If you're considering getting into reselling, there are many places from which you can source things to sell. My absolute favorite is garage sales! Here's why:
I have a full time job and a family so my free time is pretty limited. Sourcing from garage sales allows me to wake up early on Saturday morning, get a couple hours in, and be back home just in time to catch everyone waking up.
Garage sales are like a treasure hunt. You never know what you're going to find. You find the good, bad, ugly, and straight up strange. Sometimes you can go to a few sales that are complete busts and then hit a really awesome one. I wish I could tell you some sort've formula to follow to always hit good ones but I can't. Here are a couple things I've noticed that might benefit you:
- If you're familiar enough with your area, you will know what addresses are in what neighborhoods and that might indicate the quality of items that might be there.
- Don't bank on the items people include in their garage sale listing. They will probably be asking more for those items because they think they are the things people will want most. If you go to one of these sales, pay attention to all the other stuff they have.
Garage sales provide a unique opportunity in favor of the buyer: people just want to get rid of their stuff. And if stuff doesn't sell it's likely being donated to the thrift store. So most of the time things are are price very cheaply or you can at least respectively haggle. That means you have the possibility of a larger percentage net profit. Here's a simple real life example of a 2016 US Open hat I bought new without tags at a garage sale:
Sold for 7.52 + $2.67 shipping.
Minus the 25 cents I paid for the hat.
Minus the 63 cents I paid for the box.
Minus eBay's 8% fee of 60 cents.
Net profit was $6.04 (approximately 2400%).
You won't always hit that high of a percentage, but garage sales offer the possibility of at least doubling your investment.
Now, if you're not a people person, I'm sorry. But people are another favorite thing about garage sales. You'll definitely run across some interesting characters at garage sales. On the other hand, networking is networking. Just the other day, I met an older gentleman at an estate sale. I was looking at a VHS rewinder. He told me he had a ton of old VHS tapes and asked if I thought they were still worth anything. I gave him what little knowledge I had on he subject. After chatting for a while he ended up telling me he was a realtor (when he felt like working) and gave me his card. If I really wanted to, I could probably give him a call and either buy his old VHS tapes or at least offer to sell them for him. You never know where a connection you make will lead so don't overlook those at garage sales.
So that's why I love garage sales: time, thrill, price, and people. I'm not sure what I'm going to do when winter comes 😬. What's your favorite place to source?