Adventures in Buying a Ferrari for $2

[Splash Pitman]

Good luck to you. An interesting challenge.

My only critique is it doesn't seem like anyone else could replicate it as your sources seem too good to be true. Who is selling cuccinelli cashmere jackets for $18 and asprey alligator wallets in perfect condition for $2?

What's next? A draw full of pateks for $50 each?

It would be nice to hear a bit more about how you procure the next step, afterall the thrill is often in the chase.

Yea the more I see the more I think it's some ego trip that some rich guy is doing to make the average Joe seem beneath him , I mean he obviously makes a **** ton of money reselling so why not make it look like a quest when the rest of us are working to feed our families and putting a roof over their heads .
Anyone that has had a real job knows that the more you make the bigger hit you get tax wise and there's never enough loose change left to buy a Ferrari .

 

[sugarbutch]

Guzzling all that haterade, be careful not to choke...

 

[LA Guy]

Yea the more I see the more I think it's some ego trip that some rich guy is doing to make the average Joe seem beneath him , I mean he obviously makes a **** ton of money reselling so why not make it look like a quest when the rest of us are working to feed our families and putting a roof over their heads .
Anyone that has had a real job knows that the more you make the bigger hit you get tax wise and there's never enough loose change left to buy a Ferrari .

Yeah man, this is pretty unwarranted. I mean, why the hate?

 

[ORLThrifter]

Ferrari

 

[SJR3]

Yeah, I think that it ought to be more fair that way. Also, and this is just my personal opinion on this game, but it ought to be only items that you pick up with the proceeds, not items that you already have at the ready. I mean, that adds to the tension in trying to beat the clock, right @SpooPoker ?

Yes, exactly this.

I'm not hating on @SpooPoker . I don't know the guy, but I think it's awesome he can afford a Ferrari from a pretty cool hobby turned job. However, I really don't see the point to this thread. I thought it was going to be like the red paperclip thing. Instead, it's appearing more like "I run a business which makes a profit. By the end of this year, I'm going to buy a Ferrari with some of that profit."

Which, again, that's really cool, but that's entirely different than the premise of this thread as I understood it.

 

[JohnAAG]

I agree that more data and/or guidelines with regards to how he's sourcing product, deciding what to sell each cycle, and how he's handling the earnings from each sale would be valuable. Not because I feel I'm "owed" that information. But because those insights would make this a more meaningful business case study (for me anyway).

I also agree that only sourcing new products for each cycle after the conclusion of and with the earnings from the previous cycle would be more in the spirit of the project. I'm pretty sure that's what he's doing, but some clarification would probably be appreciated.

Anyway, I'm less interested in "what" he chooses to sell (Spoo does get great stuff, but so far nothing he's selling has been that unbelievable; check the Thrift thread for examples of what others find on a fairly regular basis). I'd just like to know more about "why" he's choosing "X" items from a strategic viewpoint. That info could make his project strategy more relevant to almost any other category of products.

But we're all busy people and I don't expect anyone to take the time to offer deep explanations about his/her business practices. Any lessons I can learn from those with more experience are appreciated.

Cheers!

 

[SpooPoker]

@SpooPoker I had some questions about your strategy for this project, if you're willing to share some insights:

1. When re-investing each week, have you decided to go with more of a volume strategy (spread buying costs over several "smaller" pieces like you did this week) or try and target "bigger and better" pieces each cycle? Or will it vary based on what inventory is available to you?

2. How are you working with the earnings each cycle? Keeping some in reserve to build the bank? Re-investing as much as possible to increase earnings? If you are keeping some earnings, have you worked out a percentage target for each cycle (for example, 40% retained, 60% reinvested)?

This is already a fun project to follow! I'd just find it a little more interesting if we know what your targets were week to week. You know: "It's week 37, and Spoo's goal is $20,000 in sales! Will he make it????" Adds some drama

Cheers!

Ha, all good questions. Let me circle back to you on this. This has been a week of 18 hour days non stop, so Im behind the gun on lots of stuff - ill get you a detailed answer shortly.

Good luck to you. An interesting challenge.

My only critique is it doesn't seem like anyone else could replicate it as your sources seem too good to be true. Who is selling cuccinelli cashmere jackets for $18 and asprey alligator wallets in perfect condition for $2?

What's next? A draw full of pateks for $50 each?

It would be nice to hear a bit more about how you procure the next step, afterall the thrill is often in the chase.

Thanks much. Its my job to find those deals, they actually exist. I cant reveal all sources of how, but ask anyone on the thrift thread, they are all real and they are all accurate.

why are you not removing the ebay fees and any shipping cost?

Shipping cost is not included, we charge the buyer shipping, they pay shipping, I pay FOR the shipping, thats a wash and I dont profit from that.

eBay fees and sales tax (if applicable) on my purchases I made the decision to not include from the jump. You're right, in the net net nitty gritty that all counts, but for the purposes of this thread, im keeping it at a very basic level of purchase and sale. My wife who keeps the books, is quite on it for her end!

Yeah, I think that it ought to be more fair that way. Also, and this is just my personal opinion on this game, but it ought to be only items that you pick up with the proceeds, not items that you already have at the ready. I mean, that adds to the tension in trying to beat the clock, right @SpooPoker ?

Cant work that way. We list 10 day auctions, right? so by your math, Id have to sell the item on Sunday, buy something in 72 hours, then have it processed, measured, and shot and then listed? If that were the case we would only be able to list every 2 weeks, we cannot process an item in 72 hours (though Im sure I can find them ). Also what if the buyer doesn't pay? I think the first few weeks that you're seeing is kind of tripping up the process - after 2/3 weeks of sales, its all just snowballing into the bankroll. I agreed with what you said about waiting for the first wallet to end, that was the right call. So now we list the items after Ive been paid for the wallet. And a week from tonight, more go up which have been procured from the wallet proceeds. Net net, really just the first three weeks of sales end, its a continuous flow. Make sense?

Yea the more I see the more I think it's some ego trip that some rich guy is doing to make the average Joe seem beneath him , I mean he obviously makes a **** ton of money reselling so why not make it look like a quest when the rest of us are working to feed our families and putting a roof over their heads .
Anyone that has had a real job knows that the more you make the bigger hit you get tax wise and there's never enough loose change left to buy a Ferrari .

buddy Im working to feed my family and put a roof over my head every second of the day. My point of doing this (again) is not to say, hey, look at me, Im rich and drive a Ferrari, its to say that hey, look at that, thats a pretty creative way of using your talents to make a dream come true. And I am not a rich guy, for the record.

Yes, exactly this.

I'm not hating on @SpooPoker . I don't know the guy, but I think it's awesome he can afford a Ferrari from a pretty cool hobby turned job. However, I really don't see the point to this thread. I thought it was going to be like the red paperclip thing. Instead, it's appearing more like "I run a business which makes a profit. By the end of this year, I'm going to buy a Ferrari with some of that profit."

Which, again, that's really cool, but that's entirely different than the premise of this thread as I understood it.

What was not clear in the first post? I think it was perfectly clear that I was taking an investment of two dollars and moving it up through a series of calculated flips to make my target in 18 months, for which I would buy the car. Im not using consignment proceeds, or any other proceeds towards it.

The point of doing this which @JohnAAG asked, is to show WHICH pieces I invest in to get there, and thats the interesting part. For example - the other day I got an attolini suit for $39. Now do I put that in the queue for the flip? Or do I put the Gucci scarf I got for $2? The Attolini suit would sell for probably $250, the Gucci scarf maybe $50. The thought process on what to "bet" on was the interesting part, to me anyhow.

I agree that more data and/or guidelines with regards to how he's sourcing product, deciding what to sell each cycle, and how he's handling the earnings from each sale would be valuable. Not because I feel I'm "owed" that information. But because those insights would make this a more meaningful business case study (for me anyway).

I also agree that only sourcing new products for each cycle after the conclusion of and with the earnings from the previous cycle would be more in the spirit of the project. I'm pretty sure that's what he's doing, but some clarification would probably be appreciated.

Anyway, I'm less interested in "what" he chooses to sell (Spoo does get great stuff, but so far nothing he's selling has been that unbelievable; check the Thrift thread for examples of what others find on a fairly regular basis). I'd just like to know more about "why" he's choosing "X" items from a strategic viewpoint. That info could make his project strategy more relevant to almost any other category of products.

But we're all busy people and I don't expect anyone to take the time to offer deep explanations about his/her business practices. Any lessons I can learn from those with more experience are appreciated.

Cheers!

^^ Yup, and as noted, more on that later!

 

[DerekS]

Yea the more I see the more I think it's some ego trip that some rich guy is doing to make the average Joe seem beneath him , I mean he obviously makes a **** ton of money reselling so why not make it look like a quest when the rest of us are working to feed our families and putting a roof over their heads .
Anyone that has had a real job knows that the more you make the bigger hit you get tax wise and there's never enough loose change left to buy a Ferrari .

some people choose to whine, some people choose to set goals, work harder, and make **** happen. Its pretty clear which of those you fall into.

 

[A Canuker]

It's a good story about one man and his adventure, I'll read the book. It's so much easier to beat others down then it is to do the hard work so I'll be happy to cheer Spoo on, mooch some of the inspiration and leech a little of his drive for myself.

Thanks in advance bud, count me in to take a spin when I finally make it down to the storefront.

 

[DerekS]

Good luck to you. An interesting challenge.

My only critique is it doesn't seem like anyone else could replicate it as your sources seem too good to be true. Who is selling cuccinelli cashmere jackets for $18 and asprey alligator wallets in perfect condition for $2?.

bro. theyre out there if you put in the time. youll find a lot of nothing most of the time, then youll find a cashmere brioni blazer for $5 the next time.

 

[steveoffice]

best of luck spoo!

im inspired to go thrift shopping this weekend. maybe i could get a nice watch out of it after 2 -3 years of it.

 

[SpooPoker]

best of luck spoo!

im inspired to go thrift shopping this weekend. maybe i could get a nice watch out of it after 2 -3 years of it.

you can do it! (just dont do it in my stores )

 

[JohnAAG]

bro. theyre out there if you put in the time. youll find a lot of nothing most of the time, then youll find a cashmere brioni blazer for $5 the next time.

This ^^

IMO, putting aside experience and expertise, if there's one place Spoo has an advantage over the "average" person trying the replicate this project, it's his established sales channels. Spoo can post X product on ebay and within 10 days be almost 100% guaranteed to generate some revenue from the sale, even if it doesn't always sell for as much as he'd like. Most of us may have to sit on the same product for a lot longer before we see a return.

But, for me, this "advantage" just emphasizes the importance of establishing and maintaining a stable and relatively predictable revenue stream for your business. It's the big difference that allows Spoo to say "in 18 months" when many of us are still saying "one day ...'

 

[hooker4186]

I have been enjoying this thread and hope all the threadshitting doesn't cause Spoo to pull the plug. I admire Spoo's hustle - sure for the average guy (speaking as one with experience in multiple years of thrifting / reselling) the results may not be 100% replicable, but anyone who observes for more than a minute can see that Spoo makes his own luck by working hard and by being a good guy that people want to do business with on both sides of the transaction.

I don't really have time to thrift or sell anymore but when I did I learned a ton from Spoo by observation and by him being free with advice - I never operated near the levels he did, but I did find it's possible to make money, and even pretty decent money. Hell, there were a few months when I first moved to NYC that the only way I made rent was from the hustle.

Dudes criticizing on technicalities of whether or not fees are included, lighten up and have fun.

Dudes criticizing that this isn't real or realistic - dude has a brick and mortar store. I have personally bought and sold multiple times from Luxeswap (and pre-Luxeswap now I think about it). Just because you lack the vision and drive or at least the ability to appreciate it in others doesn't mean it's not out there.

 

[LA Guy]

Cant work that way. We list 10 day auctions, right? so by your math, Id have to sell the item on Sunday, buy something in 72 hours, then have it processed, measured, and shot and then listed? If that were the case we would only be able to list every 2 weeks, we cannot process an item in 72 hours (though Im sure I can find them ). Also what if the buyer doesn't pay? I think the first few weeks that you're seeing is kind of tripping up the process - after 2/3 weeks of sales, its all just snowballing into the bankroll. I agreed with what you said about waiting for the first wallet to end, that was the right call. So now we list the items after Ive been paid for the wallet. And a week from tonight, more go up which have been procured from the wallet proceeds. Net net, really just the first three weeks of sales end, its a continuous flow. Make sense?

It makes sense, but maybe you/we could stipulate that it has to be new goods procured, rather than stock you already own, which seems to be loading the dice a bit?

I'm definitely not saying that you can't borrow against your earnings, but it seems that an integral part of the game is your ability to find the next links in the chain in a timely fashion.

Some weeks for you might be slow weeks for thrifting, and then you need to play catchup. Other weeks, you might have a gangbuster week, and use some of that previously unused thrifing money from this project, etc... It would seem to give the game a bit more uncertainty and variability, which would make it more exciting, at least for the rest of us.

Otherwise, it's simply a matter of seeing that you can resell well, something that is pretty cool, but which we already know. I'm more interested in seeing whether you can do this within the timeframe, than whether you can do it, which we already know that you can.