There’s revenue on the market, you simply should learn to discover it.

On this week’s present, I’m joined by a pair of Aspect Hustle Present listeners who’ve been studying that talent and have translated it into tens of hundreds of {dollars} in gross sales over the past 16 months.

Jack and Joan Ferrell of SecondTimeSellers.com are resellers. They discover used objects at flea markets, yard gross sales, on-line auctions, and flip these objects for anyplace as much as 10x what they paid for them.

Impressed to begin reselling after listening to episode 406 with Stacy Gallego, they’ve hit the bottom operating and have set the aim to promote $250,000 within the subsequent 12 months.

The flexibility to seek out revenue in your hometown is a sure-fire solution to recession-proof your own income. If that appeals to you, I encourage to you try the free Flea Market Flipper training to be taught extra.

Tune in to The Aspect Hustle Present interview to listen to:

  • the inventive methods Jack and Joan supply stock
  • how they deal with the delivery and logistics
  • the best methods they’ve discovered to develop their enterprise

The place the Thought to Begin Reselling Got here From

Jack informed me that the thought to begin reselling got here from listening to episode 406 of the Aspect Hustle Present with Stacy Gallego.

Jack was making a 4-hour drive to Georgia and determined to pay attention to a couple episodes of the present.

It was the episode with Stacy, who defined how she was promoting as much as $10,000/month value of flea market finds, that actually piqued his curiosity.

“I simply stated ‘hmm’, and I listened once more, then I known as Joan,” Jack informed me recalling that day.

“Thriftiness has all the time been a part of my life-style. I grew up in a household of 5 youngsters and with my father passing away at 10, that started my life greenback to greenback residing,” Joan informed me.

Joan was no stranger to bartering at storage gross sales and flea markets or discovering a discount whereas buying.

Jack can also be thrifty, this was one thing that introduced them collectively as a pair and one thing they’ve loved doing as a pair.

In truth, Joan informed me that their thrifty life-style is what enabled them to retire early and spend extra time doing the issues they get pleasure from.

“The resale enterprise appeared like a pure development for us,” Joan informed me.

First Gross sales and Gaining Traction

“We begin trying into what are we going to purchase first, what are we going to promote first,” Joan informed me.

Joan stated they began out going to yard gross sales and flea markets on the lookout for objects they might flip for a revenue.

Their first buy was an inversion desk that had by no means been used. Joan stated they purchased it for $50 and flipped it for $450.

One among their most worthwhile flips was about 30 days in. Jack informed me he discovered a fifth wheel hitch from a truck for $150 and ended up promoting it for $750.

That was additionally the primary merchandise they needed to freight ship, as the customer was in Texas.

Storing Stock

Joan defined that usually talking, there are larger margins on bigger objects. However this creates the issue of the place to retailer giant objects or giant quantities of stock.

Jack and Joan had downsized to a apartment a few years earlier than beginning their reselling enterprise, so that they didn’t have a lot house at house.

They began out renting two storage lockers and have been paying round $700 per 30 days for them.

As their stock grew they usually wanted extra space, Joan stated they discovered a warehouse house that was bigger than the 2 lockers for about the identical worth.

On the tech facet, they’re utilizing Google Sheets to maintain a file of all their stock and add notes on how sure objects have been shipped, and so forth.

Stock Sourcing Finest Practices

“We did discover out that having contacts was a key a part of the enterprise,” Joan informed me about discovering stock.

Jack and Joan acquired to know a lot of individuals promoting objects at flea markets, and this opened a lot of doorways for them.

One specific gentleman they acquired to know invited them again to his home to have a look at a few of his stuff.

Joan stated they purchased some fascinating items to flip from him, a few of which exceeded their expectations.

An instance is a few toy Trolls. Joan stated they paid $100 for these dolls, and ended up flipping them for $1,500 on eBay.

Jack stated total they paid $4,000 for a bunch of that man’s stuff and ended up making round $15,000.

One other whole lot that got here out of constructing contacts was a enterprise proprietor within the warehouse advanced the place Jack and Joan retailer their stock.

They acquired to know him, and when he was relocating his efficiency auto components manufacturing enterprise Jack purchased quite a lot of the objects he didn’t wish to take with him.

Jack stated he paid round $10,000 for the objects. Thus far, he and Joan have made greater than $30,000 from these objects they usually nonetheless have some left to listing.

Sourcing Objects On-line

Jack stated he additionally likes to supply objects on-line, a number of of the websites he “combs” by way of are:

Jack stated he’s additionally been getting concerned in on-line auctions just lately.

He managed to choose up a used industrial fan from a web site known as Bidadoo for $26 not lengthy earlier than we spoke.

After cleansing it up Jack is hopeful he’ll get someplace within the area of $2,200-2,600 for it.

Organising On-line Alerts

Jack has arrange some alerts that come by way of from Craigslist and Offerup primarily based on his shopping for standards.

When objects enter {the marketplace} matching his standards, Jack will get a push notification. This protects him a while by highlighting listings that is perhaps of curiosity to him.

Value Used Objects

Joan defined that as a rule of thumb if you happen to decide up a used merchandise that’s nonetheless being manufactured, it is best to goal to promote it for half of its retail worth.

This actually does depend upon the situation of the merchandise although. The higher its situation, the upper you possibly can listing it for.

Jack stated additionally they take a look at on-line listings to see if they’ll get an concept of what used objects are promoting for.

It’s simple to kind by items sold on eBay and search for comparable objects to what you’ve got. Alternatively, Joan stated you possibly can simply carry out some analysis utilizing Google.

Any Detrimental Suggestions From Sellers?

Seeing as Jack and Joan are shopping for objects and flipping them for revenue, it’s possible you’ll suppose that some sellers would really feel a bit of aggrieved that they didn’t promote their objects for the upper worth.

Joan stated she hasn’t had any pushback from what they’re doing. Fairly the other, in reality.

Joan shared an instance the place she went out to have a look at some van seats she needed to buy.

When the vendor requested Joan why she needed them, she informed him that she was going to resell them.

The vendor stated in that case, he has some extra van seats she will check out if she’s .

Joan additionally informed me that quite a lot of sellers ask her to present them a valuation for varied different objects they’ve on the market once they discover out she’s an skilled reseller.

Jack additionally shared a narrative the place he acquired speaking to a van conversion firm that he was shopping for some model new van seats from.

That firm ended up referring patrons to Jack. Then these patrons resulted in Joan and Jack taking some costly restaurant objects off their palms.

Jack known as this “rhinosource-erocity”.

That means, if you happen to put your nostril down and hold following a path, you possibly can find yourself discovering extra offers.

Processing and Promoting/Flipping Objects

“We attempt to course of objects as quickly as we are able to in order that it’s cleaned, photographed, and placed on eBay,” Jack informed me.

Jack and Joan promote objects domestically throughout varied marketplaces. However with eBay having the largest audience, they have an inclination to get the most effective costs there.

One thing Joan identified is that it’s important to do your personal due diligence earlier than shopping for objects.

You should be sure that they’re operable or calculate how a lot money and time you’ll must spend fixing objects up.

An instance she shared was a forklift truck they purchased. After they purchased the forklift, Jack and Joan realized the entrance forks didn’t work.

It was an outdated mannequin, and as they labored on fixing it up different issues stored going improper with it. “You simply by no means know what’s going to occur,” Joan defined.

Joan stated she and Jack will all the time level out any potential points with objects they’re promoting. Their aim is to underpromise, so the customer is blissful once they obtain objects.

Transport Objects and Logistics

“We depend on Massive Joe fairly a bit,” Jack informed me.

“Massive Joe” is the identify for Jack and Joan’s walk-behind forklift they use to maneuver round giant or heavy objects.

Jack stated additionally they use giant scales to weigh objects, as delivery is usually calculated on weight.

In addition they have plenty of pallets, most of which they’ve discovered dumped round bins or been in a position to take off another person’s palms.

Jack defined that they’ve shipped objects all around the US. So long as they’ll get an merchandise secured onto a pallet, Jack stated they’ll ship it anyplace.

Transport firms will come and decide up objects as soon as they’re packed up. Nevertheless, Jack prefers to take them to the delivery depot himself more often than not.

Advertising and marketing and Gross sales Finest Practices

“You should preserve the momentum on gross sales and advertising,” Joan informed me.

Jack and Joan are all the time fascinated about making new connections and reaching a bigger viewers when promoting objects.

A number of finest practices Joan shared are:

  • Making use of the instruments eBay gives to enhance listings
  • Posting objects on the market on a number of platforms
  • Handing out enterprise playing cards domestically
  • Providing to e mail or textual content your contact data to potential prospects

Surprises Alongside the Approach

“A shock was the quantity of things on the market to flip,” Jack informed me.

After turning into a reseller, Jack came upon that Rob “The Flea Market Flipper” Stephenson, who has been on the present twice earlier than, lives close by.

Jack stated he might not have even pursued this enterprise mannequin had he recognized such an skilled “competitor” was so shut!

However figuring out what he is aware of now, Jack stated there are greater than sufficient objects to flip and having competitors close by isn’t a nasty factor.

Joan stated anybody prepared to step outdoors of their consolation zone and search for stuff to flip will have the ability to discover greater than sufficient objects.

“The beauty of this enterprise is that you possibly can come into it figuring out zero,” Joan informed me.

Goal Margins

“We’re making an attempt anyplace from 3-10 occasions what we purchase it for, relying on how a lot it’s,” Jack informed me.

Jack and Joan additionally bake the delivery prices into the sale worth.

They use eBay to estimate  delivery prices primarily based on the load of the merchandise and the zip code it’s being shipped to.

Freight delivery firms even have on-line delivery value estimation instruments for the bigger objects they should ship.

Typical Month-to-month Gross sales Quantity

On the time of the decision, Jack stated he and Joan had turned over $17,500 in gross sales within the final 30 days simply on eBay.

What’s Subsequent?

“We’re capturing for 1 / 4 of one million in income,” Jack informed me.

That may take $30,000-50,000 in stock and a return of $5-8 for each greenback invested, Jack defined.

Jack’s #1 Tip for Aspect Hustle Nation

“Maintain shifting ahead.”

Joan’s #1 Tip for Aspect Hustle Nation

“Training is reasonable in comparison with ignorance.”

Hyperlinks and Sources from this Episode

freshbooks 2021