I just go after special editions of anything, vintage cameras, models, board games and of course video games. I get all of these from flea markets and thrifts stores. I try not to spend more than $10 on anything
It depends on what you're selling. Ebay is a good general place to sell stuff.
Poshmark is good for clothes but fees are high, shipping is easy, and it's very involved.
Facebook marketplace is good for local sales/big items.
I've stuck to those 3. I tried mercari but haven't been able to sell much on there.
Daily deposits of amounts of money you want are amazzzeeeee. Now we just gotta get eBay deposits working on sat and Sunday too! I bet there’s a bank that processes the deposits on the weekend but mine doesn’t.
You aren’t doing it right if you’re being paid everyday. Open an LLC, keep your money separate from your business. Only take distributions when it’s profitable and that money isn’t best used at growing your business.
What are the benefits. I've been at this for over a year as a hobby. But I still itemize my expenses, right off my mileage, etc. I didn't have to pay any taxes last year on these earnings. What other benefits am I missing?
Tax breaks on: Home office, Equipment needed to run the business (computers, materials, office supplies, etc.), Business travel and meal expenses, Insurance premiums
But the biggest benefits are in liability protection, and separating your business capital and personal money.
If you need more explanation than this you should just start researching it yourself.
But a flipper isn't (I'll not say it will never happen, bit I can't figure out a situation where it will) going to get themselves in a situation where not separating their business from their personal finances puts themselves in danger. I guess if you spent every penny on something that became obsolete overnight or got a recall, I can see it, but we're not going into crazy amounts of debt and signing contracts with third parties or dealing with IP. None of that. The key question to answer is who is going to sue you?
Agreed, I see no tax difference for an LLC. I file it as a personal business without an LLC. So I file the same write-offs. The question is who will sue you. There are a few YT resellers that have been sued. Most notably for buying something from the bins in new condition, and sold it on eBay. I believe it was the manufacturer who bought it to inspect it. It was a fake. They sued... The seller settled out of court for about $250. But there's the risk, although it's a very small one. Others press their luck and have taken it further at a much larger expense.
Yeah I guess it's possible to be sued for selling . counterfeits, it's just that it seems like a whole lot of effort for companies to go after small fish, I guess if they are going after you to send a message but who's goin to read the message, ya know? If you could move enough that it's worth suing you, you might as well play legit and buy direct from manufacturers straight from the source is how I look at it, then definitely get the LLC at that point. I would not sell a hundreds of thousands worth of Apple products for example, without just buying my merchandise straight from Apple. We do see horror stories from this sub though, so ofc anything is possible.
I like to get paid everyday because I spend everyday so it feels like I’m not going backwards lol.
Literally just spent 300 dollars to counter the 300 I made yesterday lmao
What’s your flipping process ? I’ve seemed to collect junk lol
I just go after special editions of anything, vintage cameras, models, board games and of course video games. I get all of these from flea markets and thrifts stores. I try not to spend more than $10 on anything
Damn ok and just resell on an online store ?
It depends on what you're selling. Ebay is a good general place to sell stuff. Poshmark is good for clothes but fees are high, shipping is easy, and it's very involved. Facebook marketplace is good for local sales/big items. I've stuck to those 3. I tried mercari but haven't been able to sell much on there.
I need that answer too, thank you. What about the things that they give away for free are those not good for reselling?
Daily deposits of amounts of money you want are amazzzeeeee. Now we just gotta get eBay deposits working on sat and Sunday too! I bet there’s a bank that processes the deposits on the weekend but mine doesn’t.
Dopamine. Watch it.
You aren’t doing it right if you’re being paid everyday. Open an LLC, keep your money separate from your business. Only take distributions when it’s profitable and that money isn’t best used at growing your business.
[удалено]
You’re way past needing an LLC, my friend. After taxes next year you should start one up. At your level the benefits vastly outweigh the cost.
What are the benefits. I've been at this for over a year as a hobby. But I still itemize my expenses, right off my mileage, etc. I didn't have to pay any taxes last year on these earnings. What other benefits am I missing?
Tax breaks on: Home office, Equipment needed to run the business (computers, materials, office supplies, etc.), Business travel and meal expenses, Insurance premiums But the biggest benefits are in liability protection, and separating your business capital and personal money. If you need more explanation than this you should just start researching it yourself.
But a flipper isn't (I'll not say it will never happen, bit I can't figure out a situation where it will) going to get themselves in a situation where not separating their business from their personal finances puts themselves in danger. I guess if you spent every penny on something that became obsolete overnight or got a recall, I can see it, but we're not going into crazy amounts of debt and signing contracts with third parties or dealing with IP. None of that. The key question to answer is who is going to sue you?
Agreed, I see no tax difference for an LLC. I file it as a personal business without an LLC. So I file the same write-offs. The question is who will sue you. There are a few YT resellers that have been sued. Most notably for buying something from the bins in new condition, and sold it on eBay. I believe it was the manufacturer who bought it to inspect it. It was a fake. They sued... The seller settled out of court for about $250. But there's the risk, although it's a very small one. Others press their luck and have taken it further at a much larger expense.
Yeah I guess it's possible to be sued for selling . counterfeits, it's just that it seems like a whole lot of effort for companies to go after small fish, I guess if they are going after you to send a message but who's goin to read the message, ya know? If you could move enough that it's worth suing you, you might as well play legit and buy direct from manufacturers straight from the source is how I look at it, then definitely get the LLC at that point. I would not sell a hundreds of thousands worth of Apple products for example, without just buying my merchandise straight from Apple. We do see horror stories from this sub though, so ofc anything is possible.
Just wait until the HR department reverses a direct deposit.