Now I know that this idea to make extra cash may not appeal to everyone but I thought I would share how I make a little extra cash as a new mom and new homeowner! Being a mom is hard work and can get expensive! Put buying a house on top of that and things get EVEN MORE expensive. I knew this past year that I needed to find something to help me earn a few extra bucks but I also wanted to do something that was flexible. I wanted to be able to work as much or as little as I wanted without joining one of those “pyramid schemes businesses” (I won’t mention any names). My dad suggested I go to an auction with him to help furnish my house at a lower cost. After my dad and I went to one we got to talking and came up with an idea!
We thought, why not invest a little extra money to flip some of these items since they were going sooo insanely cheap and make extra cash. So between my dad and I, we each pitched in maybe $50 to purchase a few items to try and resell. So far we have turned that $50 into around $400 in about a month with minimal work. We head to the auctions about every other Sunday and spend around 3 hours there. We try to look over the items before we actually bid on anything to make sure what we are interested in buying them and they aren’t just junk. Our main focus is furniture because we have found that in our area, they sell well. We have found that the auctions we go to, the large furniture pieces are hard to sell because most people there do not want to fuss with such large items. My dad and I do not mind a little heavy lifting (the people who work there are always willing to help with heavy items as well) so this is what worked for us.
One of the local auctions we enjoy the most is Legacy Auctions which is a few towns over from us. The people are great and they move quickly without lingering too long on one item which I enjoy a more fast paced. http://legacyauctions.net/
I keep track of everything we purchase in a notebook where I write the date of purchase and how much the item was, then once sold, I mark what it sold at and the date it sold. I do this so that I can track which items are selling the best and still gaining profit off of. We keep all of the money in an envelope (in a safe place) that we call the auction fund. As time goes on, we split the money in the envelope in half, then split THAT in half and each take half as our own. We always keep money in the auction fund to pay for our next items.
I enjoy this way of making a little extra cash because it’s fun for me to get out of the house and have some one on one time with my dad (I have 5 siblings so one on one doesn’t happen often). It’s also perfect for my lifestyle because I can pick and choose when I want to do work. If I don’t feel up to going one weekend, then I can simply stay at home.
The only thing we need to be careful of is making sure we are getting rid of items and not collecting junk. My dad and I agreed that if things start collecting up too much then we would not go back to the auctions until we have sold most of the items. So far, we have been at this for a little over a month and plan to go to the auction this Sunday and we have NO extra items right now to sell. We have sold everything we have previously purchased. Luckily, my house has plenty of space to store these items since we own two garages but I could see this being a little tough for someone who has minimal space.
Below are some examples of items we have purchased and resold.
I’m really happy with how it is working out and the fact that I enjoy doing it makes it even better! I just wanted to share my extra cash ideas with anyone out there looking for ideas! If anyone has any questions or wants further advice on how to make extra cash, shoot me a comment and I’d be happy to answer any questions you might have! HAPPY FRIDAY!