Ever buy a tool strickly for resale?

[vfr-rider]

Yesterday I picked up a SO 1/4" air ratchet $27.50, IR 3/8" air ratchet $27.50, and a Blue Point 100pc Gen Repair Set for $100 from a pawn shop. I figure I can turn the ratchets to a parts/tool customer of mine for about $70ea but I knew the BP set was gold. I got home and wiped all the sockets and wrenches down, snapped some pics and dropped it on ebay for .01cent no reserve but a buy it now for $270. I woke up this morning and thanked the Lord, it had been purchased overnight and the money was already in my Paypal acct!


Let's hear about your windfalls on tools you've picked up just to resell for a profit.

 

[TheDogHouse]

Praise Jesus, that was a glorious find! Congratulations!

 

[Crusty Nut]

Yep, I recently bought a band saw for $40. I put in $17 in parts and it sold for $190 in 15 minutes.

 

[fury9]

I did, but being the junky I am I couldn't sell it, this includes my krl1022 and my milwaukee bench grinder as well as my harleyand some other ****. I just can't sell the **** I like it too much:tard:

 

[bigcaddy]

I do all the time. I pick up large amounts of tools at sales, sort through it and then see what i could use, what would make a good upgrade or not get attached and sell it for a nice profit.

I keep a huge mental list of numbers in my head of what i have spent on particular items and it takes me a while to justify some of them. I spent 250.00 at a sale for a ton of matching 1943 Plomb tools, 1960s Wilton C1 and a 1944 Snap on tool box.

I couldn't bring myself to sell the Plomb stuff and i started to get attached to the box so the vise had to go. It sold for 275.00 a month later so everything else was free.

 

[GSteg]

It doesn't happen very often for me. I buy but then I end up wanting it for myself so the tools never get sold

 

[3dkustoms]

I tell my wife all the time that all the tools I pick up at the flea markets and auctions are for re sell, but some how I clean them up and they find a new home in my box. One day she will catch up with me

 

[chris142]

I keep looking at the last of the craftsman made in usa 1/2 drive metric impact socket sets at osh and telling myself I could resell them. they are a nice set

 

[Steevo]

Lords and jesus' aside, I have bought a fair number of things at auction that i had no intent of keeping. I have turned a lot of item s for more than I paid, all based on knowledge of the market rather than divine guidance or intervention.

 

[vfr-rider]

Lords and jesus' aside, I have bought a fair number of things at auction that i had no intent of keeping. I have turned a lot of item s for more than I paid, all based on knowledge of the market rather than divine guidance or intervention.

Poor attitudes aside, I am glad you were blessed with the brains to determine what was a good deal and what wasn't.

 

[RivennHewn]

Some months I make more selling online than I do at my day job.

Too bad the CL flakes have taken over, and the stupid sellers that sell flashlights and **** mis-catagorized on Ebay

 

[Brad54]

I've very recently had a pretty good run... I lucked into a junkyard that had a fall-down building on it... picked through and found a few tools... some I sold, making a little profit, and got to keep some things like the Vise Grips welding clamps, for free.

I was just at the pawn shop and picked up a VERY nice Blue Point tubing flare kit exactly like the one I have, and it was in unused shape. New, it sells for $155. I paid $42 and had it sold for $100 two days later.

Last summer I was at a flee market and picked up several loose tools... sold the Snap-on bits here and at my swap meet, and ended up getting a few snap-on piece for free and a little money on top of it.

i've been hunting pretty hard lately, trying to buy low and sell high. It's rare I've ever been able to!


-Brad

 

[vintagefan]

Yes, but when I do, it gets logged and reported when I turn in my taxes.

Not reporting income is a moderate risk for most hobbyists, but it's a HUGE risk for anyone that runs a home business, or anyone that reports self employment income while working a day job.

Even though most folks seem to look at flipping income as part of their "hobby", I absolutely guarantee you that Uncle Sam won't agree with you. If you think the IRS won't dig deep enough to find your internet sales via eBay and your paypal account, you're wrong.



This doesn't have to do with whether I agree with the taxes... it has to do with my willingness to take the risk of getting in some very serious trouble if I were to get audited, and had a repeated pattern of not reporting side income.

 

[Mustang1167]

Channellock locking pliers...havent been able to part with them yet.

 

[DertyWerk]

Picked up a pair of knipex plier wrenches at Sears for $43.98 may sell one and keep the other. Should have grabbed all 5 of them

 

[radgto]

Bought about 5 things from the hot deals thread to sell and ended up keeping everything so far

 

[purevl]

Nope. Not that I've never sold anything, but it's been because I replaced it, found it didn't live up to my expectations, or bought it in a lot with other stuff I needed. I've never purchased anything just to re-sell, "flipping" is against my moral code.

 

[garfunkle24]

Poor attitudes aside, I am glad you were blessed with the brains to determine what was a good deal and what wasn't.

Assuming that someone has a poor attitude because they disagree with you is in fact a poor attitude to have. You know, besides being preachy and highly annoying.

 

[Lookin4'67Galaxieconv]

Nope. Not that I've never sold anything, but it's been because I replaced it, found it didn't live up to my expectations, or bought it in a lot with other stuff I needed. I've never purchased anything just to re-sell, "flipping" is against my moral code.

Well, isn't that special?

Nothing at all wrong with buying low and selling high to make a profit. It's called capitalism and it's why you enjoy the lifestyle you do today.

 

[purevl]

Well, isn't that special?

Nothing at all wrong with buying low and selling high to make a profit. It's called capitalism and it's why you enjoy the lifestyle you do today.

Actually, no, it isn't. Capitalism is a broad economic model that encompasses all sorts of buying and selling, more accurate words for what you describe are "profiteering" and "opportunism." If the lifestyle you are referring to is being underemployed because the job market ***** as a consequence of years of just such profiteering, then I agree.

 

[concealer404]

Actually, no, it isn't. Capitalism is a broad economic model that encompasses all sorts of buying and selling, more accurate words for what you describe are "profiteering" and "opportunism." If the lifestyle you are referring to is being underemployed because the job market ***** as a consequence of years of just such profiteering, then I agree.

You're going to have to explain how flipping tools hurts the job market if that's the point you're trying to make.

Simply because maybe i'm too stupid to ever figure out how you arrived at that completely unrelated conclusion.

 

[KPSquared]

And someone decides to take a dump in another great thread. . .what an idiot.

I rarely take the opportunity to flip tools but I have a close friend who does all the time. He's a pawn shop junkie with crazy connections. Picked up 3 Husky chainsaws for $75 and sold one for $200. . .

 

[richfinn]

Religion/Politics are hobbies for crazy people

 

[powertrip]

Religion/Politics are hobbies for crazy people

And with that moronic comment we seem to have hit the bottom of the barrel.
Thank you everyone for playing.
Tune in next time as we find a new ways to bash sears.

 

[richfinn]

And with that moronic comment we seem to have hit the bottom of the barrel.
Thank you everyone for playing.
Tune in next time as we find a new ways to bash sears.

Sense of humour bypass?

 

[Fordman7795]

Yes i have bought tools to flip. Buy 2 for 1/2 price, sell one for full price, keep one for "free".

 

[Fordman7795]

"flipping" is against my moral code.

rumor is that stores that sells stuff flip items. you should probably never buy anything ever again unless the seller can prove is selling it for a loss

 

[egnorant]

For resale?...bout used that excuse up!

Caught some grief about my tool addiction once, so I agreed to stop!
Then I went and got a tattoo and a pistol....told her these were my new hobbies!

It was kinda great that she helped me unload my "new" 1957 Craftsman rollaround toolbox and gave me a 3/8 Snap-on wobbleheaded bent handle ratchet for my birthday.

Now the only comments I get are "Ohh shiny" or "what was the original color" and an occasional "What does that do?" I think the worst comment I have gotten in the last year are "But you already have 2 of those!" and " What are you going to use it on, you don't even know anyone with a model T!"

Bruce

 

[purevl]

You're going to have to explain how flipping tools hurts the job market if that's the point you're trying to make.

Simply because maybe i'm too stupid to ever figure out how you arrived at that completely unrelated conclusion.

My point was that capitalism is not as simple as "buy low, sell high" and that profiteering (on mortgage-backed securities) is what caused the financial collapse. Lookin4'67Galaxieconv implied that his oversimplified definition of capitalism somehow improves my quality of life, all of which is inaccurate.

Here's my stance, in a nutshell: If I, for example, go to sears to buy a couple of clearance sockets that I need only to find that the racks have been cleared and then see someone selling them at 10x the price I don't think "Thank God for capitalism in action!" I think "What a tool." Why would I want to BE that tool? "Do unto others" becomes unpopular in a hurry around here when people are making a quick buck.

And someone decides to take a dump in another great thread..what an idiot.

Yes, "God Himself guides me to easy profits" was on it's way to becoming Thread of the Year before I derailed it by responding to the initial question-that-wasn't-a-question, like an idiot

 

[cbacres]

Heck yes I'll flip tools that I dont need or like as much as my others. ( just cant speak the words " don't like a tool")

Thank ( insert whatever you want here) that we all flip/sell/trade tools, as we all ( or most) get to have some tools we otherwise may not spend the money on.I would not have near the tools I have because I would of not spent retail to buy. And since Obama is not likley to set up a tool program for all, I'm going to sell and (oh your god) sometimes make a profit and go on to buy even more tools.

No divine intervention here, just knowledge of what stuff is, dump luck, teachings from my late Dad, and the desire to have a little more ( tools, which I equate to quality of life)

To each their own, I believe in that I'm going out to the shop and get into that 12 pack early and worship my tools that I'm using to build a chicken house.
Long Live the Classifieds on GJ

 

[vintagefan]

My point was that capitalism is not as simple as "buy low, sell high" and that profiteering (on mortgage-backed securities) is what caused the financial collapse. Lookin4'67Galaxieconv implied that his oversimplified definition of capitalism somehow improves my quality of life, all of which is inaccurate.

Here's my stance, in a nutshell: If I, for example, go to sears to buy a couple of clearance sockets that I need only to find that the racks have been cleared and then see someone selling them at 10x the price I don't think "Thank God for capitalism in action!" I think "What a tool." Why would I want to BE that tool? "Do unto others" becomes unpopular in a hurry around here when people are making a quick buck.


Yes, "God Himself guides me to easy profits" was on it's way to becoming Thread of the Year before I derailed it by responding to the initial question-that-wasn't-a-question, like an idiot

QFT, selling the same tool over and over and over does not magically add money into our economy, especially if it's being sold top dollar for profit, instead of that money going towards purchases that involve recent raw materials manufacturing.

That said, I've already complained in another threads about flippers wanting something for nothing... they want to play like the big boy resale businesses, but without paying any of the taxes, business licensing, home use permits, or other associated expenses.

As I had mentioned, flipping isn't illegal itself, but the common practice of tax evasion while flipping sure as heck is. People think because they're doing it as a hobby, all of a sudden it doesn't count as income.


The funny thing is, if these guys went legit, started reporting it as self-employment income, but also started writing off purchases as business expenses, they could still do their flipping and stay 100% legal with barely any tax consequence (which is what I've done to some degree).


I also agree that there is some moral element involved with going overboard on it, which some guys here just don't seem to get.

It makes me wonder if they were the ones that would try to sneak an extra slice for themselves on pizza day.

 

[Cookannapurna]

In a word yes. It keeps me in tools of my own. I do not do it to put food on my table, nor will I take advantage of anyone's warrantee.

I use it as a way to put tools in my box that I need or want. I will buy or trade for anything I think that I can make buck on or trade for something I want.

I have been on a good streak the last year or so. My profits/trades have been to the level to balance my purchases.

Now I can tell my wife that my addiction is not costing anything.

 

[powertrip]

QFT, selling the same tool over and over and over does not magically add money into our economy, especially if it's being sold top dollar for profit, instead of that money going towards purchases that involve recent raw materials manufacturing.

That said, I've already complained in another threads about flippers wanting something for nothing... they want to play like the big boy resale businesses, but without paying any of the taxes, business licensing, home use permits, or other associated expenses.

As I had mentioned, flipping isn't illegal itself, but the common practice of tax evasion while flipping sure as heck is. People think because they're doing it as a hobby, all of a sudden it doesn't count as income.


The funny thing is, if these guys went legit, started reporting it as self-employment income, but also started writing off purchases as business expenses, they could still do their flipping and stay 100% legal with barely any tax consequence (which is what I've done to some degree).


I also agree that there is some moral element involved with going overboard on it, which some guys here just don't seem to get.

It makes me wonder if they were the ones that would try to sneak an extra slice for themselves on pizza day.

You have been on a hell of a "pay your taxes" rant lately, and not just on this thread. Do you secretly work for the Govt/IRS? I dont believe we have a tax problem in this country, we have a spending problem.

 

[lithdoc]

Bought over 150 of those craftsman professional mini pliers several years ago for $0.27 when they had the $5 off $5 coupon. Basically, they had craftsman club savings which made the pliers $4.99, but when combined with a carpenter pencil and tax they came out to $0.27. I discovered my stash about 1 month ago, put them all on ebay for buy it now for $6.99 plus $1.99 shipping and all were sold in 4 weeks!

 

[vfr-rider]

Poor attitudes aside, I am glad you were blessed with the brains to determine what was a good deal and what wasn't.

Assuming that someone has a poor attitude because they disagree with you is in fact a poor attitude to have. You know, besides being preachy and highly annoying.

I figured it was hard for anyone to miss the cynicism in his post but here it is again:

Lords and jesus' aside, I have bought a fair number of things at auction that i had no intent of keeping. I have turned a lot of item s for more than I paid, all based on knowledge of the market rather than divine guidance or intervention.

So, reading it again, you could see why I said that.

Why do we have to take an initially positive topic and skew it because I chose to give give thanks to my savior for blessings I believe he gave to me? No where did I say YOU had to praise him. You're right though, negativity is quite annoying.






Sent from my PG41200 using Tapatalk 2

 

[garfunkle24]

I figured it was hard for anyone to miss the cynicism in his post but here it is again:






So, reading it again, you could see why I said that.

Why do we have to take an initially positive topic and skew it because I chose to give give thanks to my savior for blessings I believe he gave to me? No where did I say YOU had to praise him. You're right though, negativity is quite annoying.






Sent from my PG41200 using Tapatalk 2

Is someone who is being overtly cynical of Christian beliefs displaying a poorer attitude than someone who is overtly expressing Christian beliefs?

 

[MR_T]

Yes, but when I do, it gets logged and reported when I turn in my taxes.

Not reporting income is a moderate risk for most hobbyists, but it's a HUGE risk for anyone that runs a home business, or anyone that reports self employment income while working a day job.

Even though most folks seem to look at flipping income as part of their "hobby", I absolutely guarantee you that Uncle Sam won't agree with you. If you think the IRS won't dig deep enough to find your internet sales via eBay and your paypal account, you're wrong.



This doesn't have to do with whether I agree with the taxes... it has to do with my willingness to take the risk of getting in some very serious trouble if I were to get audited, and had a repeated pattern of not reporting side income.

So is there a dollar amount beyond which the the IRS requires reporting of supplemental income ? Lets say I make less that $ 1000 a year from my various hobbies, should I be reporting that as income ?

 

[TheDogHouse]

Is someone who is being overtly cynical of Christian beliefs displaying a poorer attitude than someone who is overtly expressing Christian beliefs?

Sir, logic like this is not welcome on GJ, as it is too logical.

Does anyone know what my KRL is worth?

 

[2oolhound]

A local pawn shop had 2 sets of truck brand combo wrenches new in the box for $75.00. One of my fav brands but in metric which I had covered in another fav brand so I held off buying them. They sat for 5 years or so until I finally bought a box last month for $67.00 with taxes. I sold them on ebay for $150ish then went and grabbed the other set for the same money. As much as I like the 2nd set which is basically free at this point I'll likely sell them too to finance a rare set of other wrenches I paid top dollar for with a buy now of $250.00. These 2 wrench sets will make me $150 in profit so the cool set I really wanted and paid $250.00 for was supplemented by my wheeling and dealing and so will only cost me $100.00 to own. Otherwise I never could have justified paying top dollar for the set I bought on ebay.

Confession: I didn't want to flip those wrenches, a powerful force made me do it!
Besides, it felt ****** good to get one up on a pawn shop for a change!

 

[canuckian]

Ive bought 2 tools (sets) purposely to flip. Did pretty good on one. The other I'll do ok on I think. The rest of the tools I've sold were because they were either duplicates or I had found a newer or more applicable version and for those, I simply asked for what I had into them plus shipping. I think if a person had the time and product availability, they could do pretty well. Don't know much about how the IRS or the revenue agency here in canada so can't comment on the tax side of things or how deep they'll dig. The only flippers that bother me are the ones that take advantage of people that are in a rough spot, like families that are selling a deceased loved ones tools. The family generally knows nothing of the value and the vultures swoop in, convince the mourners that the tools are worth pennies and then turn around and sell them on eBay or wherever for near retail prices or, depending on the tool, more than retail so they take advantage at both ends of the deal.