Buy Low, Sell High: The Beginner’s Guide To Flipping

| September 25, 2015 | 0 Comments

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‘Flipping’ is the art of buying something for a low price, and then selling it on for a profit. The name’s new, but the practice has been around for millennia. It is, effectively, how most of the traditional entrepreneurs get started in business – but anyone can do it. In this guide, we’re going to take a look at some of the ways you can flip products for profit.

eBay

eBay is the perfect starting point for anyone wanting to start flipping. Because it is an auction environment, there are plenty of deals to be had. However, before you buy anything, you should have an idea of how much the product can be sold on for. The difference between that and what you pay will be your profit. There are a few guides out there about flipping products for profit – and this is one of the best.

Second-hand markets

When was the last time you went to your local flea market? Or headed out to a car boot sale early on a Sunday morning? It’s these kinds of places where you can find some real bargains. University textbooks, old records, vintage gear, and even crockery can all be bought for pennies and sold on for pounds. Find out when the new stock day is at your local flea market, and always go to the boot sales as early as possible. That way, you’ll give yourself the very best chance of picking up some great deals.

Used Cars

Once you have started flipping everyday products, why not consider doing the same for cars? You’ll need a basic knowledge of the used car market, and a decent amount of mechanical sense. You’ll also need insurance, so check and compare motor trade insurance online to get the best deal. Once you have set up, you can start looking for cheap cars at your local dealers, fixing them up a little, and then selling to a private owner. It’s a lot easier than you think – although you will need substantial savings to get started.

Homes

If you have a lot of savings in the bank, then flipping homes is an excellent way to make even more money. The premise is simple – you buy somewhere that needs a bit of work, fix it up and make it look lovely and sell it on as soon as possible. You’ll find you can make four or five figure sums – which isn’t bad for a few months work. However, if it were that simple, everyone would do it, right? You have to make sure that the amount of work you do won’t eat up all your profit before you have sold the property on. So, get to know a good home inspector – they will save you from throwing all of your savings into a money pit.

So, there you have it. With a lot of dedication, there’s no reason you can’t go through the pathway listed above! Of course, it will take a long time to go from selling second-hand books on eBay to fixing up countryside mansions. But it is possible, in theory, at least. And, if you do manage to get there, don’t forget where you got the idea, OK?

Category: Investment

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