How Much Is TOO MUCH To Pay For Items? | Day 1

Flea Market Flipper 5-Day Course | Day 1 Mistake #1 - Overpaying When Purchasing an Item Hi {NAME}! Welcome to Day 1! Flipping items for a profit is what we have done for over 2 years now. Over the years we have figured out many things that work, and many things that don’t! Let us save you some of the headache by sharing these 5 flipping mistakes that will eat up your profit. Today we are going to talk about the first common mistake people make when flipping items for profit. Mistake #1 – Overpaying when purchasing an item. Aside from the fact that buying and selling items can be a fun hobby, the main objective is to make a profit. If a person over pays on an item, the profit margin significantly decreases! Our personal goal is to at least double our investment with each purchase, but we usually make significantly more than that. On most of our items we make a 300-500% return on our investment. We have trained our eyes to look for expensive items and once we find them, we're able to figure out what price we need to buy the item for in order to make a good profit that’s worth our time. (The item has to make a minimum of $50 for us to pursue it). The best way to fix this is by never getting too attached to an item. Sometimes this is easier said than done, but does get easier with some practice. If someone finds an item that they really think could be a great flip, but the seller is not willing to negotiate on the price, and the price is to high to make a good profit, you have to learn to walk away. Sometimes the very act of walking away can help the seller be more willing to negotiate. But, if it doesn’t result in a negotiation, it is better to keep looking for items that can turn a better profit. It can be tough because some items are super cool and would be so fun to have (even for a short time as a flip), but it’s not worth it if you can’t get it for the right price. So what is the right price? That will depend on what you are buying. If you are buying something for $10 and you can get $100 for it, that’s the right price. If you are purchasing something for $50 and can get $300 for it, that’s the right price too. But what is the wrong price? Of course this is subjective, but some examples of the wrong price would be: Purchasing an item for $15 that you could make $20 on. Yes, it’s still profit, but if it ends up not moving quickly and you have to drop the price, then your profit may end up being pennies and after you factor in your time you will have to count it as a loss. Another example would be purchasing an item for $500 that could make you a $600 profit. Again we still have a profit here, and it’s always great to get an extra $100, but this is a little more risk than we are willing to take. Tying up $500 for the potential to make $100 is not quite worth it. Don’t get us wrong, we have definitely invested $500 and more on items here and there, but they have to have the potential to make thousands when they sell! And they do! One last example is purchasing an item for $0.10 that you can make $1.00 on. Now this is 10x on your investment (which is what we like to make), but your time taking pictures, listing items, and shipping items is worth WAY MORE than $0.90. What is your time actually worth? We are going to dive deeper into that one tomorrow! --------------------------------------------------------------- Talk to Us! What is the average you invest on items? What is your average profit? (reply to this email) --------------------------------------------------------------- Keep on rockin'! Rob + Melissa [Pinterest]() [Instagram]() [Twitter]() [Facebook](=) 15155 W Colonial Dr, Winter Garden, FL 34787 [Unsubscribe]( | [Update your profile]( |