Making $500.00 a week selling tools.

Dan talked a few weeks ago about someone could make a living sell tools on the internet. Does anyone have any idea where to get tools cheap. Then sell them for 2 to 3 times what I paid for them?

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Permalink Reply by Scott Moore on August 8, 2011 at 9:16pm

Garage sales are your best bet. You could try estate sales or craigslist, but you're likely to find them cheapest at garage sales. Old tools, clean them up, and sell them on eBay or craigslist.

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Permalink Reply by Scott Brock on August 8, 2011 at 11:07pm

I think ur right. I have not had much luck finding tools at yard sales. Pawn Shops and resale shop have not worked at all. I guess yard selling is the answer

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Permalink Reply by Jonathan L. Derr on August 9, 2011 at 1:22pm

I had an elderly gentlemen come to my yard sale a few years ago and said, "I'm looking for fishing gear and tools, got any?" Then he left. You have to get there early to get them, because they apparently go fast.

My boss told me about an auction a couple months ago for a shop closing due to retirement of owner or death, where a CNC milling machine (worth several thousands) went for a mere $300, yes $300! Everyone there wanted "tools & bits". They were afraid of the equipment. They ran it and had it run a program to make a part and it reportedly worked great. You need to check with local auctioneers. Start calling or checking their websites for announcements and dates.

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Permalink Reply by Scott Brock on August 11, 2011 at 12:03pm

I have seen similar things happen. I would like to in the next 12 months turn this into a business. My goal is to buy a large box truck so i can get things like CNC milling machines. Also be able to haul things for other people. So went I go to auctions and estate sales I can make money hauling and buying items.

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Permalink Reply by Eric Robertson on August 11, 2011 at 5:52pm

company I worked for before I stepped out on my own found a old box truck for $1,000 so you may be able to find somthing like that. Sounds like a cool idea I'm sure you can make money if you just keep your eyes open and stick to it

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Permalink Reply by Scott Brock on August 11, 2011 at 9:14pm

Do u know where they bought it at? I have checking e bay motor and craigslist I havent found anything that cheap yet. I think Dan said his cost $2,000 and he got it off of e-bay. (If i remeber correctly) What do u think about business plans. I feel that starting something like this is one of the those thing that u need to jump in at just do it. What do u think?

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Permalink Reply by Eric Lentz on August 11, 2011 at 6:08pm

Keep noted this is a very labor and time intensive effort though.

As Dan always notes, he likes selling things at 2 a.m. while he's sleeping!

If you can make it work great, my props to you!

I would almost look for a margin higher than 2 or 3 times though.

Take your time, gas, etc. into consideration.

Just my $0.19 :)

Eric

Do you when you'll be Debt Free?

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Permalink Reply by Scott Brock on August 11, 2011 at 9:25pm

I dream of the day I'll have SWISS (Sells while I sleep soundly) income. I know what u mean. I have been to a ton a yard sales and gone away empty handed. It does not take too many Saturday's to burn up a couple tanks of gas. I have looked at e bay and seen what people are selling. I believe there is a market for the product. The issue I believe is getting enought product to replace my JOB. (My latest failure was trying to sell used cars. I just cant figure how to get enought car at the right price to make $50,000 a year.) So I can go out on my own and live the 48 days lifestyle.

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Permalink Reply by Jim woods on August 12, 2011 at 6:52am

Put a WTB (want to buy) ad up in craigslist. Pass out flyers. Go door to door if you have to. You are basically a "picker". Ever watch that show American Pickers? You can learn a lot from what they do. I wouldn't limit your sales to just tools(learn as much as you can about tools) but also branch out into other areas-bicycles or some antiques cars, sports cards etc. (You just need to do your homework.)

If you see garage sales listed in the paper or on Craigslist, I'd try to make some phone calls first (If possible). Save your gas and time at every opportunity. Those are going to be 2 of your biggest costs.

You are in customer relations more than you realize. If you call an individual and just blow them away with kindness on the phone, they more than likely will help you out.