Funding your hobby...

[jchcollins]

Does anyone actively look to "buy low, sell high" with stuff online or elsewhere in order to make cash on the side to fund your hobby? I've had the inverse of that equation down for decades now, :-) but seriously. Increasingly I think this may be something I would have the ability to do if I could be disciplined about it. I've just never approached buying cards with that mindset. (Normally my style is more of the "buy now, figure out how to fund it later..." variety).

If so I would be interested in any specific pointers, thoughts folks have. I know for example waiting out auctions at deals over high-priced Buy-It-Now's would probably be one tactic.

Thanks.

[gonzo]

Depending on exactly what you collect, you could buy lots from which you only need/want a few cards, and part out the rest of the lot individually. In some cases, you can essentially get the cards you wanted for free, or nearly so.

[Ricky]

I just sneak money out of my wife's purse...

[ALBB]

I think many guys stay glued to Ebay in that hope of - Wow, I steal that ..and I can turn it around for a profit. Most times when you add the shipping and now this annoying" state sales tax "or some other add on.....it doesnt work out..especially when - after all is said and done..that 57T Drysdale which cost you $ 29, you barely sell it for $34 a month later !


Also, when an item it bought off ebay..and then attempted to be sold on Net54....dont you think most passionate collectors have seen it..maybe even bid on it

[jchcollins]

Originally Posted by ALBB

..especially when - after all is said and done..that 57T Drysdale which cost you $ 29, you barely sell it for $34 a month later !

This story sounds very familiar, except with me it was a '57 Koufax in about VG condition 15 or so years ago - that I bought for $50 and probably sold for $40.

[jchcollins]

Originally Posted by Ricky

I just sneak money out of my wife's purse...

I wish. Right now my collection is kind of a revolving door. Essentially the only "new" money I spend on cards each year is Christmas and birthday money, things like that. There is certainly no category in the family budget for my card habit. If I splurge on something later which is not tied to that, I usually have to wind up selling something from my collection to make up the difference. This actually usually works out; I sometimes tire of certain things and it keeps my interest in the cards new and usually somewhat varied.

[Ricky]

Originally Posted by jchcollins

I wish. Right now my collection is kind of a revolving door. Essentially the only "new" money I spend on cards each year is Christmas and birthday money, things like that. There is certainly no category in the family budget for my card habit. If I splurge on something later which is not tied to that, I usually have to wind up selling something from my collection to make up the difference. This actually usually works out, I sometimes tire of certain things and it keeps my interest in the cards new and usually somewhat varied.

I get too attached to my cards to do this, even though it's a smart way to operate. If I sold any of my vintage cards, as soon as I did, I know I'd want them back...

[Vintageismygame]

I picked up a property management client on the side that pays north of $3k/month. I might have 15 hours a month invested in actually being at the property.

I fund my Roth IRA first, put $10k in my regular investment account and the rest is spent on my choosing (aka cardboard).

[Rhotchkiss]

Originally Posted by Ricky

I get too attached to my cards to do this, even though it's a smart way to operate. If I sold any of my vintage cards, as soon as I did, I know I'd want them back...

This x10

[jchcollins]

Originally Posted by Ricky

I get too attached to my cards to do this, even though it's a smart way to operate. If I sold any of my vintage cards, as soon as I did, I know I'd want them back...

I often get this feeling too, but 95% of the time it's what I call "pre-" seller's regret. In that I think about and agonize over which cards I really want to sell before I actually do it, but then a large majority of the time after they are gone, I don't think twice about it and am able to move on. I have a few passive regrets on cards that got away years ago - I remember getting rid of them and occasionally wish I hadn't - but it's nothing that keeps me up at night.

[Peter_Spaeth]

Keep in mind paypal transactions are now reported to the IRS, in case that's a factor for you.

[jchcollins]

Originally Posted by Peter_Spaeth

Keep in mind paypal transactions are now reported to the IRS, in case that's a factor for you.

Yeah but only if over $20K or more than 200 payments in a year, I think.

[packs]

I always keep an eye open for a deal. I buy cards all the time that I have no interest in but am able to pick up on the cheap for resale only.

[x2drich2000]

It is definitely possible to do. The big question is how much time and effort do you want to put into it and how long are you willing to hold an item to get the price you want. I believe knowledge and patience are the keys. I'm a firm believer you could make money selling 88 Donruss, if you buy them at the right price.

DJ

[thatkidfromjerrymaguire]

Great question John. I've bought cards strictly for resale a couple times, but I keep coming back around to just trying to enjoy my cards without over thinking the profit side of it. Trying to buy and sell cards for profit suddenly starts to feel like too much work

That's another cool aspect about this hobby...you absolutely CAN use it to generate a little extra cash, and it appears that there are some people on this board that are making a living out of it. And that's awesome!

But I've realized I personally have more fun acquiring cards I like in slightly lesser condition to look at them in my albums, research the players, etc. I do try and be sure not to overspend on the cards I buy, because I'd love to be able to at least sell my cards for near the same price I bought them if I ever quit enjoying them.

[Throttlesteer]

Originally Posted by Peter_Spaeth

Keep in mind paypal transactions are now reported to the IRS, in case that's a factor for you.

That explains 5he guys in black suits in the blacked out Suburban parked across the street from my house

[swarmee]

Originally Posted by jchcollins

Does anyone actively look to "buy low, sell high" with stuff online or elsewhere in order to make cash on the side to fund your hobby?

This is exactly what COMC is for...
For example, I just bought 15 nice 1962 Topps Mars Attacks cards at $10 each and expect them to resell between $25-30 each. Then I'll buy a Mantle I need with the profit.