Yard Sale Profits

In my last entry I mentioned how I make lots of money using the price advantage of classifieds, auctions, and Amazon over yard sales. The price differential can be huge. I typically get a $5 to $10 return for every dollar invested.

When you go yard sale shopping you will discover that there two types of yard sales - those where they are trying to get rid of stuff (good), and those where they are trying to make money (bad). You will quickly learn to identify which is which and move on quickly when necessary.

When you find a good sale you want to scan quickly but carefully. There are many good finds hiding at many sales and you will learn what to look for as you go. It is helpful, if not necessary, to have internet access on your cell phone so that you can check current street prices on items of interest. It has saved me a few times. If you are looking at something that uses consumables, like printers, make sure that supplies are still readily available or the item will be worthless. Also keep in mind recalls and outright bans on items. For example drop-side cribs are now banned for sale, resale or even donation.

Here are some examples of my recent buy/sell prices.

• Laser printers: $5/$25-$50
• Inkjet printers: $1-$3/$10-$25
• China pieces: $.75-$2/$20-$50
• Family Radio Walkie-Talkie: $1/$20
• Weather Alert Radio (new in sealed package): $8/$45.

As you can see, it doesn't take much of an investment to make some money. I usually shop Friday and Saturday, then post my items on Sunday. The average time to sell is less than a week. To put things into perspective, it would take a $3500 Certificate of Deposit 1 year to make what I make off of a typical $5 investment in a week. Of course, you need to invest your time as well. Time spent shopping the sales. Time spent cleaning up what you buy. For electronics I always test the item carefully to make sure I'm offering a good product for the money.

It is vital that you buy things that you know well enough to make a smart buying decision. I do well with electronics. I stumbled upon china when trying to find a replacement piece for my mother's china. That one little piece was quite expensive, but if you have a full set of quality china it is a small price to keep the set complete. I learned the quality brands and now do quite well with these items. They may take longer to sell, but the profits are high enough that it is worth it.

Well, there you have it. It's not complicated. It's a fun "job" that anyone can do. One important final note though. Poker face. When you do make a find, don't make it obvious or you will have no bargaining power. Remember, it's a yard sale. Don't be afraid to bargain for a lower price. That said, there are times I do find it hard not to smile when I know how much money I am about to make.

Good luck!