This is so simple that you will wonder how come you have never thought of it before. This is a consistent steady money maker that really requires very little work, though it does take a little bit of money.
Have you heard of penny auctions?
Imagine if you had discovered eBay as a place to buy things before everyone else did? I have always been pretty "plugged-in" in regards to the internet and I did. I will tell you the deals I got there were ridiculous. I never used it to make money, but I did use it to save a ton. I find most things sell on ebay now for about what they are worth. There are so many buyers there that bids just go up and up and up. In fact, many people use eBay as their first stop when looking for something to purchase now. It's the first place I go when thinking about a used car.
So, penny auctions. There is a second generation of online auctions that is just now getting started. The deals are there like they were on eBay in the beginning. Only now I know how to make extra money on them. There are two methods to do this. The results are different so I will share both here.
The first thing you need to do is join a penny auction site, there are several out there but rather than trying to track auctions at multiple sites stick with just one. I use Quibids, I did try a few others, and this is the one I have stuck with the longest. Their url is www.quibids.com
Make money from penny auctions.
So, here is what we are going to do. We are going to buy products on the penny auction site with the intent to resell them. Then at the end, I am going to share some tools to help increase your earnings.
Pick any product on the site, really anything it doesn't matter. Look it up in two places, eBay and your local craigslist. You will notice a difference in prices. Ebay is generally more than craigslist. It goes to what I said above, they just have more buyers. So why do you want to look at both?
If you need to get your cash back fast, craigslist is the way to go. It has never taken me more than 48 hours to sell something on craigslist. That's 48 hours from when I posted the ad to when I met the person at Starbucks and gave them the product and got my cash. (Always meet your craigslist buyers in a public place, never let them know where you live. Actually I even go so far as to have a tracphone just for craigslist business and not give out my real number.)
One other thought about craigslist. I sold three iPad's on craigslist before I found the right price. The first one I under priced and could have sold it a hundred times. The second I was a little over priced and my first inquiry took two days, but he did buy it. I dropped the price a little on the third and sold it in one day with only three inquiries about it. eBay is little more forgiving if you miss the price.
Which brings me to the times you would use eBay. All your auctions on eBay should be at least four days. Then you also have to ship the product to the buyer. It takes a little longer, and is a little more work. You should be fine though as the prices are generally higher on eBay sales. The other good thing about eBay is you don't have to talk to anyone. Generally buyers bid without asking questions, and send you their shipping info and payment as soon as the auction ends. You come home from work package and ship their product.
That's it. I sell three to four things a week on eBay that I buy from quibids. I stick to electronics because they always sell and they have a high profit margin. Also, I cheat. I found a program that helps me on quibids (another reason to stick with them.) Bid-Ninja is the program. What it does is it analyzes activity on quibids and then shares that info with you. This allows you to know what you should pay for something. So you stumble across what looks like a really good deal on an iPad. Bid Ninja will tell you if it is. Then you know if you should bid on that auction or look for another.
Even though that's a great feature, here is the real benefit. While you are at work, fixing dinner for the kids, taking them to soccer practice or any of the other myriad of things we have to do, bid ninja bids for you.
Remember I said this system was easy. I put maybe three hours a week into buying products on quibids using bid ninja, then posting on eBay and shipping out. In the last six months I made $4,825 from doing this. That breaks down to $61 bucks an hour for a part time job. I only plan to increase that as I save up money to buy more inventory to resell.
Try this out and come back and leave me a comment about how it worked for you.