In my last post, Getting Started is the Hardest Part; I discussed that my wife and I always talk about getting a business going but never do anything. Well, I can happily report we are quickly approaching almost a full month of furniture flipping!
We started with a goal of hitting $1,000, and well, we have officially achieved that! We have sold 14 items investing almost $1,100 to generate $1,925 in sales in about a month! We also have four items listed, one waiting to be repaired and eight to be picked up this afternoon.
We have done ok and made a few bucks off buying things and reselling them on the same platform. Our success has come from auctions! There are a lot of great deals to be found if you put in the research! I highly recommend you find a local auction or two to help produce a product to sell.
Our first auction went well. We purchased 7 items with a couple that Laura (my wife) questioned my thought process. So the oak server, wicker chairs, bentwood rocker, and keepsake were Laura’s picks. I added in two sofas and a dry sink.
The dry sink I thought was cool but for the life of me, I could not figure out what someone would do with it. Lesson learned that that is probably not a good purchase! Also, one of the sofas had a stain on it… I probably should have noticed that! Overall we made a nice profit on the lot!
Anyway, I bought the sofas because a youtube video talked about how you can kill it selling sofas….Maybe somewhere else as it took us three weeks and some discounting to get them sold. Admittedly, one sofa had to be delivered almost 50 miles away to get it sold.
Back to the dry sink. It didn’t sell either! Well, until Laura worked her staging magic, and then it sold for full price. I understand now that you have to stage items with high-quality photos to sell things fast!
Things don’t always go amazingly well at auctions, either. I bought an old and awesome mission style dresser. Since we both work full time, Laura and I don’t have the opportunity to go to all the previews and bid based on a picture or two.
Well, when I picked up the dresser and the top falls off that could have been the first hint it was probably not the best purchase ever. We got it home and had it a few days only to determine it needed a lot of work and wouldn’t sell for the money we wanted. That dresser was donated, and someone will buy it for pennies and have an awesome dresser once fixed up!
On 1/11, I bid on a few items in a tool auction. I ended up winning a backpack blower. It was in pretty good shape and on the border of super high end residential or lower commercial. Based on research, I figured I could probably sell it for $250. The auction ended, and I bought the blower for $84.
I picked up this beauty from the auction house and tested and posted it for sale right away. To my surprise, I had four people reach out about purchasing it! Within 2 hours of posting it, someone was at my house with cash in hand. I have noted that any landscaping tools for commercial application will be on the top of my bid wish list!
Last night was another online auction! Laura and I had plans to have some wine and bid on items! Leading up to the auction, I research all of the things we want to bid on to determine the max price we are willing to pay and what profit we expect.
Note when you buy stuff from an auction, expect 15-20% to be added to the hammer price as well as sales tax! We are working on getting approved as a reseller not to have to pay sales tax!
Of course, my backpack blower sale was simultaneous as the auction, and Laura started it off without me. I was laughing as she was stressed at the number of items changing in price and lots closing. By the time I got back, she was bidding on things and having fun but unsure if she got anything. It turns out she won 3 items.
This auction last night was different because it had five new box items that we are not sure of and how much we can sell them for. The only thing we know is the company they were manufactured by….. SO we shall see what they are and how well we do! This auction is the most concerned I have been about losing money yet.
We have two auctions tonight and have to pick up eight items from the auction last night. Then there is the post of the things prep work for the Friday auction and anything else that might come up, like buying groceries, which we have skipped previewing some auctions over the weekend.
If you find this interesting or have questions, please let me know!
Interesting YouTuber to watch – Mission Side Hustle! I think he is interesting and could help you learn some things about flipping. I wonder if Laura & I should post about our adventures….