This is an adaptation from my earlier post Buy and Sell for Profit. This involves buying an item, actually enjoying the item, and then still selling it for a profit in the end. It takes more research and maybe some better negotiating skills, but it is possible for more situations than you think.
My practical example involves a pop-up tent trailer. My parents used to have one when I was young, but sold it once I got into hockey and baseball, and thus the end of their leisurely weekends for years to come lol! After my brothers and I had flown the nest, they thought that they’d like to give camping another go.
As luck would have it, my brother’s friend was selling a pop-up tent trailer at a price they couldn’t say no to. He’s the type of guy that has no idea what he wants and isn’t satisfied with what he has! After the trailer, he bought a cottage up north, then a year later sold it and bought another cottage in our home town. He’s also owned at least 5 condos in the 15 years I’ve known him. Anyway, my parents scooped it up.
My parents owned the trailer for two summers. They used it probably 6 times, but found that camping (if you call a tent trailer camping) is not really my mother’s cup of tea! They decided that they’d much rather tour the countryside staying in hotels and Airbnb’s, so they listed the trailer for sale on Kijiji. Looking at similar trailers on Kijiji, we noticed that similar trailers were going for more than they paid for it two years ago! With that in mind, they listed it at a competitive price and sold it within three days of listing for a profit of $1000. Not bad for two years use!
Here’s a few other examples to get your creative juices flowing.
Cars. This really only applies to classics. If you have the skills, buy an old car or truck that runs but needs some work. Over a few years, fix it up while enjoying it and you may be able to sell for a profit depending on the market for the vehicle you’ve purchased.
Heavy Equipment. This fall I want to spread some more gravel on my driveway and move a few piles of dirt on my property. I would need to rent a skid steer, which would cost me $1000 to $1500 for two to three days, or hire a professional for a little more than that. However, if you have some disposable income or a line of credit, consider buying a used on and selling it when you’re done. Good skid steers go quick on classified sites, so keep your eye out for a bargain and you could be rewarded with some profit when it’s all said and done.
Tools. There are a lot of specialty tools out there that you may use for one job then never need a second time. Again, consider buying if you find a bargain then selling when you’re done.
Houses. Yes, I know this is an obvious one, but maybe not what I’m suggesting. If you’ve got kids heading off to college and university, consider buying a house near the campus. Do your due diligence and find one that can house enough students that the rental income covers your expenses and allows your kid to stay there for free. Once they’re done school hopefully the market in the area is good enough for you to turn a profit. In a university/college town, real estate is a hot commodity so you will most likely see a return on investment after their 4 or 5 years of school.
If nothing else, this post should get you thinking outside the box and hopefully with more money in your pocket!