Author Topic: What do you flip?  (Read 6896 times)

cheesecat

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Re: What do you flip?
« Reply #50 on: June 19, 2017, 06:04:16 PM »
I'm always envious of those who do appliance flipping - seems like such a great niche since appliances can be so bulky and hard for normal people to move around. As a woman without muscles to speak of (starting to work on that), even with a van/truck and a professional dolly I think it would be a tough job for me.

I did retail arbitrage for a while - I flipped things by buying clearance/marked down items at Walmart and places like TJMaxx and reselling on Amazon. I was flabbergasted that people would pay $50+ for a shower curtain online! Insane.

Did that on the side for a few months, but a) the research gets tedious, b) the record-keeping for tax purposes is annoying (I'm lazy), and most importantly c) it's not an easily-scalable business. There are people who do scale it (by hiring people to do the legwork, etc) but you still have to compete for the Amazon buy box with other resellers, since it's not a product you make.

I wound up researching more about Amazon FBA (Fulfilled By Amazon) and starting a business creating my own products to sell. I know the big thing recently has been importing products from China for cheap and selling that way (wholesaling) but as many people rushing to do this find out, if your product sells, eventually you wind up competing with 20+ sellers of the exact same thing. So my products are household items that feature my own artistic (I use that term loosely) designs, which mean they're not easily copied. I own the buy box and can set my price, instead of competing with other sellers in a race to the bottom.

It's fun, and a business that can be built slowly - been doing it for a year and a half and have four products currently selling on Amazon (should be more, but again, I'm lazy, and also I made mistakes with a couple early products) with plans for several more by the end of the year. Eventually I plan for it to replace my day job.

So it's not quite flipping, but flipping got me started down this road and into entrepreneurship!

SC93

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Re: What do you flip?
« Reply #51 on: June 19, 2017, 06:08:50 PM »
What city are you in?

cheesecat

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Re: What do you flip?
« Reply #52 on: June 21, 2017, 06:58:45 PM »
DC metro area, which meant lots of stores for retail arbitrage. But it just takes so much time!

SC93

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Re: What do you flip?
« Reply #53 on: June 21, 2017, 08:17:21 PM »
I'm sending you a private message cheesecat.

nouveauRiche

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Re: What do you flip?
« Reply #54 on: June 24, 2017, 05:04:16 PM »
FIRE: Interesting insights and tragic tales of smart, educated, otherwise insightful people not recognizing a golden opportunity staring them in the face.

I've long maintained that good attorneys, doctors, engineers, craftsmen, artists, etc. aren't necessarily good business people.
Oftentimes, the exact qualities required to excel at your trade are the exact opposite of those required to be a good business person. And very few people have overlapping skill sets.

FWIW, I'm surprised at the low number of entrepreneurs on these boards. I had always thought 'oh, it can't be that hard. If I can do it, anyone can.' I'm having to readjust that thought process.

I'm not an engineer but I am a STEM-topic office drone.  The main reason I never started a business before was lack of imagination.  It just didn't occur to me that I could.
 If it had, I probably wouldn't have been able to think of a business to start.

Now, the reason is that plus lack of time (job + kids). 

I don't have much in the way of specialized knowledge that would help me recognize a crazy deal.  I've sold things on ebay before and gotten burned when I didn't calculate the shipping correctly.  Even when that doesn't happen, the profit per item isn't that great. 

For my day job, I work part time and from home so I could literally work for an hour instead of fooling with ebay and get a pretty good return, guaranteed and hassle-free.

So that's why (in my case, at least).

Chriscal

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Re: What do you flip?
« Reply #55 on: June 25, 2017, 07:52:12 AM »
Hey everyone. Thank you to SC93 for this thread. Really enjoying it. I'm a new mustachian. I am not a flipper yet. Could you please tell me what are the mistakes (common or very damaging) I should avoid or be aware of?

SC93

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Re: What do you flip?
« Reply #56 on: June 25, 2017, 10:30:27 AM »
Cheesecat, a female could do this the way I do it. I'm retired so I do NOT strain myself. If it requires effort in moving it, I'm out. I have rollers so I roll the washers and dryers around and never have to strain. I bought a $1300 2001 minivan for the sole purpose of delivering. I do not go up stairs but I do have a professional appliance dolly that the customer can use if they wish to move them upstairs.

As for mistakes..... it depends what you are flipping.

Greenback Reproduction Specialist

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Re: What do you flip?
« Reply #57 on: June 29, 2017, 02:27:21 PM »
Used motorcycles, mostly because I have a problem with wanting a new one every year.... But usually I make $500 to $1000 on each one, plus I save a ton in fuel vs driving a car.... So its a productive problem to have : )
FIRE.... Remember, it's closer than it feels.