im seeing some of yall say that you need at least 'x' amount of dollars to be in this business successful. what about those just starting out that dont have that kind of money and are only starting out with say 300-400 dollars that we had to scrimp and scrounge for just to start this?
It's not that you need "x" amount of dollars to be successful necessarily. In fact having the 300 or 400 might work out for you in the beginning. Here's what I see.
With that amount of money you might be able to buy 1 lkr or maybe 2 or even 3, but the return on that investment is unlikely to be that high. Oh sure, you MIGHT strike it rich on a 100 lkr, it happens, but it is more on the unlikely side.
On the other hand, if you make good decisions and buy right and sell right, you can parlay that 300 or so into the $1k you might want to deal with later.
I don't think any of us who are carrying $3k or more did so in the beginning and I think I speak for most folks here who wouldn't suggest that you put off buying until you have $1k or more to work with. It's just that you have to be careful what you buy (as we all do) and until you get some more cash on hand you will be a little limited...won't be able to buy the bigger lkrs.
On the other hand you won't fall as flat buying the cheaper ones if they don't pan out. I've bought some $500 to $1200 lkrs lately and they haven't been that great. Broke even on $500 and only made a couple of hundred profit on the $1200. When you consider the work you put into them, the break-even or small profit (or a loss) becomes a real thing.
Just work at it (your research is going well) and watch some more auctions, but buy if it looks good...and then of course, move, sort, sell, enjoy the profits (or reinvest them).
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