Stores of how people make large amounts of money from flipping items are becoming more and more popular.  Unfortunately, too few people actually realize that they can be just as successful in this business.

A good example of an interesting success story is the way Melissa Stephenson made $42,875 in 2015, just from flipping items.  Working only 10-20 hours per week, she earned as much as some would through their regular jobs.  The astounding part is that she managed to increase her profits to $133,000 in the following year.

Melissa explained that she and her family were able to purchase a 10-dollar item and sell it for $200 in under 6 minutes.  She also managed to sell a security tower for $25,000, after she only paid $6,200 for it, one month earlier.

While her story is not the only one on the internet, it is one of the more interesting ones due to the fact that she learned how to do business effectively.

This having been said, if you are interested in earning some money on the side, replacing your full-time job, or simply want to pick up a new hobby, then you should definitely consider learning how to flip items.  This is a great business that can start as a way to make some money on the side, and which you can easily scale up when you feel that you are ready to turn it into your main source of income.

So, let’s take a look at how you too could earn this kind of money by working less than you would at a part-time job, and what are this business’ advantages.

Before moving forward, let’s first take a look at what exactly a flipper is, and what buy and sell means.

What is a flipper?

A flipper is usually someone who buys an item at a low price point, from one market, and then sells it at a higher price point on a different market where the demand is higher, thus making a profit on this transaction.  There are numerous examples on TV and on the Internet.  For example, look at Storage Wars.  The people in that show can be considered pickers and flippers, due to the fact that they look for items to buy for as little money as possible, and then sell them in places where there is a high demand for them.

The same can be done with houses.  People look for houses that have a lot of potential, but need to be fixed up, they repair them and improve wherever possible, and then sell them for a lot more money than they spent on the project, in order to earn profit.

Getting back to the idea of flipping items smaller than houses, you basically have to flea markets, thrift stores, yard sales, and other places where used items are being sold, look for things that can be cleaned up or repaired for a few bucks, and then search for buyers who are willing to pay a lot of money for them.  You will usually be able to sell these items in places such as eBay, Craigslist, Facebook, etc. The bigger the audience of the particular platform, the greater your chances to make a lot of money on a product will be.

In the end, you’re not swindling anybody. Everyone wins.  The person who sells an object to you gets paid, you get paid for your work, and the one who buys the item gets what he wants.

While you may ask yourself why flea market vendors don’t sell their things directly online in order to make more money, the explanation is quite simple.  They do know that they can sell things on the internet, and many of them are aware that they would earn more money this way.  However, to most of them, it is an issue of routine.  They go to auctions and pick up various items, and then go to flea markets and sell them.  They know that selling online would require them to learn a completely new skill and do not want to bother, or they may simply be happy with what they are currently earning.  So don’t feel like you’re taking advantage of them in any way.

Things tend to go even smoother if you work with the same vendors over an extended period of time.  Over time, they will agree to call you and let you know in advance when they find something interesting, and even put your purchases on tab, until you are able to make money by flipping them.  A piece of advice: don’t be afraid to return things that don’t work the way they should, as long as the vendor advertised them as being functional.

Other than this, just consider the fact that you will be part of a system.  By working with the same vendors, they will always be able to count on you in order to make money, and you on them when it comes to finding great items to flip.

1. Look for people who are already doing this and earn whatever you can.

As with any business, things will go much easier if you have someone who is willing to teach you and watch over you while you develop your business.

While online guides and tips are extremely useful, having someone who is you can go to whenever you don’t know if you should buy an item or not, or when you don’t know how much to ask for something.  Now, having a mentor isn’t a requirement.  You can successfully flip items by yourself, with only common sense to guide you.

2. Use all the help you can get, and get your family involved

The fact that this kind of business isn’t particularly difficult means that the whole family can participate.  Your spouse, as well as your children, can help you flip items.  Furthermore, it’s great for stay-at-home parents or for those who don’t want to leave their kids alone at home.  In other words, it’s a great way to take care of your children, while also making money, and it’s a great activity in which the all of the family members can take part.

3. Be patient so you can maximize your profit

Flipping items sometimes requires a lot of patience and, while there will be moments when you will be able to sell something almost immediately after purchasing it, this is not always the case.  There will be items which will take a month or more to sell, however, this does not mean that you won’t make a profit on them.  It simply means that you will have to wait for the best opportunity.

If you do proper research, you may find that an item that you paid $50, you will be able to sell after a few weeks, for $1000. So keep your eyes peeled, and be patient.

4. How can you earn a living by buying and selling?

You just have to be smart about the way in which you do business.  You can earn over $100,000 by working 20 hours per week, but this means that you have to treat this way of earning money like more than a simple hobby.

The more time and energy you are willing to put into flipping items, the greater the reward will be.  While there is also a matter of taking risks, you can easily earn enough money to live on by playing it safe.

5. The perks of being a flipper

The fact that flipping items is not a traditional job is great on its own.  Consider the fact that you do not have a strict schedule that you must follow and that if you ever feel like taking a day off, you can do that without any problems.

Another great advantage is the fact that you can do this job from the comforts of your home, so there’s no commute.  This is also great for parents with small children.  Daycare can be expensive, and babysitters will never do as good of a job as you.  By flipping items for a living, you will be able to stay at home and look after your children.  Also, you can get them to help you and they will definitely love joining you on your trips to the flea market.

Flipping items for a living means that you will have a flexible schedule and that you will be able to work while also spending time with your loved ones.  It’s a win-win situation.

Some may also be happy to not have to answer to anyone.  You’ll basically be your own boss.  Every decision is yours to make, and if anything bad ever happens, you will be able to act as you see fit.  A huge perk of being self-employed is the fact that you can go on holiday whenever you want.  You don’t have to ask anyone for time off.  Just make your plans for the summer and go on the trip that you’ve always wanted.

Flipping things as your primary source of income means that you can do what you want, when you want it, which means that you can do things like taking your kids to the mall, to see Santa, during a weekday, when there isn’t a 2-hour waiting line, or going on a 3-week road trip.

Just as great is the fact that kids will always have new toys to play with and see new things.  You will be able to also flip things like drones, drivable toy cars, and other things that your children will enjoy.  If you’ll buy a toy only to sell it after you’ve replaced the battery, why not let your kids have some fun?

To them, every trip to the flea market will be like Christmas, and you will know that your children will be occupied while you find buyers for the items.

Last but not least, flipping items is anything but a dull occupation.  You never know what great thing you’ll find next, and this makes things extremely interesting.  Over time, you may find strange things, such as old baseball cards, toys that tell a story about their owners, an interesting memorabilia.

If you like this kind of thing, then going to the flea market will seem as much like Christmas for you, as it does for your children.  The vendors that you buy things from purchasing large storage units filled with all sorts of things.  While they may sell the larger ones which are obviously worth a lot of money, there will still be quite a few great things left for you.

6. How much can you earn by flipping items on a part-time basis, and how much can you make by doing it full-time?

Now that what flipping items is, and how it works has been clarified, the big question that is on everyone’s lips is how much can people earn by doing this?

The answer is simple and complicated at the same time.  This is due to the fact that flipping items is, to an extent, a game of chance.  There are a lot of variables that come into play, and your mileage may vary, depending on what items you find, how much you haggle for them, and what markets you sell them on.

If you spend about 20 hours per week flipping items, then you will be able to earn somewhere about $3000 each month.  So it wouldn’t be a bad paycheck for a part-time job, especially when considering the perks.  If you add another 10 work hours each week, then you may see that your profits double (and with 6 hours per day, you’re still not in the full-time job schedule).

If you set your mind to work 8 hours per day as a flipper, then you could potentially earn up to $200,000 per year.

7. How to start a buy and sell business

A great thing about this business is the fact that anyone can do it, and pretty much anyone can make a living from it.

You don’t have to be a particular sex, age, race, or have a specific type of education in order to learn the skills required to buy and sell. You also don’t need a lot of equipment.  The basics are a stable internet connection and a camera.  If you want your job to be easier, then you can consider getting a smartphone, as it will enable you to take pictures of the products and upload them to websites such as eBay in a matter of moments. It’s a great time saver in a business where time is money.

Most of the best practices in this line of work have been included in this article.  With time, you may find shortcuts or better ways of acquiring items, but generally speaking, you just need an internet connection and a camera in order to get started.  After that, as you scale up your business, you will have to decide which tools work for you and which don’t.

8. How many hours do you have to put in in order to maintain this kind of business?

Again, this question does not have a clear answer due to the fact that everyone expects different financial outcomes, and each is willing to work a different number of hours.

As a bare minimum, if you want to earn somewhere between $500 and $1000, then you could work for only 5-10 hours per week.  In time, as you make connections and get the hang of things, your profits will increase.

9. Who do flippers sell items to?

This depends on the niche that they choose to work in.  Choosing a buy and sell niche is a great way to get started because it will help keep things simple.  If you like clothing, then consider buying and selling clothes and accessories.  If you’re into gadgets and retro tech, then you can do business with them just as easily.

Flippers usually choose a category that they have some understanding of, and that they appreciate, to some degree.  This way, they are more comfortable selling the items and can appraise them more easily.

In terms of buyers, flippers usually sell things on eBay, so little is known about them.  The important thing is that they are looking for the items that flippers are selling and that they are willing to buy them.

10. How much money does someone need in order to start and maintain a buy and sell business?

This is where things get really interesting. If you put your mind to it, you can start this business without spending a dime.  There are many ways that you can use I order to find free items and then flip them for profit.  Look on websites such as Craigslist for people who are giving away things that they no longer need, and you are bound to find something that you can use.  Then, from the profit of your first transaction, you can buy something else, and keep going until you make enough money to suit your needs.

This having been said, while you can start and maintain this business without having to pay anything, you may want to invest a few bucks out of your own pocket.  As with the majority of businesses, if you invest money in things like advertising or production, your sales will grow.  The same goes for flipping items.

If, for example, you buy something for $20 and sell it for $120, then don’t simply invest another $20 in the next purchase.  The idea is to expand and earn more and more money.  This means that, in the situation above, you should invest at least half of what you’ve earned, and buy something for $60, which will probably end up making you $300.  With very few exceptions, the more you invest, the more you make.

This is why setting a budget for yourself is a good idea when you’re beginning to flip items.  After that, make a habit out of investing half of everything that you make back into the acquisition of new items.  This way, your business will slowly grow and you will earn increasingly larger amounts of money.  This is simply a suggestion meant to explain the fact that you need to invest increasing amounts of money in order to buy better things, or your business will stagnate and if you ever buy something that you cannot sell, it may be the end of it.

When it comes to paying taxes and fees, you won’t have to worry too much.  eBay does charge 10% for every one of your transactions, and PayPal charges another 3%, however, you don’t have to pay anything else.  And if you consider the fact that you basically earn money by simply reselling something, flipping items is a pretty sweet deal.

Calculate your profit by deducting the original price of an item and all the fees that you pay, from the amount of money that you sold it for, and you will see that you still get to keep quite a few bucks.  If you don’t like eBay’s fees, you can sell on Facebook or on other social media networks, and only pay the PayPal 3%.

In conclusion, if you want to get into flipping items, you don’t need a whole lot.  This type of business does require that you learn some new skills, however, this will happen gradually, as you gain experience and buy and sell more and more expensive items.

You can start doing business in order to make some money on the side, you can do it as a new hobby, or you can work hard and be organized, and turn it into your main source of income.

Either way, try to start without investing a lot of money.  Look for people looking to give things away, and sell them.  Then use those profits in order to buy more things, and so on.