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Today we’re talking about luck. And more specifically, how much luck plays into being successful in the flipping business.
One of the questions or comments we get often is how much does luck have to play into finding things to resell? We flip some really cool things with some high profits. Today we’re going to dive into some recent examples and talk about how luck played into the finds.
Consistency Is Key
The other day we found a $5 radio that will likely sell for $1,000. How did this happen?
I believe luck has something to do with it, but for the most part, it’s about consistency and consistently living this lifestyle of flipping and being on the lookout. It’s important to keep your eyes open all the time.
We have built routines for ourselves and incorporated sourcing into those routines. Melissa and I went on our morning run, which we do every day, and saw a yard sale. On the way back we stopped, and I found a waffle iron and this radio. I didn’t have my phone or my wallet with me because I don’t carry that when I’m running, so I struck a deal. I asked the lady how much she wanted for the items, and she said $5 a piece, so I told her I’d be right back. And I went home, grabbed my wallet, and paid her $5 for the radio, which wasn’t much of an investment.
When I brought it back to the house, I looked it up and the comps were between $500 and $850. We have it listed for $1,000 including shipping. I thought it was going to be $150-$200, but it’s a vintage brand from the seventies and vintage is hot right now.
So, now was that a lucky find? Maybe. It was lucky she was selling it for so cheap, but we always have our eyes open. We are consistently looking at what’s around us, so that helped us find the deal. We’re exercising outside and that sometimes leads to finding free stuff or discovering yard sales. How can you build sourcing opportunities into your routine?
Grow Your Knowledge
Another key piece of being successful is growing your knowledge of items.
Recently I purchased a lot of prosthetics from a vendor for $120. We found that deal and now I have the whole lot of prosthetics listed for $2,000.
Is that luck? Again, maybe it’s luck that a vendor I knew had the items, but I had sold another prosthetic recently so I knew the odds were good that I could flip these for a good profit.
When you start this business, it can be overwhelming to try to look at every item. So that’s why we recommend starting with something familiar. From there you’ll slowly build your experience and learn new areas. Had I not sold a knee prosthetic before I might have looked this box over and passed on it, not knowing the value of it. But every time I make a sale or look up an item, I’m filing away that knowledge.
Don’t Be Afraid To Make An Offer
Lastly, don’t be afraid to put yourself out there and make an offer. The worst they can say is no.
I was on OfferUp filming a sourcing video for our course when I spotted a chiropractic table. I checked the comps which were between $2,000 to $5,000 and the seller was at $600 for it. I wasn’t going to make an offer, then I changed my mind and offered $350 for it. I didn’t hear a response from the guy.
Then a week later, he responded back and said, “Hey if you can come pick this up tomorrow morning, you can have it for free. I don’t even want $350.”
And that was his first response to me. He was definitely trying to get rid of it and there was one small thing wrong with it, which I was able to fix with a $3 item from the hardware store.
So I got this for free and now have it listed for $2,500. So again, is it luck? Or is it being consistent on the apps and trying to get deals?
The deals are out there. People are constantly trying to get rid of items, and even if they don’t take the deal right away they may come back to you later.
Consistency is huge. Also, once you get that knowledge, it compounds and soon you know more and more.
I would venture to say yes, there is a small portion of luck in the reselling business, but the majority of our success is from being consistent with our business. So go create your luck and tell us how it goes in the comments!
FURTHER RESOURCES
Download These 47 Household Items To Resell TODAY!
FREE Workshop How To Turn Your Passion of Flipping Items Into A Profitable Reselling Business
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