Going Official!

Everyone wants to get ahead financially in life, and we have been told if you go to school and get a great paying job, you will be successful. While that can be true, the likelihood is quite slim. A great book Rich Dad Poor Dad, highlights some of those misconceptions! It’s a great read; I highly recommend it.

Did you know that millionaires, on average, have seven streams of income? It has been proven that having multiple income streams is one of the most efficient ways to build wealth.

Random Thought

Another side hustle I want to do is sell firewood to make a few bucks but also to heat my house and reduce my heating bill. Firewood is often free uncut and with a little effort you can get all the free wood you want.

While in Home Depot picking up some chain oil for my new chain saw, I had some gas in the isle. It dawned on me that in the world of masks there is no such thing as SBD (silent but deadly) gas as no one wearing a mask correctly could smell it. Not sure if this was a positive or negative thing as it hit me as a funny thought and figured I would share!

2021 Word

My wife Laura approached me at the beginning of the year and said she read online that we needed a word to define our year. Something that will help keep us focused and motivated to achieve all of the goals we set forth. Full disclosure I think she was a little crazy but went along. We have settled on the word Dedication. I like it now that we are focusing all our efforts on being dedicated to achieving our goals!

Dedication to Income Streams

We are fortunate to be in a position where we might purchase an inexpensive rental property. The hope would be to build on our income streams. The power and desire to invest in real estate is that you can leverage debt to improve your returns.

The first step has to set up an LLC and file all of the appropriate paperwork is done! I used ZenBusiness.com, which was easy. A side note on the service, don’t pay for the extras as it isn’t hard to do the stuff yourself. The Operating Agreement is just a template, not a step-by-step walkthrough, but for 50 bucks, it is pretty good for everything!

This will be a new section to keep you all updated on our rental property search and lessons learned!

Auction Updates

In my last post about prepper for back to back auctions, I mentioned we bought four brand new in box items that we were not quite sure of. As it turns out, they were a set of matching end tables and tv console, which is fantastic!

My wife has started a Thrift & Consignment Store on Facebook called Unearthed. We are building out a brand and being official since we both enjoy and are good at finding nice furniture and other items for people!

We will probably be building out a website soon on that, so stay tuned for more fun!

New Purchases

There have been three or four auctions since my last post, but here is the events summary. We won nice furniture and lamps at an auction that we picked up Sunday:

1. Two mahogany sideboards

2. Oak Table and Chairs

3. Cherry Dresser & Mirror

4. MCM Red Wood Mushroom Lamps

Any guess on what was the most expensive item? Well, it was the Mushroom lamps! I can barely believe how much we paid, but apparently, they are worth more, so we shall see!

Picking up the furniture was an adventure as we took my F150 with a U-haul trailer to the auction house to get all our items. With three kids in tow, what could go wrong? Our four year old and 2.5 year old decided this was the moment that they would have a contest to see who can scream louder in the auction parking lot.

After reassuring some locals that our kids are OK, my wife’s stress level was pretty high, raising mine. We worked as fast as we could to strap things down and get out of there. Needless to say, when we got home, I realized that we had forgotten to secure the sideboard drawers, and the trailer looked like it was shuffling cards with the sideboard drawers… I need to remember to take pictures for all of you, but I was pissed!

 

These scratches happened when the drawers feel out and hit the other sideboard..

Anyways we unloaded them, and while my wife took pictures of items, I worked on cleaning up the sideboards and repairing any damage that I had caused…. It cost us about $16 to fix the scratches!

Storing the Furniture

Since we are not a real shop and this is a side hustle, the furniture we purchase gets stashed around the house. I currently work from home in the basement, and I have a vanity, chair, ottoman, two end tables, and the TV console keeping me company. We also have a dresser and table in our family room. Next, you would find a coffee table in the living room as well as the MCM lamps. Then our sunroom is the storage unit….

Last Night Auction

Prices jumped pretty fast last night in the auction, and our big wish almost completed disappeared, but we were still able to get two items. An MCM china cabinet could be a big winner since MCM is hot furniture to sell, but we have seen many china cabinets being given away for free.

The other item is a Danish MCM vanity. While it is not my style, it appears they can command some big money in the market, but I am nervous as we paid a lot for it, and the auction house told me when I scheduled a pickup time that the mirror is pretty flimsy… Not the words of encouragement I was hoping for.

Bitcoin Mining Hustle

I fell out of love with my bitcoin mining hustle, but I have renegotiated a new pay rate that is a 20% raise and the opportunity to share some profit, which makes it all worthwhile again. So that will continue to be a steady couple hundred dollars a month side hustle for the foreseeable future.

GoShare

I am not sure if any of you have had any experience moving stuff on goshare, but I am close to getting approved but with all the furniture moving that we have done in the past month (19 items sold) that I have learned furniture is risky and a pain to move. I have most definitely damaged some, which makes me wonder if I want to take the risk of moving someone else’s furniture to make 50 bucks. I will let you know if I pursue this and if it is worth the risk/effort.

Furniture Flipping Numbers

So I was asked recently if flipping furniture was worth it, and my answer is probably as we have made some good money but a month of doing it isn’t the best trial! Right now, we have taken an enormous leap and have a crazy amount of money invested in inventory waiting to be sold. For the record, we started this all with $200, so to sell over $2k, we multiplied. The profit margin is pretty good, so even though our cash on hand only shows about $148 for all the effort, we hope that the 17 items in our house will sell for much more than $1,200.

Total Invested $1,991.15
Revenue $2,140.00
Inventory $1,208.91
Items Sold 19
Profit Margin on items sold 71%

The short summary is that furniture flipping is worth the time if you research and pick good items. It is important to remember that you make money when you buy the items!

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