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Whats your side hustle? How did it start and how are you making out? I'm always interested to hear stories like this.
I personally attend local auctions for random goodies, score deals on craigslist, and buy and flip old motorcycles either putting them back on craigslist or ebay. Its not consistent at all, but usually good for a few extra thousand a year and I enjoy it.
I'd really like to come up with something a bit more consistent.
Whats your side hustle? How did it start and how are you making out? I'm always interested to hear stories like this.
I personally attend local auctions for random goodies, score deals on craigslist, and buy and flip old motorcycles either putting them back on craigslist or ebay. Its not consistent at all, but usually good for a few extra thousand a year and I enjoy it.
I'd really like to come up with something a bit more consistent.
I buy and resell a lot of restaurant equipment. I own a restaurant, so I'm always on the lookout for other restaurants that go out of business. I resell must of the stuff I buy, and put to use some of it. I'm also stocking up on equipment of open a second restaurant. I generally only buy dirt cheap stuff in good condition, and then resell it at 4-10x. Last year I netted a few thousand dollars doing that. So far this year I haven't bought anything.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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When I closed up my sign business in the recession (after 16 successful years) I brought home the laser engraver/cutter. I have a handful of regular customers that order large quantities of plastic parts for their products which I make for them. It's good for about $6-10k/year in extra vacation money, but takes up most of a weekend when I get an order, about 4-5 times a year. At first I had a website and did custom items, personalizing, name badges and engraved signs. I found those small orders to be more trouble than they were worth with a full-time job now, so I took down the site and currently have no way for any new customers to find me.
I hit an auction this past weekend, ended up with some yard equipment, small boat, bike, few other little random things. Total out of pocket was $150. Should be able to sell everything for upwards of $700. Too bad those auctions don't come around more often.
I buy live lobsters, over the phone from Nova Scotia, and have them flown to Toronto, by air freight, and sell them to catering companies, and large hotels. My average order is 200 to 400 pounds, and that is all ways pre sold. My mark up is 40 percent above what they cost me, including the actual product, insulated boxes and dry ice packs, plus air freight costs. A one and a half pound live lobster costs me anywhere from four to seven dollars, all in. My selling price is 40 percent above that. Prices vary every day, and the season is basically spring to late fall. In December there is a big export market to France, where lobster is a Christmas treat.
I never see the lobsters, the customers pick them up at Toronto airport, and take them away. I am paid on the day after the delivery by bank transfer, and I also pay my suppliers in Nova Scotia, and Air Canada the same way. No chasing after payment....and the bank's monthly statement is a record of the business activity. I hand that and my out of pocket expenses to my accountant, monthly.
I buy live lobsters, over the phone from Nova Scotia, and have them flown to Toronto, by air freight, and sell them to catering companies, and large hotels. My average order is 200 to 400 pounds, and that is all ways pre sold. My mark up is 40 percent above what they cost me, including the actual product, insulated boxes and dry ice packs, plus air freight costs. A one and a half pound live lobster costs me anywhere from four to seven dollars, all in. My selling price is 40 percent above that. Prices vary every day, and the season is basically spring to late fall. In December there is a big export market to France, where lobster is a Christmas treat.
I never see the lobsters, the customers pick them up at Toronto airport, and take them away. I am paid on the day after the delivery by bank transfer, and I also pay my suppliers in Nova Scotia, and Air Canada the same way. No chasing after payment....and the bank's monthly statement is a record of the business activity. I hand that and my out of pocket expenses to my accountant, monthly.
Been doing this for over 10 years.
JiM B.
Jim, that's an interesting 'side hustle'
I'm guessing that the catering companies are not able to get the same discount price because , you are buying in bulk?
What makes this especially appealing is that you don't have to handle the product (Lobsters)
It's similar to how some online sellers use dropping , the get the order from their customer and then have the supplier mail the product to the customer.
Yeah there is a whole Flipping subreddit , not sure if you have seen it before.
I go on there pretty often. It's interesting. Most people are talking about buying items from thrift stores and reselling, but people also buy from other places to resell too like retail stores, yard sales, auctions,etc.
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