Stop Doing This If You Want To Make Money Reselling
When it comes to reselling and making 1000% gross profit on your items, you need to stop doing this.
Buying High
The price you pay for an item is a crucial part of the equation regarding whether you will make money, or not.
In real estate, the two rules are location and the price you pay.
In reselling, the rule really is just the price you pay.
If you want to sell an item for $10, then you need to buy it at $1.
If you want to sell it for $50, then you need to buy it for $5 or less.
Your goal should be 1000% gross profit on each and every item that you resell. CAVEAT: I recommend 500% gross profit on furniture.
Letβs say you go down to the thrift store and find a sweater to possibly resell.
Step 1: Using your phone, research the comps. (ebay.com >> filter for βsoldβ)
Step 2: Check the sweater for wear and tear. There is a reason someone donated it, so be thorough when evaluating.
If the comps support a resell of $40 then look at the price tag to see if it $4 or less. If yes, then buy it and head home to make your money.
If not, then leave it for someone else. ;)
If you want to make money, then keep an eye on the price you pay and strive to keep it under 1000% of what you intend to resell it for.
Pin for later
Thrift w/me: part 6 at the Salvation Army Family Store in Gastonia, NC