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Last week in part one of our Never Go Broke series, we revealed the secrets to building a giant pot of cash from the junk in your house.
Now it’s time to think about reinvesting the pot in the exciting world of ‘resale’.
I’m talking about spotting bargains at charity shops, haggling for gems at car boot sales, and bidding for treasures at online auctions—then turning those items around by selling them online for a profit.
Boot sales: You can still make some brilliant buys at boot sales, which can be resold for big profits. Don’t forget to haggle hard, but always treat sellers with respect
All the advice comes from my book Never Go Broke, written with TV’s Storage Hunters star Jesse McClure, who has turned over millions of pounds buying and selling this way.
There’s nothing stopping you from becoming a part-time resale master, earning small profits that add up over time – and it can become a pleasantly addictive hobby, where the sky’s the limit…
Car boots
There’s nothing like the excitement of visiting a boot sale and having no idea what’s on sale.
Bargain hunting can be huge fun – and you can make a lot more out of £50 if you know what you’re doing.
One option is the locust approach. Don’t be a pest; give sellers respect. But come early, buzz around quickly and you’ll have your pick of the best items.
Go with the mindset of, I’ll offer hard cash on this right away, and you may not get a better offer all day. Bargain hard!
When you arrive, do a power walk away from the stalls near the entrance to the end of the trunk and work your way backwards. That way you avoid most of the other locusts looking for early bargains.
Your first goal should be to find bread and butter: CDs, DVDs, video games and books.
Use the barcode scanning apps Music Magpie, We Buy Books, and Ziffit. Just use the apps to take a picture of the items and they will tell you how much to get.
If you see an underpriced gem, buy it. You just pack the item, send it to the address indicated by the app and the money is quickly in your bank account.
Spending between 3p and 10p on CDs, DVDs, video games and books should be your sweet spot. Don’t spend much more.
Collectibles: Charity stores tend to be loaded with clothing. One of Jesse’s favorite tricks for new traders is choosing a type of clothing
Another tactic is being lazy – arriving towards the end of a car boot sale, with the mindset of: sellers are tired and they don’t want to take any of this stuff home.
You might be able to buy someone’s entire stall, or at least a good selection of items, for peanuts. This is more of a technique to use once you gain experience as the risks are higher.
Jesse once bought five boxes of mixed CDs, DVDs, games and books for £3 each at the end of a car trunk. He turned them into £200 by selling them on the barcode apps – a profit of 1,233 per cent.
Other items Jesse recommends targeting for car boot sales range from high-end tools to Converse trainers.
Charity shops
There are thought to be over 11,000 charity shops in Britain. Sniffing out bargains here is a win-win: you’re giving money to a charity for an item they received for free, allowing for more stock to roll out.
Again use the barcode apps. The main objectives should be academic and great coffee table books. You’ll find plenty of 50p books worth £5. The same goes for CDs, DVDs and vinyl records.
Charity shops are often full of clothing. One of Jesse’s favorite tricks for new traders is choosing a type of clothing, for example winter coats.
You will soon become an expert. Jesse can now quickly spot valuable designer coats and browse past those he can’t make a profit on.
Retro appeal: Nintendo gaming watches are worth £200
Buy winter coats in the summer when prices are lower and sell them when the colder weather arrives. Once you become an expert in a niche, you can use the same approach with car boot sales.
Try building contacts at thrift stores. If you ask politely, they might let you look at the stock before it’s released, or alert you if a niche item arrives that you might like.
Online auctions
For second-hand dealers, the online auction websites Invaluable, The Sale Room and Easy Live Auction are a contemporary marvel. They are fantastic bargain stores.
But beware: even if you can’t see the people you’re bidding against, you still need a poker face. Allow your time to get used to the ebb and flow before bidding.
Jesse found five Nintendo gaming watches worth £200 each at an online auction. He bought them for £5 a pop and made a big profit.
Auction houses often hold specialized auctions for items such as Star Wars memorabilia. Here, bidders tend to focus on high value items, but the true value is often lower in the pecking order.
It’s worth calling the auction house to ask them about items – pictures don’t always tell the full story.
Also consider fees and shipping costs and make sure you know what you’re buying.
l.boyce@dailymail.co.uk
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