My entrepeneaurial journey all started back in late June 2014. My dad picked up a washer and dryer set on the side of the rode and brought them home. I was renting from my parents on the same property, so we shared a lot of projects. He was able to get both working with minimal effort and he asked me to try to sell them on craigslist. My first thought was $100 a piece seemed fair. Needless to say I had a huge response at that price and both were sold later that day. The next day my dad bought dryer at a garage sale and I sold it for $120 that night. That's when I knew we were on to something.
I started hawking craigslist for deals and started trying to get my hands on free stuff and next to free stuff (money was tight), while planning to reinvest into more/better inventory as soon as possible. Before I knew it I had over 20 appliances mostly non-working and decided to hire my dad as a part time employee for repairs. He has a mechanics backround and this stuff comes as much or more naturally to him than it does me and I was so busy with sourcing and delivering, that having him for this was extremely key to what has been an amazing couple of months.
In that last week of June I was able to sell 6 Appliances and profit $650 dollars on $1,220 Sales! I felt like I had finally found my niche. My wife and I had been praying for something to come allong to supplement my lagging flooring business. This has been such a huge blessing. She was able to quit her nanny job and become my helper on pickups and deliverys. It has been so enjoyable to have a job where my wife can be with me.
July was a whirlwind, I spent a lot of time building inventory. I put in some crazy hours just to do what I had to to make everything happen. It seemed like I couldn't put in enough hours to satisfy the demand of the market. All in all we moved 44 appliances in July for $5,865 in sales and $3,405 in personal profit. Plus the fact that I had 67 appliances in my inventory.
August is when things really caught fire from a profitablity standpoint. With many of my machines now having been aquired via trade in, my margins were much better. I also started listing my stuff for the most I thought the market would bear in order to slow down the sales enough to catch my breath. But.. they didn't slow! I do have less time into them now that repairs are becoming more routine though so the hours are becoming more like a regular work week. We sold 54 appliances. This time for $6,125 profit on $8,797 sales in 140 hours. It became my main gig rather than my side job at this point. I am having so much fun with this job, it still surprises me actually.
Fast forward 18 months from when we started. We've had 100k sales and 60k profit the last 6 months. I'm making about $75 per hour now, but I know that if I step away from this business my income disappears over night. I'm looking to take the knowledge and skills I've developed in this business, as well as some of my savings, to invest into things that will yield passive income and allow me to not be lifting heavy appliances in my 40's. My main interest right now is rental properties. I'm considering trying to flip a couple to start in order to fund several income properties. I'm excited to be doing what I am, but look forward to the day when I can walk away and never look back. I'm 29 years old and I'm hoping to never need to work another day after the age of 40. Thanks for taking the time to read!
I started hawking craigslist for deals and started trying to get my hands on free stuff and next to free stuff (money was tight), while planning to reinvest into more/better inventory as soon as possible. Before I knew it I had over 20 appliances mostly non-working and decided to hire my dad as a part time employee for repairs. He has a mechanics backround and this stuff comes as much or more naturally to him than it does me and I was so busy with sourcing and delivering, that having him for this was extremely key to what has been an amazing couple of months.
In that last week of June I was able to sell 6 Appliances and profit $650 dollars on $1,220 Sales! I felt like I had finally found my niche. My wife and I had been praying for something to come allong to supplement my lagging flooring business. This has been such a huge blessing. She was able to quit her nanny job and become my helper on pickups and deliverys. It has been so enjoyable to have a job where my wife can be with me.
July was a whirlwind, I spent a lot of time building inventory. I put in some crazy hours just to do what I had to to make everything happen. It seemed like I couldn't put in enough hours to satisfy the demand of the market. All in all we moved 44 appliances in July for $5,865 in sales and $3,405 in personal profit. Plus the fact that I had 67 appliances in my inventory.
August is when things really caught fire from a profitablity standpoint. With many of my machines now having been aquired via trade in, my margins were much better. I also started listing my stuff for the most I thought the market would bear in order to slow down the sales enough to catch my breath. But.. they didn't slow! I do have less time into them now that repairs are becoming more routine though so the hours are becoming more like a regular work week. We sold 54 appliances. This time for $6,125 profit on $8,797 sales in 140 hours. It became my main gig rather than my side job at this point. I am having so much fun with this job, it still surprises me actually.
Fast forward 18 months from when we started. We've had 100k sales and 60k profit the last 6 months. I'm making about $75 per hour now, but I know that if I step away from this business my income disappears over night. I'm looking to take the knowledge and skills I've developed in this business, as well as some of my savings, to invest into things that will yield passive income and allow me to not be lifting heavy appliances in my 40's. My main interest right now is rental properties. I'm considering trying to flip a couple to start in order to fund several income properties. I'm excited to be doing what I am, but look forward to the day when I can walk away and never look back. I'm 29 years old and I'm hoping to never need to work another day after the age of 40. Thanks for taking the time to read!
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