The Chattle Challenge - Operation Benjamins

Originally Posted by shelbyc

@Cornell

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?

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.