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HOW TO START FLIPPING ITEMS – 4 IDEAS

When it comes to making money, you want to do it as quickly as possible so that you can move on to your next venture. Flipping is the perfect process because it allows you to buy a cheap or affordable item, spruce it up, and sell it on for a profit. Property is a prime example. All you need to do is a bit of DIY and redecoration and, voila, the property will have positive equity.

Of course, not everybody has the money to buy a property or pay off a second mortgage. So, property, while the most popular version of flipping, could be out of your comfort zone. Don’t worry, though, because it’s possible to flip more than a run-down, dilapidated house. As long as what your spend is less than the ROI, then you can flip anything.

Here are four examples of things that you may not realise you could sell-on for a hefty profit.

A Car

Vehicles are usually banished and left alone by “savvy” entrepreneurs. To be fair, there is a good reason – they’re not an asset. After all, a huge chunk of its value goes down the drain once you drive it off the dealership’s forecourt. Still, although the majority of cars aren’t worth the investment, some are ripe for flipping.

The key is to find a cheap vehicle that has positive equity. How do you do that? You can start by buying from a car flipping website, as regular dealers will look to make a profit. Most specialist flippers provide better quality cars at lower rates thanks to trade discounts. Other than that, there are auctions where good motors go for less than market value.

It’s essential to analyse the vehicle’s history, such as whether it’s been in a crash and how many times it’s been repaired. The mileage and brand are vital, too so make sure you do your homework before making a purchase.

Domain Names

God bless the technological revolution! Yes, domain names and URLs today are lucrative and command lots of money as long as you invest wisely. If you haven’t heard of Burger King’s troubles in Australia before, you should look it up as it proves how powerful a name is in the marketing world.

Buying and selling UK domains is a piece of cake. Merely head to a website that sells and buys them from you, and you can release yours in a matter of minutes. Figuring which names are going to be popular is trickier; however, generic ones are always worth a punt due to the odds of it overlapping with a new or emerging product. Or, you can purchase timely names, like an event that takes place that year.

Whatever you decide, a fantastic tip is to buy up as many suffixes as possible. If a company wants to buy you out, they’ll have to purchase every one of them to avoid market confusion.

Footwear

The idea that footwear is profitable is laughable when you think about it logically. Almost anyone can go to the high street or open up a web browser and find a range of quality shoes and trainers. Still, this doesn’t account for “sneakerheads” – men and women who are obsessed with footwear and will pay over the odds to add them to their collections.

Air Jordans are the most famous examples, yet there are recent ones, too. “Yeezy’s,” Kanye West’s new shoe, can sell for around £5,000 to the right bidder. Yes, £250 is steep for footwear, yet it’s a snip compared to the potential profit.

The trick is to buy popular trainers on the release date as this is when they’re at their most affordable. You can place your order online if you don’t fancy queuing up for days on end.

Old Clothes

Ah old clothes, a classic doer-upper. With the help of eBay and Amazon, it’s not hard to find buyers for your old jumpers and jeans. Still, the market is saturated, so now the key is to stand out from the crowd to create more demand.

An excellent option at your disposal is to transform clothes into new and exciting pieces. Do you have lots of t-shirts and dresses? Well, they are now summer vests with unique edges and patterns. Jeans and trousers are as easy to turn into chic shorts, whereas thick jumpers are great sock warmers.

Put your mind to it and you’ll find that everything has the potential to make a profit. Are you ready to give it a try?

How to Start Flipping Items – 4 Ideas