Floridian Finds Fair Value Flipping Furniture
Today story call center. Employees in central florida binds that restoring furniture too hard with a bit of technique and finesse actually learned a lot in a short period of time. He goes from learning the ropes to budding side-hustle to actually running it as a full time business. I'll tell you exactly how it works. Then he makes another change another career change. That demonstrates y improving. Your skills is so important. It's a big part of this message. I try to bring every day and by the way. Welcome to school. My name is christina. Abo- i have the privilege of bringing you the sharpie day and ultimately it's about encouraging you to diversify your income to create more options for yourself and not just options to be overwhelmed but more options to create more security so that you have a backup plan so that you have more income coming from different places you're not reliant on one source etc so often talked about these things about diversifying. Your income can give you freedom insecurity. Well this story illustrates it really well and it also happens with no debt and very little stress so perhaps the archetype of a model to follow no debt very little stress increasing your freedom and security stories called floridian finds fair value flipping furniture in. Yes i did have fun coming up with that title. The stories coming up in just thirty seconds in two thousand twenty one. A truly diversified portfolio needs more than the mix of stocks bonds and mutual funds. It really needs private. Real estate studies have shown that portfolios with an allocation to private real estate generally delivered a better risk adjusted return with more annual income and lower volatility over the past two decades now with fundraise. This level of powerful diversification is available to you. Fundraise has been a partner of the show in the past. But i also use fund rise. I am a fundraiser investor myself. That's not something. I am required or even encouraged to do but i have really been personally impressed with the platform so i started talking about this in conversations that are completely unrelated to the podcast. So i think they're doing something really really interesting. I want to encourage you to see for yourself. How one hundred and thirty thousand. Investors have built a better portfolio with private real estate. It takes just a few minutes to get started. Go to fundraise dot com slash side-hustle today that's f. u. n. t. r. e. dot com slash side-hustle conroy's dot com slash side hustle ryan krones inspiration for his side. Assault came from a close source. His wife jessica late two thousand eighteen just restored their running room furniture to reflect a farmhouse style. One morning shortly after ryan was getting ready for his job and call center management. They got to talking. Jessica mentioned people would pay good money for refurbished furniture. Like how much right asked probably five hundred dollars for a dining room table. Jessica set intrigued. Ryan asked her to teach him how she painted their table. She did and within a week. Ryan was restoring an old dresser. They purchased for thirty dollars off facebook marketplace. The restoration involved ryan putting on a new coat of paint which only took a couple of hours as well as fifty dollars in supplies. This included a ten dollar paintbrush amazon along with the paint from lowe's although he had no previous refurbishing experience ryan realized. He loved the task when he listed the dresser back on facebook marketplace. It's sold within two hours for one hundred and fifty dollars. He and jessica were shocked at how quick it happened. It wasn't much work for a seventy dollar profit and even better. This was the first time they tried my able to replicate or even improved results. So for the next piece ryan refurbished up to the sale price. It sold in less than a day bufton polish with success. He started searching for more pieces of furniture at garage sales auctions and on facebook. He didn't have a truck at the time so he would borrow one from family or friends in order to source multiple pieces in a single day after refreshing them with paint or stain he would list them online with each one profit between one hundred and fifty to two hundred and fifty dollars since you've listed solely on facebook marketplace and didn't advertise ryan didn't have to pay any costs for marketing is. He began to scale up. He would work on several separate pieces at once. He devised a rotation process in his garage which allowed him to apply three coats to three or four pieces a day. You got even faster once. He learned how to do. Stained wood tops. This feature increased the value of his furniture still further. It allowed him to take a fifty dollar dresser and sell it for up to three hundred dollars in fact. Here's a fun anecdote. Brian purchased one particular piece from a garage sale. For fifteen dollars. Hit looked on. Its own so he ended up selling it as for two hundred dollars not a bad return on investment for practically no work the most challenging part of this project was learning the technique of making furniture reflect that farmhouse style. He messed up a bunch of pieces because he didn't apply the paint or stay in a certain way. Sometimes he could recover them sometimes not sometimes he would distress the coats of paint too much but through trial and error ryan perfected the skill. The furniture flipping continued part time for several months. Meanwhile he was growing more and more than happy. It is corporate job so in august. Two thousand nineteen jessica convinced him to quit and try flipping furniture fulltime. He finally got his own truck and focused on the furniture. Business bringing in between two thousand and three thousand dollars a month. Although this was less than he made it as corporate job he was much more content. Ryan did this for about nine months. Also helping out with jessica's wedding photography business earlier this year. He got a chance to go back to work in call center management but with a twist. This time he found a dream job working remotely as a supervisor. This rule enables him to be close to his family also getting a regular paycheck with benefits. He's quick to note that the furniture flipping business will always be one of his reliable income. Sources it's not mentally taxing and he rebels in the opportunity to be creative. Best of all it serves as a solid backup plan so check this out. This story is a wonderful example of something that anybody can do. And when i say anybody can do like let me just kind of break this down because you might think. Well i'm not handy. I'm not either just just to be clear but it's not so much about being handy. Renovating is a lot like reselling of any form so reselling. I sometimes say one way or another. Everybody can do it. So maybe furniture isn't your market. What about computers or cameras or cars or high end kitchen blenders or upscale fashion items. These are just a few markets in which it's possible to make a good profit by acquiring items on making some kind of change or improvement and then selling those items to a new owner now. The chain improvement can be something substantial. You could be like overhauling the entire car. Let's say it can be maybe somewhere in the middle like a lot of furniture renovation is. it can't be purely aesthetic. In some cases you do run into situations like the dope from ryan where he found something and then thought about making a change to it but decided it's actually pretty good as it is in that case he paid a pretty low price borden was able to resell it for for a fantastic profit margin. So that doesn't happen all the time of course but you know as you kind of delve into this. Sometimes it does so. It's one of these things that everybody can do. If you're trying to figure out what's my next. How can i create a source of income. That is a good back-up plan for me. Something in this direction is worth considering. So i'm gonna leave you with today. Inspiration is good but inspiration with action is so much better.