How do you handle storage? Do you need storage? Can you start flipping without storage?
We’re going to dive into different tips and different things that you can do if you are worried about having enough storage for this business.
Starting With Zero Storage
When I first started flipping, I started out in a two-bedroom duplex. This was after I moved out of my parents’ house because I had actually started flipping when I was 16 years old. In the duplex, I rented one side and lived in the other. I had two bedrooms and used the second bedroom as my storage.
I took pictures in that room, prepped packages for shipping, and all the other pieces of reselling. As I started getting more inventory, I bought a shed and put it out in the back of the duplex. I asked the owner of the property if it was all right if I built a foundation and put a shed out and he let me do it.
Then I ended up renting the second room out and I was at capacity again. As I started making more money, I saw the potential of getting more inventory and making more and more money, and that’s when we actually went to a storage unit. The first storage unit that I rented was 12 feet by 21 feet, the size of a one-car garage. Eventually I went to two units and then three.
Once we needed more, I transitioned to a warehouse storage building which can hold thousands of dollars of inventory and that’s what I use to this day.
We’re in the process of moving out of that warehouse because the house that we bought has enough storage in it to where we can store things on our property.
Where Can You Store Items?
When you’re starting out, use the space you have. Use closets, attics, basements, garages, spare bedrooms, or offices. One of our members used her garage for a long time until she eventually needed a POD, one of the storage containers that sits at your property.
During a recent training we found a cooktop that was less than 12 inches wide and would stand up in a closet (about 4 feet tall). The profit was going to be around $2,000 on the item. When you have that kind of profit, you make room to store it.
Think outside the box too. Maybe you ask a family member or friend if they have extra room. You could pay a small rental fee to use their garage and if you’re making thousands of dollars on flips, it would be worth it.
You also don’t have to start with hundreds of thousands of dollars in inventory. Start with one item. See if you like the process. See if you like that cha-ching hitting your phone and the $4,000 hitting your bank account to be like, “Well, wait a minute. I’m making a little bit of money. Maybe out of that $4,000 I can go get a $100 storage unit and I could buy a couple more of these $4,000 flips.”
We don’t tell people to start with a storage unit, but if you find that you need one down the road, it’s an option.
There are so many solutions if you do not have storage that you can figure out and still make good money in this flipping business.
Show Notes
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FURTHER RESOURCES
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