New Challenge - Double Your Money!

fairyclicks

hmmmmm i'm now getting impatient to get rid of the remaining bits i have from my first batch of DMI - think i'm going to list them for 99p once they end this time and just see what happens I'm so close to getting a profit i don't really mind what they go for as long as they go lol!

I have also now bought a joblot of 13 items for £250 but usual selling price is £100 each - am a bit scared about it but hoping it will work out to be a good call! Fingers crossed anyway

Now i really can't spend anything more until i get stuff shifted!

Badsaver

Okay so my initial 'investment' has grown from £13 to £25 (big money I know!) but I haven't actually made anything back yet....
Nothing ventured... Nothing gained.....
Carboot Sale on Sunday may help me kickstart this double your money challenge!

kendall17

Badsaver wrote: »

Okay so my initial 'investment' has grown from £13 to £25 (big money I know!) but I haven't actually made anything back yet....
Nothing ventured... Nothing gained.....
Carboot Sale on Sunday may help me kickstart this double your money challenge!

I started with £50 and have turned over c£1,200-£1,500 since 20/2/13.

Its not how much you start with, its what you buy.

I bought 2 items for 20p each today at Tescos, I'll probably get £2 for them.

You'd be suprised how far your £25 goes!

Badsaver

kendall17 wrote: »

I started with £50 and have turned over c£1,200-£1,500 since 20/2/13.

Its not how much you start with, its what you buy.

I bought 2 items for 20p each today at Tescos, I'll probably get £2 for them.

You'd be suprised how far your £25 goes!

Thanks Kendall. I know I can't expect miracles overnight :-)
If you dont mind me asking - what sort of items have you done it with? I keep looking out for cheap bits and bobs when im out and about but the things I have got are sat collecting virtual dust on Ebay!

LarLar

Hey i'm interested in knowing a little more about Zopa? how it works etc. Thankyou

fairyclicks

LarLar wrote: »

Hey i'm interested in knowing a little more about Zopa? how it works etc. Thankyou

Hi LarLar

I have been using zopa for years - I assume you know it is a peer lending platform. I'm not sure how much info you want - very basically i have a lending account which i have paid some money into and can top up when i want to (or can afford to more like lol). I set my own interest rates and zopa more or less does the rest.

There are some risks of non payment which you should be aware of before lending but there are also ways to minimise that - i haven't had any at all - a few late payments but no non payments (so far).

If you have any specific questions give me a shout, or i can send you a blog link with more info on the how to and what to not to do

fairyclicks

kendall17 wrote: »

I started with £50 and have turned over c£1,200-£1,500 since 20/2/13.

Its not how much you start with, its what you buy.

I bought 2 items for 20p each today at Tescos, I'll probably get £2 for them.

You'd be suprised how far your £25 goes!

Absolutely I started with about £20 originally i think lol!

fairyclicks

Badsaver wrote: »

Thanks Kendall. I know I can't expect miracles overnight :-)
If you dont mind me asking - what sort of items have you done it with? I keep looking out for cheap bits and bobs when im out and about but the things I have got are sat collecting virtual dust on Ebay!

thats the hard bit! and sometimes things are cheap for a reason!

I would advise going with something you know about or you know is popular/or used by a lot of households and you can get hold of cheap.

I have been concentrating on clothes, shoes, books, & some jewellery. I have also been trying to learn about collectables but all that takes time.

What sort of things have you bought so far? maybe its the way its listed on ebay rather than the item itself - we might be able to advise.

Also some things i have bought just haven't sold well - sometimes its about cutting your losses and starting again (though that is hard at the start of the DM challenge). I now have a few things listed on ebay at 99p start which is less than i paid for them, but i have made money on other things so it balances out.

I have to stop buying on impulse and start to do some more researching before i make the purchases. That definitely helps reduce the risk!

LarLar

fairyclicks wrote: »

Hi LarLar

I have been using zopa for years - I assume you know it is a peer lending platform. I'm not sure how much info you want - very basically i have a lending account which i have paid some money into and can top up when i want to (or can afford to more like lol). I set my own interest rates and zopa more or less does the rest.

There are some risks of non payment which you should be aware of before lending but there are also ways to minimise that - i haven't had any at all - a few late payments but no non payments (so far).

If you have any specific questions give me a shout, or i can send you a blog link with more info on the how to and what to not to do

What exactly would happen if there was a non payment would you lose out on your money? Also how can you minimize the risk of non payment.

How much would you suggest i start out with and could you maybe suggest/ help with interest rates?

Thankyou for all your help

fairyclicks

Oh i just checked ebay and have sold another 2 DMI's

both shoes, one pair bought for £1 and sold for £5, the other bought for £4 and sold for £12.50

So for batch one of goods - bought 37 sold 10, paid £66.19 (not all at once) sold for £108.02 and after costs so far have £2.08 profit

batch two - bought 17 sold 5, paid £53.33 (not all at once) sold for £67.49 with profits at £4.03 currently.

I do have postage costs to take off those mind you but it looks like i might have hit profit even if its only 1p :P