Is it possible to do this?

[sandygirl]

To make $3500 a month buying items at auction, cleaning up, and reselling to individuals?

I'm thinking yes, but then again I just made $200 from a $50 auction so I may be biased.

I need to make at least $3500 a month to cover all business expenses, taxes, and have enough to live on.

[CookieMonsterMommy]

I would think it's doable, but there's a good deal of risk involved, especially if you're talking ebay/paypal (see this for paypal info you may not be aware of as a seller).

It would also require knowlege of what you're buying/selling, as well as a substantial time commitment and organizational skills.

Good luck!

[sandygirl]

Originally Posted by CookieMonsterMommy

I would think it's doable, but there's a good deal of risk involved, especially if you're talking ebay/paypal (see this for paypal info you may not be aware of as a seller).

It would also require knowlege of what you're buying/selling, as well as a substantial time commitment and organizational skills.

Good luck!

oh I mostly sell in cash through craigslist - maybe 1% of items are ebayed tops.

I prefer to deal in cash with real people.

[annethcz]

Although I'm sure it's possible, it sounds like A LOT of work. I think you also need to be prepared to adapt. In-demand items change frequently. What was popular one month may be difficult to unload the next month.

Is there any way for you to engage in this new business without totally relying on it for all of your income?

[sandygirl]

Originally Posted by annethcz

Although I'm sure it's possible, it sounds like A LOT of work. I think you also need to be prepared to adapt. In-demand items change frequently. What was popular one month may be difficult to unload the next month.

Is there any way for you to engage in this new business without totally relying on it for all of your income?

not really - right now I have no income and my folks are covering everything for us. I can't do a steady job because no one is hiring around me, and I'd pay more in daycare than I would make.

The nice thing about doing these auctions is that you never know what your going to get - but normally it's furniture, boxes, etc.

The last auction we did, I simply moved the items to my home {took about 45 minutes}, cleaned them up {another 45 minutes}, took photos, and listed on craigslist with a phone number. Sold everything within 24 hours for a total sales of $200. Probably could have sold a few things higher too. The unit I purchased cost me $30, and the guy I paid to help me cost $20.

I'm oging to try it and see if I can get it working - if I can make about $3000 a month I can swing it with paying taxes & holding back 15% for the business.

[EFmom]

I think that's an awful lot to expect to make every month doing as you suggest, but perhaps you can. I've found that the auctions where you get the best deals are in rural or out of the way places. Otherwise you are competing with too many dealers and the prices are too high. For reselling, you're probably better off living in a big city.

[kijip]

I think it is possible but I don't think it is probable. Some of those storage auctions are going to bring you nothing but a bill for dumping, while others will be break even and some will raise money. You would need to factor in gas costs for driving to a lot of different places.

Any way to reduce the amount you need?

Also, taxes. You owe self employment taxes if you make this your business. Have you calculated those into your equation?