Today is day 33 of my flipping challenge, and this is a very exciting update for multiple reasons!
- Ryan is joining the challenge with a very fun goal.
- I’ve officially reached $1000 in cash plus inventory!
- I SOLD THE BIKE!!!
We’ll get to all the details in a minute. First, if you haven’t been following along, you should go back and read through all the previous posts before reading this one.
Second, if you haven’t started your own challenge yet you should commit to doing it right now. I started 33 days ago with $0 and now control over $1000 worth of inventory and cash. This stuff works! Comment below if you are going to start this weekend.
Before we get to my update, let’s talk about Ryan getting involved.
Ryan is joining the challenge.
Ryan is officially starting his own challenge, but he has a very different goal that he is aiming for.
He is going to start with nothing, just like the rest of us, but his goal is to flip his way into a buy-in for a World Series of Poker event.
He’ll be sharing all of the details with you soon, and I know it’s going to be a lot of fun watching him try to do this.
His plan is to do retail arbitrage as well as flipping to give anyone interested an idea of how they can combine both flipping and retail arbitrage to build up a base of capital. To make it a bit harder on himself, he won’t be allowed to sell any of the items on Amazon. So all of the items will be sold locally or online marketplaces besides Amazon.
Week 5 Update
Let’s start with the clearly most exciting of the above news… I sold the bike!
The bike is one of the 5 items I started with at the beginning of this challenge (you start with $0 and 5 items you already own), and it has been a major struggle to sell for some reason. Lots of messaging and people planning to buy it – no one actually coming to buy it.
My goal was to sell it by last Sunday or throw it away, and I was able to get it sold early Sunday afternoon for $30. That’s $10 less than I originally wanted to make from it, but I’m just happy to not have to deal with it anymore.
Reaching $1000… in under a month!
The goal of the flipping challenge is to turn $0 into $1000 within 90 days.
On Tuesday, the combined value of the inventory I have and the money I have on hand went above $1000. I don’t actually have $1000 in cash, but that is because the goal is to keep reinvesting the cash. In order to have $1000 in cash, I’d have to stop buying more inventory, and I definitely don’t want to do that!
If I’m being honest, I’ve had a bigger goal in mind from the beginning, but it still is nice to reach the $1000 threshold so quickly. If you go back and read the first 5 posts about my flipping challenge, you’ll see that I didn’t spend a huge amount of time doing this. This is definitely something you can do if you have even a few hours to spend each week. It’s also a lot of fun.
My main goal from the beginning has been to make $3000 in 90 days, for an average of $1000 a month. I figured that I’d be making more in the final month than I did to start though, so the fact that I already am on pace to reach that goal makes me confident that I can reach that mark.
Now I’m starting to wonder if $5000 is within the realm of possibilities. At the very least I think it makes a good stretch goal. We’ll see how things go.
Bought & Sold This Week
Last week I started providing all the items I bought and sold in list format rather than tell the story of each one. As I increase the amount I’m buying and selling, I’d say that this is necessary. I’ll obviously continue to share any particularly interesting stories.
Starting next week, I will share a complete list of all the items I’ve bought and sold for the challenge. The Notion guide I promised is coming next week as well. I got delayed a bit, but I’ve been working on it and I’m almost done.
What I Bought
Here is what I bought this week. The amount I spend is listed after the dash and the estimated value is in (parenthesis).
- 10 foot offset patio umbrella – $15 ($35+)
- 2 push lawnmowers, good condition – $30 ($75+)
- Like-new Weber charcoal grill w/ full stainless steel grill utensil set in case and a charcoal chimney – $25 ($100+)
- Chicken coop – $50 ($150+)
- Squat rack + barbell $75 ($150+)
- A lot of decorative planters – $25 ($50+)
- 3 screen doors – $25 ($100+)
- About $150 that I paid $50 for in misc small items that will be included in the full spreadsheet-style list next week
This was a very productive week. My plan to tell people having sales to contact me after they are over if they have left-over items paid off twice this past week, leading to all of the above purchases. Both were moving sales with people who needed to get rid of things ASAP, leading to good prices.
There were more good deals available in each situation, and I should have bought more in retrospect. At the time I focused on the very best deals available that I thought would move quickly given the time of year.
The total amount I spent was $295. These items should sell for at least $800
What I Sold
Hear are the items I sold this week – with the selling price after the dash (and the profit in parenthesis).
- Pool stairs – $250 (+$250)
- BIKE – $30 (+$30)
- Trolley decanter – $25 (+$25)
The reason all three show the 100% profit is that all three were acquired for free. The bike was an item I started with. The pool stairs were acquired by dismantling an above ground pool. The trolley decanter was given to me by a guy who was moving along with a bunch of other stuff.
All three sales were local. One of my main goals for this week was to list 12 items on eBay. I listed exactly… zero.
So that wasn’t very good. It’s hard to be mad given how well things are going, but I can only imagine how well I’d be doing if I had followed through on this goal as well.
Current Status of Challenge
Here are my stats so far (plus the change from last week)…
Cash: $252 (+$10)
Items Sold: 12 (+3)
Items Currently Listed: 15 (+5)
# of days into the challenge: 33 (+7)
Time invested: ~ 21.5 hours (+ 4.5 hours)
Gas Used: 8.5 gallons (+4.6 gallons)
Estimated value of current inventory: $1000+ (+$500)
My goals for the past week were to invest at least 7 hours and purchase $150 in inventory with a stretch goal of reinvesting all $242 I had. I was able to reinvest $295 thanks to selling the bike and the pool stairs last weekend, so I exceeded my stretch goal, but I also only spent 4.5 hours on flipping-related activities this week. That is 2.5 short of my goal, and those couple hours would have allowed me to get the eBay listings up.
I’m going to let those items carry over to this week. Considering how much inventory I have, my third goal is shifting from acquiring stuff to selling stuff.
- Dedicate 7+ hours to flipping
- Create 12+ eBay listings
- Sell at least $350 of current inventory
What about you?
How are things going? Share any details you have about your own challenge, and feel free to ask any questions you may have.
If you haven’t started yet, you really should plan on it as soon as possible and ideally this weekend.