More Money Making Tips: Buying and Selling Used and Making a Profit

Back in January, I started these fun little alliteration money-saving challenges. I had Jumpstart January, Frugal February, Money Making March, April Audit, and now {what should be} Money Saving May, but guess what? It's my blog and I am going to shake things up. I had such a HUGE response from readers who loved following along with me on my money-making March challenge. I started out with a goal to put $500 back into my pocket, and I ended the month making $1000! Just by selling items I had at home. I continue to hear from people on an almost daily basis about how they were inspired to sell an item or two on eBay, at consignment or on Facebook Marketplace.
I get giddy when I hear your successes, but even more giddy now that I have an extra $1000 in my pocket! I mean, come on. With your success stories, I'm also still getting questions about how you can successfully make money selling your old stuff, so I thought I'd take another month to tackle all of your questions and to take you along with me as I attempt to replicate my success from money-making March. Dare I set the challenge to make ANOTHER $1000 selling my stuff?

More Money Making Tips: Buying and Selling Used and Making a Profit

The Profit Comes at the Purchase

I rarely buy anything that isn't a bargain. I shop the sale rack and I buy whatever I can used. Because of this, I often have a higher profit margin than if I am reselling something I paid full price for. I buy items to resell. I've done this for decades. I won't buy something to resell unless I know there is a profit in it.

Where do I buy Items to Resell?

I usually buy items to resell at Goodwill Outlet or at garage sales. If you haven't shopped Goodwill Outlet yet, why the heck not? Please go right this second and google where a Goodwill Outlet location is in your area. 
It is inevitable that I will get several of you who will say, Goodwill is too expensive. Yes. Yes, it is. In fact, I wrote about it back in 2011. 

Is Goodwill Too Expensive? {spoiler alert: yes!}

I have been assured by Goodwill PR {yep, they cared enough to reach out}, that this is a common concern and many people have complained. Goodwill has addressed some of this and in the past few years I have noticed a difference in the pricing, but girl, Goodwill is still out of my price range unless it's one of those half-price tags of the weeks. 
I already wrote a WHOLE thing about how to shop Goodwill Outlet, so start there. But the thing to know is, at Goodwill Outlet, you pay by the pound. It's my favorite thing.

How to Shop Goodwill Outlet
Did you know that I wrote a book called The Ultimate Garage Sale Handbook? I did. Twelve of you bought it. And twelve of you are 100x's smarter and have been saving and making money for years. The rest of you have been wasting time. 

Buy The Ultimate Garage Sale Handbook Here!!! It's less than a cup of coffee. Heck, if you want to buy me a cup of coffee, just buy the book AND get some knowledge while doing me a solid. 

I love garage sales because it's like a real-life treasure hunt. You can often pick up items for 90% off the retail price, and if that item is in good shape, it's easy to resell it for FAR more than you paid for it.

Get the Most Bang for Your Buck

This tip is key! In order for you to get the most bang for your buck, buying used items you can use yourself is always the best way to make the most money. Not only do you save money on the purchase, but you will make money after you use and sell the item.
Sell What you Know

Back in high school, my oldest son and two of his friends had a very lucrative business reselling items they bought at garage sales. My number one tip for him?
Sell what you know. For years I sold baby gear. It's what I knew. I knew the brands people were looking for and the current trends. I knew how much I could sell a particular baby item for on Craigslist so it wasn't hard to calculate how much profit I was potentially looking at.
I know nothing about musical instruments, electronics or tools. I know I've passed up plenty of deals and many items I'm sure I could make money on. But I also know I passed up plenty of items that I would have paid money for and then been stuck with because I didn't know what I had. 

You can't be an expert in everything!

Know What Sells
Certain brands often give an item value. Know what those brands are. Many people are hesitant to buy used, but will often do so if the item's brand assures them of the quality. Perusing the for sale section will often give you an idea of what is being sold, but I also try to do an ISO search.
What is ISO
In search of. Many people will be on the hunt for something and will often type in ISO for those extremely popular items that seem to sell before anyone can get their hands on it! 

Don't miss purchasing my book The Ultimate Garage Sale Handbook. If for nothing else than the whole chapter on the art of negotiating at a garage sale.

Need More Money making Tips? Check out These Posts:Tips for making money selling at consignment shops10 expert tips for selling used stuff online10 money-making side hustles you can do from home5 ways to make extra cashHow to make money buying and selling on Facebook Marketplace
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