Making money by flipping garage sale items is one way of earning a side income from the comfort of your own home. You can start small and continue scaling by reinvesting your earnings. Here are great tips on how to get started and scale your garage sale flips.
Garage Sales Based On Median Income
There can be several garage sales in one town. Therefore, one of the best criteria to use when searching for the right garage sales is median income. The best tactic is to target neighborhoods with higher median incomes where you can find expensive items sold at affordable prices.
Some entrepreneurs fail to land the best deals from garage sales because they fear to ask for lower prices. All those prices are negotiable, so go for it. You must be kind and respectful as you haggle these prices and meet with new vendors.
In fact, if you want to get the best finds that you can resell for a profit, you must learn how to negotiate tactically. For example, you can purchase two mugs for only $5 and end up reselling them for $10 each.
Try Stuffed Animals
At many garage sales, you’ll come across different types of stuffed animals that are underpriced. So, each time you visit a garage or yard sale, check out the prices of stuffed animals. If you have a great target market and know how to promote your products profitably, you’ll make a killing.
Pick A Few Specialty Niches
In order to succeed in garage sale flips, you need to pick and understand a few specialty niches really well. For example, you can pick video games and learn more about the features and prices of popular items in this niche.
Role-playing games tend to be more marketable and profitable than sports games. In addition, you should be comfortable working with the niche you choose. Once you choose a specific specialty area, moving through garage sales in your area will be quicker and more profitable.
However, if you come across new items that are still sealed, you should consider picking them up even if they’re not in your niche. For instance, you may find a very cheap baby shower and unopened wedding gifts that you can flip profitably.
Know What Products Move Fast
To avoid investing in items that will stagnate your inventory, find out what items move fast. On eBay, check out the “Completed” and “Sold” sections to see the items you should consider investing in. You can quickly conduct your online search on-the-go from your smartphone even while at the garage sale.
Scale Your Business
To make your business even more profitable, you need to invest in more stuff. While it’s advisable to be selective about the items you purchase from garage sales, anything that is in a good condition can earn you a few bucks. Remember, everything at the garage sale is underpriced and the potential to make a profit from those items is very high.
Final Thoughts On Garage Sale Flips
Garage sales are incredible when it comes to earning extra income. Although not every item you purchase from a garage sale will actually sell, if you make a few big hits, you’ll still succeed. But, in order to scale your business, you must define your goals, invest in more stuff and be strategic in your marketing.