You shouldn’t wait to buy some real estate. What you should do is buy some real estate and wait. What does that mean? It depends. There is no such thing as easy money and real estate is a volatile financial market. You must understand the market, you must be able to afford to get properties ready for sale, and you must have a reliable network of buyers. Some enterprising entrepreneurs try to flip houses as an investing shortcut. However, this isn’t one of the easiest things to flip.
Flipping is the practice of buying, renovating, and selling something of below average value for inflated profit.
The aim is to then swiftly resell for as much as possible to make a healthy ROI.
Over 207,000 houses were flipped in 2017. That doesn’t mean that business is booming for house flippers.
One of my favorite actors, Jeremy Renner, (Hawkeye of the Avengers films) made a lucrative career of house flipping while becoming a superstar actor.
Not everyone can be so lucky while house flipping. The average house flipper can lose up to 50% of their original investment after a successful house flip sale.
I am not telling you not to become a house flipper. You must understand the market and network with potential buyers.
House flipping was no sure thing before 2020. In this economy, it’s less easy.
What I am saying is that the easiest things to flip aren’t always houses.
Wood Furniture Antiques
In 1997, I studied in London for a semester. I had no money. Working some connections, I secured work as an apprentice for a wood furniture restorer.
I used to ride around in a car with my employer and salvage wood furniture people threw out on the sidewalk for trash pickup.
She rented a storage locker and stored all of the wood furniture she secured from the street there.
My employer had years of experience restoring wood furniture. It was her family business. She restored furniture she found on the street to antique status.
After all of the restoration work, she sold her restored wood furniture as antiques to clients and antique dealers. Remember, this was in high-cost-of-living London, so her business was good.
Wood furniture is one the easiest things to flip relative to houses. That doesn’t mean it’s easy.
You will need a reliable source of free or affordable wood furniture to flip. You also need to establish a reliable network of buyers to justify your work and expenses.
Vinyl Records and Record Players
When people say that music has no value, they are usually referencing the young demographic of the 21st century.
Most young people would rather stream music online for free or listen on YouTube. But that doesn’t mean the music of yesteryear has no value.
Vinyl records can be on the easiest things to flip if you know what you are doing.
You must research the vinyl collector’s market. Visit online auctions sites to find what records are in demand. Make friends with audiophiles and DJs to learn what records collectors covet the most.
You may be able to source your records for free or cheap. Scour every online auction and classified website.
Many people give away or sell their vinyl record cheaply at yard sales and swap meets.
Vintage Video Games and Gaming Consoles
Believe it or not, there is a significant existing community of vintage video game collectors and enthusiasts.
The easiest things to flip for a profit are predicated on rarity and covetousness.
There are avid collectors who will pay big money for clean and/or restored vintage video games.
Obviously, you need to know about vintage video gaming culture. You will need contacts and know how to source vintage games and consoles cheaply.
Most importantly, you will have to learn how to gauge demand to price accordingly and profit well.
Reselling Car Parts
The easiest things to flip relative to houses might be car parts. I don’t mean whole cars either, just car parts.
Barring electric cars, the combustion engine works by creating contained explosions within the engine which propels pistons and then other components that propel the vehicle.
That means that things will overheat, break down, and need repair or replacement.
It goes without saying that you need to be a car enthusiast to do this. You can create a clientele of individuals, mechanics, and auto body shops to sell to.
Also, you may be able to source your parts free from junk yards if you know what you are looking for. Or, peruse online classified sites and gearhead sites for leads on parts.
The Easiest Things to Flip Start With a Business Plan
If you want to become a flipping entrepreneur, its important to remember that there is no such thing as easy money.
Develop a business plan. How and where will you source the items to flip? Who will you sell to and why should they buy from you?
Talk to a financial advisor or someone in business for advice.
There are many house flippers who end up with a renovated house they can’t sell.
Don’t end up in a similar situation with a pile of wood furniture, vinyl records, video games, or car parts you can’t sell.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.