Potential Flipper Opportunity

[KrismanX]

In my line of work, I meet MANY business owners... I have been personally fortunate to also meet serveral successful jewelers. One of which is willing to sell me a few pieces of my choice at dealer cost.

I will be completely new to this flipping concept; but my question is: What is to be expected in the world of flipping? Challenges? Pros/Cons? Is TRF my best sales portal?

Any advice would be much appreciated!!

[evlkoala]

wish I can get watches at dealer cost

[Charlie_pace]

If it was me, I'd just be excited to get watches at that price for myself!

[beshannon]

Originally Posted by KrismanX

One of which is willing to sell me a few pieces of my choice at dealer cost.

I find that unlikely.

How much capital are you willing to sink into this venture? How quickly do you need to recover your cost of goods? What margins are you expecting to get based on sales of similar pieces? How are you prepared to accept funds? Have you set up a business/tax account separate from your personal life? How difficult do you imagine it will be to "flip" watches with little to no history?

I wish you good luck.

[tkerrmd]

Originally Posted by KrismanX

In my line of work, I meet MANY business owners... I have been personally fortunate to also meet serveral successful jewelers. One of which is willing to sell me a few pieces of my choice at dealer cost.

I will be completely new to this flipping concept; but my question is: What is to be expected in the world of flipping? Challenges? Pros/Cons? Is TRF my best sales portal?

Any advice would be much appreciated!!

dealer cost is about 65% of retail that is what you should expect

[superdog]

that's not really flipping.

rather, that is like making a purchase to sell at a profit.

[johneh]

Originally Posted by beshannon

Have you set up a business/tax account separate from your personal life?

Regardless of whether it's the right thing to do or not, no one that's going to sell a few watches as a one off event is ever going to do this. If you sell it for more than you paid for it (like in this case) you are obligated to declare it on your taxes, although people doing this is also highly unlikely.

If you sold an item you owned for personal use, such as a car, refrigerator, furniture, stereo, jewelry, or silverware, your gain is taxable as a capital gain. One key here is personal use, leave the stickers on it and wear it around the house for a few hours then decide you don't like it. The other key phrase here is "capital gain," and that's explained by this example:

You sold a watch online for $10,000. You bought the watch for $6,500. You'd need to report your $3,500 gain as a capital gain on Schedule D (Form 1040).

[cop414]

Originally Posted by johneh

You sold a watch online for $10,000. You bought the watch for $6,500. You'd need to report your $3,500 gain as a capital gain on Schedule D (Form 1040).

Ouch!

[Old Geezer]

No offense, but I would not buy at a Rolex price point from a seller without a proven record unless I knew the seller.
I'd would definitely buy them for myself.

[anothernewphone]

If you're trying to make it in the selling world, you'll have to establish yourself with some face-to-face deals first, I'd imagine. Wiring a stranger money and expected a Rolex in the mail is all about trust.

[alexthegreat123]

For some watches of many watch brands, dealer cost is higher than market....good luck

[KrismanX]

For your reception, it sounds much more like I've found a personal portal for my future wristvestments... Thanks everyone :)


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[Sunny Arizona]

Way to spoil a good thing-:)

Originally Posted by johneh

Regardless of whether it's the right thing to do or not, no one that's going to sell a few watches as a one off event is ever going to do this. If you sell it for more than you paid for it (like in this case) you are obligated to declare it on your taxes, although people doing this is also highly unlikely.

If you sold an item you owned for personal use, such as a car, refrigerator, furniture, stereo, jewelry, or silverware, your gain is taxable as a capital gain. One key here is personal use, leave the stickers on it and wear it around the house for a few hours then decide you don't like it. The other key phrase here is "capital gain," and that's explained by this example:

You sold a watch online for $10,000. You bought the watch for $6,500. You'd need to report your $3,500 gain as a capital gain on Schedule D (Form 1040).