Making Money From Auctions

Making Money From Auctions

Making Money From Auctions!

6300% Profit In One Week

By Leon Carlson Founder of Mister Find IT

    It was about three years since I had been to an auction, but I was determined to make money from auctions, and ready to start a new chapter in my life.  I had been let go of my construction job (by no fault of my own), going through a divorce and didn’t like the idea of working for someone else.  So I decided to make money from auctions, but this time I was prepared.  Over the past three years I had been making a list of what people wanted.  For the most part, it was collectibles.  I had cut newspaper ads, and placed them on 3 x 5 cards, and then arranged the cards in a small metal file box, in the order of the items people were looking for.  I had no idea what someone would pay for the items, nor did I know anything about the items, just that it was something someone was looking for.  I had 300 – 500 cards in the file.  This was my shopping list when I went to the auctions to make money.

I arrived about 1/2 hour before the auction.  It was again a storage locker auction, where the auctioneer brought the contents of unpaid lockers to the auction house to be auctioned off individually.  He combined these items with items from an antique shop that was closing.   Due to my financial situation I only had $15 to spend on auction items to resell, and $5 of that was borrowed.  I was near the back of the auction house, in a tight aisle, looking through a box flat of sheet music.

In between the sheet music pages, I spotted a $1,000 confederate bill.  Someone came around the corner, and I quickly threw the bill back into the sheet music, and the box flat back on the shelf.  I didn’t have much time to browse when the auction had started.  During the auction if the auctioneer put up and item in which no one was interested in, he placed it on a shelf of a rolling cart. This was especially true for the antique shop items. The auction was about 3/4 done, and I had not yet made a single purchase.

Then they came up with an old 50’s black and white console television.  They said when they plugged it in, it was only black (meaning it didn’t work).  When they could get no bids, they even offered to pay someone $10 to take it.  No takers.  Next to the television

Old black and white TV
Old black and white TV

set was a large box of old games.  The box was like a large Kleenex size box.  The auctioneer said “We’re going to throw this box of games into the deal – You’re taking the TV and the games! First dollar up gets it.” As I had game buyers on my list, my hand went up and I got it.  This was also my first dollar (after the learning lesson) I spent to make money from auctions. Some how you don’t forget your first good auction purchase.

old games
Old Games

Later near the end of the auction, they brought cart loads of items up.  They started the bidding with “Choice of  any item on the cart” (the winning bidder got to choose as many items as they wanted, each at that highest bid price), then it went to any item on the cart for for “$10, $5, and than $2.50 (this was the auctioneers bottom dollar on most items).   My box of sheet music was on one of these carts,  I held out, and got it for $2.50.  Now most of the people were checking out, and there was only about a half dozen people bidding when the cart of non sold antiques came up as the last item.  You got everything on the cart for one money, many of the items had damage, and remember these were items they could get no bids on earlier during the auction.   I got the cart full for $10.  Among the items on the cart was an old glass and wood butter churn, and a small metal plate with a hook on one side, and advertising on the other.

Antique Butter Churn
Antique Butter Churn (this is not                      the one I bought, but similar.)

It was late when I checked out, so I got home and accessed my treasures the next morning.  The butter churn had broken wood paddles, and the cast iron gears were broken.  But I still managed to get $50 for it.  If it had not been broken it would have been worth $1,200.  The $1,000 confederate bill had advertising on the back, so I was

confederate money
confederate money

 

confederate money with advertising
confederate money with advertising

ready to toss it, but I had on my list someone who bought confederate money with advertising, so I got $5.00 for it.  There were about 15 – 20 old sheet music booklets, which after contacting buyers on the list, I received $150 for the batch (5,900% profit).

The small metal plate with a hook on one side, and advertising on the other, ended up being one of the first items I sold on eBay (actually a friend sold it for me).  The antique shop had a price tag of $35 on it.  I figured if the antique shop couldn’t get $35 for it, I’ll put it on eBay auction starting at $5.  It received a high bid of $110 and someone was the proud owner of a broom holder.  A recent check on eBay shows them to now (2021) sell for about $250.

antique broom holder
antique broom holder

What about that first dollar I spent to make money at auctions?   The old non working TV, I broke up the wood cabinet and threw it in the fire pit (I had a pit 8′ wide x 4′ deep).  The glass was then disposed of with my regular trash.   I had several game buyers on my list and  contacted three of them, they each bought one game for $20, and I sold the rest of the games in a yard sale for a total of $4 or a grand total of $64. Now $64 is not a lot to brag about, however this represented a profit of $63 on my first dollar, and that equals a profit of

6300 %

I thought what investment could I invest $1, and a week later make 6300 % profit.  This is what hooked me on buying and reselling from auctions.  This was just on the TV and Games, not counting the other items.  This is also why I still make most of my reselling purchases from auctions.

As a side note, I no longer sell on Ebay, which I will tell you why in our next article.  If you are looking for an auction near you, check on AuctionZip.com.  If you prefer to resell only new items, and want to find drop ship and wholesale suppliers,  check out our resellers web directory.

Tell us about your first deal that got you hooked on reselling. 

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