The Debt Dance

There’s a lot of sugar in this little sugar bowl. It’s a Fiestaware sugar bowl with lid (I think the color is chartreuse–color is critical in glassware.) It is going to make me 8 to 10 times what I paid for it. And I have fifty-seven more pieces that will make me anywhere from 2 to 15 times our cost. I paid $60 for 58 pieces. It was late in the second day of the estate sale and they wanted to deal.

Nice.

So, how do you make 10%, 50%, or even 1,000% profits?

Go to estate sales. Garage sales are good, but I have found most of my best bargains in estate sales. One exception is a Mr. Spock TV tray that we paid 25cents for and sold on eBay for $25. Wish I had a few more of those.

Some people like to be the first ones there at the beginning of the sale. If you’re going to be early at a really good sale they will give you a number. (You will often see this listed in an ad as “Numbers at 7.”) They will then only let a certain number of people in at one time (real safety issue of course.)

I’ve stood outside on very cold days, very hot days, and rainy days. There was a thrill about going first and getting that first hand peak, but I always felt rushed. I observed the seasoned “firsty’s” going right to their interest areas, tools, books, glass, etc. People like me, who just want to look at everything, tended to get trampled.

I usually like to go late on the first day for a couple of reasons. I usually still have a good selection and it gives me that evening to research in case I want to return first thing on the second day.

Another strategy I use is to go within the last two hours of the sale. I’ll usually save this time for a sale that seems a bit “if-y.” Invariably everything is half off and I have walked out of houses with my arms full of free stuff.

Let’s talk about research.

First of all, review the ad for the sale the day before you go. Here’s a few ads from our local online paper:

1.SAT. 8am-Noon. DR set; ktch tbl, chrs; brass bd; recliners; sofa bd; tables, lamps, chairs, artwork Not too much to go on with this one, unless it’s close by I would probably pass.

2.Sat. & Sun 9-3. Amazing Retro Collectibles, Dishes, Furn., & More! I knew from this address that this is in the old, old part of town. For my interests that’s good. The words “retro” and “collectible” and “dishes” gives me a little to work on. (This is the sale where I made out like a bandit and they may have future sales–the “deceased” owned an antique shop and his tiny shotgun house was packed. We had to literally make our way through like playing a game of human Tetris–you step over here, I’ll slide by, he can move around the bookcase, she can step into the bathroom while they get by… )

3.Sat & Sun, 9-4 Marble Top French Chest & Beds, Trad. Breakfront, Chairs, Tables, Rugs, Wicker, Mirrors, Designer Draperies, 1940s Mah. Drum Table Radio, Set China & Crystal, Silver, Costume Jewelry, Clocks, Christopher Radko, Patio Furn., Antique Butcher’s Scale, Bikes, Snow Blower, Lots of Nice Bric-a-Brac. Great information here to research ahead of time but this is one where the good stuff will go fast and most likely would be worth standing in line for numbers. The other things this ad tells me–and should tell you–both by the neighborhood its in and the types of items listed, this is probably a house of affluence. That means it will in all likelihood have modern appliances, electronics, kitchen gear (very hot now), designer clothes (good evening wear will often sell well but, again, research this), good tools, possibly limited edition art, expensive books (textbooks that are current fetch top dollar), purses, etc. The night before I would get on eBay and see what’s selling and what’s not in the way of:
-rugs,
-Drum Table Radio,
-butcher’s scale,
-snow blowers,
-silver,
-Christopher Radko–
—-I bet you’ve seen these before: this one sold on eBay for $32 (make sure you use eBay’s Advance Search button on the right side of the yellow search bar and check the box for “completed listings” to see what sold and what didn’t), other ornaments sold for $8, and others for $160,

4. Estate – Tool Sale Sat., 9-4 Sun., 10-3 Riding Mowers and Push Mowers, Tillers, Drill Press, Grinders, Table and Ban Saw, Chisels, Hand Tools, Weedeaters, All Kinds of Tools. A lot of people collect, and pay for, tools. Lots to research here, do your homework and then attend as you see fit. Might be one to go early and late. Going late you may very well clean up on the smaller items–which often sell well on eBay. For example:

“This listing features a corrugated No. 7 Stanley Bailey Jointer Plane in used condition. Solid knob and tote. Stanley blade. Missing a lot of the japan finish around the knob. 22″ long. Get your bid in now on this collectable Stanley Plane”

It had nine bids and sold for $61.

But, while you rummage around the basement at the estate sale you have to know what tool is a good choice and what isn’t. If you bought this jointer planer for $5 look what a great profit you have made. If, however, you buy something thinking it looks like the thing you saw on eBay and you pay $25 only to find out it sells for $2 then you know the agony of insufficient information.

I looked at a beautiful silver set the other day and was curious about the low price. Then my husband pointed out that each piece had been engraved on the bottom. Ruined the value. So–beware. If you’re unsure, don’t buy it. There will be more sales.

Another word on researching. Use today’s technology. If you can, carry a laptop with you. If you find something at a sale that’s a bit pricey leave the sale, go to a wifi friendly site (like Starbucks) and look it up. If you can’t use the laptop method then consider having someone at home that you can call and do a bit of research (your version of “Call a Friend” on that infamous TV show.”

Again, if you’re unsure. don’t buy it.

Set a budget for yourself and stick to it.

Have the discipline to start an estate sale fund so that when, for example, I sell my Fiesta ware I can take my $200 in profits and go shopping again. Then, I make $400 in profits, go shopping again, make $600 in profits… You can see how it can snowball into something terrific, like paying off a debt, fixing up the car, or, perhaps, a well-deserved vacation.

The more sales you attend, the more research you do, the smarter you will get and you will naturally start to become an expert in certain areas. This is your key to more sugar in your sugar bowl!

Most of all, start conservatively, and have a great time.

NOW HERE’S ONE OF MY ALL TIME FAVORITE QUOTES:

“I started eBay as an experiment, as a side hobby basically, while I had my day job. ….Build a platform – prepare for the unexpected… …And you’ll know you’re successful when the platform you’ve built serves you in unexpected ways.“  Pierre Omidyar, founder of dBay