Let’s talk about five tools we used to turn $400 into $10,000. You probably already have four of these tools.
On this flip our investment into the item was a little higher than we normally spend, but we knew the return was there. The flip was a TurboChef countertop oven. It was easy to pick up with two people and we’ll review the tools we used for this flip.
Tool #1 – Smartphone
We run almost our whole business from our smartphone. Smartphones have changed the industry and the flipping world because you can do so much awesome stuff on them. You can do research, look up items, look up other stuff on YouTube, take all your pictures, do all your listings, and respond to buyers.
You can do everything from the smartphone. Most people already have one too.
Tool # 2 – eBay App
This is another tool you probably already have. eBay doesn’t cost you anything to have the app, and it’s a great resource to use for looking up comps.
Why do we use the eBay app versus Poshmark, Craigslist, OfferUp, or Facebook Marketplace? The reason is because eBay reaches so many more people than any other app out there right now. eBay has over 152 million registered users. All of your local apps have maybe 20,000-100,000 people in your local area. eBay expands your reach and increases the likelihood your item will sell.
The local apps don’t have great customer support either; it’s hard to get someone on the phone.
Tool #3 – Google
It sounds simple, but Google is an amazing tool that we use all the time. We use the Google app to research items if we can’t find good comps on eBay. We use it to find product manuals and we actually print copies at our local print shop and include them with the product when we ship it out. Our local Staples prints it, binds it, and turns it into a nice looking manual. It makes your items worth more money if you can include a manual and it sets your listings apart from other sellers. It usually costs between $10-$20 to print.
Tool #4 – YouTube
YouTube is a game changer in this industry. If I’m doing a project, if I’m trying to diagnose something, if I’m trying to figure out the best chemical to use on stainless steel or any type of machine, I go to YouTube for my research.
I did that on this TurboChef flip. I looked at what cleaning agents I could use inside this unit to remove a lot of grease. I used an oven cleaner and a stainless steel cleaner. I think I used Bar Keep on this as well.
YouTube is where you’ll find videos of people showing you what you can do to troubleshoot, to fix, to clean, to do anything. It’s a tool we use on almost every single flip that we do.
Tool # 5 – A Vehicle
Not everyone has a truck and trailer when they’re just getting started. You can actually start flipping without a vehicle if you are selling small items from your house and can walk or use public transit to get to the post office.
A vehicle really does help though if you have it. If you don’t have one, you can rent trucks for $15-$20 a day from U-Haul, Lowe’s, or Home Depot.
When you’re selling a high profit item and making 10x your investment, it’s worth it to rent a truck for a day. Another option for vehicle rentals is the Turo app where you can rent a vehicle locally for a day.
A lot of our members get started without a truck and trailer, and you can too. Where there’s a will there’s a way. Even one of our $100K members, Stacy Gallego, didn’t have a trailer for a few years. She picked everything up in her minivan and had someone who could help her if she needed it.
Bonus Tool – Tools To Build Pallets
This is a bonus tool because you can sometimes pick up pallets for free. We recently picked one up from Walgreens, but you can ask your local retailers if they have any available. If you have to build a pallet yourself, you’ll need tools.
For the TurboChef, the Walgreens had a 36×36” pallet that was perfect for the TurboChef and they let me take the pallet for free.
When building a pallet the tools I use are a Dewalt nail gun and a Dewalt saw. If you don’t have a nail gun, a hammer and nails can work or a screw gun can work. You need a way to cut two by fours to build a pallet though or to build a frame, although not every item needs a frame.
You don’t need a lot to get started in this business. It’s a simple business model, and the cost to start is so low. Take these tools and get your flipping business started today!
Show Notes
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