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Buying and Selling Made Easy

“How can I make money by buying used stuff and turn around and sell it at higher price?”

By No. 6
Date January 3, 2010

The answer to that question is easy. What do you know? What do you know really well? Being an expert in a few select areas will give you a major leg-up among other buyers and enable you to spot deals easily and turn around and make a profit. People who already know what they can get for an item have the advantage. They are not taking any risk, the only thing they will try to do is get the item from you at the lowest price possible, because they already know what the market is like for that item.

Looking at websites that have auctions for used items will give you an idea of what price you could for items, if you were selling it. If you are new to buying and selling used, I would recommend starting out slow and expanding from there. Let’s say that you know all about golf and could spot a good deal when you saw one. I would focus on golf equipment and research all that you can about brands, unique items, trends, etc. until you had bought and sold enough to be an experienced buyer and seller. Then branch out into another area. Some areas are picked over quite fast. These picked over areas are commonly jewelry, books, collectible items, and art (there are many more we could add to the list).

The thing is, there are many other areas that are still profitable without all of the competition. Choose any item that you may see at a swap meet, thrift store, or yard sale and there is a market for it somewhere. Luckily with the internet you will be able to find a buyer much easier than you would 20 years ago.

I used to buy new clearance rack items that were bright colors and clearly unwanted and sell them online for 10x the amount I paid (and I bought these items new). I knew that perhaps in my state they were not popular, but there had to be someone somewhere who was looking for just those shoes. In the case where I find something that looks like it has more value than the price, I sometimes gamble, and buy it and try my luck selling it. These experiments can sometimes lead to becoming an expert in one specific area.

So, the real secret here is finding a niche in which you are an expert. I think it is best to start out in an area that is not already hugely popular, but one that is commonly found at places and events that sell used things. Remember those collectors I talked about? Well, they are still around but they don’t catch everything. The good news is that they are searching sites like Craigslist and eBay from around the globe, so you can rest assured that you will find a buyer eventually.