30 July 2013

Buying and Selling on Craigslist to Finance that College Education

Not interested in working that traditional job while in college or need to supplement your income because your job isn’t paying enough. Buying and then selling products bought on Craigslist may be the perfect answer for you.

First you should choose between higher and lower priced items to sell. The higher priced items have a much greater ability to earn higher profits. You will need the higher profits to offset the expense in buying the items (think gas prices). Also, with a lower priced item, you have a much more limited ability to increase the products worth.

For instance, let’s say you buy a lawnmower, that originally costs $200 new, for $50. You decide to fix it up. How much more can you expect to sell the lawnmower for? Maybe $100.  Now let’s say the lawnmower was $1000 new. You pay $200 for it. You fix it up and culd probably sell it for $500. That’s $300 in your pocket instead of $50 – and for the same amount of work!

So, what productss are best for buying and selling? First think about what your area of expertise is. Do you have an interest in mechanics? Then maybe dirtbike or bicycle may be just the thing for you. Are you interested in sports equipment? Then look at name brand exercise equipment.

Speaking of name brands, it’s always best to stick with name brand products because you will have the largest section of the market interested and they will be willing to pay the highest prices for them. For instance, let’s say you are interested in buying ellipticals machines since they are a hot fitness item. If you search for ellipticals on Craigslist you will find tons of them priced anywhere from $25-$3000 plus.
Photo: Stockvault
So, why not take the cheap no name $25 elliptical and sell it for $500? That’s a nice profit! Unfortunately that won’t happen. Buyers spending $500 on an elliptical know they can get $25 elliptical day in and day out. These buyers aren’t looking for a cheap elliptical. They are looking for name brands that have a great reputation (like Precor). Now, consider buying that $250 Precor elliptical and selling it for $750. That’s a very nice profit for very little work.

So how do you find these great deals? Craigslist search engines like CLGenie is great for this purpose. Basically you enter your area of the country, the product and how much you are willing to pay. Then you are emailed results as soon as they are listed. Be quick about responding to the ads or you’ll lose out on some great deals.

So, here’s a list of products that you should have great success buying and then selling for a quick profit:

1.     Cell phones. Best to stick with phones you have some knowledge about so you can check that they are functioning completely.

2.     Bicycles. If you know the basics of bike repair then this is a great option. Stay away from the cheap bikes as there’s very little profit in them.

3.     Computers. Do you know the ins and outs of computers? People are always upgrading so there are always tons on the market.

4.     Furniture. There is a lot of money in furniture. If you stick with modern classic furniture like Le Corbusier or Eames you’re sure to make great profits. Watch out for knock-offs being sold as the real thing.

5.     Power tools. Many times you will find people selling their entire collection of power tools. This is an ideal buy as you can sell them piecemeal at a substantial profit.

And just a couple of final notes. Always be careful when you deal with Craigslist because it can be a strange place with strange people. Also be on the lookout for people selling junk and mis-describing products. It doesn’t happen much but does happen. And also, have fun!

Kimberly Lawson. Kimberly Lawson is the director of marketing at www.Boostapal.com & www.BoostaCause.com. Boostapal is a website where teenagers earn money when their family does their everyday shopping online.  BoostaCause donates a percentage of every shopping dollar to the member favorite non-profit, church or charity.


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Andrew Diaz said...

Today is the era of business. Everything is going as a business through online and it is true in the case of education as well. Nowadays, there are many colleges and universities have been started offering online education for students by offering certain budget. Students need education and that's why they are ready to pay any amount without any arguments. But, the universities and colleges are making use of this opportunity well. Since students have no time to do their coursework on time because of internships, there are many businessmen who have started their service to offer dissertation writing help for students through online. Students demand it because they need to do all those compulsory tasks.

Debbie Alen said...

you have given a great idea!! thanks for sharing!!
debbie@PhD and Doctorates

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Helen Keyes said...

paying for your college fee is a big project but I am sure students can earn some money through craigslist (it is most useful if you selling your skills like paintings etc) !!

Carol Medina said...

craigslist is extremely useful if you are teaching or providing tuition for students...just telling you my personal experience.

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