Today’s post is going to be about HOW to get good at finding deals.
When you’re out there searching for different things you can buy and resell on Craigslist, eBay, and Thrift Stores, how do you know what a good deal is?
Is buying that purple living room chair from the 70s you saw at a Thrift Store going to generate a profit for you?
How about that blu-ray player you saw posted on Craigslist for $20? What’s it worth and how much can you resell it for?
Whoa! How about this awesome, marble chess set you saw at Goodwill for $9.99?!
How to buy low so you can sell high. After all — that’s how you make money and become successful in the flipping business.
If you follow these 2 rules you will become a MASTER at finding deals everywhere, and with a little bit of time you will develop what EVERY Flipping Ninja© has — what I like to call:
The Eye for The Deal© (Profit Radar):
I’m always looking through the Eye for the Deal© and you should too. It’s like a muscle you develop and the sharper it gets — the faster you’ll develop your ability to find and attract deals, and flip them fast for profits.
Making money flipping things will become second nature to you. Once I really got good and started making some serious money on my spare time flipping all sorts of things, I permanently started to see with the Eye for the Deal© and it was focused on the future.
The following 2 rules I’m going to share with you are like gold. Treat them the same as you would perhaps a college course, or a college degree — minus the massive time and money investment. They can generate hundreds and thousands of dollars for you.
There are two rules I need you to follow — two game changers that will completely 10x how much money you’ll make, profits, and your ability to find and attract deals. Really engrave these two rules into your mind and you’ve basically created a private ATM machine within your thinking that will serve you with CASH DEALS forever!
I want you to live by these TWO RULES in your Flipping Journey.
RULE #1: You have to always, always, always remember, always remind yourself, KEEP TELLING YOURSELF… Everything Sells.
I don’t care if you don’t like it, I don’t care if you walk into a Thrift Store and you see an UGLY ASS LIVING ROOM CHAIR, that’s PURPLE, and that’s from the 70s, I don’t care if YOU don’t like it, I don’t care if your best friend doesn’t like it and thinks it’s ugly… It doesn’t matter what you think.
What matters is what the market is willing to pay for it.
So you should be getting that chair. You shouldn’t be cutting it out.
Now imagine going through your journey, going through life, craigslist, thrift stores, eBay, being very close-minded, versus going into it with what we call the Eye for the Deal© which means looking at things from the market’s perspective and from a strictly profits perspective…
You suddenly expand your pipeline, and you get to exploit so many more markets, not only that but you’re serving so many more people because you’re going through such a wide variety of items.
So when you’re looking through Craigslist, eBay, and Thrift Stores for different products and things you can buy low in order to resell for higher profts — the reason most people don’t think they can do it is because they’re still looking at the items from that very limited viewpoint.
They look at everything from a consumer’s perspective, with a very limited small narrow lens, vs. a Flipping Ninja’s© profit and business-oriented perspective. The Eye for the Deal©.
They think just because THEY wouldn’t buy the item or THEY wouldn’t take it home for themselves, they think it’s not something that others will buy. So you have to first, FIRST RULE is keep telling yourself everything sells. Okay? Got it? Everything sells.
Now were not talking about how much it’s going to sell for. That’s not the focus right now. You could make $200 off of it, or you could make $20 off of it. But the focus and fact is that everything sells — it doesn’t matter. There’s someone, somewhere out there who is going to buy that product. Now it might not be for the price that you want, but that doesn’t change the fact that everything sells. Okay? So that’s rule number one.
Now Rule #2 ties directly in with Rule #1. They go hand-in-hand. Once you realize, and really truly believe and understand that everything sells, you have to…
RULE #2: Have The Balls to Buy.
Have the courage to buy, have the balls, have the confidence to BUY.
You have to buy.
You need to have the confidence to buy things. And take risks.
Having courage comes from having knowledge. If you have knowledge in something, you’re more confident, aware, and you can make decisions.
Lack of knowledge brings uncertainty, indecision and weak negotiating positions.
So my hope is to give you the knowledge so that you CAN have the confidence. You CAN have the decision-making ability. You CAN have the courage. You CAN have the confidence to make a decision or to buy a specific item you might be unsure about.
So the knowledge you need to know is basically everything I said in the last section, everything sells.
So why would you be scared to buy something? After doing your research and finding out the value of what something is worth (running your numbers and doing your calculations as I walk you through The 4 Weapons of Determining Value in The FNB©), if you’re pretty close or you’re sure that there could be some profit margin there, have the confidence to buy it.
You know that everything sells, you know that it will sell, you know you could make $100 off of it. Or you could make $40, or worst case scenario, you can sell it for what you got it for and break even, which is perfectly fine. As a rookie, that might be more likely, but the fact that you bought something and resold it is giving you those numbers and that experience you need to really get that high volume of just going through deals, which is always good too because that will help you in the long run. Look at every deal as not just a chance to make money, but a learning opportunity that will give you valuable experience, no matter what the outcome.
So, if you buy something and you sell it for what you bought it for, you didn’t waste it or anything. Look, you just gained valuable experience that’s going to serve you in your future deals forever. It’s never a waste.
Truthfully, the worst-case scenario might be that you buy something completely weird or a very high ticket item and it sells for less than you paid for it or it never sells. People won’t even buy it for $50. That would be pretty messed up, but if that’s the case, you probably did something majorly wrong in your calculations from the get-go.
Play it like a numbers game in which you hammer out those deals, buy everything. Have the confidence to buy, and go and buy everything. One day I spent $1,300 and I didn’t even think twice about it, because it all comes from knowledge. My confidence comes from the knowledge that:
1. Everything sells, this gives me the confidence to buy and;
2. I know the profit margins for every item or whatever I buy so it becomes almost a matter of why would you NOT buy it? Why wouldn’t you spent $1300 if you know you’re going to make $2000 back total? Why wouldn’t you?
Make a decision, have the confidence to buy and just straight up know that everything will sell. And if you’re confused or need advice, you can ask me.
But at the end of the day, besides asking me, you just need to just get out there and start making decisions yourself. This is a solo game for the most part and that’s how you learn. You just start doing deals. Nobody was there to teach me, nor had I read a single book on how to do any of this, I just slowly expanded my horizons by just hammering out more and more deals, in more and more markets, niches and categories.
Seriously, learning how to buy any type of product and resell it for a profit can CHANGE your life for the better. As you develop your skills, your Eye for the Deal© and your sales techniques, things will change.
You just have to jump in and BUY, then SELL HARD. Be aggressive. Play offense. NEVER play defense, never retreat or be scared of buying. That’s how you 10x your learning, experience, and really get good at finding deals.
Always Follow These Two Rules:
Rule #1: Everything Sells
Rule #2: Have the Balls to Buy
Now with these two rules being applied, it will allow you to go through high volume deals and really get familiar with flipping, and flipping all sorts of different items from furniture to art pieces to any sort of electronics and — anything from dozens of different categories. You’ll become a hybrid Flipping Ninja©. This in turn, will give you priceless experience and make you a MASTER at finding deals moving forward.
To end this post, here’s a story to remember:
A critical gearbox failed and no one could fix it. So they brought in a bloke with great troubleshooting experience. He inspected the gear drive very carefully. After looking things over, the guy reached into his bag and pulled out a small tool. He gently tapped something. Before long, the gearbox was back working! The owners got his bill for $10k. “What?!” the owners said, “You hardly did anything. Send us an itemized bill.” The reply simply said:
Tapping with a hammer: $50
Knowing where to tap: $9,950
Don’t underestimate experience.
featured image by: Sofica