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Garage Sale Discussion for selling stockpiles

vfnelson2 452 June 3, 2008 at 06:54 PM in Chat (2)
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It's that time of year again when Garage sales are popular. I have seen some discussion of Garage Sales in regular discussion threads, and perhaps there is talk of it in the BS thread, but I think it would be good to have it's own thread and people can add in the WIKI what sold for them and at what price - or what they will sell it for.

This way people having a garage sale can have a nice reference sheet and can learn from the mistakes of others. I will post in the WIKI info I have read.

Yes, I am having a garage sale this weekend at a friends work. I have read some info on another site and it is nice that they have their own thread for this.

Garage sales are not for everyone, please no bashing on those who wish to do it. It's a way to make money to buy more coupons and fuel your 'addiction'. LOL!

Mods, if you think this would be better suited in a different forum, please advise or move. I just thought it would be good to have a garage sale discussion and a WIKI to boot to help others.

Thanks!

Vicki

April 20, 2009, 3:00 am: System Notice: This thread has been automatically renewed after reaching a post limit. Most of its content has been moved to this thread for reference purposes.

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#3931
Quote from MoneyMags View Post :
You are considered a reseller because of your intent to resell. The IRS is big on intent.
That's interesting because I have substantial income from other sources and the reason I do this is because I enjoy shopping at the drugstores and I've got the free time and not because I'm looking to make a profit from reselling. I don't know how the IRS can tell me what I'm doing when it's really not what I'm doing...
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#3932
Quote from doubleq7 View Post :
That's interesting because I have substantial income from other sources and the reason I do this is because I enjoy shopping at the drugstores and I've got the free time and not because I'm looking to make a profit from reselling. I don't know how the IRS can tell me what I'm doing when it's really not what I'm doing...
Then you don't have to worry about it Smilie

If you don't intend to make a profit & don't usually make a profit, then you may not be a business after all. The hobbyist v. business debate & all that. Different rules apply.

Each of our situations is unique and our comfort levels differ.

My tax situation is a bit crazy because of other business & trust considerations so I tend to err on the side of caution. I haven't been audited in the last 13 years but I'm sure my number is coming up again.
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#3933
Quote from seamonkeychik View Post :
Just my 2 cents but I would think your question/request would be better received in the trade/donation thread here

....so embarrassed...
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#3934
Quote from MoneyMags View Post :
I haven't been audited in the last 13 years but I'm sure my number is coming up again.
Audited last year for 2 years. Awful, awful awful. Our accountant made a small mistake which prompted them to go back another year. Took us 4 months, 9 meetings with IRS rep and our accountant. We owed an additional 1800.00. A pittance compared to the time / manpower involved to get to that point.

Those of you who resell take heed...

Invest in a receipt scanner. Backup everything on your computer. One of the issues I had was that I had a computer virus in 2009 that wiped out some of my stuff. I had hard copy receipts to back it up, but many of them had faded to the point they were barely legible. Gas receipts are the worst.

Double check your return. The small mistake was something we should have caught before signing and mailing our return.
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#3935
Since I cannot do garage sale at my place I was investigating other ways to convert into money the stockpile I have.
I decided to try flea market or a swap market around my place. I don't have so much stuff to sell. Anybody else in Orange County would like to team UP with me and do a sale together? I was looking at Cypress College Swap Meet or Indio Swap Meet or LA Harbor College.
I want to try this weekend on Saturday 3/29 or the 15th.
Let me know if anybody tried any of these swap meets in SoCal
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#3936
Quote from mgmlake View Post :
Since I cannot do garage sale at my place I was investigating other ways to convert into money the stockpile I have.
I decided to try flea market or a swap market around my place. I don't have so much stuff to sell.
I am in the same boat. We don't have tons of stuff but I am swimming in overstock. After this last holiday with the fam I decided I'd rather sell or donate than deal with that again. Anyone have any luck doing flea markets? I have seen junky stockpile stuff sold at a few flea markets and not in good taste way over priced etc etc. I just want to be able to move a mass amount of overstock in like a weekend. Would this be a good option or should I try and look for a yahoo group or something?
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#3937
Quote from seamonkeychik View Post :
I am in the same boat. We don't have tons of stuff but I am swimming in overstock. After this last holiday with the fam I decided I'd rather sell or donate than deal with that again. Anyone have any luck doing flea markets? I have seen junky stockpile stuff sold at a few flea markets and not in good taste way over priced etc etc. I just want to be able to move a mass amount of overstock in like a weekend. Would this be a good option or should I try and look for a yahoo group or something?
Hey, I'm in that boat to. Can only do 3-4 garage sales a year. I decided to scope out a local flea market recently - there were about 50 tables, with 3 of them from serious couponers. The couponer tables looked busy. Yet they were also pretty high priced, if you ask me. I too need to move a mass amount, so I'll probably underprice my stuff slightly (.75 for toothpaste and deodorant, for example). I bet some of the regular couponers themselves will buy, since they would be able to turn around and sell the same for higher.
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#3938
Quote from mgmlake View Post :
Since I cannot do garage sale at my place I was investigating other ways to convert into money the stockpile I have.
I decided to try flea market or a swap market around my place. I don't have so much stuff to sell. Anybody else in Orange County would like to team UP with me and do a sale together? I was looking at Cypress College Swap Meet or Indio Swap Meet or LA Harbor College.
I want to try this weekend on Saturday 3/29 or the 15th.
Let me know if anybody tried any of these swap meets in SoCal
IMO, sales at the end of the month are not as successful, as in the beginning of the month.
I do my sale the first weekend of the month, or if not possible, the first Saturday after the 15th. (To be available to everybody who gets paid twice a month)
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#3939
any pricing suggestions for Vidal Sassoon 12oz shampoo or conditioner? Shelf price is $2.50ish, my OOP is .68/bottle. Thanks!!
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#3940
Quote from mikepearson View Post :
Hey, I'm in that boat to. Can only do 3-4 garage sales a year. I decided to scope out a local flea market recently - there were about 50 tables, with 3 of them from serious couponers. The couponer tables looked busy. Yet they were also pretty high priced, if you ask me. I too need to move a mass amount, so I'll probably underprice my stuff slightly (.75 for toothpaste and deodorant, for example). I bet some of the regular couponers themselves will buy, since they would be able to turn around and sell the same for higher.
I wouldn't underprice yourself. Why give your stockpiile away? Make sure that you are taking into account your time, gas, selling fee, tax paid, etc. I understand wanting to move your items, but make sure that you are getting something out of it. I know daily vendors that come into the market I sell at and significantly "underprice" regular sellers. If and when you do sell again, people will want the same "deals" as last time. Also, don't forget, people will try to talk you down because of the venue.
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#3941
If you have a new buyer who wants to buy a large quantity, how much would you discount the sale?
What about a repeat buyer?
I very happily just sold $705 worth for $600 to a new customer who wanted to stock up on certain items- 12 Suavitel ($1.70 per), 100 (10 oz bottles)-50 Pantene & 50 Herbal Essences ($1.70 per, including 5 x 23oz HE), 40 women body wash (10 Nivea, 10 Dove, 10 Softsoap ($2.12 per), 10 Olay bw ($3.40 per), 15 Axe ($2.12 per), 30 mid level (Gillette Custom Plus, etc @ $2.83 per) & 20 cheap disposable razor multipacks ($1.70 per), 40 Dawn ($.85 per), 30 Febreze Air Effects ($1.40 per), 30 Secret ($1.40 per), & 20 Hefty gallon/quart storage bags ($1.70 per). She was thrilled & I was particularly happy to see 40% of Pantene, 75% of HE & most mid level razors go. I discounted the items a bit differently than above (razors & shampoo more, other items less) but overall discounted my regular prices 15%. She thanked me profusely & said she'd like to buy different items in a few weeks. I have been marking Pantene down to 4/$8 to try to move it rather than my slow selling regular price $3 or 2/$5. I am happy to have moved it out!
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#3942
Quote from dclizzie View Post :
If you have a new buyer who wants to buy a large quantity, how much would you discount the sale?
What about a repeat buyer?
I very happily just sold $705 worth for $600 to a new customer who wanted to stock up on certain items- 12 Suavitel ($1.70 per), 100 (10 oz bottles)-50 Pantene & 50 Herbal Essences ($1.70 per, including 5 x 23oz HE), 40 women body wash (10 Nivea, 10 Dove, 10 Softsoap ($2.12 per), 10 Olay bw ($3.40 per), 15 Axe ($2.12 per), 30 mid level (Gillette Custom Plus, etc @ $2.83 per) & 20 cheap disposable razor multipacks ($1.70 per), 40 Dawn ($.85 per), 30 Febreze Air Effects ($1.40 per), 30 Secret ($1.40 per), & 20 Hefty gallon/quart storage bags ($1.70 per). She was thrilled & I was particularly happy to see 40% of Pantene, 75% of HE & most mid level razors go. I discounted the items a bit differently than above (razors & shampoo more, other items less) but overall discounted my regular prices 15%. She thanked me profusely & said she'd like to buy different items in a few weeks. I have been marking Pantene down to 4/$8 to try to move it rather than my slow selling regular price $3 or 2/$5. I am happy to have moved it out!

I think that 10-15% is more than fair. I am willing to give more discounts on shampoo, toothpaste, toothbrushes, some bodywash, etc., as I seem to be able to get deals on them more frequently. I have a Spanish customer who buys mostly P&G items from me to send to his daughter in Miami. She owns a store and resells them. The last sale I had (in OctoberOMG), I sold a lot of HE, Pantene, H&S, some cleaning supplies to him. He is always interested in the medicines that I get FARR from Wags. I usually sell them to him for $1-$2 each, depending on how many I have. I will not sell Osteo, etc., b/c I can sell those w/o hesitation. He is also interested in my hair dye. I had a lot that was free from CVS last year. I sold the whole shebang for $1 each. It doesn't matter what color I have, they never sell well. Most were in the retail price range of $7-$8, up to $13.

I am not so willing to sell my razors any cheaper, unless it's a cheaper Bic. These never go bad and with the blade count shrinking in some packages and the price going up, I would be a fool not to hold onto them.

I regret not getting more Suavitel than I did. I think I ended up with 30-35, but feel like I should have gotten at least 75-100. I am just out of room in my storage building, so I have to tread lightly until after my first sale next weekend. I am taking all of next week off from my regular job to price and sort. I am so ashamed of myself, b/c I was supposed to be doing it as I go. Now, I have a monumental task ahead of me next week. Luckily, I have two of my fav friends to help me. Still, a lot to do in a little bit of time.
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#3943
Quote from heikejohn View Post :
IMO, sales at the end of the month are not as successful, as in the beginning of the month.
I do my sale the first weekend of the month, or if not possible, the first Saturday after the 15th. (To be available to everybody who gets paid twice a month)
Thank you for this info. hug I will postpone then for the next weekend.
My husband told me that he needs to go to dentist this weekend anyway...
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#3944
Looking for pricing ideas for the Sure Deo/AP and Brut from Wag's this week.

I used to sell the Sure for $1, figuring not such a premium brand, but wonder if I should go up to $1.50 or $2?

(I sell higher end and larger AP for $2, (Right Guard Total Def, Extreme, etc)
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#3945
Quote from marciadel View Post :
Looking for pricing ideas for the Sure Deo/AP and Brut from Wag's this week.

I used to sell the Sure for $1, figuring not such a premium brand, but wonder if I should go up to $1.50 or $2?

(I sell higher end and larger AP for $2, (Right Guard Total Def, Extreme, etc)
I have Brut at $1.50 the older gentlemen don't blink at that price but I sit on sure if it priced anything but $1.
The higher end deo's I have at $2 as well.
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