Today is Day 40 of my Flipping Challenge – still under halfway done, and I’m now well over $1000 when you count the value of my inventory and the cash I have on hand.
Last week was when I officially moved past the $1000 threshold thanks to several good buys. If you haven’t been following along, I recommend going back to at least read that post.
If you want, you can also go all the way to the beginning and start reading there.
Week 6 Update
This week I finally got around to getting items listed on eBay.
There was a lot going on though, so I didn’t get that done until the middle of the week. So far, I haven’t got any sales.
I listed a total of 12 items, 10 of which are in the buy-it-now format and 2 of which are strictly auctions.
I’ve decided not to share exactly what items I have on eBay or my username there to make sure that these posts don’t influence my ability to get early sales. This whole experiment is supposed to be proof that anyone can do this, and getting a bunch of free traffic isn’t representative of what it’s normally like.
I will struggle to get bids and feedback just like the rest of you!
If you’ve never sold on eBay before, here’s what you need to do:
- Set up an account if you don’t have one.
- Click sell in the top right corner of the page on desktop.
- Type in what you want to sell
- eBay will give you a list of items that are like what you typed in. You can pick one of these to have the details copied over to save time. You can also create a brand new listing.
- Pick one or create your own, then adjust the details as needed.
Overall, the process was simpler and faster than I expected it to be. The first time through was a little confusing, but each additional item took no time at all.
If you are waiting to try eBay, I recommend just making yourself get the first few items listed. You can do it!
Bought and Sold This Week
One of my main goals for the week was to sell $350 worth of inventory, and I managed to do this easily thanks to the products I brought in last week.
So far, every item I have sold has been through Craigslist. I still have not been approved for Facebook Marketplace, but that hasn’t been slowing me down from what I can tell. Maybe I could be doing even better, but I’m very happy with the results so far.
My niche for buying continues to be one-off sales: garage sales, estate sales, moving sales, etc… All of my great finds have been coming from these sources.
The Craigslist garage sale section has been a great place to find these for me.
What I Bought
Here is what I bought this week with the cost (and estimated selling price):
- Landscaping stones and edgers – $15 ($50+)
- Celestron NatureDX binoculars – $20 ($50+)
- 3 metal garbage cans – $10 ($30+)
- 5 gas cans – $5 ($20+)
- A toy box – $5 ($30+)
- A KitchenAid Stand mixer – $35 ($100)
- An Electrolux vaccum – $30 ($50+)
- 2 Recliners – $25 ($50+)
- Miscellaneous small items – $50 ($100+)
No really big ticket items this week, but I’m happy with all of these. The binoculars are the same that I own and they are very good cheap binoculars. I got mine for about $100 new, and these ones are still new too.
The KitchenAid mixer was an especially good find for $35. This was another moving sale turned fire sale situation. They had started asking $150 for it at the sale but no one bought it. It was down to $75 by the end, and I can’t believe it fell to me for $35 after the sale was over.
What I Sold
Speaking of the KitchenAid mixer, I put it on Craigslist for $100 and moved it the same day!
Here’s everything I sold this past week (and the profit on each):
- Chicken coop – $175 (+$125)
- Weber grill and accessories – $100 (+$75)
- Patio umbrella – $30 (+$15)
- One of two lawnmowers – $40 (+$25)
- Wood kitchen island – $30 (+$25)
- KitchenAid mixer – $100 (+$65)
Current Status of Challenge
Here are my stats so far (plus the change from last week)…
Cash: $512 (+$260)
Items Sold: 18 (+6)
Items Currently Listed: 27 (+12)
# of days into the challenge: 40 (+7)
Time invested: ~ 26.5 hours (+ 5 hours)
Gas Used: 11.5 gallons (+3 gallons)
Estimated value of current inventory: $1000+
Things are going well.
With over $500 in cash ready to invest, I’m hoping that I can find a couple bigger ticket items this week. The amount of inventory I currently have is already starting to be overwhelming considering I’m storing it all in my garage, so I’d rather focus on a smaller amount of more expensive items in the near future.
Selling on eBay should help cut back on a bunch of the smaller stuff I have. I’m hoping to get my first sales via eBay in the next couple days.
My goals for the upcoming week are:
- Invest in an item that costs me at least $150 to acquire.
- Get my first sale on eBay
- Set up a system for listing new inventory immediately
What About You?
If you are ready to start your own challenge, comment below to let us know that you are in. Better yet, share what 5 items you are going to start with.
If things aren’t going well so far, stick with it. Share what you’ve been trying and I’ll do my best to give support or advice based on what I’ve learned so far.
And if things are going well, feel free to brag!