Turning $100 into $1400.00
Part of being frugal is being able to see value in items. Being conscious to see potential future value in everything you buy will help you make a smart flip opportunity. When I was younger and received a birthday gift I would always consider returning it and paying out of pocket a few dollars to get the "better one". Sometimes this got in my way of actually appreciating my gifts but that did not overcome having the "better" gift for a couple more dollars. Anyhow this mind frame is still with me to this day and helped with my flips for 2010. I kicked off my flip purchase while searching on craigslist for a:
Nintendo Wii - Snagged this for $60 and sold for $200
Mountain Bike - 2008 Specialized Rock Hopper with Disc Brakes. I talked the seller to $200 and sold for $400 putting no money into it but maybe an hour tuning and cleaning.
My summer intentions were to get a boat and do some fishing. This lead to buying:
A older Flat bottom Jon boat for $100 (pictured above) with seats and PFD's. I pressure washed it down and sold for $250 a week later.
Than I had flipped a older Johnson motor for a profit of
I took these profits and bought a like new Jon Boat for 400 - flipped for 600.
Rolling these profits I bought a 12ft boat on a trailer with a motor for $775 and sold for $1400.
Profit = $625
** Up date - The profit from the last sale was rolled into a bass Boat. The boat I have just purchased can be flipped for $2,500 easy however this boat I will be keeping this year to fish in. My goal was a nice boat and now it's here! Maybe next year a Nitro boat will be in plans. Again this boat has cost me nothing but time flipping, FREE!
Flipping can be costly if you do not know and understand the value of the items you are trying to flip. You need to understand how much these are selling for and also be patient. More Importantly when flipping never spend more than your profits. This will save you from losing money.
Use my Craigs List buying techniques to find special deals and barter with the sellers.