Flipping Furniture

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Hey all,
Well I have kind of stumbled on a pretty good way to make money. I have only bought and sold three things but I think it is working. I have in a since flipped furniture. Well the first thing I had to do was get storage for the furniture. I choose a location that I thought was good because it was central to the county I live. It was a big unit I think 10'x20' drive-up open till 9PM for ~$250 for 2 months (California). After getting the storage unit I needed a way to transport the furniture. I choose to get a hitch on my honda accord 2006 and pull a trailer which I rented from uhual for ~$20. I really didn't want to rent a truck because it's ~$20 and $.49 per mile (crazy money). The first deal I bought was a bedroom set from a guy on craigslist. I thought I would buy it for $150 (asking price) but the guy was so happy I didn't haggle him he gave it to me for $100 (wierd)! It kind of sucked getting it into the trailer because he was on the second floor and far from where I parked. I learned that you always should have a four-wheeler to put it on (sooo stupid not to). Then I brought it to the storage unit and had my wife help me put it in. It was late so I had to drive back to clean and take pictures of the furniture the next day. I used furniture cleaners to clean everything and put window cleaner on the mirrors. I took a wide shot of everything and then a shot of close up nice details like the mirror and flower engraving.
After that I posted it on craigslist every couple of days and sold it in about a week and a half. I had to drive out to the storage twice once to show and another for them to pickup. I had $350 on craigslist but she offered and I accepted $300. Well I learned a lot from my first experience. First and foremost is have storage near you. I really regret that I got storage so far from where I live I cannot even tell you. No amount of money will pay for having storage close to where you live. Another thing is that renting a trailer from uhual adds up and wastes a lot of time. I spent time driving to the uhual and then more time about 30 minutes signing documents. I have recently bought a 4'x8' trailer that folds up for $200 off of craigslist with all docs included. I just kept looking on craigslist. Had to drive far for it but it was so worth it. Schedule pickup dates of furniture on the weekend and NOT after your real job during the weekdays. Early in the morning is great because there is little traffic and you'll have all day to do other things like be with your family. I really want to get a small pickup truck so that I can get a bigger trailer when I need to pickup 4 sets of furniture in one day. But that costs a lot and it is probably better to keep it slow for now. Make sure your storage unit is a drive up. It is so quick to unload everything if it is.
People trip out when I tell them what I do. They cannot understand how I can use the same site to buy and sell the same item. Well I think it is the fact people want their furniture gone most of the time and want a little money if they can get it. Most of the furniture I get now they ask $300-$400 and I ask them if they are welling to sell for $100-$150. If they really need the furniture gone because they are moving or they need their stuff out of storage, they will sell it to you. I think being the first to see and respond has a big effect on them selling it to you. At my full time job I am at the computer all day so I constantly look at craigslist (RSS feed is great) for nice furniture. I email a lot of people just asking if they will sell lower. I always include the url address in the email so when they respond I know what they heck they are talking about.
Well if anyone has done this or can give me any tips that would be great. NO taxes is great to .

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Good for you.

How much do you make per month after expenses? How much time do you put into this?

ReddeR80 said: NO taxes is great to .Yea, tax fraud is just great.

Well without having a trailer on hand you put about 2 hours to pick up and bring to storage. With a ready trailer I would say an hour and 20 minutes. Really depends on how far the furniture is too. There is also time to show the furniture which is about 30 minutes if you are close to the storage and another 30 minutes if they pickup from storage later. If they want delivery you can make a little extra $50-$70 but make sure it's not on the second floor. To date I have bought and sold 1 bed room set for $200 profit and 2 china hutches 1 for $200 profit and the other for $120 profit. The $120 profit was with 20 minutes to meet them at the family business when they delivered the china hutch. The family business does DMV stuff and the guy that they have working there collected the money for me.
I currently have 2 bedroom sets. The first I bought for $200 and plan on selling for $400. The seller at first wanted $400 per the ad but he emailed me 3 days later and said that he would take $200 instead of my $150 offer to get it out of his storage because he was moving to sf california. His furniture is in pretty good shape. The second bedroom set was $100 dollars on the ad. The furniture is in good condition except for all the hair from the sellers dog (pretty nasty). The home was pretty nasty I picked it up from. Not the most glamorous way to make money. I will probably sell for $400 but will have to put maybe an hour into cleaning the furniture. So I plan to make about $500 dollars for about 5 hours.
Expenses would be gas (about ~$10 a trip), storage (~$130 per month with public storage by switching names every two months), trailer ($20 5'x9' uhaul or $200 for the trailer DEAL ($350 normal) ), hitch for trailer (I think it was ~150), and 4-wheel dolly (free from my dad - about $50 maybe from the store?).
Most of my time is spent finding the deals which I do periodically when I am at work. So maybe 2 hours per deal to find but I am again at work so I am getting paid to look . So in all $200 dollars for 4-5 hours of work $50-$40 per hour. The most important part is there is no taxes to pay because everything is cash only.
This is by no means easy money. Lifting furniture is not fun but is not that hard with a dolly. So in all it's money I can make in my spare time with minimum overhead and it did not cost a lot to begin. Plans for the future might be to buy a truck on craigslist with a bigger tow capacity so I can make all my pickups in maybe 4 hours to increase my dollar to time ratio.

Well if you want to pay the IRS for me go ahead. Plenty of people don't pay taxes when they sell stuff on craigslist or at garage sales. It is only fraud if they catch you. Don't put the money in the bank and spend it on stuff you buy at stores. There is nothing immoral about not paying taxes. You either are the working middle class and pay most of the taxes or you are the business owners and pay little.

ReddeR80 said: It is only fraud if they catch you.

Good logic. I was able to apply it to a homicide I committed years ago. Well, I wasn't caught so I'm not sure what to call it.

I kid, I kid. I'm actually envious as you are not contributing to pay off the many bailouts.

FICTION

ReddeR80 said: Well if you want to pay the IRS for me go ahead. Plenty of people don't pay taxes when they sell stuff on craigslist or at garage sales. It is only fraud if they catch you. Don't put the money in the bank and spend it on stuff you buy at stores. There is nothing immoral about not paying taxes. You either are the working middle class and pay most of the taxes or you are the business owners and pay little.


WOW,....you really ARE naive, aren't you?

it is NOT "only fraud if they catch you"...it's STILL fraud...you just won't get in trouble for it

also, how about doing some research before spewing your class warfare garbage...

Add a TV crew and you have the makings of the next reality hit show.

Even the OP's name amazingly contains the essence of what made the original TV series a hit(the original star's name).


Very popular show idea:
http://en.wikipedia.org/wiki/Sanford_and_Son

Sanford and Son was enormously popular during most of its run, and was one of the top ten highest-rated series on American television from its first season (1971-72) through the 1975-76 season.

yesidonoitall said: FICTION
You would be surprised at the stupidity of some people. I knew a guy who sold electronics on Craig's list. He was looking for deals in local stores, then post the same deal on Craig's list plus a markup. After arranging the pickup, he would buy the item from a store and bring it to the pick up. If there was a no-show, he would just return the item. The best part, no inventory to hold and minimal risk.

He actually made a few hundred bucks in a month, but then decided it was not worth the time, primarily because of many no shows.

ReddeR80 said: I have in a since flipped furniture.
In a since? Innocence?

ReddeR80 said: NO taxes is great to .
No taxes is great to what?

I once flipped a refrigerator. I was trying to move it from one house to another, but my truck was parked in a steeply inclined driveway, and, while I was loading it, it slid out onto the driveway and flipped.



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