Tips For Starting A Pallet Flipping Business | Pallet Jackin Ep 4

what is that beautiful people today I wanted to introduce our new channel I'm still gonna be really some content on this channel today lovely however we do have a new channel pallet decking it is a channel a collaboration between myself and my sister April and I would like for you all to subscribe and watch those videos so basically that channel is going to be more so about the pallet business we are doing just buying pallet sale and stuff we'll be doing a lot of unboxing a lot of how to get into it really getting into the meat and potatoes of that business so if you would like to see that content head on over to pallet jack and I put a card up here at the top for you to subscribe I will put it in the description also the first comment so please go and support and subscribe to that channel and onto the video he meant to say welcome to pallet jack him so we want to make a short video just kind of talking about some of the things that we've learned since we've started kind of flipping these pallets I guess is what you call business business and we've just kind of talking through a couple things that we would have done differently had we known about it so one of the things April was talking about yeah was uh well actually as I say order on liquidation and the first time TJ actually created the account and did the very first order and he did it for the business which is fine however I went to go do an order for it like last week and asked me to bid on it and he created one for his personal self then I created one for my personal self and when I I bid it on the pallet one to auction pay for it and then the I went to go check on the status just to see if they've shipped the pallet out or whatever they had disables the account because I had the shipment going through the business address rather than my home address and one of the things that I found out when I call us that you can only have one personal account and one business account and since I was ordering the pallet for the business they just disable the they general they disabled the account pretty much and they still accept the payment and we still got a shipment on time however when I call when I call I guess the lady that I spoke with she didn't really she didn't really have a clue because she told me they canceled the order and it was a big yeah it was a bit debacle they said they counts the order and that they refunded the the payment which they had they hadn't done neither one of them so so that's one of the things just to be aware of if you're gonna go ahead and start this kind of business you know make sure if you're gonna have multiple people ordering pallets to make sure that you all use the same account otherwise your account will get locked out and like I wasn't able to track you know the shipment I had to call and actually get a speak to someone else we had to get a different tracking number right you know so we could track the order and the person I used to talk to he said that is based on the terms and conditions I guess they've had a lot of fraud cases so they do this so that people aren't creating a bunch of accounts and like beating on pallets and kind of run I guess running running running the prices up so that's the way that they do that where it was just one person if you were to be a seller where you can't make multiple accounts and and I guess run the prices up on the options which is good because you know that keeps the prices low for all of us it's just that the situation was just handled kind of weirdly right it was and I didn't see it didn't say it on you know it just seems to me that when you go to create an account and you have to put in all this different information that if it is similar to another account that they just would not let you create the account however they let me go ahead and create the account and which if I had all of my information on there you know my home address was just different then TJ's home address I guess is just when it came down to the shipping because I had a ship you know so the business address right that ya raise a red flag so one other things that I was kind of thinking about was a so our last pallet we got from bulks comm was a like-new pallet and we ended up making a lot of money back but we were in there making all our money back yeah today and we actually have a bunch of stuff from that palette that we hadn't sold so a couple things from that palette if you order from bulk store if you are from anywhere that has an actual manifest when you're looking at your manifest you really need to make sure that you do your due diligence beforehand and verify all of the information that they have on the manifest exactly because in that actual pallet it had a drum machine and it sails in like new condition which it was well it was in like new condition however on the manifest they had it listed as that it retails at $599 a night and I said which was untrue but the retail value of it right now brand-new was a hundred and fifty nine dollars a night nonsense right and they had a bunch of those comforter sets they were shown for like $2.99 399 they was like $59.99 exactly which is fine because we could sell them you know we've sold a couple of the comforter sets we sold the drum machine and we was able to make some money off of it but it wasn't the value so on the books comm they based the price it's not a big site so they based the price of the pallet based on the value that's in it right so if the you know if that value was really like three thousand dollars versus five thousand dollars the pallet price probably would have been like list exactly and so one of the things that we did you know before we even purchase that pallet it was actually what three Roombas in that and it was what three of the best ones a room booked extra offer which retails at about what seven hundred seven hundred dollars which is really what made us that's her you know decide whether we want to purchase that I purchase it or not but beforehand you know I went and looked at several of the items that was on that manifest and just really saw what they asked for a retailer so before we purchased it I knew that that drum machine did not but wasn't valued at you know five $399 I knew it was going to be less than that but we still we knew that was gonna make our money back on rhombus depending on their condition right and luckily they did come in this is another thing so luckily they came in in in good condition it was in like new condition however yeah one of them we sold it actually did not have the front wheel which is not a big deal because those wheels like 599 yeah so we end up who's able to just drop ship one to that customer so this is just another little takeaway if you are going to start and you are kind of apprehensive about purchasing these pallets because you don't know what the commission of things are going to be you can always make a whole product I mean not always but most times you can make you know a whole product we just did a video actually earlier today and we had a GoPro when we turned it on it didn't work so I went and I purchased another battery the battery was twenty dollars and then now it works so those are some of the things that you kind of have to do sometimes just to make you know you can sell it is defective or not working or you can make it work or make it hold right and sell it for a lot more right you know me another thing this is one thing that is a struggle bus fuss for real is inventory yeah so we have a storage location and sometimes we store stuff April's house sometimes is it my house and we don't really have an inventory what we I don't I can't tell you how many names so we just got in this stuff that's not listed right so that I mean if one of the things that if you're starting out if we had done this at the very beginning it will be a lot easier than what we're gonna have to do right now but right now we're gonna have to go through each and every item and inventory it and then put it in some sort of software or even just like Excel spreadsheet anything just to have a list of everything that you have you know you really just need to start start that at the beginning and not try to like catch up I just want to take those several days to kind of get everything inventory and the way we are we just buy stuff so that we bought we bought a whole new pallet and we still got a whole another pallet yeah what else oh when you purchase local pallets that don't have manifests those pallets are they're kind of like diamonds in the rough sometimes you can find ones that are really good some that are really bad you really have to think about seasons so when we purchase our first one locally yep and you know it's you gotta really think about the season if it was the beginning of the summer or if it was at the end of spring and we were getting pools and stuff we probably wouldn't be able to out float those versus being the end of summer people are gonna really buy pools probably not gonna buy fans and if they do buy the fans you got a real think about the shipping talk about like legit that's another thing you need to really think about is how much is it gonna cost you to ship because those fans who were able to sell them for a decent price however the shipping was more than the actual like fan itself so that was one of the things that we we would we have to look at like whether we want to either even sell it on eBay or Amazon or anywhere online we really just had to sell it like locally right which brings us to my my last point I was anything else but we haven't done this yet but we are going to do this some things are best suited to sell in certain places so we normally list everything that we can on eBay because it is easy we already have account established and it doesn't cost us anything to list it on there but we do have some stuff listed on Amazon as well and there we're thinking about sending some things to fulfillment by Amazon which if you don't know film by Amazon is you actually package the products up you put like a label on it so this probably was this problem was listed on Amazon because these little labels that they make you put on there and you ship this to Amazon they inventory if they have it at their source facility and then when somebody orders it they just throw it in the box and ship it so you don't have to face shipping but you do have to pay a film by Amazon fee and you really have to look at the fees versus how much you want to make on it so this little product right here we may be able to sell for $15 on Amazon however the fees may be $7 which brings us to the profit of $8 and then you got a look at how much you pay for it so we paid $8 yes so now you're not making any money on that so if you were to say the same thing on eBay you said $15 you may pay $5 for shipping and you know $3 fee so you're still gonna make a profit on this one individual piece so there's some some things just keep in mind if you are thinking about starting this business I am and one last thing if you're thinking about you know starting this business I was saying if you're apprehensive about it you can start small you don't have to buy like the largest pallet out there like the world you don't have to go out and spend sixteen hundred dollars you know twelve hundred dollars on a pallet you can you know Bolcom is like a really great you can go in a buy a box and shipping is like thirty thirty dollars you can buy a box for like a hundred bucks you know so you can kind of start small and see if that's something that you actually want to do or get it you know or get into so you don't have to actually go out and say I'm gonna spin this twelve hundred dollars on this on this pallet you get all this inventory and then it's overwhelming like you know what I'm done I want to do this no more so I would just say you know start off small if that's something that you're thinking about doing yeah I think that's all I get I don't have anything else I mean I'm sure there's gonna be some more things percolating up this brain after we get that but we'll try to do these every couple videos we'll do some like a lessons learners what we call it we learn stuff so if you like these types of videos like share subscribe send to your friends hit that subscribe button and like button yeah all that stuff and we will see you guys on the next one all right [Music]

Channel: T.J. Lovelady

Views: 35,177

Rating: 4.9316239 out of 5

Keywords: tips for starting a pallet flipping business, pallet flipping, extreme unboxing, amazon customer returns, amazon returns pallet, amazon returns unboxing, pallet jackin, reselling online, buying pallet, how to buy returns pallets, bulq, bulq pallet, side hustle, side hustles from home, side hustles 2019, pallet flipping amazon, tech haul 2019, sell on amazon, sell on ebay, amazon returns, fulfillment by amazon, liquidation pallets, liquidation pallets electronics

Id: wXnblY7Z5HM

Length: 13min 58sec (838 seconds)

Published: Sun Aug 25 2019