$20,000 a month selling other people's trash
Published: 2019-11-07
Status:
Available
|
Analyzed
Published: 2019-11-07
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker believes the used appliance business has low competition due to existing businesses being run by older individuals nearing retirement.
"I started the business not knowing anything about appliances or appliance repair the reason I thought it would be interesting to get into to make some money is I had or have no competitors because everyone has retired from the business being in their 60s"
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The speaker's used appliance business started small with only a few units and has since grown significantly.
"I think I started with four maybe five units it's no fridge washer/dryer dishwasher microwave and it's expanded into a pretty large business"
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The speaker's used appliance business has expanded from a solo operation to a team of five.
"we've gone from it being myself to a five man crew two techs one cleaner to delivery guys"
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A repaired stove, costing approximately $60 (purchase price + labor), is expected to sell for $125 to $150.
"we will sell it for 125 to 150 dollars depending"
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An LG stove was flipped for $300, resulting in a $260 profit after accounting for a $40 purchase and $15 repair cost.
"I flipped the LG stove for $300 making a $260 profit"
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The speaker acquired a 1981 Hotpoint stove on trade for $30 after selling a gas stove, making a total profit of $230-$240 on that transaction.
"I took this on trade-in from a lady that bought the gas stove for $30 so I still made about two hundred and thirty two hundred and forty dollars plus I got this stove"
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A vintage 1981 Hotpoint stove is projected to sell for at least $100-$130, possibly more if acquired by a prop house.
"it's going to go for at least a hundred dollars probably a hundred and twenty hundred thirty or who knows maybe a prop house wants it"
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A $40 gas stove purchase was leveraged to generate $400-$450 in revenue through sales and trade-ins.
"I turn a forty dollar purchase on a gas stove into what we end up being four to four hundred fifty dollars"
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The speaker generates over $3,000 per month in revenue from selling used appliance parts on eBay.
"I do about 3000 plus a month on eBay with used appliance parts"
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Certain broken appliances can be more valuable for their parts than if they were fully functional.
"sometimes machines are actually worth more broken than they are fixed"
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The used appliance store generated $14,655 in revenue during October.
"the store in October revenue was fourteen thousand six fifty five on appliance sales"
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The cost of acquiring appliances for sale in October was $3,601.
"what I actually paid on appliances was three thousand six hundred and $1.00"
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Staff expenses for the used appliance business in October were approximately $3,455.
"staff expenses which were approximately 3,450 five dollars"
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The initial net profit from appliance sales in October, before factoring in parts, refunds, and eBay income, was $7,599.
"profit or at least some sort of net of seven thousand five hundred ninety nine dollars"
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eBay sales for used appliance parts generated $3,311 in October and are showing growth.
"eBay which is still growing for me I did three thousand three hundred and eleven dollars in October"
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The speaker's overall monthly profit, excluding eBay sales, ranges between $5,000 and $7,000, with eBay revenue showing an upward trend.
"generally profit wise I'm between five and seven thousand dollars a month on everything but eBay's continue to increase"
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The speaker is making over $3000 per month on eBay selling used appliance parts, indicating a profitable niche even with broken units.
"I do about 3000 plus a month on eBay with used appliance parts and that's a really really good thing for us because it means that even if I get burnt on a unit for 25 30 35 dollars that we can still make some of it back"
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The speaker has experienced situations where selling broken appliances for parts has yielded higher profits than selling them after repair.
"I have sometimes made a whole lot more money on broken appliances than I do fixed ones"
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Even with a broken Maytag Neptune washing machine, the speaker can still make money by salvaging parts.
"so for example on this Maytag Neptune the board is bad we're getting a I think it's a either a III or C 3 error code on it indicating the board's overheating even though that's a terrible thing and I'm not going to be able to sell it or it costs too much to fix it I can still rip this unit apart and end up making a little bit of money on it"
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A stainless steel fridge purchased for $100 is expected to sell for $300-$350, yielding a profit margin of $200-$250.
"I'll probably sell for about 300 to 350 dollars once we test it out and it's working I've paid $100 for the fridge so I expect a 200 to $250 profit margin on it"
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A stainless steel fridge purchased for $100 is expected to sell for $300-$350, yielding a profit of $200-$250.
"I'll probably sell for about 300 to 350 dollars once we test it out and it's working I've paid $100 for the fridge so I expect a 200 to $250 profit margin on it"
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Refrigerators are a fast-selling item in the used appliance business, although they do not yield the highest profit margins.
"refrigerators they're not the things I make the most money on but they sell very very fast"
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Broken appliances can sometimes be more valuable for parts than for resale as a whole unit due to the high cost of new appliance parts.
"sometimes machines are actually worth more broken than they are fixed if you've ever tried to go out and buy appliance parts sometimes those parts are extremely expensive and it's cheaper to get used parts and sometimes these machines have a lot of great components in them that you can pull out and then end up flipping"
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The speaker is generating over $3,000 per month from selling used appliance parts on eBay.
"as it stands right now I do about 3000 plus a month on eBay with used appliance parts"
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The used appliance store generated $14,655 in revenue in October.
"the store in October revenue was fourteen thousand six fifty five on appliance sales"
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The speaker incurs no marketing expenses, relying entirely on Facebook Marketplace for sales.
"I have no marketing expenses for what I do I sell everything on Facebook marketplace"
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The speaker estimates their net profit is roughly half (or slightly less) of their gross monthly revenue in the used appliance business.
"so all things considered I'm making roughly around half maybe a little bit less than whatever I gross per month but it's a really good business"
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The cost of acquiring appliances for the store in October was $3,601.
"what I actually paid on appliances was three thousand six hundred and $1.00"
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A stainless steel fridge, purchased for $100, is expected to sell for $300-$350, yielding a $200-$250 profit margin.
"for example this stainless steel fridge behind me I'll probably sell for about 300 to 350 dollars once we test it out and it's working I've paid $100 for the fridge so I expect a 200 to $250 profit margin on it"
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Staff expenses for the used appliance store in October were approximately $3,455.
"which were approximately 3,450 five dollars"
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The used appliance store's net profit for October, before accounting for parts, refunds, and other incidentals, was $7,599.
"net of seven thousand five hundred ninety nine dollars"
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After factoring in refunds, warranty work, and parts, the net profit for the store is reduced by approximately $1,000 from the initial calculation.
"probably looking at about another thousand dollars down from seven thousand five hundred ninety nine dollars"
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The total net income for the store, including eBay sales (before eBay fees and free shipping costs), is approximately $10,910.
"we come up with more money ten thousand nine hundred ten dollars"
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The speaker's typical monthly profit is between $5,000 and $7,000, with eBay sales contributing to growth.
"generally profit wise I'm between five and seven thousand dollars a month on everything but eBay's continue to increase"
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