surely it can't be this easy can it?

an9i77

I recently met my friend's new boyfriend. He seemed to have a lot of money but was not working. I asked what he did for a living, he said he sold off ebay but when I asked what he sold he said 'whatever I can get hold of' and couldn't name anything specific. He reckons he has done this for the past 7 years and it's enabled him to not work, pay his mortgage on a one bed flat in the SE and basically live pretty comfortably (designer clothes etc). so we are probably talking at least £2k after tax per month, if not more. He said his profit margin is 60%.


I smell BS as I thought it is really difficult to make money off ebay especially with that kind of profit margin. Unless you are selling fakes?


Tell me to mind my own business but I am concerned that my friend is getting involved with someone dodgy! Could this be feasible or does it sound like a crock?

soolin

an9i77 wrote: »

I recently met my friend's new boyfriend. He seemed to have a lot of money but was not working. I asked what he did for a living, he said he sold off ebay but when I asked what he sold he said 'whatever I can get hold of' and couldn't name anything specific. He reckons he has done this for the past 7 years and it's enabled him to not work, pay his mortgage on a one bed flat in the SE and basically live pretty comfortably (designer clothes etc). so we are probably talking at least £2k after tax per month, if not more. He said his profit margin is 60%.


I smell BS as I thought it is really difficult to make money off ebay especially with that kind of profit margin. Unless you are selling fakes?


Tell me to mind my own business but I am concerned that my friend is getting involved with someone dodgy! Could this be feasible or does it sound like a crock?

It is perfectly Feasible to make that sort of money without resorting to dodgy tactics. I know several who do it and like your friend's boyfriend mainly from having an eye for what is selling rather than sticking with one line regardless of profits.

I see others every week at auctions, buying this and that , all with their smart phones checking eBay out before they bid.

robatwork

an9i77 wrote: »

so we are probably talking at least £2k after tax per month, if not more. He said his profit margin is 60%.

The "after tax" bit made me laugh.

RFW

an9i77 wrote: »

I recently met my friend's new boyfriend. He seemed to have a lot of money but was not working. I asked what he did for a living, he said he sold off ebay but when I asked what he sold he said 'whatever I can get hold of' and couldn't name anything specific. He reckons he has done this for the past 7 years and it's enabled him to not work, pay his mortgage on a one bed flat in the SE and basically live pretty comfortably (designer clothes etc). so we are probably talking at least £2k after tax per month, if not more. He said his profit margin is 60%.


I smell BS as I thought it is really difficult to make money off ebay especially with that kind of profit margin. Unless you are selling fakes?


Tell me to mind my own business but I am concerned that my friend is getting involved with someone dodgy! Could this be feasible or does it sound like a crock?

There's a lot of us been doing the same, I wasn't aware it wasn't working. I tend to do 50 hour weeks. It isn't easy, either to do the work or to be able to be profitable but plenty do it.
£60-£70k per year turnover is not an unrealistic goal for someone doing it full time. As for profit, if you know what you are doing and have some cash and connections there are plenty of opportunities.

For every one that tries and does it successfully there'll be 50 who fail.

an9i77

I was suspicious as he couldn't tell me what he actually sold but if he is buying lots of things maybe that is why. I am happy to be told that I am wrong, I want nothing more than my friend to be happy with her new man.

lovinituk

There must be work involved as things don't magically list themselves on eBay or send themselves in the post. If he describes it as 'not working' then chances are he's not declaring his earnings and not paying any tax. Perhaps claiming benefits too. Of course that is just one possibility and he could all be above board

soolin

an9i77 wrote: »

I was suspicious as he couldn't tell me what he actually sold but if he is buying lots of things maybe that is why. I am happy to be told that I am wrong, I want nothing more than my friend to be happy with her new man.

I doubt you will find many successful sellers who will go into any details about what they sell, if they do then they are not very bright. I tend to be vague, even to friends- I sell, this and that, anything I can find that makes a profit- a bit of a del boy really. If they ask me for more details I tend to be blunter and explain I am not prepared to go into any more detail.

As for not working, I agree with RFW, I only eBay a few hours a week and that's enough for me, I would be exhausted doing this as a full time job.

an9i77

Yes of course there is work involved, I guess I just meant that he has not had to have an 'employed by someone else' kind of job too ie he's been able to live off doing this alone. my bad.


I was just surprised he managed to make so much money as I thought ebay was very difficult to make money from. I know he has stopped doing it now and is looking for a job (his words - I'm not saying ebaying is not a valid job) so not sure why it's stopped working for him after so long.

theonlywayisup

an9i77 wrote: »

I was suspicious as he couldn't tell me what he actually sold but if he is buying lots of things maybe that is why. I am happy to be told that I am wrong, I want nothing more than my friend to be happy with her new man.

Couldn't or wouldn't?

I wouldn't tell you what I sell.....I'm sure most on here won't. I'm a VAT registered wholesale business, 2k a month is very easy.

soolin

an9i77 wrote: »

I was suspicious as he couldn't tell me what he actually sold but if he is buying lots of things maybe that is why. I am happy to be told that I am wrong, I want nothing more than my friend to be happy with her new man.

an9i77 wrote: »

Yes of course there is work involved, I guess I just meant that he has not had to have an 'employed by someone else' kind of job too ie he's been able to live off doing this alone. my bad.


I was just surprised he managed to make so much money as I thought ebay was very difficult to make money from. I know he has stopped doing it now and is looking for a job (his words - I'm not saying ebaying is not a valid job) so not sure why it's stopped working for him after so long.

Things change, maybe he got tired or maybe he decided getting a PAYE job was going to be easier.

eBay can be very hard work, I don't think any of us would deny that, but real money can still be made.

soolin

lovinituk wrote: »

There must be work involved as things don't magically list themselves on eBay or send themselves in the post. If he describes it as 'not working' then chances are he's not declaring his earnings and not paying any tax. Perhaps claiming benefits too. Of course that is just one possibility and he could all be above board

I suspect that most big sellers are registered especially if they have lasted several years. Smaller sellers, perhaps not so many, the ones I dealt with in a voluntary post I had tended to be the ones earning around the £200-£500 pound a month . Virtually all of them though were caught within a couple of years , some within months , and in virtually all cases by DWP and not by HMRC in the first instance.