It’s no secret banks aren’t giving very much for returns on your money these days, but the truth of the matter is your money is “pretty” safe by being federally insured and not putting it at risk.
Now, you could “invest” it in many different things and try to make an above average return on your money, but if you’re like me and feeling a bit skeptical with what’s going on, and aren’t looking to let someone else take your money and tell you “it’s just the risk you take when you invest” :flush It’s true, there is risk, but why is it that the odds seem to always be in my favor of losing money? Of course there are many variables to this, but as Rookie has said “don’t bet money you can’t afford to lose” True words to the wise.
So what’s the alternative if you can’t invest in RE due to lack of big money and have little experience? Well, it’s the simplest form of making money and people have been doing it since the dawn of time…buying low and and selling higher. With the advent of the internet, and more specifically craigslist and ebay, you can can some times DOUBLE your money once you get good at determining what the market will pay for an item. It is down right simple Econ 101 supply and demand.
Now, in all fairness fdjake mentioned a bit about this method to hoosier in a recent post, but I wanted to expand on this a bit more because I agree with him this is a fantastic way of building up in doing RE flipping and making some fast, good money IF you are willing to put some effort in to it. You won’t get rich doing smaller items, but you will learn so much about a seller’s mentality, a buyer’s mentality, negotiating, establishing value and even some good marketing lessons. And the beautiful part about it is, you will see returns on your money that puts to shame what you will make with just having it sit in a savings account.
My favorite items to buy and sell is laptops. The reason is, most people don’t know how to fix the issues and I can fix them pretty easily and sell them on the hungry buyers looking for a slight discount over new models.
But it’s not the only thing you can do it with, you can buy/sell furniture, tools, equipment, cars, boats, big and small seasonal items, musical equipment, exercising equipment (think of all those new years resolutions) and on and on. Where else can you make up to 50% or more on your money in a matter of days? Ask your banker if he can match that and see how hard he’ll laugh while almost choking on that super sized meat ball grinder he’s trying to swallow. Good luck Kemo Sabe!
With online tools such as ebay, it’s never been easier to gauge the demand in a market place and getting the item for the right price that makes you money!!
Now go laugh at your banker while eating your sub and don’t choke on it. :biggrin