The White Double Journey Step 14
It seems that there is more and more time spaced between each step of the journey. I am not sure if it’s just harder to do or if my new found fatherhood is distracting me (but in a good way). I see the previous step was completed around the end of September, and this current step was completed near the end of December. I think the main reason for the distance is that I haven’t been actively trying to come up with ideas, I have just been letting them come to me. Which is exactly how I completed this step.
Recently I made the leap to the modern age and picked up a smart phone. It’s about damn time. My smart phone of choice: The iPhone 4 (Now I do love my new iPhone, but I am not an Apple Fanboy and will not get into any arguaments about Apple vs other smart phones). Now that I have an iPhone I no longer need my iPod, so I put my 32GB Black iPod Video on Used Victoria and I started getting tons and tons of emails with offers to buy. This made my little brain start searching for ideas.
My first step was to research the used iPod market. I checked eBay’s completed listings and found that even really old iPods were still selling well. I browsed through Used Vic and found that a lot of iPods were being listed. I also saw an ad where someone was buying broken iPods. I was interested. I went back to eBay and again checked the completed listings and found that even broken iPods were selling well on eBay. It was then that I formulated the plan.
I decided to put an ad on Used Vic stating that I would purchase used and broken iPods. I just asked that the person let me know what kind of iPod it was, and what was wrong with it. I researched the web to see how tough it would be to fix iPods and found for the most part it was pretty easy. No dismantling required. Over the next two days I had received several emails from people that wanted to sell me their iPods. Part of my plan was to make money at this with zero risk, so this what I did:
- Learned what type of iPod it was.
- Went to eBay and found the average selling price of broken iPods of the particular version.
- Email the person back and offered half the price of what the broken iPods were selling for on eBay.
- If the person agreed, I would buy the iPod
- Next I would attempt to fix the iPod
- If I could fix it I put it up on Used Victoria and sold it for around triple what I paid for it
- If I couldn’t fix it then I put it up on eBay and sold for double what I paid for it.
As you can see from the process that I used, there was no risk in losing money provided I bought the iPod for less than its average broken value.
Over the past week I have purchased several iPods and have since turned my $40 into $80. I’ve actually gone a bit beyond the $80 and plan on continuing this iPod thing for as long as it is profitable, or for as long as it can hold my interest. I think I have a pretty good idea for the next step, which I have been thinking about for some time. I’m hoping end of January for completion of the next step.