Everybody wants to get rich fast, but the trick is to be patient… and some others.
In this article I will tell how I started flipping different things, how you can scale it and some tricks that may help you later.
Many people think that you need a lot of money to start flipping, but this isn’t true. The only thing you need are some dollars and time. If you have already a lot of money to trade with, but you are new to this business, you should start anyway with small objects to learn and analyze the current needs of people.
With what should I start trading?
For me, the best option was to start with clothes. Everybody needs clothes, they are cheap in purchase and easy to sell. You can ship them via mail or just sell it from your front door.
Look in your town after second-hand shops. There are always some good things to buy. Rummage through all clothes. Look after branded clothing, like Ralph Raulen, Abercrombie & Fitch… or even some shirts with funny prints on it.
After purchasing this clothes, put them online on multiple platforms. The best way to sell clothes, is to use special app’s that only focus on private clothes-reselling. Sell your best pieces for the two and a half time more expensive (product purchase price x 2,5) and if somebody wants to negotiate, you can go down to twice the price of your product. For the other clothes use the same technique, but never sell them under their purchase value. It might take a while to sell it, but you will.
Repeat this task until you have 100 Euro-200 Euro (112$-280$)!
What comes next?
Now you have earned your first money with flipping. Celebrate, but don’t celebrate to hard, because you want to keep the earned money.
Finishing the first step, doesn’t mean to quit it. For example, you could ask the second-hand shop seller, when new clothes are being delivered, so you are the first one who rummages through the new clothes.
But we want to grow, so we need bigger objects with a higher profit on the margin.
Add value to things
With the earned money I bought an old and dirty vintage watch. It was working, so I didn’t need to repair it. I just cleaned it with a special chemical for metal and the result looked really fancy. The watched costed me 60 Euro (67$) and the chemical 10 Euro (11$) and sold it for 130 Euro (150$).
Profit: 60 Euro (67$)
The meaning behind this method, is to add an extra value to every object by putting a little bit of work in. When you buy a broke bicycle and repair it, you added a lot of value to it. Sometimes the hardest looking things to repair, are solved in some minutes. So don’t be scared to repair things. You will learn a lot of skill by doing it.
Often it is enough to clean things or to add some beauty to it. Sometimes old furniture is just thrown away and you can get it for free or sold for a low amount of money. Paint it with a nice color or just restore it. People will appreciate it and pay more.
Everybody loves and needs mobile phones
Not everybody buys a new phone. There are many people out there who prefer to buy used phones. To combine the first step with the second step, I bought an iPhone with a broken display for 120 Euro (135$).
On amazon.com you can get a repair kit for under 20 Euro (22$) and on youtube.com you can watch a tutorial how to use this tool kit.
So I replaced the display by myself and sold the iPhone for 250 Euro (280$).
Profit: 110 Euro (125$)
Be sure that when buying any phone, all accounts are removed and there is no locking on the device!
Auctions are a the next big step. Every country has it’s own form of auctions. The most popular are foreclosures.
There you have the option to buy the craziest things. I always went on devices like iPhone’s, MacBooks’s, etc. Those are for me the best selling objects. The first and most important rule when bidding on an auction, is to stay cool. Don’t let your emotions take over you. If somebody else got your favourite object, don’t be sad, there will be a lot of other options to bid on something in the future.
I repeated this so long, until I could afford a car. On the car I made my best profit. Over 1k Euro/Dollar. There were no repair investments needed for the car, just some patience!
After this step, there are no limits set. If you make this long enough, you can scale it up to trading with coins and precious metals or even real estate. Don’t forget to build connections on your way up.