Thanks for the detailed response and circulation advice. Ref: the experiment not sure if you saw my previous Ebay posts a couple of years back but I was doing quite a bit of Chatteling especially via Ebay. So I AGREE and KNOW the power of CIRCULATION.
To answer your question about the experiment YES. I'd be happy to report here on Sowpub on getting to the $600 level. Should be quite easy and 2 transactions a month is MORE than doable.
I will not limit myself to having to invest my bankroll though. As I see lots of deals all around which I can "control".
Due to my own time constraints with other projects this experiment will be very Part-Time.
That being said here's an update.
A week ago I noticed somebody (Family member) on Facebook requesting if anybody had a Blackberry for sale. I asked how much he was looking to spend. He said $150. I said "SOLD" lol. Not quite how the conversation went but I now have $300 bankroll.(the original $150 + $150 Blackberry sale.)
So, While I did not utilize the original $150 for this transaction my Bank Roll has doubled.
I am in the process of Transaction #3 this week. I negotiated a deal and will be investing $200 hoping to sell for $250-$300 for a quick $50- $100 profit.
Once completed I will let you know more details.
Gordon is this reporting style what you had in mind for the experiment??
Were there some other objectives for it? Please let me know
THANKS again for your Car example. I love real life examples. I'd be very interested in hearing about any Chattel deals at the $100 profit and above, with the $600 bankroll level if you have any other than cars please let us know.
Any other Chattelers out there?
Is Anybody interested in my reporting back to Sowpub?
Originally Posted by GordonJ
IF you feel like it, here's some advice and then I'll tell you what I do that is different than 98% of people.
You've got 150 bux to work with. Can you try to do TWO transactions a month? First one, try to turn your 150 into 175 above expenses...in other words shoot for a 25 buck net profit.
Turn the 175 into 190.
190 into 225, 225 into 250, 250 into 300 300 to 375 and have a goal of having 600 at the end of 6 months...
At 600 and above, you should easily make 100 per transaction, so you'll end up with 1200 dollars. PROBABLY much more, but you see this is small transactions.
Imagine Duane, doing this since you came down to N. Canton. How much would you have?
See, small transactions left untouched accumulate with time.
What MOST people do is run and spend their 150 on a new cell phone or some toy or something. SMALL amounts allowed to grow, can produce big results.
NOW of course, if you can, make bigger profits, there are times up the ladder, you can DOUBLE your money or even better ... but brings up my secret weapon...
Any week I could go to one of the auto auctions and pick up a decent looking, relatively late model car that isn't running because it might need an engine or a transmission.
I could probably get it for 1500 bux and let's say it needs a transmission...I'd have to towed and a new transmission put in, or rebuilt one...new tires, brakes, battery, oil changed and engine tuned up and all belts and hoses checked.
I'd put 2 grand into it...and say the book value has it listed at 6500 dollars.
I've got almost 3700 into it. Most guys would want to get as close to book as they could...shooting for a 2200 or better profit. NOT me.
Since I all did was buy it and have it towed...I'd put it up for 5100 OBO...way under book, but a quick turn around on my money...with a profit of 1400 dollars in a week or less.
This is close to an actual scenario...but my brother, would HOLD onto it because it in his mind...now wait for it...cause this is THE secret of chatteling...
in his mind
it is WORTH MORE.
And he would sit on (actually did in a few instances) for months until he got the right price HE wanted.
People sell stuff and tell you how much they paid and then overprice their stuff and can't sell it.
As a buyer, I could care less what you paid for it, means NOTHING related to the value of it.
I look for quick profits, even much smaller than I "could" get if I held out until I got what I PERCEIVED it was worth.
CIRCULATION beats storage every day of the year.
Duane, if you were to keep that 150 in circulation for a year, even at only two deals a month, you'd do far better than any high risk investment out there...and imagine if you did only 3 a month, you could easily double the end result.
THAT is the power of circulation.
Buy, sell for a profit, reinvest and keep your investment in circulation until you can take profits from it and still have the original investment in your pocket.
Circulate that money.