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Rolex Flip Challenge

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BillionaireDoors
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Rolex Flip Challenge

#1

Post by BillionaireDoors » Thu Jun 13, 2019 8:31 am

Want to buy a Rolex or other high-end watch but don't think you can afford it? Start flipping!

It's June 13. Start now, and you can buy yourself a Rolex for Christmas.

Places to buy items:
Yard sales (Download Yard Sale Treasure Map to your phone)
Thrift stores (Salvation Army, Goodwill, Savers, etc.)
Discount stores (TJ Maxx, Marshall's, Ross, Burlington, etc.)
Estate sales ( https://www.estatesales.net )
NextDoor
Craigslist
Facebook Marketplace
OfferUp
LetGo

Places to sell items:
eBay
Poshmark
Mercari
Facebook Marketplace
Craigslist

I'll add more resources later. Comment with any questions.
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Re: Rolex Flip Challenge

#2

Post by Rabirnie » Thu Jun 13, 2019 9:22 am

Outside of the video you linked in HUISAB, where else should I look for background info on getting started and what to look for?

I’m intrigued for a few reasons:
1) more money = quicker debt payoff, more savings for retirement, investments, college savings for baby, etc
2) this is an intriguing and challenging way to add an additional revenue stream
3) figuring out what others will spend money on
4) the hunt and payoff


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Re: Rolex Flip Challenge

#3

Post by BillionaireDoors » Thu Jun 13, 2019 10:04 am

Rabirnie wrote:
Thu Jun 13, 2019 9:22 am
Outside of the video you linked in HUISAB, where else should I look for background info on getting started and what to look for?

I’m intrigued for a few reasons:
1) more money = quicker debt payoff, more savings for retirement, investments, college savings for baby, etc
2) this is an intriguing and challenging way to add an additional revenue stream
3) figuring out what others will spend money on
4) the hunt and payoff
Good question. I'll add more resources as I find them.

Don't be afraid to look up values on the fly. At yard sales, walk away, look up eBay SOLD listings, and come back. In stores, go ahead and look it up right there. Feels a bit odd at first, but nobody actually cares what you're doing.

Part of the fun is learning about new categories. I had never heard of "challenge coins". Bought 70 for $1 each. Listed them all for $0.99 starting bid + $4.99 shipping. One coin sold for $129. No clue why... Made several hundred dollars in total.

Plush toys are an easy thing to get started with because nobody thinks they are worth anything. You only have to sell 2 out of 10 to break even. Look for popular characters, popular brands (Build A Bear, FAO, Gund, Disney), country of origin. Look for a date on the tag. If there is no date, you can often tell if it's older or newer by how it looks.
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Re: Rolex Flip Challenge

#4

Post by WhichWatch? » Thu Jun 13, 2019 11:21 am

Thanks for posting BD. I was actually introduced to GaryV and his awesome content through something else you posted (can't remember what). New to the flipping game so still a lot to learn but the mugs/plush seem like an easy place to start.

One question I have for you, as someone who's doing this a while. Do you look for a specific 'margin' before you buy something for a flip? What do you consider to be the bare minimum profit that something is actually worth your effort? How many 'data' points do you look for to verify that an item is actually worth something more than you're about to pay?

EDIT - I guess that was a few questions...
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Re: Rolex Flip Challenge

#5

Post by BillionaireDoors » Thu Jun 13, 2019 12:18 pm

WhichWatch? wrote:
Thu Jun 13, 2019 11:21 am
Thanks for posting BD. I was actually introduced to GaryV and his awesome content through something else you posted (can't remember what). New to the flipping game so still a lot to learn but the mugs/plush seem like an easy place to start.

One question I have for you, as someone who's doing this a while. Do you look for a specific 'margin' before you buy something for a flip? What do you consider to be the bare minimum profit that something is actually worth your effort? How many 'data' points do you look for to verify that an item is actually worth something more than you're about to pay?

EDIT - I guess that was a few questions...
In general, I think $10 net profit per listing is a good target. Personally, I'm more concerned with the ROI on my time rather than the ROI on the purchase price. $10 for the time it takes to photograph the item, make a listing, pack it, and ship it is pretty good. Sometimes you'll make a lot more than that.

If you check Available, Completed (unsold), and Sold listings, that gives you a pretty good idea of the market. The lower the buy cost, the more willing I am to take a chance on a slow selling item. If I pay $1 and it takes 3 months to sell for $30, that's ok.
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Re: Rolex Flip Challenge

#6

Post by BillionaireDoors » Thu Jun 13, 2019 12:28 pm

Flip of the Day

$79.88 Sold Price
$10.38 eBay + Paypal fees
$10.03 Shipping
$12.00 Paid at estate sale
$47.47 Net Profit
Screenshot_20190613-132328.png
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Re: Rolex Flip Challenge

#7

Post by BillionaireDoors » Fri Jun 14, 2019 9:51 am

Tip of the Day

USPS will send you as many FREE shipping boxes as you want. I use the normal Priority Mail boxes for 95% of my shipments. If you are shipping something heavy to a buyer far away, the Flat Rate boxes may be cheaper. I never use the Regional boxes because I never know where the buyer will be.

These are the sizes I keep on hand:
Shoe Box
12x12x8
7x7x6
12x13x3
15x12x3

https://store.usps.com/store/results/fr ... tid=411218
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Re: Rolex Flip Challenge

#8

Post by WhichWatch? » Fri Jun 14, 2019 11:28 am

BillionaireDoors wrote:
Fri Jun 14, 2019 9:51 am
Tip of the Day

USPS will send you as many FREE shipping boxes as you want. I use the normal Priority Mail boxes for 95% of my shipments. If you are shipping something heavy to a buyer far away, the Flat Rate boxes may be cheaper. I never use the Regional boxes because I never know where the buyer will be.

These are the sizes I keep on hand:
Shoe Box
12x12x8
7x7x6
12x13x3
15x12x3

https://store.usps.com/store/results/fr ... tid=411218
Thanks! Do you buy/print postage at home, get everything ready (I assume a daily process) and then drop it off at the Post Office?
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Re: Rolex Flip Challenge

#9

Post by BillionaireDoors » Fri Jun 14, 2019 12:09 pm

WhichWatch? wrote:
Fri Jun 14, 2019 11:28 am


Thanks! Do you buy/print postage at home, get everything ready (I assume a daily process) and then drop it off at the Post Office?
I print postage directly from eBay or PayPal onto 2 per sheet adhesive labels on a normal laser printer. I don't print enough labels per day to see the advantage of using a Dymo. You get a small discount on shipping compared with the post office.

https://www.amazon.com/MFLABEL-Adhesive ... 016CV811U/
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Re: Rolex Flip Challenge

#10

Post by BillionaireDoors » Sat Jun 15, 2019 2:05 pm

Flip of the Day

$44.88 Sold Price
$5.83 eBay + PayPal fees
$9.26 Shipping
$3 Paid
$26.79 Net Profit
Screenshot_20190615-114524.png
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Re: Rolex Flip Challenge

#11

Post by BATMAN » Sun Jun 16, 2019 11:13 am

BillionaireDoors wrote:Flip of the Day

$44.88 Sold Price
$5.83 eBay + PayPal fees
$9.26 Shipping
$3 Paid
$26.79 Net Profit
Screenshot_20190615-114524.png
Was gonna go try to catch some yard sales yesterday but I got lazy. For the plush items that you sell, do you usually have to clean them?

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Re: Rolex Flip Challenge

#12

Post by BillionaireDoors » Sun Jun 16, 2019 11:22 am

BATMAN wrote:
Sun Jun 16, 2019 11:13 am
BillionaireDoors wrote:Flip of the Day

$44.88 Sold Price
$5.83 eBay + PayPal fees
$9.26 Shipping
$3 Paid
$26.79 Net Profit

Screenshot_20190615-114524.png
Was gonna go try to catch some yard sales yesterday but I got lazy. For the plush items that you sell, do you usually have to clean them?
Occasionally spot cleaning, but usually not. Most people put them on a shelf or in a box and forget about them. The ones that are heavily used probably aren't a good buy anyway. Check the tag. It's usually the first thing to show wear.
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Re: Rolex Flip Challenge

#13

Post by WhichWatch? » Sun Jun 16, 2019 6:25 pm

Yesterday at Marshall’s I saw 8 (or so) pairs of Nike shoes for $8 each. I looked at sold items on eBay and it looked like they most recently sold for $30-$35.

I almost bought them all, just to try it out for kicks. Is that a kind of flip that you would have done? PS They didn’t come with Nike box. Wondering if that matters?





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Re: Rolex Flip Challenge

#14

Post by BillionaireDoors » Sun Jun 16, 2019 6:58 pm

WhichWatch? wrote:
Sun Jun 16, 2019 6:25 pm
Yesterday at Marshall’s I saw 8 (or so) pairs of Nike shoes for $8 each. I looked at sold items on eBay and it looked like they most recently sold for $30-$35.

I almost bought them all, just to try it out for kicks. Is that a kind of flip that you would have done? PS They didn’t come with Nike box. Wondering if that matters?
Yes, Marshall's, Ross, and Burlington are great for shoe flips. Cleats, especially golf shoes, often have high margins because they price them all the same. You can find $150-200 MSRP cleats for $20-25. Boxes don't normally matter unless they are collectible.

Let's say you sell them for $35.

$4.55 fees
$10 shipping average (typically $8-12)
$8 Buy cost
=$12.45 profit

Short cut math for your phone calculator in the store:
Selling price X 0.87 - $10 - Buy cost = Profit
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Re: Rolex Flip Challenge

#15

Post by BillionaireDoors » Sun Jun 16, 2019 9:53 pm

Flip of the Day

Never heard of this brand. Looked it up in the store and decided it was worth a chance.

$100 Sale price
$13 eBay + Paypal fees
$7.61 Shipping
$20 Buy cost
$59.39 net profit
Screenshot_20190616-224514.png
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