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.