GetRichFlip.com http://getrichflip.com Flip items, profit, and save! What will $1,000 turn into in 365 days? Wed, 02 Feb 2011 03:11:33 +0000 en hourly 1 http://wordpress.org/?v=3.0.4 Two Bad Purchases Update http://getrichflip.com/2011/02/01/two-bad-purchases-update/ http://getrichflip.com/2011/02/01/two-bad-purchases-update/#comments Wed, 02 Feb 2011 03:09:03 +0000 Max Power http://getrichflip.com/?p=64 Continue reading →]]> Looks like I paid market value for the goggles.  I sold them for $49.00 – $3.97 eBay fee – $1.87 = $43ish.  A loss of $7 – however, I’m happy that they are gone and I can forget about that buy.

The NES games I did far worse on.  I purchased them for $30 and only sold them for $10.  A loss of $20.

Total Loss: $27

$1,179 is my new total.  Still up $179 but far from my goal of getting rich.  I plan to learn from these lessons and get a new game plan.

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]]> http://getrichflip.com/2011/02/01/two-bad-purchases-update/feed/ 1 Two BAD Buys – Lesson Learned http://getrichflip.com/2011/01/22/two-bad-buys-lesson-learned/ http://getrichflip.com/2011/01/22/two-bad-buys-lesson-learned/#comments Sat, 22 Jan 2011 16:50:52 +0000 Max Power http://getrichflip.com/?p=58 Continue reading →]]> After driving for 5 hours – I was about to enter my hometown and checked my local craigslist and thought I found a deal.  Advertised, there were these snow goggles new with tags – which retail for $170 and the guy was asking $50.  Well, I went over to the guys house and purchased the item rather quickly without due diligence.  I was tired.

I took them home and looked through and saw minor scratches and swirls.  Yeah, the FRAMES were new with tags – but this guy switched out the lenses with one season older ones.  I wasn’t really mad at the guy – I was just mad at myself.  I should have known to look better and say no or negotiate better.  I put them on eBay at $.01 NR.

SECOND BAD BUY

I went to a garage sale and bought 11 Nintendo NES games for $30.   Yeah, it seemed high but I was in a hurry again to meet up with the guy buying my bicycle.  So, I just made the deal and hoped to a gem.  I bought the NES games on a gamble because some rare or odd games and go for big money.  So, I took them home and researched them – hoping my gamble would pay off and it DID NOT!  Win some, lose some… I put them on eBay for $.01 NR.

I’ll be lucky to clear much money on either of these two items.

Current Total for the Month: $1,126 – That is $126 profit on 4 buys and sells.  Better than a stick in the eye but still not that good.

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]]> http://getrichflip.com/2011/01/22/two-bad-buys-lesson-learned/feed/ 0 Antique Bicycle Sold $200 Profit http://getrichflip.com/2011/01/22/antique-bicycle-sold-200-profit/ http://getrichflip.com/2011/01/22/antique-bicycle-sold-200-profit/#comments Sat, 22 Jan 2011 16:39:16 +0000 Max Power http://getrichflip.com/?p=55 Continue reading →]]> While watching craigslist, I found a 1930′s bicycle in really decent condition.  It definitely wasn’t a “rust bucket.”  The guy was asking for $150 but told him I’d be a buyer around $100.  After a couple days, we met up and I bought the bicycle.

I took the bicycle to my local bicycle shop and the owner fell in love with the bicycle.  What made the sell even easier was that I had the story behind the antique.  In all cases where possible, when buying an antique, learn the story of that item.  After it was all said and done, I sold the bicycle for $300.  That one deal yielded $200 profit!  Up to $1,206 now.

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]]> http://getrichflip.com/2011/01/22/antique-bicycle-sold-200-profit/feed/ 0 Puzzle Sold Today – Cost to Ship Killed My Profit http://getrichflip.com/2011/01/10/puzzle-sold-today-cost-to-ship-killed-my-proft/ http://getrichflip.com/2011/01/10/puzzle-sold-today-cost-to-ship-killed-my-proft/#comments Tue, 11 Jan 2011 04:28:31 +0000 Max Power http://getrichflip.com/?p=51 Continue reading →]]> So I sold the puzzle I found for $1 for $19.99 with free shipping.  Since it has been a while since I’ve been shipping items off eBay – I didn’t realize how much shipping prices have gone up!  It cost me almost $14 to ship a puzzle?!   I only made $6 on the deal after packaging and shipping.

I learned a lesson from the $1 purchase and the $20 sell:

Since I have a full-time job and a full-time life – I need to not focus on small value items.  I need to go BIG.  Look for $100 -$500 items and flip them for double or more.

Total Profit: $6

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]]> http://getrichflip.com/2011/01/10/puzzle-sold-today-cost-to-ship-killed-my-proft/feed/ 0 Let the Challenge Begin – My First Item to Flip – Starting Small http://getrichflip.com/2011/01/01/let-the-challenge-begin-my-first-item-to-flip-starting-small/ http://getrichflip.com/2011/01/01/let-the-challenge-begin-my-first-item-to-flip-starting-small/#comments Sat, 01 Jan 2011 20:18:28 +0000 Max Power http://getrichflip.com/?p=45 Continue reading →]]> I went to an estate sale today.  I was there right at the opening at 9am and one step in the garage I could tell that the owners were smokers!  I walked inside the house the whole place smelled of a serious smoker.  I thought that everything in the place was a loss – however, after looking around I didn’t end up empty handed.  I found a puzzle unopened from 1982 in the garage.  The puzzle cost me $1 so I can’t go wrong.  I just listed it on eBay for $19.99 with free shipping. Anything unopened and small enough to ship or collect is an automatic buy.  I listed this item on eBay today…

I have another offer out on a vintage bicycle and I hope to purchase it today too.  However, the seller is slow to respond so I’m not holding my breath.

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]]> http://getrichflip.com/2011/01/01/let-the-challenge-begin-my-first-item-to-flip-starting-small/feed/ 0 $1,000 Cash: Ready to Purchase http://getrichflip.com/2010/12/29/cash-is-ready-to-purchase/ http://getrichflip.com/2010/12/29/cash-is-ready-to-purchase/#comments Wed, 29 Dec 2010 17:40:50 +0000 Max Power http://getrichflip.com/?p=37 Continue reading →]]> After two ATM withdraws, I now have my $1,000 ready to purchase.  I’m keeping the cash in a safe-deposit box that I can access whenever I want to purchase an item. Check out the picture of these $20 bills prior to placing in my box at the bank.  I need this money to multiply!

I tried getting a head-start in the competition and worked craigslist.  I live in a rural area without much craigslist activity but I travel a lot so I can always access other metro areas.  I sent out about 5 emails providing a cash offer on items.  I was interested in music equipment, antiques, and collectibles.  Prior to making cash offers, I researched the items on eBay completed listings.  I usually offered about 40% lower than eBay’s lowest auction sale for those particular items in the same condition.  So far, no bites…   I did hear one reply of “in your dreams…”  But, I don’t give up so easily…

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]]> http://getrichflip.com/2010/12/29/cash-is-ready-to-purchase/feed/ 0 End of December Strategy http://getrichflip.com/2010/12/27/end-of-december-strategy/ http://getrichflip.com/2010/12/27/end-of-december-strategy/#comments Mon, 27 Dec 2010 07:22:45 +0000 Max Power http://getrichflip.com/?p=34 Continue reading →]]> My plan is to start to get an idea of the best places to purchase items from at a discount.  I’ve been researching some ideas on this topic.  First, I need to get a subscription to my local newspaper to find where estate sales will be held.  Also, I may need to purchase a craigslist.org app for my iphone – which will notify me if certain items show up for sale.  Good deals on craigslist go fast – bad ones linger for longer than one hour.  Those bad deals on craigslist may not be totally out of the question though – if days have gone by – the seller may be interested in hearing offers for their item.  I plan to send out emails to those that have had no bites to see if they will pull the trigger for less. Lastly, I want to go to thrift stores and see if they have any high priced items that I can flip for big $.

I’m hoping to purchase my first item for around $300 to $500 or so.  I want to get close to doubling that money right off the bat.

As far as my initial selling strategy, I don’t plan to be afraid of selling my item overseas.  I will be checking into whether I’ll make more profits selling in America or selling in Canada, U.K., Germany, etc…

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]]> http://getrichflip.com/2010/12/27/end-of-december-strategy/feed/ 0 Get Rich Flip Challenge Rules http://getrichflip.com/2010/12/26/get-rich-flip-challenge-rules/ http://getrichflip.com/2010/12/26/get-rich-flip-challenge-rules/#comments Mon, 27 Dec 2010 04:22:35 +0000 Max Power http://getrichflip.com/?p=20 Continue reading →]]> Rule 1:  An initial investment of $1,000 is required on January 1, 2011.  No additional cash can be added at anytime throughout this challenge.

Rule 2: I can buy items from anywhere (legal) and I can sell them to anywhere (legal).

Rule 3: The challenge ends on December 31, 2011. All sales must be completed by this date.  Final analysis of the results will occur in early 2012.

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]]> http://getrichflip.com/2010/12/26/get-rich-flip-challenge-rules/feed/ 0