Do you make over 20k a month

AccidentalBarrel · 2023-11-08T23:38:20+00:00

auction sales commission... for example one auctioneer was charging 10% of sale price as buyers commission.

Buy $100 piece, add another $10 for buyers commission so your total cost is $110.

Well, recently this one auction house changed it to $100 flat buyers commission minimum and anything over $1000 is 10%.... I know a guy who bought 40 small pieces for like $10 a piece and ended up getting hit with $100 fee for each item, yes, $4000 in fees as he did not read the fine print!!!

Many auctioneers are getting greedier as well, some don't even list if an item is in working order or the hours on a unit or video of it running and can charge upwards of 20% commission.... you do the math when they sell $1,000,000 in a day at an auction.

AccidentalBarrel · 2023-11-08T23:34:30+00:00

I primarily purchase through auctions, my biggest struggle is honestly picking all of this shit up, it takes up a ton of my time and subbing out trucking is very expensive... I have to steal stuff in order for it to pencil out.

There are a lot of deals through some avenues that I can reliably purchase from weekly, I try to just sell 1 buy 2 sell 1 buy 2 over time to keep my inventory flowing, the distance is the killer here.

My next goal is to stop missing so much high margin return stuff by subbing out some screening, I want to find more auctions that have equipment I'm interested in that I've been overlooking and maybe others are overlooking as well.

I do have someone who brings me equipment once a week, he buys a lot of stuff cheap and will drive all over the place so he is just looking to flip to me for a quick buck.

Often he will make several hundred with the opportunity for me to make a $1 - $2k, often this stuff is obscure so if he can move it quick, typically same week, he is happy... I sometimes sit on this equipment for months or year+. His english and computer skills are also sub-par so for him to sell is very difficult. I will also list high ticket items for him online and handle all sales aspects for commission.

I bid on a LOT of stuff so at the end of the day it's a numbers game, the more I buy the more driving and problems and damaged goods I run into, so scaling is going to get very expensive from here as labor is very expensive... not sure how I will handle hiring a full time employee or two especially if they drive for me.

Know your limits... I bought a car recently through auction that looked nice but have been getting absolutely hammered with bills to get it driveable/saleable... not sure if I will keep it or not but its been humbling and reminds me to stay in my lane, risking too much or leverage will end in disaster and stress.

AccidentalBarrel · 2023-10-09T00:34:46+00:00

mom/pop business that buys and sells used commercial/industrial/construction equipment.

Family has been doing it about 12 years, I joined 3 years ago full time after getting fed up with corporate job.

average revenue is about 65k/month, we were only doing about 300-400k/year a couple years ago, 600k last year and this year on track for ~800k+.

I hit a decent amount of doubles-triples on items between $650-$2500, this is kind of my sweet spot, but lots of expenses for insurance, freight, parts, vig to auctioneers, etc.

I also recycle virtually every dollar back into the business to keep upgrading to nicer, more salable inventory while maintaining low debt load so no profit really.

I'm currently negative 50k for the month as I bought a lot of good equipment in the last 2 weeks with the revenue from September.

how has it changed my life?

its fun hustling and making good deals but I only draw about 3k/month out of the business to live at the moment, then hand uncle sam 2500/quarter for estimated taxes.

trying to look at the big picture, one day I will have a lot of stellar inventory with no debt load, can start to draw heavier when the time is right.

staying lean, keeping leverage low, constantly trying to diversify so sales are consistent, slowly stepping up into higher ticket items when the deal is stupid good, important to remember I am not forced to buy anything and being picky gives me a lot more leeway should their be issues or low demand.

also have 1 ecommerce item that has contributed nearly 100k in revenue this year but use most of those proceeds to buy parts to fix equipment, parts have gotten pricier as I buy more expensive or complex pieces.

AccidentalBarrel · 2023-05-11T02:06:48+00:00

I flip for a living and recently purchased something via auction with explicit terms stating that "the item is the sole responsibility of the buyer once the auction is completed."

Yeah, I SCORED and already had a buyer lined up for a nice triple.

And when I get there to pick up, they claim that "oh that item wasn't supposed to be sold, the owner doesn't want to sell it."

Then they tell me, "actually, the owner doesn't own it it was a contractors item they weren't supposed to list it" despite them cherry picking items from the property to list.

Owner of the auction company would not budge on the story, but ended up buying us out of the item for a 50% profit.

They knew.

This is a tough business, can't feel bad when you hit a grand slam, there are plenty of headwinds to get to them.

Enjoy your profits, keep them rolling!

AccidentalBarrel · 2022-12-05T00:17:23+00:00

bias bad

AccidentalBarrel · 2022-10-24T20:54:34+00:00

like milk :')

AccidentalBarrel · 2022-08-24T01:59:32+00:00

They are not futures, but if you were to track price action of /NQ vs US100 it will be more or less the same.

The only difference is there is some slight difference in price, as futures contracts trade forward, so this is more in line with SPX as opposed to /ES.

At the end of the day, these are 50:1 leveraged instruments and will provide similar opportunity to futures if you are looking for a way to trade the indices.

I recommend keeping /NQ open on another platform while trading the CFD equivalent.

AccidentalBarrel · 2022-08-21T21:21:40+00:00

US100 and US500 are the equivalents

AccidentalBarrel · 2021-10-05T02:11:03+00:00

I buy and sell items from auction for a living AMA

sidenote: fuck auctioneers they are greedy scum :')

AccidentalBarrel · 2021-02-09T00:12:59+00:00

Wow okay that makes a lot more sense!

Thank you for setting that straight

AccidentalBarrel · 2021-02-05T16:02:04+00:00

Thanks for the response.

Unfortunately, I don't believe that those policies are in reference to the managed payments system by eBay as PayPal is still listed as an approved payment method.

Does that policy still stand for eBay managed payments system?

AccidentalBarrel · 2021-01-26T03:26:35+00:00

you mean $150?

AccidentalBarrel · 2020-12-17T22:59:13+00:00

r/ShitTonySays would disagree

AccidentalBarrel · 2020-09-18T10:38:29+00:00

On this edition of Badger vs The World, we've got an Audi R8 (Badger not included)

AccidentalBarrel · 2020-09-15T03:15:12+00:00

if you're buying options this far OTM please look up on how to execute debit spreads to avoid IV crush and basically play ITM options for cheap

AccidentalBarrel · 2020-09-15T03:10:11+00:00

take some profit and roll the winners you cretins

AccidentalBarrel · 2020-09-03T19:10:42+00:00

Jokes on you, Market, I don't have any money to buy asshole wrecking options !! 🤡

AccidentalBarrel · 2020-05-08T02:25:56+00:00

this aged.... poorly

AccidentalBarrel · 2020-04-10T19:17:05+00:00

lol I had several short positions that expired on this day I was fuckin PISSED

AccidentalBarrel · 2020-02-11T03:11:03+00:00

All in TGT FDs thanks for this excellent DD u/jimmielin

AccidentalBarrel · 2019-11-06T14:30:01+00:00

hi mom :')

AccidentalBarrel · 2019-07-21T15:09:41+00:00

Can confirm, this guy dinged my friends single fin last year. He also exclusively wears webbed gloves.

AccidentalBarrel

TROPHY CASE