Well, I hit the 1 year mark today & thought I'd check my stats & try to plan a little better year for 2014. This is what I did in 2013:

I started the year with $5000.

Purchased 24 lockers for a total of $6736.00. The average cost was $281.00 with a high of $956.00 and a low of $35.00

Total sales were $12,980.00.

Overhead was gas for my truck, purchase of a small trailer, paying a couple of youngsters to help move units and renting a 10x15 and a 10x20 storage unit to work out of & sell from. The units totalled $281.00/mo. for 9 months.

I have some cash in my pocket and roughly $3000.00 in inventory.

I still have to work on my "downline"....buying is the easy part - finding sources for customers is harder. I'd like to find a "go to" person for buying bulk used clothing as it would save me a lot of hassle and time trying to move it.

Not getting rich, but moving stuff & having fun in my retirement.

Butch
Coastal SC

As one who is about to buy & sell on a full time basis - mainly to stay busy during my retirement, I have a couple of questions:

Do most/many of you who do this have business licenses/tax-exempt numbers?

How do you handle income taxes?

At what point (income amount) do you think I should become a "business"?

When I was "dabbling at it" several years ago, I didn't worry about these things as I was fully employed & considered auction buying as a hobby. Now, I still have my retirement income to sustain my family, but the extra income won't hurt a bit.