The other day, a man sidled up to me to share that he’d found a jacket at a thrift shop and taken it to a resale shop to sell. I assume he was whispering the tale so as not to alert the other folks to the killing he’d made:
bought for $5 sold for $125.
But maybe he just found thrift-flipping sexy and he was making a pass at me, known consignment/resale/thrift maven. Who knows? (Then again, we could have been soul-mates. I like finding the right market for undervalued stuff, too.)
Have you thought about flipping some great items from one market to another? It can be a great way to set aside some cash for a rainy day… or for a sunny beach vacay!
Here’s some Flip Tips:
Shop thrift stores that receive from high-end neighborhoods. If the thrift cannot sell a great item for what it’s truly worth, that’s where you come in, to transport it from a low-end customer base to one that appreciates it.
Know your prices. That;s where a little Internet browsing can really pay off. That basic black Eileen Fisher cardigan for $14? Look it up: Same sweater, on Nordstrom? $248.
Know your knock-offs. Not only are fakes not worth what the real goods are… they are also illegal and immoral to sell, even secondhand. Skip ’em.
Watch that YOUR taste doesn’t interfere with your wallet. For example, I love faded, washed-out black t-shirts. Most people don’t. So unless it’s my size, I let it pass.
Make it look better before you try to pass it on. You and I, as experienced pickers, can overlook its wrinkled or dusty appearance… but won’t it look much better with a little love and soap?
Consider minor modifications. Take that ghastly amateur oil painting out of the expensive frame, and sell the frame by itself. Most folks who aren’t shoppers like you and me would get distracted by the ugly painting and not think of the frame on its own. Or try painting that cute little shelf gloss white instead of the orange-y wood color it is.
Ask your destination shops. Do they have items they can always sell sell sell? Whether it’s sports gear, small dressers or weather vanes, knowing what your market needs is a good starting place for your searches. Ask, too, what they really kinda don’t want. More black handbags. Size 2 dresses. Coffee tables. That way, you won’t mis-invest.
Any tales of great flips? Suggestions for others? Comment below!