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joebiz
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Great post Joe, very interesting.

 

 

Just wondering, how does this affect you as a person, is it tiresome/stressful/... or anything like that (having to search for products, right price, inspect the product, pick it up, don't get screwed over yourself,...) . I'm sure you got a perfect eye after all these years so maybe you can tell how does it affect the friend you helped out?

 

Well the only thing that's stressful is when you go a day or two without buying anything. It's not tiresome at all. It's a lot of fun to find the deals. Once you've got an eye for the value and you figure out how to read between the lines in the listing, it's pretty much just a numbers game.

 

Not perfect at all, I make mistakes probably one out of 30 buys, it's almost exclusively due to hidden damage or bad research on my part. I used to do it a lot more, I only recently started doing it again to help out our family member.

 

I'd recommend getting some very cheap wheels, like a motorcycle with storage or something, to go pick up computers, laptops, iPod/iPads, gift cards, tickets, etc. That actually becomes a barrier to entry, spending cash driving around picking up deals. If you can drive to three times as many places on the same amount of cash, you cap your opex for the day.

 

I think ideally the structure looks like this:

 

A Hustler, who's finding the deals and coordinating the buyer.

A buyer, who's just running cash around the city, picking stuff up with $1000 in his pocket. When he's out of cash, he comes back.

A cleaner/photographer/lister who is handy with a computer to re-list it and inventory it.

 

I think the whole thing hinges on having a very competent hustler.

 

 

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So I picked up this little gem this morning. Paid $3500 for it. Worth $7000 in a pinch. Guy was just sick to sell it for that. Tough.

 

Could probably sell it today for $5K.

 

 

DAMN Joe that is fcuking awesome! Hustler baby!

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Awesome topic ! I just became unemployed and started doing the CL/Ebay thing . The job market sucks ! I'm making more money doing this then I was working . The hours are much better too.

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Awesome topic ! I just became unemployed and started doing the CL/Ebay thing . The job market sucks ! I'm making more money doing this then I was working . The hours are much better too.

 

How long did it take you to start getting some traction? Most people it seems that it takes about a week to really get into a grove.

 

However, one of the guys on the forum here PM'd me and told me that he made $1000 yesterday on two flips: an iPad2 and a Honda CR250! That's awesome.

 

 

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How long did it take you to start getting some traction? Most people it seems that it takes about a week to really get into a grove.

 

However, one of the guys on the forum here PM'd me and told me that he made $1000 yesterday on two flips: an iPad2 and a Honda CR250! That's awesome.

 

 

It did take about a week . I try to stick with things I know , certain car brands, hobbies, etc. I try to find cars in the $2-3K range, seems eaiser to sell in that range, mark them up $1.5-2K. Cleaning a car up , especially the engine , adds a bunch to the price and makes it look the car was well maintained. I also hit the good will auctions at times, although it seems like most cars sell at CL prices or just in too crappy condition. I wish I lived somewhere where it was warm all year around, that would open up the market a little on what I could buy . I made $4K profit my first month ( for about 8 hours worth of work a week).

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It did take about a week . I try to stick with things I know , certain car brands, hobbies, etc. I try to find cars in the $2-3K range, seems eaiser to sell in that range, mark them up $1.5-2K. Cleaning a car up , especially the engine , adds a bunch to the price and makes it look the car was well maintained. I also hit the good will auctions at times, although it seems like most cars sell at CL prices or just in too crappy condition. I wish I lived somewhere where it was warm all year around, that would open up the market a little on what I could buy . I made $4K profit my first month ( for about 8 hours worth of work a week).

 

Do you guys work with any specifics on age of car, odometer reading?

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Do you guys work with any specifics on age of car, odometer reading?

 

 

For me , I try to stick with mid to late 90's american cars with less then 120K . If its a sports/pony/muscle car, as stock as possible (as far as engine mods). I don't try to spend more then $2-3K on a car.

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For me , I try to stick with mid to late 90's american cars with less then 120K . If its a sports/pony/muscle car, as stock as possible (as far as engine mods). I don't try to spend more then $2-3K on a car.

 

I prefer the European cars or Japanese cars. Especially japanese trucks. But, like I said, you have to be careful with cars. There's a lot of pitfalls both from a money perspective and a legal perspective.

 

Just be careful with cars. I'd recommend doing inexpensive electronics first, get your feet wet then jump into larger ticket items.

 

+1 on the $2000-3000 range. They sell so stinking fast.

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Going to view a BMW tonight. Was listed at USD$3300, seller said he would accept $2600 (I should have gone lower on my first offer! How low is your normal initial low-ball offer?)

 

Has done 100,000km, and all other BMWs of this model in New Zealand are at least $3300 and have 50,000km more on the clock.

 

I figure I can easily sell for a $600 profit (have owned and sold this particular model in the past)

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Going to view a BMW tonight. Was listed at USD$3300, seller said he would accept $2600 (I should have gone lower on my first offer! How low is your normal initial low-ball offer?)

 

Has done 100,000km, and all other BMWs of this model in New Zealand are at least $3300 and have 50,000km more on the clock.

 

I figure I can easily sell for a $600 profit (have owned and sold this particular model in the past)

 

 

try offering 2500 on the spot

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Joe,

I just saw and read both of your posts tonight. This is awesome stuff, I LOVE a good hustling story, and this sort of stuff is right up my alley. Hell I have been doing this stuff for almost 20 years, ever since I was a little kid I was ALWAYS looking for stuff to resell. I was the 10 year old kid on my street that had a toy sale with a folding table on his front yard every other month. I was the kid who would go around on junk day dragging home old bikes and tools so that I could fix them up and resell them, and the kid who would sell cold lemonade to stopped cars at busy intersections on summer days, always looking to make a quick buck and supplement my allowance. I ALWAYS made enough money to keep smiling back then, and this was WAY before Ebay or Craigslist was even around!!! (so not only did we not have the ease we do today to resell something, but it was that much harder to find the sellers and BUY stuff as well). It never stopped me back then though, and I guess I never stoped to think until this thread just how much more convenient a site like craigslist probably makes it today!!

 

Video games were always my specialty (and in my later teen years, paintball guns and equipment). :) Back in the day, I remember realizing as a kid that yard sales were a GOLD MINE for used video games. Other kids would try and sell their old games for $10 each when they got tired of them so that they could buy new games. (these were my targets!). I learned quickly back then that if you went to one of these sales with 5 weeks worth of allowance (say $40-$50), and offered to buy ALL of their games in one shot, you could get an easy 50% discount or more on the lot, and people never even gave a second thought to just how much money they were parting with by giving you a quantity discount. All they could see was the money in your hand, and all they could think about was how quickly it could be theirs. By doing that, instead of 10 games selling for $8 or $10 each, I could offer the kid selling them $50 for the entire shoebox full of games, and he'd be so excited I couldnt hand him the money fast enough.

 

I would then take the video games I had just bought for quarters on the dollar, and resell them to my friends, or in my own yard/toy sale, or during recess at school from my backpack, or at a flea-market with my Dad, etc. Back then, it was the easiest way in the world for a kid to make money, and I LOVED doing it. I was a husler, and dealing in something I KNEW made recognizing deals even easier.

 

Thank you again for posting all of this! You are a class act and it is nice of you to share the story with all of us on the board (many of whom like myself that are already searching for a way to carve out a "niche". I also think its a GREAT idea to answer the questions in a thread format rather than individual PM's as it not only saves time for you, but it also allows so many people to benefit from hearing the answers you would probably be repeating over and over again in individual replies.

 

I also found over the years that you are dead on about dealing in cars. If you are not a tech, or dont know a trustworthy tech, or just dont know how to recognize basic problems in cars, you can get yourself in over your head very quickly. I have made money buying and reselling cars over the years knowing NOTHING about mechanical skills, because I was fortunate to have a Mechanic best friend who helped steer me through a few deals. Without him, it would have been much more risky to do so. Smaller electronics and other goods as you mentioned seem like theyd be the easiest meal ticket for most people, as you could get started with low starting capital, low storage space at your disposal, easy to pick up and move, easier to inspect and test with limited knowledge/skills, etc.

 

If you get the time, I would LOVE to try some of this on my own using that script you mentioned. Being that NJ is a small state (with 3 sections on Craigslist, you could use the "North Jersey" heading). Would love to get an idea of some of the listings youd recognize immediatly as gems. :) (if it needs to be more specific than the North Jersey Category, use Dover or Rockaway NJ as that is where I work and spend 40 hours a week already.

 

Thank you again Joe, to say Im intrigued is an understatement. This is cool stuff. :)

 

 

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Hey guys. Happy to run the script for you. But let's do it in a public forum so we can learn from each other, offer feedback and give constructive criticism on pricing. Private messaging won't make us better decision makers over time. Since this is a semi private forum I think it's safe to converse openly here. just post your city state and $ you're working with and I'll reply in this thread.

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Not sure how much work it is, but covering the Inland Empire, Palm Desert, and Orange County should offer up lots of examples for the SoCal crowd here.

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Joe,

 

What are you paying for ipads/iphones ? How much are you selling them for ? Anything to look out for when buying them?

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Joe,

 

What are you paying for ipads/iphones ? How much are you selling them for ? Anything to look out for when buying them?

 

$50 under market for iPhones and $100 under market for iPads. $200 under market for iPad 2s.

 

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ipad 2 64gb verizon 3g used? I would love if we could come to a agreed price chart on apple products, based on model and bid $, sell $. A cheat sheet to have on hand, so you know where you have wiggle room, and not get stuck in the heat of the moment and over pay.

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Joe, what do you mean by script? As in a telemarketing script over the phone?

 

Computer script (code of sorts) that searches CL and puts all the listing links etc into a spreadsheet.

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$50 under market for iPhones and $100 under market for iPads. $200 under market for iPad 2s.

 

Is there a good trick for Apple product lowballing (E.x. It's alot easier to lowball items when the seller needs to pay the mortgage/divorce etc, I don't see alot of that in Apple product listings...)

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I have a buddy of mine that keeps an eye out on the free section of CL, and makes an extra $600-$1000/month picking up (often times) new stuff that people don't want, and relisting/selling.

 

He picked up some BRAND NEW home gym equipment once (for free), used it for about a year, and sold it for $1100.

 

 

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I think you have to get lucky and not be greedy with Apple stuff.. additionally I am seeing a lot of spammers putting up cheaper deals and then giving you links.

 

Just picked up Salamon skiis with bindings, $700 new guy wanted $215 got them on the spot for $130. Thanks Joe

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Jackson, MS. Tomorrow morning picking up a 2009 GSXR 1000 for 6500-7000 I hope, going rate on ebay currently is 8500-9000. Bought a couple of 1000 dollar Yamaha Jet Skis as well. I've always viewed this as a sort of "Day trading".

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