In my previous post: “Passive Income Ideas: Ways to grow your limited capital when you don’t have so much money”, I have mentioned how thrift stores are a good place to obtain items at throwaway prices. The reason being they are a non-profit organization and they do this to raise funds for charitable causes. But are there any other good sources to buy items at undervalued prices? Yes, there is! I compile a list of other places to find your gold nuggets to profit…
1. Free online classifieds websites
Some examples of this would include Craigslist and Gumtree. I did search these websites before to find some potentially undervalued items but such finds are usually not a lot in my experience. The sellers usually list their items at fairly valued prices. Occasionally you would find one or two kind seller who are willing to let go of their stuff at reduced prices. You may want to negotiate further with these sellers to get the best profit margin for your spoils.
2. Discount stores
In my country, there is not much discount stores to scavenge for profitable finds. Most of such stores in Singapore sell perishable goods like food and beverage which is not ideal for selling on Ebay (you don’t want to be sued for food poisoning to pay for the victim’s medical bills…). But I understand in other countries like in the USA, their stores have more variety than mine. These may present opportunities that people like me do not have…
3. Garage Sales
I normally find these in Singapore Gumtree but usually I don’t buy anything from them because most of the items for sale in the garage are very bulky items. Some examples of such stuff would be pianos, air conditioning units, furniture or kitchen appliances. But if you have an interest on such products and have a van or truck to transport these stuff to your garage, it may be a profitable find for you…
You can actually buy and sell products from Ebay itself! Andrew Minalto teaches you in this link on how to buy undervalued products on Ebay and resell them back to Ebay again at a limited budget of $50. He uses Terapeak as a research tool to source for potential undervalued products and resells them at market price. Alternatively, you also can buy wholesale lots from Ebay and resell them piecemeal at retail prices.
5. Promotional or seasonal sales from existing businesses
While you are shopping, you can be on the lookout for great sales. Departmental stores may have seasonal sales to release their surplus stock at discounted prices. If the product is in demand in Ebay, that may be a good chance to buy and resell at market prices.
6. Overseas shopping
For those of you who are lucky enough to be able to afford overseas vacations, if the country you are visiting has a lower cost of living compared to your homeland, it could offer opportunities for outsourcing products at discounted prices. I bought some of my products when I am travelling to Malaysia with my parents. You can do the same too if you have the means.
I have not used such services before but I have visited one such liquidator which can be found here. They have lots of different products being sold at “70% to 90% off retail prices in North Amercia”. It could be a good source of items to buy from.
There are many more sources to buy and resell products on Ebay or Carousell. Below are some links which you can go to to research more on the types of product sources available:
- The balance small business
- Andrew Minalto
- Starting an Ebay Business for Dummies: Five Places to Find Merchandise to Sell on Ebay
Good luck treasure hunting!