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Do you think it’s impossible to find high-profit flips on a regular basis?
We are proof that it is possible to find those high-profit items over and over again. It’s the basis of the business model that we use in our flipping business. And we’re going to dive into how we turned $85 into $1,600 in sales in the last three days.
Money Is Made In The Buy
The first point is that your money is made in the buy. This is the huge, huge secret to high-profit flips. You have to find those items that are at the right price. Be willing to walk away if the buyer is asking too much and you’re not going to make the profits. Our goal for our items is to 10X our profits. When we buy an item, say for a hundred dollars, we’re looking to sell it for close to a thousand dollars. Let’s look at what we sold last week.
Item #1 – The Valve
The first flip of last week was a stainless steel waste valve. I bought two of them at one time from the local flea market. It had a stainless steel ball valve on it that turned off the water or air. The ball valve alone on this whole unit was probably a $60 ball valve. So I knew I could at least sell that and make $30 to $40 on it. But we paid $10 for it and we sold it for $900.
Sales: $900
Fees: $118
Ad Fees: $9
Shipping: $47
Cogs: $10
Profit: $716
Item #2 – The Mirror
We bought a car a couple of months back, and they gave me a mirror that was never installed. It was one of those rearview camera kit mirrors.
Sales: $99.99
Fees: $13
Shipping: $12
Cogs: $0
Profit: $75
Item #3 – The Airdyne
I have sold a lot of Airdynes in the past. They’re cool bikes and they sell really well, even though they’re super old.
Sales: $599.99
Fees: $77
Shipping: $40
Cogs: $75
Profit: $408
Numbers Note
When we do our numbers, we round up by a penny typically because most everything is listed for $X dollars and 99 cents such as $599.99 instead of $600. We round up because it just makes it easier for math and trying to do quick videos. But another good point about that is that $599.99 looks a lot better than $600 to the buyer. It brings it down just slightly but often makes it feel more reasonable to the buyer. Keeping it in that lower increment even though it’s still at the top of that lower increment is one strategy to consider using in your business. Our profits were at $1,199, so almost $1,200.
Show Notes
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FURTHER RESOURCES
FREE Workshop How To Turn Your Passion of Flipping Items Into A Profitable Reselling Business
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What We Flipped In March To Make $9,600
