The Chattle Challenge - Operation Benjamins

[GordonJ]

Originally Posted by shelbyc

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



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.

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.

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.

@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

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).

Originally Posted by shelbyc

@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

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.

[GordonJ]

Originally Posted by shelbyc

@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

[GordonJ]

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

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

[GordonJ]

Originally Posted by pab4103

since there are no dumb question, what is "chattleing"?

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

[GordonJ]

Originally Posted by pab4103

never bought or sold anything on craigslist because of all the scam stories i read about

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

So it is.