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Making Money Flipping Furniture
As we get older, we start to unconsciously reach for new, different activities. If you’re 50+ and looking for a new hobby or a way to make a little extra cash on the side, you might want to consider furniture flipping. It’s not just for people with no fixed income or old-age discounts at the senior citizen’s halls. There are a million and one reasons why flipping furniture can be a great idea for those over 50. Here’s 10 of those reasons.
(1) It’s easy.
Anyone can do it. You don’t have to be a genius or the Martha Stewart of flipping furniture. You just have to know how to use a drill, use power tools, and get motivated to get started. That’s all. Chances are there are tons of people in your area who are older than you are, looking for something fun to do on the side. If you take the time to explore all the possibilities, you’ll probably find at least 1 person in your immediate vicinity with a similar interest as you. Who knows…it may even be you.
(2) Your friends and family members will get a kick out of it.
Most of your neighbors and family members won’t even know what you’re doing. You’ll do it outside of your home, so they won’t be able to see you or remember you doing something “extreme.” They’ll just think you’re over 50 and looking for ways to get out of the house every once in a while. They’ll probably invite you over to flip through their redecorating ideas for their homes! A new hobby is just the ticket!
(3) You can start at 50-60% profit.
The profit margins are amazing. When you’re flipping furniture under $50, the profit margin is 60% or 70%. For $100-$200, the profit margin jumps to 100% or more. For something in the higher price range (over $500), the profit margin has to be over 150%. Of course, you can expect to make at least 2 times your gross profit on each flip. That’s quite a few hundred dollars that you can pocket right in your pocket without any significant investment of time or money.
(4) You can get started flipping in no time.
You don’t have to train for months before you’re ready for business (like in real estate). Your friends and family will be wondering how you’ve become an expert furniture flipmerchant. You’ll start with one home…then another…then another. It doesn’t take long to accumulate enough money to make it your full-time job.
(5) Pricing is important.
To make the most money, you must price your furniture at or above what people will actually pay for it. It’s all well and good to pay $80 for a piece of furniture that sells for $50 on the open market, but that will not bring in much money if no one wants it. You have to get into the mind of your customers and find out what they’re willing to pay for your furniture. The best way to do this is by reading your local Craigslist. This will give you a good idea of what people are paying for various pieces of furniture in your area.
(6) You can start at any age.
You can get started flipping furniture when you’re 50+ or when you’re 80+. It’s all up to you. There are plenty of people who start later in life because they are looking for something different to do with their interests. And then there are others who continue the hobby into their 60s, 70s, and beyond…
(7) You’ll have fun.
You might think you’re too old to have any fun. It’s true that you probably won’t have as much fun as you’d like, but you will still enjoy yourself. You can even put it on your resume for whenever your friends and relatives ask, “What do you do for fun?”
(8) Keeping busy is great…especially if it’s with something else besides the usual things people over 50 do…like sitting around and watching television or playing video games all day. You’ll be doing something different every day. This is good because it will keep your mind stimulated and help prevent boredom from setting in at home (which could lead to depression).
(9) You’ll get to see the inside of homes that you’ve never seen before.
You’ll get to meet new people. And you’ll definitely get back into the game of socializing (something you’ve likely neglected since retirement). Although this is not an official reason why furniture flipping can be a great hobby for 50+, it’s an extremely important one nonetheless.
(10) It helps you de-clutter your life.
You may be like me…you may have too much stuff in your house that you don’t know what to do with it all! The only way to solve this problem is to get rid of things that no longer serve a purpose for your family or yourself. This may be difficult if you have no family or friends in your life anymore, but furniture flipping is the perfect solution. You can get rid of extra furniture in your home by selling it to people online for cash.
The video at the top of this post is from the Katie Scott SALVAGED by k. scott Youtube Channel