Thank you very much. The income and tax information answered some questions I had about that. My friend and I are on our way out of the military and are looking for a decently steady income to save up money for real estate investments. Hopefully this will prove to be a profitable outlet.
Thanks for your service and best of luck as you transition out of the military. Make sure you get expert guidance on the important tax/finance issues and also touch base with your insurance agent to protect yourself further. Good luck with your endeavors.
Excellent video! Exactly the conversation I’m interested in having! Looks like you do exactly what my wife and I are doing. We’ve only been in business about a year tho. I have a full time job but I’d love to go at it full time with our furniture gig. Question: Is this your full time vocation? If so do you have any other vids about the business side of things? How do you manage health insurance and things like that? Thanks!
I have a video on eBay and our retail booth space somewhere in the pile. I think it is dated December 2017 or January 2018. I also have one which I think is entitled "Flipping Furniture in a Changing Market". I am retired from another profession and carry my health insurance from that. When we started this, flipping was fairly lucrative. However, it is no longer. Prices on all kinds of used furniture is down and it takes much longer to sell pieces than it did a couple of years ago. I don't do much flipping right now. Re-selling in general is on a decline here. I just had a conversation with an old re-seller who said he's down over $20K this year in sales. Client work, eBay and our retail space are our current focus, and retail is challenging. Markets change and if things pick back up, we'll jump back into furniture flips. I strongly encourage you not to leave your full time gig until you are certain your business can support your family AND you have enough capital to weather any downturns in the market in your area. Good luck.
It depends on the piece and your market. If you aren't making enough extra money by refinishing the piece to make it worth your time, then it's a bad thing. I try to add enough value to the piece to justify the time, money and effort of refinishing/refreshing. However, some pieces are better off being sold "as-is"; particularly if you are selling to furniture painters and the like. Also, some people don't have the means to pay the extra money for a refinished piece and are happy to get one with some "character" for a more affordable price. As a bit of a caution, I have known "flippers" who just sold junk they were happy to flip on low margins. Their reputations for selling bad items caught up with them and they are no longer in the business. Customers need to get value, despite the price, if that makes any sense. Good luck with your projects.
I don't know how things are in Belgium, and I guess it depends how much money you need to make a good living, but I would say you would be far better off establishing a refinishing and repair business rather than flipping. The prices of most used furniture here is quite low, with the exception of mid-century modern furniture. If you can stay busy refinishing for people, I think you can make a better living. As far as what I do, my flipping is simply a supplemental income/hobby. At this stage of my life, I don't need anything more than that. Thanks for your question and best regards.
As am I! and I have several pieces in a storage unit on Canton Rd. near Kennestone which need from a little TLC to major work. Unfortunately I'm an antique myself, in a wheelchair now, and I'm recovering from a couple years of hard times. I'm going to try my hand at a restoration of a 1930s Art Deco gyno exam table which needs a complete veneer replacement. Gotta get a super accurate straight edge and square first, though. Peace!
First comment? Honored! Just stumbled upon your channel. Love what your doing and very interested in the topic. Thank you for sharing your insights. I have done a fair amount of re-finishing and repairing for friends and such and tips from others always help. I have, unfortunately, gathered pieces that I have worked on and I don't have a good way to liquidate as I'm not in the business. Would consignment be the way to go for things like chairs and tables I have collected? Auctions around here aren't interested in just a few pieces - only larger collections. Cheers form AZ! You got my subscription - keep the videos coming!
Hi. Thanks for watching. Consignment shops can be a good way to liquidate as long as you get the right one. Here's an example. I took a piece to a local shop. We agreed on a price and I delivered it. About 6 months went by and I called to check on it. The response? "Oh, that didn't sell so we took it to Goodwill". Lesson learned. Make sure you read any consignment contracts and/or have a clear understanding of what they will do with the piece. Other shops will start reducing the price in a week or so and drop it each week until it sells. Commission on the sale price is usually 50 percent, so if you are going to sell, make sure you have a positive relationship with the store owner. You may be better posting on Craigslist and/or Offer Up. Price it low and someone may grab it. Finally, if you have the patience, a Yard Sale is a good way to clear it out, but you'll have to price it right. I have a great relationship with our consignment shop and we get a better commission rate than normal. He gets a lot of our lower to mid-range items. I hope this helps. Good luck and thanks for watching.
Talk to people in the business. Network. Talk, talk, talk. Talk to Interior designers, shop owners, other dealers are all good sources of information. Check out some furniture show rooms, talk to sales people, look at the flyers you get in the mail, etc. Check the internet for "current furniture decorating trends". When a customer shows up to buy something, engage them in conversation and see what they are looking for, how they are decorating, etc. These are all data sources I use. Good luck with your business!
A really good list of "need to knows" for those considering the business. Surprised me, I am pleased to add.
Well done -
Thank you for the sound advice and insights, Larry!
Great insight. I have been doing repair work for years and have been thinking about adding sales to the mix. Thanks and keep up the good videos.
Good luck. Keep a sharp eye on used furniture prices and demand. It has slowed and did so pretty quickly.
I'm from Marietta Georgia! Hello from the bayou!! Loved this video thank you for the share!
Thank you. Really helpful tips.
You're very welcome!
Thank you very much. The income and tax information answered some questions I had about that. My friend and I are on our way out of the military and are looking for a decently steady income to save up money for real estate investments. Hopefully this will prove to be a profitable outlet.
Thanks for your service and best of luck as you transition out of the military. Make sure you get expert guidance on the important tax/finance issues and also touch base with your insurance agent to protect yourself further. Good luck with your endeavors.
This is excellent! Thanks for the info!
Thank you!
Thanks
Excellent video.
Thank you very much!
1st class Larry.
Excellent video! Exactly the conversation I’m interested in having! Looks like you do exactly what my wife and I are doing. We’ve only been in business about a year tho. I have a full time job but I’d love to go at it full time with our furniture gig.
Question: Is this your full time vocation? If so do you have any other vids about the business side of things? How do you manage health insurance and things like that?
Thanks!
I have a video on eBay and our retail booth space somewhere in the pile. I think it is dated December 2017 or January 2018. I also have one which I think is entitled "Flipping Furniture in a Changing Market". I am retired from another profession and carry my health insurance from that. When we started this, flipping was fairly lucrative. However, it is no longer. Prices on all kinds of used furniture is down and it takes much longer to sell pieces than it did a couple of years ago. I don't do much flipping right now. Re-selling in general is on a decline here. I just had a conversation with an old re-seller who said he's down over $20K this year in sales. Client work, eBay and our retail space are our current focus, and retail is challenging. Markets change and if things pick back up, we'll jump back into furniture flips. I strongly encourage you not to leave your full time gig until you are certain your business can support your family AND you have enough capital to weather any downturns in the market in your area. Good luck.
Insightful. thank you!
Glad it was helpful!
Thanks for the advice!
Thank you.
You're welcome!
Do you recommend refinishing everything to sell or can it sell quicker as is?
It depends on the piece and your market. If you aren't making enough extra money by refinishing the piece to make it worth your time, then it's a bad thing. I try to add enough value to the piece to justify the time, money and effort of refinishing/refreshing. However, some pieces are better off being sold "as-is"; particularly if you are selling to furniture painters and the like. Also, some people don't have the means to pay the extra money for a refinished piece and are happy to get one with some "character" for a more affordable price. As a bit of a caution, I have known "flippers" who just sold junk they were happy to flip on low margins. Their reputations for selling bad items caught up with them and they are no longer in the business. Customers need to get value, despite the price, if that makes any sense. Good luck with your projects.
MAkes sense thanks!
From Belgium, is it possible to make a good living by makeover/flipping furniture?
I don't know how things are in Belgium, and I guess it depends how much money you need to make a good living, but I would say you would be far better off establishing a refinishing and repair business rather than flipping. The prices of most used furniture here is quite low, with the exception of mid-century modern furniture. If you can stay busy refinishing for people, I think you can make a better living. As far as what I do, my flipping is simply a supplemental income/hobby. At this stage of my life, I don't need anything more than that. Thanks for your question and best regards.
Nice content! I know you’d also enjoy my work too! Let me know what you think and have a blessed day! 🦋✨
Kennesaw! I'm from Marietta
As am I! and I have several pieces in a storage unit on Canton Rd. near Kennestone which need from a little TLC to major work. Unfortunately I'm an antique myself, in a wheelchair now, and I'm recovering from a couple years of hard times. I'm going to try my hand at a restoration of a 1930s Art Deco gyno exam table which needs a complete veneer replacement. Gotta get a super accurate straight edge and square first, though. Peace!
Awesome advise
First comment? Honored! Just stumbled upon your channel. Love what your doing and very interested in the topic. Thank you for sharing your insights. I have done a fair amount of re-finishing and repairing for friends and such and tips from others always help. I have, unfortunately, gathered pieces that I have worked on and I don't have a good way to liquidate as I'm not in the business. Would consignment be the way to go for things like chairs and tables I have collected? Auctions around here aren't interested in just a few pieces - only larger collections. Cheers form AZ! You got my subscription - keep the videos coming!
Hi. Thanks for watching. Consignment shops can be a good way to liquidate as long as you get the right one. Here's an example. I took a piece to a local shop. We agreed on a price and I delivered it. About 6 months went by and I called to check on it. The response? "Oh, that didn't sell so we took it to Goodwill". Lesson learned. Make sure you read any consignment contracts and/or have a clear understanding of what they will do with the piece. Other shops will start reducing the price in a week or so and drop it each week until it sells. Commission on the sale price is usually 50 percent, so if you are going to sell, make sure you have a positive relationship with the store owner. You may be better posting on Craigslist and/or Offer Up. Price it low and someone may grab it. Finally, if you have the patience, a Yard Sale is a good way to clear it out, but you'll have to price it right. I have a great relationship with our consignment shop and we get a better commission rate than normal. He gets a lot of our lower to mid-range items. I hope this helps. Good luck and thanks for watching.
No audio?
Working for me. RUclips glitch?
@@LostMountainRestoration probably....
I don’t hear anything either
@@natashagrant9084 only the left side works on headphones
how do u keep track of the trends, and no wats hot and wats not, im hearing dark colors r in right now
Talk to people in the business. Network. Talk, talk, talk. Talk to Interior designers, shop owners, other dealers are all good sources of information. Check out some furniture show rooms, talk to sales people, look at the flyers you get in the mail, etc. Check the internet for "current furniture decorating trends". When a customer shows up to buy something, engage them in conversation and see what they are looking for, how they are decorating, etc. These are all data sources I use. Good luck with your business!
If only I wasn't pregnant want to PAINT plus can't move the furniture :(
Take care of that little one. You can paint later!
Can’t here anything