You can flip various types of items for profit, from collectibles to furniture and even domain names. It helps to have a passion or knowledge base about the items you are trying to flip, as well as a strategy that utilizes multiple selling platforms.
“Buy low and sell high” is one of the most cliché and well-known phrases to come out of the finance world. It’s a pretty simple concept to grasp; buy an asset for a low price, sell it for a higher price, and pocket the difference. Most of the time, this type of advice pertains to investing in stocks and bonds or flipping a house. However, buying low and selling high is not limited to stocks and real estate.
You can flip just about any item that can be resold for a profit. The trick is being able to find the items at places such as estate sales, thrift stores, or online marketplaces. You then need to consider how you will sell the items, either online or locally. If you’ve ever thought about starting a small business or side hustle using this strategy, here are some of the best items you can flip for a profit.
What is flipping for a profit?
Product flipping is a simple concept to grasp. You buy something at a low price and sell it for a higher price. Then you pocket the difference as profit. This could be considered the backbone of capitalism. Most flipping follows this process:
- Fix (if needed)
When most people think of flipping something for a profit, they imagine buying a home and selling it for more in a timely fashion. But other items can be flipped as well as long as you remember two fundamental rules. You must always have a reliable source to obtain the items, and you must have a reliable way to sell an item.
Best items to flip and make a quick profit
If you want to flip items online or try to buy and sell items in person at flea markets or other venues, here are some profitable items you might want to seek out.
Ever since Michael Jordan revolutionized the branding power of sneakers, they have been a hot collectible that continues to grow in both popularity and demand. One way to capitalize on this is to find a source where you can buy name-brand shoes from foreign countries and sell and list them in the U.S. where prices are higher.
Also, finding unique brands that could become more popular in the future is a good bet. For instance, Puma just collaborated with Volition America on a shoe with limited production. Rare collections like this can increase in value over time.
Power tools are a high-ticket item, and the market for used power tools is as vibrant as ever. If you are able to locate a good source of power tools, then you might be able to flip them on eBay or even become a tool source for an organization.
Girl Flip, for instance, is a real estate and development company that focuses on empowering women in the industry who want to get involved in real estate and real estate-related trades. Perhaps you can find a source of female-produced power tools and supply them to Girl Flip on a regular basis.
The trick is to find domains that are not taken already that could be utilized for something in the immediate future. For example, if there is a trend for a new extreme sport involving a new type of board, you could buy up all the plausible domain names related to the new sport and equipment.
Collectibles are pretty much anything that people collect on a regular basis. This includes but is not limited to:
- Sports trading cards
- Gaming trading cards (Magic the Gathering, Pokémon)
- Sports memorabilia
- Video games
- Concert posters
Obviously, it’s easier to buy and sell more in-demand collectibles like sentimental video games. One way to make a profit doing this is to use an arbitrage method. For instance, say that you can buy a Super Mario 3 original game in mint condition for $100 less in Japan than it sells for in the U.S. If you can get a stream of video games in Japan that you can resell in the U.S, you can make a significant profit doing price arbitrage.
Alex Klotz of RetroPixl.com has a network of people all around the world who provide access to rare, mint-condition video games and their consoles. “It’s funny because, in Asia, people have a lot of older video games stashed away in their houses that are in demand in places like Europe and America,” he says. “In Europe and America, people have games stuck in their attics that will sell for a fortune in South Korea, Hong Kong, or Japan. If you can put those things together, you can do good business.”
There is actually decent money to be made reselling wedding dresses, particularly custom wedding dresses that might have incurred a high up-front cost but were only worn once. This doesn’t just pertain to your old wedding dress sitting in the attic but could apply to any wedding dresses your friends and family might have.
If there is a lasting memory of the pandemic, it’s of used cars and commercial equipment skyrocketing in price because of supply chain issues. Flipping commercial equipment can be a profitable enterprise if done correctly. Below are some examples of commercial equipment that can be flipped.
- Appliances (dishwasher, vacuum, air conditioner)
- Air purifiers
- LED lights
- Manufacturing equipment
- Vending machines
- Security systems
Vintage records and record players
It’s true that records come from analog days, but they have become trendy again. Also, their rarity can lead to value in some cases. Vintage records and record players in good condition can fetch a very attractive price if you are able to find the right buyers. If you don’t have any records buried in your basement or attic, there are surely garage sales or thrift stores around you that will have some available. If you spot something of value, make sure you nab it before it finds its way to “Antiques Roadshow.”
Indoor and outdoor furniture
Both indoor furniture and outdoor furniture can be flipped for a profit if chosen correctly. For indoor furniture, vintage (think mid-century modern) and antique furniture from well-known brands is easy to flip for profit. Furniture does not have to be vintage or antique, though. Newer sofas and wardrobes in good condition can also contribute to a profitable reselling business. However, large furniture items may be harder to find in thrift shops. Instead, look to flea markets, garage sales, or online marketplaces to get started with furniture flipping.
If you can deep clean, restore, or recover furniture pieces, you can make even more money.
It may be time to part ways with that treadmill that you never run on. In fact, if you are able to locate different types of sports equipment from garage sales or friends and family, there are several paths you can take to resell it. SidelineSwap is a company that focuses on reselling sports equipment or you can turn to eBay or Nextdoor.com to list your products.
Used cars that have been neglected or just need a new paint job can be bought and sold for more money. There are the collector’s cars, which are always in demand. Names like Jaguar, Aston Martin, Porsche, BMW, and Mercedes will always draw attention. It will most likely hold value if you can get your hands on a rare-edition release of one of these brands.
That being said, there are also diamonds in the rough that are not high-end brands. If you can navigate Craigslist or Facebook marketplace, you might be able to get your hands on a Chevy or Toyota that needs a little care and attention before you resell it.
More ways to make extra money
Flipping items is just one way to make some extra cash. You could also open an Etsy shop, find a side job you can do from home, or even make money playing games or using apps. Check out these options for popular side jobs.
What is good to flip for money?
There are many items that are good to flip for extra money, from wedding dresses and baby gear to high-quality wood furniture and musical instruments. However, it must be stated that your “flipping budget” and familiarity with the items will dictate what you can consistently flip. You could start small with sneakers and work your way up to furniture and even cars.
What is the best furniture to flip?
Vintage and antique furniture pieces are the easiest to flip as they are relatively easy to find and there is consistent demand for solid-wood furniture. For those who are looking for a few dollars to a few hundred dollars in profit, wardrobes and sofas are a good choice. Look for them at garage and estate sales, or even on the curb.
Can you make money reselling?
Yes, but the trick is finding the right platform to enable you to resell your items. You might want to list items on different platforms, such as Facebook, eBay, and Poshmark, or in person at an antique mall or flea market.
- You can flip various types of items for a profit as long as you are careful and know your strategy for flipping items.
- Just like house flipping, small-scale flips follow a similar strategy. You buy items at a low price and resell them at a higher price.
- There are a number of items you can flip for a profit, from wedding dresses to sports equipment. The trick is to find a source to buy items and a platform where you can sell them.
- Flipping items should be a side hustle until you can earn enough money to consider doing it full-time.
View Article Sources
- I Make Big Profits Buying and Selling Used Furniture – Mother Earth News
- Vinyl record sales top CDs for first time in more than 30 years – CBS News
- Understanding Alternative Investments: Definition and Examples – SuperMoney
- What Role Can Alternative Investments Play in Retirement Savings? – SuperMoney
- The Average Wedding Dress Cost In 2023 and 5 Ways to Save Money – SuperMoney
- Top 10 Most Expensive Nike Shoes – SuperMoney
- What Are Digital Real Estate Assets? – SuperMoney
- How to Buy a Used Car from a Private Seller: 5-point Checklist – SuperMoney