Craigslist Flipping 101
Not everyone has the time to setup a website or manage their product chain supply. Some people need quick cash with minimal cost of inventory carrying and that's where Craigslist comes in. Most people will tell you that all the great deals on Craigslist have happened a year ago and today it's too hard to get a good deal. Do not listen to the guys reason I just made $ 225 on a flip last weekend! This is not a traditional Craigslist flip but a reverse craigslist deal I get in another lesson but here are the basics. The 3 steps of a Craigslist deal are below
1. Product Research
Perhaps this is the most important part of the process. You have to poke around craigslist and see what the going price is for the product you are interested in flipping. As the standard you want to put into smaller products as larger products will be costly to transport. Tech products are hot but may be damaged in non physical ways (carefully). Once you see the average product rate on Craigslist go to eBay and Amazon and check the going rate of product details. I made $ 1,000 + flipping unlocked cell phones and selling them overseas to GSM phone buyers. I have consistently done over $ 100 per flip phone and in a case made almost $ 200 on a single phone. (An angry girlfriend got a NEW iPhone for her boyfriend for her birthday. When she was surprised her in her place she caught her cheating and sold it to me for the less she paid for it.) SCORE !
2. How the Product Quality
Be courteous to sellers when you message or email them. Let them know that you have cash for their products and want some details. You need to make sure the product is in good flipping condition. If the craigslist photos are not good then you need to ask for better pictures. I really call them to ask some questions about the product to make sure I can make some cash and even offer less than asking. (Be careful that you do not want lowball to sell or they do not reply to you) Instead of a lowball offer -> Ask them what they can do with the price. If they do not know then making a reasonable offer is usually 75% of the amount to get started and go from there. Identify them and make sure the products are in the condition described. I once showed up to buy a phone and it has not been mentioned that the frames are scratched so I have to offer a price less than we agreed upon and the seller was resistant but sold to me for a discounted price.
3. How to Cash Out
This is an important part of easy. You have several different options. you can try and re-sell the product at Craigslist but in most cases you can not turn on a healthy income by trying to sell the same market you've purchased. In most cases I have great success flipping craigslist products on eBay and Amazon. The reason is that the site has millions of buyers buying products per second! To get the highest dollars for your product you have to make great items images. This is for eBay as Amazon uses photo stock. For Amazon and eBay make sure to describe the product as accurate as to avoid any returns or bad ratings for your seller performance. Always be honest and if you have any questions be sure to answer them timely. Do not waste your time with lowballers but be courteous. Tell them to advertise that price and then move on.
ENJOY EATING ALL MONEY !!
Do you have a good craigslist story deal? I love to hear it. Simply enter your name and post it in the comments below.
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