A lot of people in real-estate know all about flipping houses. This is where you purchase a house, put in some sweat labor and then resell the house for a profit. This usually takes quite a bit of capital though because often you have to buy all cash.
Many people don't realize that you can get started with a flipping business on a much smaller scale. We recently wrote a list of all the easiest things to flip for a profit and some of them may surprise you!
A few years ago my wife and I flipped a house for a 6-figure profit. I say flipped but it took us a couple of years to actually sell it! I don't know what the definition is for a flip but my guess is that it is probably a month or two.
Flipping smaller stuff (e.g. furniture) can lead to a great full-time income. My friends make 6-figures a year flipping everything from lawn tools to cars. They generally buy stuff at flea markets, yard sales and thrift stores and then resell on eBay for a signficantly higher price. They only work 15 - 20 hours per week!
Onf of the guys that I know got started flipping t-shirts online. The amazing thing is that he was able to buy t-shirts from thrift stores for $1 and then sell them online for close to $10! This is a difficult business to scale, but it is quite a remarkable return on investment. These days he focuses on flipping items that will net him atleast $500 in profit per item.
If you are considering starting flipping then we recommend getting started by simply selling some of the junk that you most likely have in your home. This way you can start to get a feel for items that sell on eBay and what kind of price point works well. After you have this figured out, you can start hunting for similar items in the free section on Craigslist or at yard sales. Pretty simple right? It is also a fun pasttime that can get quite addictive.
Starting a flipping business can be very lucrative but it is also hard work. You can expect to spend countless hours at yard sales hunting for particular items and bargains. You usually need to be fit, healthy and own a truck for transporting furniture etc. It helps to learn all about shipping items and how to do it as efficiently and cheaply as possible.
If I was to start a flipping business I would focus on flipping items that I knew something about. This usually seems to be the best way to start. My friend Danielle flipped guitars on eBay because she was so familiar with the different models and she could spot guitars that were undervalued.
If you were to start flipping, what items would you choose to specialize in ?