This is a question I get asked often when people see me out and about doing my thing in thrift stores or garage sales. “How did you start flipping in the first place?” For a while I didn’t know how to answer the questions because I had been doing it for so long at that point. But now that I am starting from the beginning all over again I think I have a better grasp on the whole situation and question at hand.
There is no right or wrong answer when it comes to how to start. There are dozens of ways you can get into the game but I’ll share with you one way you can start that would leave you with some money to start with when you begin sourcing things to sell in the future (I’ll have a post on this in the upcoming days/weeks). Are you ready to start? Alrighty then let’s go.
The first thing I want you to do is to think of all the things you have but don’t use anymore. That PlayStation 4 with 10 games you bought a year ago that you rarely play anymore due to work or the kids, that iPad Mini that is collecting dust on the coffee table because let’s face it, you have an iPhone in your hand, the Godfather DVD collection you haven’t watched in 10 years. Think of anything that you don’t use anymore that might be worth a little bit of money. Go grab all of them and put them together on your kitchen table. Now that you have your gear let’s see how much it’s worth.
In the beginning you’ll probably be using craigslist/eBay the most (again, I’ll have posts on this in the future) but lets use eBay in this example. Let’s say you have a brand new The Godfather Collection DVD that you know you wont watch ( substitute whatever you’re selling in this example), what we need to do is find out how much it’s worth. Head over to http://www.eBay.com and search for your product. See how much it is selling for (see the advanced button in the top right? Click on that and then check off the box that says “Sold” and click Apply. This will show you how much your item has been actually selling for). Now do this for all your items. Write down what you can get realistically for what you’re selling. This number will be your starting point for sourcing. Now try and sell these things on http://www.Craigslist.org and see if you can get some cash (remember Craigslist is like an online garage sale, be prepared to haggle with people and to sell for less than what you saw on eBay. We’ll go over this in greater detail later).
But what do you know, you’ve already began flipping! Of course there is much, much more to the game but that is the basic premise. In future posts I’ll be diving more into the minute details of flipping but this should help get you started. Hopefully by doing this short little exercise you can realize that A) it’s not a hard thing to do and B) there can be some good money in this for you!