Best Items to Flip for Instant Profits in 2020
Robert Louis Stevenson once said, "Everyone lives by selling something". Time seems to have proved him true! With the advent of the worldwide web and online portals, selling and buying have become as easy as a few clicks on a computer or mobile device.
This has also given rise to a new breed of small-time resellers who deal in everything from household stuff to electronic items to clothes. It is quite easy to become a reseller and earn some extra income, and to make money.
Besides selling on popular online portals such as eBay and Amazon, you can also come up with your own website with listings of items up for sale. Read on to know more about the best items to flip and where to find them irrespective of whether you are in this for the long haul or simply looking to make a quick buck.
Building Up Your Inventory of Best Items to Flip
The first thing to remember when scouting for items to resell is that it is very likely that someone else will find value in something that is of no value to you.
- Start off by looking in your attic or garage for things that are no longer being used by anyone in your family. You will be surprised at the number of boxes you will fill up with such items! Anything that has not been used for over a year must go.
- Yard sales or garage sales in your neighborhood are perfect for picking up some good bargains. Estate sales, auctions, as well as friends and family who might have things to give you for free are good sources of inventory.
- A trip to some thrift stores is sure to yield some useful and unique items. When browsing at a thrift store for things you can resell be sure to:
- Conduct a quick search on popular sales platforms to check for best items to resell that are likely to fetch you a good profit.
- Try to visit thrift stores in high-end neighborhoods as there is a greater likelihood of finding brand name stuff as well as better quality items there.
- While peeking at the price tag, do some quick math and figure out the price you will need to sell it at to make a decent profit. Your calculations must include shipping costs and any taxes depending on where you live.
Next, sort them according to type and set aside the ones that have been gently used and can easily be reused.
Clean all the items that you are planning on reselling ad click good pictures to accompany your sales listing.
Some of the Best Items to Resell
An evergreen favorite with resellers, books never go out of demand. Try to collect box sets as well as individual books from the sets as there are bound to be a good number of collectors waiting to finish up their book sets.
Some examples of popular books are "The Lord of the Rings" and the Harry Potter series. Informative books such as encyclopedias are also in great demand and might be available quite cheap at thrift stores.
Apparel
Clothes from reputed brands and designers are always in demand because there are a large number of people looking to take their style quotient up a notch.
These people do not want to spend a fortune on buying such clothes in malls or boutiques but would like to stay in vogue and appear chic.
Specialty clothing such as maternity wear or occasion-wear apparel for infants is likely to be in much demand given the short time they are likely to be used.
Sporting Goods and Equipment
Buying new sporting accessories can be an expensive proposition for many. Thus, there is always a large market for sporting goods and equipment.
Ensure that the items you put up for sale are in good condition without tears and rips. Selling in lots is a good way of clearing your inventory and might attract more clients.
Retro Video Games
It is possible to rake in some big bucks by reselling video games and consoles, if you know what is in demand.
While the newer models tend are among the easiest things to flip for profit, there is a good market for games and consoles from the 70s through the 90s such as Nintendo systems.
It is best to stay safe by sticking to either the latest or the oldest in this segment.
Baby Stuff
New parents can be overwhelmed by costs incurred with the arrival of a little one. So, there are likely to be many who are looking for gently used big ticket items such as strollers or cribs.
There are bound to be an equal number of parents who are looking to get rid of such items that their child has outgrown and is simply using up floor space.
Toy vehicles, pretend play sets, and outdoor play sets are some other items that can prove a wise investment.
Footwear
Designer shoes that are new or almost new can fetch you a pretty price. Many buyers are willing to pay even up to half the retail price for major brand names like Gucci and Uggs.
Do your research on what sells and what doesn't in this segment to maximize gains.
Vintage Memorabilia
Items like concert t-shirts, jerseys from favorite players or teams, signed movie posters, autographed baseballs or gloves all come under this category.
These do not have to be very old to fetch a decent price. Items connected to bands that are no longer together or accessories to do with sportspersons who have retired or are deceased can all fetch you a good amount.
Furniture
Used furniture is always in demand and if you have the space to store it for a while, then there's nothing like it.
Wood furniture that can last for years, upholstered furniture, and outdoor furniture are some of the easiest things to flip for profit.
Yard Equipment and Home Improvement Tools
It is quite common to find machines like lawn mowers and leaf blowers being given away for free or next to nothing as people upgrade to newer models.
Non-motorized items like rakes and shears can also be bought at deep discounts when there are clearance sales or if a local store is shutting shop. Power tools such as drilling kits or electric saws are other such items.
You will be able to flip these for a good margin, especially if they are new.
Collectible Toys
Don't be misled by their looks! Retro toys might look small but they are of significant value and are some of the best items to flip on eBay.
Keep an eye out for Legos, American Girl dolls, vintage toys circa 1980 or earlier, and movie characters such as those from the Star Wars series.
Vintage board games are a good choice and can be commonly found in yard or garage sales as most people tend to have one or two sitting unused in their houses.
Tips To Maximize Profits With The Best Items To Flip
In order to make reselling a profitable venture, you must keep a few points in mind.
- Recognizing Worth: Research about the worth of items you plan on purchasing beforehand, so you can get an estimation of what price to expect on flipping it. It may take a few trials and errors before you are adept at making your choices. but you will get there soon enough.
- Keep It Short:When you are starting off, stick to a list of products that are familiar to you and comfortable with. You can expand your repertoire when you gain some more experience.
- Know When to Stop: If you are unable to get something at an appropriate price, do not pursue it. You will find something similar at another opportunity. It is no use paying too much for an item and reselling it for far too little.
- Spruce it Up: A little bit of polishing, a mild cleaning with some soap soluton or simply wiping down an item can make it look as good as new. Putting in a little bit of effort can make a significant difference in the price it will fetch you. If you are good at repairs, then buying items like appliances which require minor repairs and fixing them up before selling can make you far more than you expect.
- Good Presentation:When listing items for sale, take good pictures from great angles. It doesn't have to be professionally done but a good camera and appropriate lighting can make a world of difference.
The kind of profit you make from reselling these items will largely depend on the price you paid for them in the first place. Other factors include the demand for the item as well as characters such as authenticity or limited editions.
Flipping items for instant profits is a non passive income, and everyone can do it.
Related: How to Make 500 Dollars Fast, Passive vs Nonpassive Income
Category: Wallet Hacks
About the Author: Alexander is an investor, trader, and founder of daytradingz.com. After devoting many years to educating himself on powerful day trading techniques and effective investment styles, he started trading and investing more actively. In the past 20 years, he has executed thousands of trades. In 2015, he began writing articles about trading, investing, and personal finance. He is very passionate about sharing his knowledge and strives for success in himself and others. Alexander has been featured on Benzinga, Rockstar Finance, and ESI Money.