68 days down, just 22 left to go. It’s crazy how time flies.
I don’t have a lot of updates to give you, but I did talk to Ryan and the entries are coming in for the Flipping Challenge contest. Don’t forget to submit the details on your first five items before the end of May if you want a chance to win.
Week 10 Update
Last week’s update focused on a major gaffe I made. When trying to buy a large lot of collectible trains at an auction, I bought an old refrigerator instead. That mistake cost me nearly $275.
Needless to say, that was not a good experience.
This week went marginally better.
On the bright side, I sold the lawn tractor that I purchased at an estate sale a couple weeks ago for a very healthy profit.
On the not so bright side, I didn’t get very much else done on the business end of things. I added a few small items to my inventory and sold a few more small items on eBay, but that’s it.
With the weather being nicer this week, all the free time I had was spent on outdoor work. There’s not much I would have changed about how I spent my time though, it’s just a bit frustrating to not have gotten more done.
At this point, I’m starting to think about what I’ll do with the money earned from the challenge once it is complete. While it is certainly tempting to bank it all and use it for a vacation, I’m going to keep my hands off it and continue to reinvest 100% of it into money-making endeavors.
The reinvestment lesson from Flipping For Profit really stuck with me, and I’m curious to see what happens if I’m disciplined and just keep reinvesting all the cash I make from this into more inventory, whether I keep flipping things or move up to the other sourcing strategies Ryan is always talking about.
While a couple grand may not seem like a lot, it was literally nothing 68 days ago. If I keep reinvesting the money for 2 to 3 years, who knows what the amount I have will be. It’s cool to think about at least.
Now for the activity this week.
Bought and Sold This Week
Like I said above, I didn’t get very much done. I sold the riding mower on Craigslist plus two more things on eBay.
On the buying end of things, I went to another auction which was nowhere near as big or interesting as the one I went to the week before. I came out of it with two items, which is at least better than losing money!
What I Bought
The first item I got was a 40 watt Fender guitar amp. I paid $40 for it, and new it sells for $199. I think that it should bring in about $100.
The other item was a Thule rooftop kayak storage rack set. These were in brand new condition but opened. I got them for $25, and they sell for $160 new directly from Thule.
You can get them for a little less other places, but these should still be good for $75 to $100 based on the condition.
As an extra bonus, I also found a set of cast iron pots and pans being thrown away due to rust. I’m a big fan of cast iron and have re-seasoned many pans, so I’m going to fix these up and can probably turn them into about $50.
What I Sold
The two things I sold on eBay this week were a vintage double edged safety razor and grooming kit plus a collectible baseball card.
After fees and shipping, I made $12.57 profit on the razor. I got $22.13 from the baseball card.
The big sale was the riding mower. I sold that for $1100, which means I made $545 profit on the bundle of items I got the tractor in. I sold the other items that same week.
Current Status of Challenge
Here are my stats so far (plus the change from last week)…
Cash: $1295 (+$1085)
Items Sold: 49 (+3)
Items Currently Listed: 7 (-2)
# of days into the challenge: 68 (+7)
Time invested: ~ 42 hours and 15 minutes (+ 1.5 hours)
Gas Used: 20 gallons (+2.5 gallons)
Estimated value of current inventory: $800+
I’m sitting on over $1200 in cash from this challenge. While on one hand that is cool, it’s also a sign that I need to do a much, much better job sourcing in the coming week.
Especially if I want to reach $3000 in cash plus inventory before the end of the challenge. Right now, I’d estimate that I have about $2100 in combined cash and inventory value.
I have a lot going on in the upcoming week though, and the following weekend is Memorial Day. I know that investing a lot of time into this will be difficult, so I’m really hoping to pull off a big investment or two. There is a storage unit auction near my house this week, so I’m going to go there to see if I can’t get a big lot of items in one go. I’ve never been to one, so I’m sure it will at least be interesting.
What About You?
If you have any updates or comments, make sure you share them below!