How to Buy and Resell Dresses (My Second Flipping Challenge Update)
How to Resell Dresses
Part of our journey to financial freedom and becoming millionaires is flipping items. If you start with $2 and manage to double it 14 times, you will have well over $1,000,000.
The first flip was buying a book for $2 and reselling it for $8 which you can read about here. With $8, I bought a dress for $7 which I knew I could sell for at least $20. Since there was $1 left from the first flip, I bought 2 books and sold them for $5 each.
How I am Tracking my Flips
I have a separate account for it with 86 400, an online only bank. You can get $10 as a sign up bonus with the code here. By having an account specifically for this, it is easy to track.
$2 was my starting amount and whenever I have sold something, the money goes into this account. Anything I purchase to resell goes through the account so it is easy to track.
I am also including them all on this page so the progress is easy to see.
How to Make Thousands Reselling Dresses
Clothing is something I used to flip a lot and plan to do more of. Obviously, I was working with a larger budget before but since I am doing this to double my money and track it, I will only be including what I buy specifically with this money.
When I flip dresses or any clothing, I look for specific brands such as Cue, Review, Hell Bunny and similar. Any brand I know well. Previously, my preference was to stick to clothes my size or the size my siblings wore so if it didn’t sell they’d buy it usually.
These are brands we like and I’d stick to either styles we liked or styles I knew for sure would sell.
Where to Buy Dresses to Resell and What to Look for
I tend to find them in second hand shops/thrifty stores/op shops. Check each item thoroughly to ensure all buttons and zips work, there are no pulled threads, tears, stains or other issues. Some are easy to get out, others are not worth it.
Get to know the brands you want to sell, their styles for different eras and how much they are worth. If you know this, you can know common issues for example, invisible hems tend to fall apart easily.
If you are good at alterations or repairs, you might get some great bargains where you can fix items quickly. Don’t get items that will take too long to fix because time counts. Taking 1 hour to fix an item you will only make $10 on probably isn’t worth it.
But getting an item for $2 which only needs a minor seam repaired which can be done in 5 minutes and selling it for $70 is worth it. Yes, I did that.
How to Price The Dresses
Before I purchase, I check eBay for the sold listings to see how much they sell for. most of the time I have a good idea of how much items will sell for but incase I don’t, eBay gives a good idea. Look up completed and sold listings to see if the dress will sell.
When choosing a price for your item, price it competitively once you know the value. eBay isn’t always great at giving a suggested price when you are doing your listing so ignore their suggested price. List the item at what you know it is worth.
What I Sold
I sold a basic Cue winter corporate style dress in size 8. Not something I would wear (I am a size 12) but something my daughter could.
How to List Dresses
When you are listing a dress for sale, the best options are to wear it if possible so people can see how it will sit or place it on a mannequin. An image of it on a hanger or laying flat helps see it for what it is.
Take photos of the front, back and any defects as well as the tags. Photos of the tags prove brand, size and care instructions.
Decide where you want to list or list in a few places. For example, buy sell swap groups for specific brands can be a great place to sell. As can eBay but eBay has fees.
Be sure to take clear, well lit photos. How clear people can see the dresses makes a huge difference when it comes to whether they get purchased or not.
Postage for Selling Dresses
My preference is to post in prepaid satchels as they are easy to have a bunch on hand and you can charge a flat $10 for shipping. I aim to list within 24 hours of an item selling.
What’s next for me?
With this flip, I ended up with $30 ($20 from the dress and $10 from the books). This week I will be heading out to look for something I can flip and make at least $60 with.
Our First Flip for Doubling our Money
How to Buy and Resell Items
I shared how doubling your money, starting with $1 can get you to $1,000,000 if you double it 20 times. One of the first things I did when I started looking for ways to make and save money years ago was buy and resell items. I quickly learnt where to shop, what to buy, where to list and which items were most profitable.
What We Bought
When looking for items to buy and resell, I wanted to start small to fit in the doubling your money concept and also to show how it’s done. I was at the second hand store and saw a copy of The Barefoot Investor for $2. I figured that was an ideal start for doubling our money.
Where We Listed
I bought it, took a photo on my phone then uploaded it to Facebook Marketplace. I had already checked how much this book was selling for on there and knew it would sell quickly.
How Much and How Quick
There were other copies on there being sold for $10 so I listed mine for $8 and it sold within a few hours. We met that night at the local shopping centre where I was going to do my groceries and I made $6 on that book.
Managing the Money
With flipping items, as the aim is to double our money, I set up a separate bank account for it. 86 400 is an easy to use online only bank which will give you a $10 bonus for signing up with the code S7VL6WF here. Having a separate bank account also means I have no issues giving out the bank details or using Osko/PayID for payments to make them quick and easy.
Currently, there is $8 in there and I will be out this week looking for items to flip using that $8.
I’ll be continuing finding items to buy and resell. There are so many opportunities out there, waiting to be explored. As we progress and the amount we have increases, it won’t just be items in second hand stores we flip.
Previously, I did well buying and reselling websites, I’ve done it with cars and eventually want to do it with some real estate too.
So the next few flips will be smaller items but soon we plan to be doing bigger items.