NomadDNA

I just sold a 1980's Bianchi Sport, and am pretty happy with my ~200% profit. Some of the lessons I learned from my first flip may be obvious, but I think they're worth sharing.

Bicycle: 1980's Bianchi Sport
Original Cost: $100
Additional parts cost: $40 (yellow fenders, yellow bar tape, new brake levers)
Sold: $270

Here are some lessons I learned:
1) Upgrading: Only make upgrades to the bike that improve the bike's aesthetic, and functional upgrades to ensure the bicycle is running properly. If you need to invest more than 15% of the bikes initial cost to make it work well, then you probably shouldn't flip it.
2) Advertising: Spend time making a nice, thoughtful ad, using photoshop and color photos to attract customers. Don't just write an inane paragraph about all the bike's features, and how hard you've worked on it.
3) Remove accessories, as they can be used for bargaining. Racks, lights, and computers often appear as clutter to a customer. If they hesitate to buy your bike, don't lower the price, but offer other accessories instead.
4) The student solstice: fall and spring. Students flock back to college in August and September and need a good bike for around campus. In the spring, people are seeking ways to cure cabin fever. Take advantage of the sudden demand for bikes.
5) Relax, time is on your side: If you need to get the bike out the door ASAP, then don't flip it. Take your time, as it reduces stress and you'll get a better deal in the long run.
6) Have fun: If you're not having fun, you're doing it wrong. When you're done fixing up the bike, you should be happy both with the ends and the means that got you there.


Got tips for flipping bikes? Post 'em.

cb400bill

Lots of tips in this thread.

https://www.bikeforums.net/classic-vintage-bicycles-whats-worth-appraisals/499513-bike-flipping-101-a.html

NomadDNA

Cool. I'll tag this onto the end of that thread, since it seems I've been beaten to the punch.

JAG410

This one is key. I thoroughly enjoy wrenching on bikes. Garage. Beer. Bikes. Music. It's very enjoyable and I learn something new with each bike. Even if I break even, it's still fun. It's when you take it too seriously and DEMAND that each bike bring in a huge profit, is when you'll get frustrated and stop enjoying it.

Even if cash doesn't trade hands, know that you're putting someone else on a bike, which is a benefit to both the earth and the rider.

soonerbills

When I made my first $100 on a flip my wife never again said another word as to how many bikes I bring home. Paid for a nice road trip and dinner. I find my evenings wrenching on bikes are stress relieving and my wife is getting pretty good at polishing(sometimes she even gets me a beer!)

kingfish254

I also just started flipping bikes after not riding a bike in over 25 years. It all started with my little Dahons, but now I find myself scouring CL and ebay and yard sales.

If you know how ot market your product, you can do quite well on ebay. There are trade offs with ebay and CL. CL doesn't have any fees, but you have a limited audience. Ebay had fees, but it opens up the country/world to your item.

My best success story revolves around my favorite bike (2005 Dahon Jetstream P8 full suspension folder). I searched on CL across the country and found a RV family that had 4 of these that were rarely used. I picked up all 4 for a grand total of $1450 (shipping included). I then cleaned them all up, kept the best one, and sold the three on ebay for $1600 (plus shipping). I ended up with a high end high tech folder that I have named after a great Edgar Winter song, "Free Ride". Plus I was able to do a couple of mods with some profit as well.

I agree about removing the accessories. I recently bought two 26" Dahon Mariners that came with big carrying bags and detachable front wire baskets. I plan to sell those separately on CL/ebay. I bought the pair for $100. All I did to the first one was do a very thorough cleaning with degreaser and lubed the chain. I sold it for $175 and I still have the second one and accessories to sell.

I also just picked up a great Wrench Force repair stand for only $100. This will make things a lot easier. One trick I have found is to use the cheap little workmate type portable workbenches from Harbor Freight ($15). You can turn them on their side and clamp your wheels in them or even set the bike in the clamps on top of them and as long as you are careful not to let anything torque the wheels you get a very steady bike to clean/repair.

RobbieTunes

yellow fenders?

white_feather

I've flipped a few bikes in the past year. Right now I am trying to find someone who wants one of my guitars for some kind of interesting bike.

Bianchigirll 

I do not quite understand the whole 'flipping' thing and I guess most of you guys do it to earn a living right? and frankly from a few postings I have read have no clue about bicycles. do have liability insurance? or do you just make your buyer sign a waver?

noglider 

I don't know if it's possible to make a living at it. For some of us, it's a hobby that doesn't cost as much as it could, since we sell some of the fruits of our labor. It helps justify the money we spend on the bikes we keep. It's kinda like selling drugs so you can afford your own stash.

Bianchigirll 

now you sound like miamijim and his convict girlfriend


7 May 2012. Someone just asked me about this post I made and I just want to clarify something. I have dealt with MiamiJim and found him to be a stand up guy. I have never met his wife but I think I made this snarky remark in a completely jovial context. I believe around this time there was another thread about MiamiJim have recently aquired a huge Peugeots and we had be playfully harrassing him about how he came to own them. This post was completely in jest and I did not mean in any way to desparage the good name of Miami Jimand his wife.

miamijim

Your contradicting yourself by adding 'yellow fenders' yet you advocate removing all accessories. A part as unique as yellow fenders limits your market to someone who looking for yellow fenders. Thats a small market.

As fars as ads go my best advice is to keep it very simple. Just the facts. Nothing more nothing less.



Exactly.

USAZorro

I've done a bit of it. Mostly to put a few dollars into the bicycle fund. It's definitely not a significant source of income. I have never had anyone even suggest a waiver is necessary in any transaction. The understanding is - I'll be honest with you about what it is, and the bicycle is sold as-is.

tmh657

I don't think I have seen it put exactly like that and it really hits the nail on the head for a comparison. Not that I condone any illegal activity... not for minors anyway.

And once my wife saw a very dirty bike become an attractive nice riding form of transportation and fun she said.. I hope the next bike you get on CL is a 52cm cause that is my size and I want white bar tape!!!

RobbieTunes

My net in two years of flipping bikes is about -$1700. Yep, I'm down, significantly.

For $1700 and what I've made flipping:

Kestrel Talon tri-bike set up nicely.
Douglas Precision Ti road bike w/full DA.
2 Centurion Ironman Carbon, both 8-sp STI/Ergo, Chorus or 600 tricolor, you pick.
1 Centurion Ironman steel w ith 10-sp 105
1 Centurion Lemans RS now a Sora triple
1 GT Saddleback OEM
1 Peugeot mixte build in progress with modern 2x8

A ton of parts. Enough to build that elusive Paramount or the Ironman that got away...

Great experiences with BF folks, in person, and on line.

Bowling costs more than that, and the balls make dents in the walls.

miamijim

I'm embarrased to post numbers.......I've PM'd them to a fellow member so why not post them here.

12 months of flipping with a few months thrown in. By lazy I mean slow, I only flipped 7 bikes from June 1st through Aug. 1st.

I keep a very detailed spreadsheet of my expences, in the past 12 months I had gross revenues of $20,213 including shipping charges, expences of $13,472 and a net profit of $5,485. But there's a catch, I've profited $5,485* plus the following bikes:

1972 Peugeot PX10
1973 Schwinn Paramount P13 fully chromed
1974 Schwinn Paramount track bike full Campy Record
1980 Colnago Mexico with full Campy Super Record
1983-ish De Rosa with full pantographed Campy Super Record
1986 Schwinn Circuit with full Dura Ace 8-speed STI component group
1989 Raleigh Technium

I figure thats $5,000 worth of 'free' bikes.

*subtract an unknown amount for ebay/paypal fees.

noglider 

I think your stable of "found" bikes might be worth more than $5,000. And what a collection it is!

I've only sold two bikes so far. I started some time in 2009. I need to form a habit of re-posting my craigslist ads. How can I do that?

I guess I should start keeping track of expenses and revenues. I haven't done it at all.

My accountant saw that I'm in the bike business just from reading my posts on the local message forum and said I should start declaring all this stuff. Kind of spooky.

auchencrow

Me too - but not for the same reason.
- This is the first time ever I've had the free time to dedicate to it, and so far, I'm always a little in the RED! - but I can't put a price on the fun I've had, often turning a POC into a nice ride for someone, (and keeping a few gems for my own stash).

SlowRoller

Good job on your first flip, NDNA! But, I'm not sure you are calculating profit correctly:

Spent: $140
Sold: $270
Net: $130

Percent profit = $130/$140 x 100 = ~93%

epicurean

I have learned more about bikes in the past two years of flipping than I had the previous two decades of riding. There's no better way to expose yourself to a wide variety of wrenching challenges. And nothing beats the satisfaction of saving a neglected old bike that no one else seems to want, bringing it back to life, and then matching it up with its perfect rider. My wife encourages my hobby now that it brings in a little extra money, and she also enjoys the happy look on a buyer's face when they ride off on their "new" acquisition. She laughed when I saw this old Raleigh by the curb while we walked the dogs a few weeks back--she said, "Do you really think you'll be able to sell that thing?" She knows I love a challenge. By the time I was finished, she was proud to point out the "trash-picked" bike to her friends--and it sold in less than a day...

miamijim

Use 2 email adresses and open a CL account for each adress. Flip back and forth between the 2 email accounts. Posting with an account is slightly different than posting without one but its easier as well. I'll slightly flip my ad titles around change my price by $1 to try and trick the system

Peugeot Vintage Road Bike $299 becomes:
Vintage Peugeot $298

I copy/paste my old ad into the new and slightly change the 1st and last sentences. 1988 Peugeot Triathlon 21"/54cm becomes Peugeot Triathlon, 21"/54cm 1988 model.


You really need keep track of expences, a $4 inner tube, $10 bar tape and $5 cables add up quick. I'm not sure I'd follow your accountants advice, in my opinion, once you get taxes involved your a buisness which means liability insurance and a license.

abarth

I wouldn't post numbers, the IRS may be watching this. My highest flip this year was a Novara Randonee. I paid $100 and sold it for $380. It was fun.

miamijim

Wouldnt that be a 48% profit with a 93% markup?

Profit = how much was netted 130/270 or 48%
Markup = amount above cost 130/140 or 93%

jacksbike

Oh sure, listen to your accountant and declare a little bit of extra income. Just like the AIG execs , etc., All of the rich people declare all of their extra income. Sure, we little people just scrape by while the wall street mavens make millions and don't pay taxes. Or even better, we bail them out with tax money. Please, enjoy a little extra few bucks.

SlowRoller

Well, I'm a scientist, not an economist, but I think you've got the two terms, markup and profit, reversed. Can anyone straighten this out?