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Old November 16, 2022, 12:30 AM
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GordonJ GordonJ is offline
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Join Date: Aug 2006
Location: West Palm Beach, FL
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Default Re: Some rocking chair thoughts about STORED VALUE.

Quote:
Originally Posted by cash4notes View Post
This caused a rift between one of my business partners and I (althou we are still friends) we brought a lot of 50 mattresses at a government auction for just under $180. Much to our dismay there were 230 mattresses in that lot al most all brand new. He wanted to take them to the local swap meet and sell them for 50% less the the local mattresses stores. I wanted to sell them in bulk (which i found a buyer for them all) I did not what the hassle of loading them up every week, storing them, being jewed down at the swap meets. Would have rather just made a nice hit and turn the money over ASAP and do it again and again. He ended up just buying me out and after several months of mattress duty and him pulling his hair out i ended up triangulating a trade for him.

Man, I can FEEL this one. After my brother and I parted ways business wise, I made sure any "partnerships" I entered into, knew, understood and SIGNED OFF on my FLIP IT NOW, I'm not in the storage business.

As you found out, MOST people are like this, THEY KNOW the things they hold onto are worth more, and feel cheated when they don't hold out for full price...these folks are lost causes in my book.

They don't understand money at all. That quick flip on the mattresses COULD have been capital for the next, and the next, and the next deal.

OH well, God bless em, cause that just leaves me and you with money growing, not shrinking.

I bet we all have stories like this, SOMEONE (often a spouse) just KNOWS the thing is worth more than what I want to send it down the road.

Thanks for sharing this story. A valuable lesson for us all.

Gordon
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