the road from me. As luck would have it, it was a nice house with good items and they were selling it all. I rummaged around and looked at a few things when I went out back, they had a beautiful stainless steel barbecue with a surround. I was pretty sure that I had seen a similar BBQ without the surround on Craigslist for $300. Did I hit gold? I went and asked the owner how much he wanted, he told me $70.00, I didn't even haggle like I normally would just pulled out the money. I rushed to the car and told my wife to wait by the BBQ in the backyard I had to get the truck.

I went and got the truck and dropped off my business partners (the dogs) who were waiting semi-impatiently in the car with my wife. When I got back we loaded up the BBQ, that sucker is heavy and I asked about some weights I'd seen. I left all in all $132.00 poorer, but I got the weights and the BBQ, and I don't know how I lost $2.00.

I found out afterwards that my wife doesn't know how to get to a backyard and had never been to an estate sale. If you've never been, it can be a little bit awkward walking into someone's house and asking what's for sale. My wife only found the BBQ about 2 minutes before I got back, but before she found it she heard the owner talking to someone on the phone asking about it, he said he'd sold it for $70.00 but if they could beat that he'd sell it to them. This is why it's good to have a helper and be ready to take it with you, but sometimes you can't.

That was my day.

9/9/12
Day off

9/10/12
Today I had a little extra time so I thought I would start cleanup. The prior owner missed the taste of a charcoal grill, and decided to use the grill with charcoal and wood chips instead of propane. It took about 3 hours to clean it but I finally got it done. I know this isn't always the best use of time, but my old ebay business taught me presentation matters, and can be the difference between a quick sale with more money or a slow sale for less money.

Here she sits:



Initial research indicates that the owner wasn't lying about the $1400 price tag, what I'll get out of it I don't know, but it sure does make a tasty burger.



and the weights:

Re: The Chattel Challenge - Operation Benjamins
 

Shelby, very much enjoying this.

Getting motivation and information! It'll keep me coming back for more, just to watch you tweak your system. Thanks for posting it!

When you sold with the buy-it-now button ... I'm assuming you are ebaying yet again?

Re: The Chattel Challenge - Operation Benjamins
 

I think I'll use a combination of eBay and Craigslist as well as other venues as I find them. It will probably depend on what sells best where.

It would be cool to watch you do it as well, hop on and post when you sell something!

Minor detail, it is chattel
 

SowPub gets indexed in google very quickly, keep your spelling accurate on all subjects, you'll get a better google result.

Here's how easy it is....
 

Here's how easy it is....

I needed potatoes for dinner so drove down to the small neighboring town....drove through town to the grocery store - nothing unusual - got the spuds, hopped in the van and headed back through town...and there it was.

Had been put out at the curb while I was at the store....a rattan love seat and matching table.

Hustled it into my van...made a 20 minute drive and headed back home with $225 in my pocket...guess the cost of the potatoes were well covered.:)

As simple as knowing where there are buyers for what you have and then selling to them when you find what they will buy.

Re: The Chattel Challenge - Operation Benjamins
 

Rock on Cornell! Another good find.

Re: Minor detail, it is chattel
 

Thanks Gordon didn't realize I was making a mistake calling it Chatteling :)

I thought it was a verb not a noun.

9/10/12 - 9/13/12 - Update
 

Here's an update for those who are interested.

I listed the Grand Hall BBQ on Monday with Craigslist. On Tuesday I discovered that my ad was not even in the search results.

This phenomenon is called "Ghosting". Ghosting is when Craigslist tells you that everything is fine with your ad, but it doesn't appear in the search results so effectively your ad is there but not. No one will see the ad if it gets ghosted.

Apparently Craigslist will ghost your ad for a number of reasons including:
-Editing it too much
-Not having a verified account
-Listing it in the "wrong" category
-Using HTML
-Hosting pictures on sites they don't like
-and more…

I believe my ad was ghosted because I edited it a thousand times to figure out how to add the video I made and get the pictures up right. I'm a bit of a tweak and like to use the hosting I already have for things, not a good idea with Craigslist.

So I'm out the $70 for the grill and $50 for the weight set so far, but should eventually get the money back. I think the grill will take a while to sell at the price I listed it at.

Here's the ad:

http://inlandempire.craigslist.org/app/3264998782.html

On the plus side I've sold the XBOX Kinect and put $65.00 in my pocket to play with. The Logitech Revue was sold but the buyer backed out, I will have it sold shortly as well.

I've also started compiling a list of things to look for on Craigslist in addition to Skip's report that I can quickly flip. If you want to get started doing this as well and are having a hard time PM me and I'll share the list with you.

Michael Senhof emailed me with some Craigslist interviews he did and I think they are very helpful, especially if you're just getting started. Here's the link:

http://www.hardtofindseminars.com/Craigs_List.htm

Here's some things I picked up:

When meeting people be very specific on what time they will come, don't waste your whole day waiting for Craigslist flakes. Have them call you when they are on the road.

Print out the ad and use it as a receipt, if you are scared to ask for their money say, "Shall we finish the paperwork." Don't help them load until you have the money.

Everything has some value, even old carpet, one man's trash is another's treasure.

Screen people over the phone, if you are uncomfortable meet them in a public place before giving them your address, also be wary of people and use common sense. I read a story on Craigslist about a guy who was selling a laptop, he arranged to meet at a McDonalds, the buyer showed up looked it over and ran with it, his buddy was waiting in a car. The seller ran after them and punched the guy who dropped his laptop and broke it. The two guys got away, the seller is stuck with a broken laptop.

Everyone has different tactics, you can either buy and sell chattel quickly for low margins, or stick to your guns and bring in the higher margins.

On listing: Take good pictures, host them through something like Flickr, be detailed and point out benefits, if your item has a warranty add that in.

Other things I've personally learned:

Write your number out like five-five-five-etc-5-etc-5 or make it into an image, so the scrappers won't pull it and file it away on a scammers database.

Use a junkier email address, scammers abound on Craigslist and the people who are really interested will call or text.

Add a way to identify scammers in your emails, here's something I'll probably add in to my future ads:

"If you are not a scammer please type the word bear in your response"
"If this ad is up the item is still available"

You can use filters in your email to sort these.

Hope that helps some people make some money, I'll report in when I have more to share, unless this thread is a bore to people.

Here is the ONE reason you will NOT reach your goals.
 

I've written about this for years. Yet, the vast majority just don't get it. You don't.

So here it is once again.

Circulation of your money beats STORAGE, WHICH is what you are doing with such a high price tag on this item. Greed.

99% of people THINK they know a value. If it takes you a week to sell this at your so-called higher margins....that's 7 days of potential deals you won't make.

This is absolutely the #1 reason people fail with chatteling...they KNOW they can get more money, that is, the item is worth X and rather than circulate their money, they put it into storage.

Just my opinion.

Gordon Alexander

PS. The legal term for personal property is chattel. If you are buying and selling chattel for a profit, then you are chatteling. If you are buying and holding stuff until you get some perceived value...you are losing time and money.

And oh, I'VE never been ghosted or flagged cause I follow the rules. If you are going to use craigslist to do this, it certainly helps IF your ad can be seen. MINE always are. And I've conducted many deals at McDonalds and the local coffee shop. Never have I had a problem in 20 years.

Gordon is 1000% correct as usual
 

You talked about doubling....

Double your money on this and get rid of it quickly...get your $70 back and reinvest the $70 profit and double it again...then use the $140 and double it either through one transaction or 2 transactions.....either way doesn't matter.

Re: The Chattel Challenge - Operation Benjamins
 

@GordonJ

Thanks for the knock on the head, I see what you mean, better to keep that money in circulation, I've already probably missed out on a few deals where I could make the money up. In your experience is this some kind of metaphysical law such as "An Object in motion tends to stay in motion"?

What did you mean mentioning the spelling then? Just a friendly suggestion to increase search rankings?

@Cornell

I've got some more play money now from selling the Kinect, I will do this now with that money. I will also relist this tomorrow when I have a few minutes for a lower price.

Now for both of you, you're saying that everyone of your deals is flipped within 1-2 days because you're offering such a great deal? Say I think the market will bear $350 because the average price is $400, you would list at $140 and move on?

Thanks again for the tutelage,

Shelby

Re: The Chattel Challenge - Operation Benjamins
 

You spelled chattel wrong in the title of your original post. You spelled it "chattle" instead of "chattel". Since it is wrong in the original post, it is wrong in the title of every reply to that post (including this one).

Re: The Chattlel Challenge - Operation Benjamins
 

Hi Shelby:

No not saying that they are flipped within 1-2 days because they are such a great deal....they are flipped quickly to get the cash back in action.

If I have an item that cost me $200 and I know I can dispose of it quickly for $350 but then decide to sit on it to try and get an extra $50....then I don't have the $350 for an item that I just found for $300 that I could flip for $500...I would not only have passed up on the $150 profit from the first item but would also lose out on the $200 profit from the item I didn't buy because my money was tied up trying to make an extra $50.

Learn what dealers and stores buy what in your area or neighboring areas and when you find an item they will be interested in take it to them and get your profit and turn around and do it all over again...what is better...one sale making $200 in your pocket or 2 sales putting $300 in your pocket?

Do some homework...watch the classifieds and see what things are selling for...then buy and price yours for similar or a little less for quick flip....not to mention if you don't know what things are selling for you will end up overpaying and taking a loss.

With regards to: [ Say I think the market will bear $350 because the average price is $400, you would list at $140 and move on? ]....NO...

....every case is different. In the case of your BBQ...I know BBQ's of that calibre are selling here for around $250 - I also know that at that price it can take a few days to unload it....so I got a good deal at $70 knowing I could double it at $140 and move it out the same day I bought it...now I could go for $200 to make the extra $60 but then I might have to wait 2 days for the sale...I want it in and out the same day if possible and no more than the next day....I only put money in my pocket when items sell and the faster they sell the faster I am putting the money into my pocket or into circulation to repeat the process. If I can double then I am happy and away I go again....sometimes tripling or quadrupling...all depends on price paid and what the competing items are selling for....always priced for the quick sale so I rinse and repeat.

Hint: I don't use craigslist or kijijii...I use a smaller local classified site....it's easier to see how fast things move and what the prices are that are moving. A good item at a good price will move off the classified site here within hours of posting.

Example: I just recently picked up a riding lawnmower ...asking price $275....bought for $200...needed an $80 part....bought part...added part in 15 minutes...listed for $400 and sold it roughly 2 hours later with $120 profit. Riders of this quality normally list for $450-$500 and I could have gone for that but then I would have been fighting for a buyer with 6 others that were listed in the price range...instead I went for the $120 profit at $400 and had it gone while the others were still sitting there trying to get more money....and I am off to find another gem and do it over again.

I would much rather turn 5 items in a week and profit say $600...than have one item that will make $600 but have to wait 2 weeks to get the money....in that second week I have made another $600 that otherwise would have been lost....it's all about moving things in and out...circulating as Gordon says.

C.

Re: The Chattel Challenge - Operation Benjamins
 

First thing Shelby, we're happy you are doing it.
 

It is great to see someone embrace chatteling as a money maker.

Now, as for your craigslist or local ad, give em a reason for the price.

I'm suspect of chattel which is way under priced, but, I GET the need for fast cash now and then.

MUST sell today. My loss your gain.

Unexpected bill came up, need cash today. No haggling, first person with the cash gets this great deal.

See? Give em a good reason for the good deal they are getting.

As per the spelling, don't worry, I'll take care of it, it may not be important but we get indexed quickly in Google and so it helps with our traffic, again, no biggie, I can correct it.

Go back to your plan. Use 100 and try to get 200. So, I'd offer the grill TODAY ONLY for 200 or since you can deliver, 260 delivered.

These sort of double deals are frequent at this lower level...the more something costs (as a very general rule and I do mean general) the longer it sits.

But since you are devoting a few hours a day, 5 days a week, we want you to be successful, so don't take this as criticism. You live in one of the GREAT chattel areas of the country, too much in fact.

But set up your time. For example, if you giving 3 hours a day, then spend the first hour every morning searching for stuff. You cell phone is your best friend. When you do find something ASK if they have anything else for sale, sometimes people have other "junk" in their garages.

I think you can get quickly up to 1000 bux, then you can divide it, use 500 for those 500 dollar deals, 250, 125 and 100 sort of thing, now you can find 3 or four things which can be flipped quickly.

Also, ASK the seller if they would be interested in buying X or bartering or trading. Most will want cash, but it doesn't hurt anyone to ask.

Try this, search for Bicycle shops in your area. Visit one a day or a few in one day...tell the guy you buy and sell and ASK what kinds of bikes he would buy and look at what he has to sell.

NOW, spend one week looking (a few minutes a day) for those kind of bikes.

IF you see one, and it looks like a good deal, you can pick it up, like Cornell did with the wicker stuff and have a ready buyer, so it is possible to make 40 bux while you are on your way to and from other deals. See?

One secret for craigslist, DON'T look all that professional and create videos, especially like the one you did...I want to buy from someone who needs money not from some professional who has time to make video...it is a turn off.

Use the four pics, don't be afraid to misspell in your ad, LOOK like you MUST sell this thing, and give them a reason why to buy today.

I avoid fancy looking ads for personal property, it tells me the person is a chatteler or picker if you prefer and so I "normally" don't buy from them.

Also, look East to West, and one side of town to the other. Buy over here, sell over there. ONLY 12 miles makes a difference, that is the average distance a low cost chatteler will travel to buy something.

We want you to succeed, we like DO er s here, you are doing, and we want to help.

Gordon Alexander

Re: The Chattel Challenge - Operation Benjamins
 

Thanks guys,

@Bill, thanks for pointing that out to me, I'm a bit dyslexic at times and miss small items like that even though I looked through it multiple times after Gordon mentioned it.

@Cornell I see what you mean now, I originally thought the grill was priced to sell quickly, but now that you pointed it out it looks like I was trying to get full price instead of flipping it quickly. I think I was guilty of falling in love with it, especially cause I made steaks last night :)

@Gordon J First thanks for correcting the spelling, and pointing it out. I also appreciate the outline you laid out with the bike shops and the plan to double my money, I'll take advantage of it and let you know how it's going.

As for the Craigslist ad, I guess eBay habits die hard. I was debating whether to run a split test, as I suspected my ad looked a bit gaudy and hard to read with all that text. I will revert to the more simple ad and see if it sells.

Thanks again guys, I'll get this down pat soon, now off to work I go.

-Shelby

Chattel is the legal term for personal property.
 

Since chattel is personal property, chatteling is buying and selling personal property (chattel) for a profit.

TV shows like American Picker, Pawn Stars, Storage Wars are all about buying and selling personal property (chatteling)

It is a Billion Dollar + underground business. Anyone can do it.

Gordon Alexander

Re: The Chattel Challenge - Operation Benjamins
 

Some people get scared off from any kind of stories, regarding anything.

So it is.

Quick Tip! HOT! Marketplace, All Kinds of Ideas, Chattel (incl.) Used Trucks For Sale
 

Endless opportunities, buying, selling, brokering, consulting, re-building, mechanic connection relationships and other Re-Workable Ideas applied into Chattel related Concepts and Money Making, Saving business models... :)

Simply start with One at a Time if you Can't invest in a Dozen just Yet! ... ;)

Quick research, just for a Taste of an Extremely HOT! Marketplace for All Kinds of Ideas and Much, Much more...

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Just Google it, Analyze the Marketplace(s), Save, Make & Start Growing those Money Tree(s)! ...

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Phil

There is NO challenge per se. ONE guy set goals, invit4ed others to join in.
 

IT IS ABOUT MAKING MONEY. That is an on going challenge for most people.

Some of us like to make money by buying and selling things. It doesn't matter how you do it. There are no rules, well, only one. Make a profit from the flip.

Flipping is buying things and then reselling them for a profit.

NOW, read our forum rules for posting please.

Gordon Alexander

Re: Quick Tip! HOT! Marketplace, All Kinds of Ideas, Chattel (incl.) Used Trucks For Sale
 

Phil,

You are so correct. I have a friend who buys and sells Corvettes of a certain year (he told me but I forgot). So far, he's bought ten and sold five.

I asked why he didn't sell the other five, he said he fell in love with them and when he gets ready he knows exactly where he can sell them and for how much.

His wife chimed in and said it'll be first quarter next year. They ain't hanging around her place. Oops, sometimes a guy has to factor in his non-silent partner :D

Anyway, he started with one car and moved on from there.

Tom

Re: The Chattel Challenge - Progress Report?
 

It's been a month since the last post, how is the doubling going?

Re: The Chattle Challenge - Operation Benjamins
 

Thanks for revisiting this Bozo. I too have been waiting for an update from Shelbyc.

Rich