Like the title of the post says, it was another weekend and another dollar! We made some progress on selling furniture as well as repairing others. Additionally, we are close to launching a dropshipping site and having all our paperwork to buy a rental property.
Finally, I think my investments are doing great, but I desire to build that out some more too! So we need to make money to invest more! I love getting dividends and watching them buy more stock! BMRK is killing it, and the dividend buys a new share of stock every month! Time to revisit my ultimate list of monthly dividend stocks to see if there is anything good to purchase!
If you missed our last adventure, which didn’t exactly go as planned, check out my last post, No such thing as easy money.
Furniture Flipping Selling!
I am officially on notice (per Laura) that I cannot buy anything at auctions until we clear out some inventory! Storing 23 pieces of furniture in 3 rooms and our sunroom is the breaking point! Well, if we need to sell, then sell, we will!
We sold this shabby chic wing chair towards the end of last week to a lovely couple in the city. I was excited as Laura wanted to keep it! The husband was only home, and he agreed with me that he had no idea what his wife saw in the chair. She was thrilled, and we doubled our money!
Next up was a pier one scroll vanity, which a couple drove about 45mins to come to pick up. It was brand new in the box, and we assembled it. We bought that and three new in box blu dot furniture and thought people would love new furniture cheap…. Well, we have had a hard time selling the new stuff. After sitting in our house for almost a month, we accepted a price that netted a low 20% profit.
Next up was an MCM China Cabinet, an excellent piece of furniture, but many china cabinets are free and not a popular item. Interestingly enough, a lady responds to my craigslist ad and offers half the asking price after a little negotiation attempt on my part and no give on her end. I discovered it was a lovely military couple that left on base nearby.
That delivery was a first as I have never delivered furniture to a military base before, but it was a fun experience for a lovely couple. Additionally, the lady was beyond excited, and we learned that they are getting transferred to Florida in a few weeks! Even taking the low ball offer, we still made a nice 70% margin!
The last sale of the weekend push was the glass top coffee table. Part of me wondered if we would donate this to my sister, but it turns out a snowstorm is all that is needed to make a sale. During the snow yesterday, we had a lady come and buy our coffee table. While again, it was lower than the asking price, we still made a 55% margin.
Our LLC was finally approved! The original intention was to buy a rental property and put it under the LLC but we also decided to add our furniture flipping business to the LLC. While I would probably like to separate the companies at some point, the fact that MD charges almost $400 per year to have an LLC, we are just not at the point yet to justify multiple LLCs.
As such, I have filed some DBAs (doing business as) for the LLC, which allows us to operate the business under different names without creating a new business. The downside of doing this is that the companies are still grouped from a liability perspective.
Drop Shipping Business
So we shall see how this works out, but we have decided and have been working on setting up a dropshipping business. The online shop is almost ready to go. Once it is fully prepared, I will post it here and include a link. The company will be selling nail products.
I hope to utilize the knowledge I have learned doing this blog into that online story to try to drive sales. Why would we pick nails, you ask? Why not! I could not think of a product to sell, and I was trying to figure out who to market it to. Most online shoppers are women, and nail products are a repeatable purchase. It seemed like a simple idea to try out. If the product doesn’t work out, then we might try something else!
Yes, if you were wondering I had some influence over the name. I have been told “at least it is easy to remember” LOL! 2021 is the year of making things happen, and we are going to continue to push to make a significant financial difference in our lives!
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