Learning Garage & Estate Sale Flipping
At the beginning of this year I started reading a book that got me thinking differently about my money. The book is actually about real estate investing but had some really solid universal principles. One principle is that an investor is always alert to opportunities. So I got pretty amped up watching Gary Vaynerchuk's 2017 Flip Challenge video where he and his friends would wake up early, hit garage sales and flip the items they bought on eBay.
Then I clicked on the challenge's hashtag and saw these tweets:
I was definitely ready to give it a shot. So last weekend I hit a couple estate sales... and walked away with nothing. There was so much stuff that was beyond my scope of knowledge. I tried doing a little research beforehand based on photos that were provided, but most of those items were just priced too high to flip.
Then I thought about something I read in a post about buying at garage sales to flip on eBay. They said that after about 10am, they changed their buying strategy from trying to find popular items to looking for offbeat items that people may have overlooked.
That's when I thought of a couple things I saw at the second estate sale and had a realization. When I was researching items I was only thinking about the items in their immediate context. I thought this is old/vintage so the only person who would buy this is some sort've collector. I failed to filter things through my context as well.
The item that caused this epiphany for me was a wooden whale. Nautical themes are huge in decorating baby's and kid's rooms right now and a vintage whale might be that unique addition someone is looking for.
I went back the next day and snagged the whale (and a large ceramic cat). Offbeat items for the win! Now I'll hopefully flip these things for a decent profit or some of my friends will be getting some awesome white elephant gifts for Christmas.