Side hustle series: How I make money flipping phones
Excellent early
morning! Currently Stephen will demonstrate how he earn cash flipping
telephones. Enable me know if you wish to visitor article on MMYW.
Stephen, is
actually a economical analyst by day, and flips used cellular phones by night.
He also operate a blog site known as CellSolo in which he educates readers
about acquiring and marketing utilized cell phones. You could follow him within
the CellSolo fb web site.
There is a huge
selection of tips on how to make an additional cash flow beyond your nine to
five career, and I have tried using a handful of them. 1 in the more profitable
strategies I have made use of is shopping for after which reselling employed
mobile phones. I in no way would have thought buying and providing telephones
could amount of money to your deserving facet profits, but to my shock, it has
become a aspect hustle the place hard work has paid out off properly. Buying
and marketing employed phones share an identical principle to many other
marketplaces, get very low and sell large.
In August, I flipped 21 telephones at a mean of $77 of
income for each telephone. That arrives out to
close to $1,617 in my pocket for your thirty day period. At that level, an
extra $19,404 for each yr can be a awesome bonus extra to my wage from doing
the job the 9 to 5 grind. Nevertheless, advertising telephones isn’t passive
profits. It does have to have exertions and can become annoying and
overpowering occasionally. My approach involves getting telephones on
Craigslist, and then reselling them on eBay.
Purchase on Craigslist
I've tried out
acquiring utilized telephones from a range of sources and possess discovered
Craigslist to be the very best resource for 2 motives. First, Craigslist is
amongst the top rated marketplaces which have the most utilised telephones on
the market in contrast to its competition. The greater the availability, the
greater the promotions are. 2nd, practically anyone is ready to negotiate. Even
the people who especially mention that they will not occur down in value WILL
settle as soon as you demonstrate they it is possible to be at their door with
cash in your hand in fewer than one hour. Craigslist could be the only market I
have been in a position to persistently get made use of telephones for under
they are truly well worth.
The true secret
to getting excellent promotions on Craigslist is searching in a populated area.
Living near to your metropolitan region is the greatest method to produce a
great deal of money from utilised telephones. However, for those who do not are
living in close proximity to a city, you may battle to flip phones in a gain.
There basically isn’t adequate provide to acquire nearly as good of a deal if
your spot you live in is not incredibly populated. I reside in Washington DC
and recently I have discovered more deals on iphone 5's than I'm sure what to
do with. Of course, this really is partly due for the new iphone 5s release;
however it is largely thanks to your condensed population.
I only buy the
newest and much common made use of phones that keep quite possibly the most
benefit. No one will wish to acquire a Nextel flip cell phone from 10 yrs in
the past. iPhones are effortless to resell, and make my life less complicated
because I can offer them extremely promptly. I keep a list of your most widely
used phones and use this list when looking for terrific discounts on
Craigslist. When I’m looking for a cell phone on Craigslist I generally have a
very target rate that I’m prepared to shell out. To figure out a concentrate on
cost, I look through eBay’s auctions that happen to be about close to the exact
cellular phone product I am going to buy. This is often how I ascertain what a
mobile phone is truly worth. Whether it is selling for $400 on eBay, then that
is how potential buyers price it.
My objective
would be to purchase a cell phone on Craigslist for $100 considerably less than
what it can be advertising for on eBay. The best I am willing to pay is $50
much less than what it truly is promoting for on eBay. Anything at all
significantly less than a $50 revenue margin is not well worth my time. You’ll
discover there are plenty of telephones which might be outlined too higher on
Craigslist. On the other hand, really don't ignore the ability of negotiating.
For those who show the seller that you are a serious and trustworthy buyer that
may demonstrate them the money that working day, you are going to get them to
come down in rate. There will be listings that have great photographs and
descriptions. These listings could be more challenging to bring down in value
simply because they can have extra intrigued purchasers due to their
exceptional presentation. Even so, the sellers that have a straightforward one
liner description is going to be much more ready to compromise in rate. Just
check with them to deliver you some photos in an e mail also to validate any
inquiries you might have.
When getting on
Craigslist you should acknowledge there exists some risk. You'll find scammers
out there; actually I’ve arrive throughout a fair share of fraud. Just about
every mobile cell phone has an ESN, IMEI, or MEID range and that is the serial
selection for your cellular phone. I constantly ask for these facts within the
vendor by means of electronic mail before getting the mobile phone. It is
possible to verify the amount on-line or through the phone’s provider to
substantiate the cell phone has not been stolen. You are going to also wish to
affirm together with the vendor and then examine by yourself the cellular phone
is in good affliction and will work. If possible, I test to rearrange to meet
the seller for the phone’s wireless company retail outlet and validate all the
things using an staff. I realize it seems unusual; even so the staff members in
any respect on the shops (Verizon, AT&T, T-Mobile, Sprint, etc.) have no
problem checking a mobile phone from you that you are acquiring from someone
else. And lastly, make sure you exchange the cash for your cell phone inside a
public place. Local shopping malls or fast food restaurants are fantastic
examples of places I sometimes meet up with. Only pay in funds and only meet up
with in person to exchange. Really don't fall for that tricks that inquire you
to wire cash.
Offer on Ebay
When you sell
the cellular phone on eBay, you would like to use a seller account that already
has an established and good feedback rating. The better your feedback rating,
the more prospective buyers you will attract. Make sure to include several
details and shots with your description. Make your product marketable. Clean
the telephone up and take fantastic shots. Think about it like detailing your
telephone, just like a salesman does with his utilised cars. I’ve had success
with both auctions and the Get It Now feature.
There is
certainly also danger when advertising on eBay. In the listing, you should
request that only consumers who have positive feedback bid on your telephone.
Also, make sure your photographs clearly shows any distinguishing marks about
the telephone so the purchaser can’t claim that you didn’t tell them about any
scratches or scuffs beforehand. Take a photo of the serial number for your own
records. I recommend that you only accept PayPal so that you are able to
qualify for seller protection. When you ship the mobile phone, make sure you
only ship it to your buyer’s verified PayPal address and fork out the post
office the added fee for insurance and signature upon delivery. You really
don't wish to have to worry about your telephone being lost in the mail.
Give It A Shot
If you’re
looking for just a facet hustle gig, why not check out promoting utilized
phones. Simply just verify out their value on eBay and see what you could get
on Craigslist. Worst comes to worst, you really do not have to go through
together with the Craigslist purchase in the event you can’t get fantastic
price. Don’t overlook, selling telephones need effort. I spend a good deal of
time on e-mail back and forth with Craigslist sellers trying to acquire the
rate down. I also spend a lot of time driving around picking up phones. Also,
there are actually eBay and PayPal fees when selling a cell phone, so develop
into familiar with those so you'll be able to account for them when determining
your financial gain margins. Have fun, and be careful available!