You can make real money flipping furniture and turn a hobby into a side hustle just like that!
Flipping furniture is something that started out of necessity for us. But, it quickly turned into something that was paying the bills, funding vacations, and covering “extra” things that came up. From there, I was able to turn it into a full-time business. Now, I get questions every day from people who are trying to figure out how to make money flipping furniture. They want to make a real profit but often find themselves just giving up out of sheer frustration. Or, maybe they try to start a furniture flipping side hustle but the whole process gets overwhelming.
Analysis paralysis, anyone?
After seeing this happen time and time again, I knew I had to do something to help. And that’s why I developed a little strategy that I like to call the “Furniture Flipping Profit Formula.” My formula will turn every flip into real money that you can be proud of.
This formula is one that I have shared in my private furniture flipping group and inside my furniture flipping course. The formula itself looks simple, but each part has a little more to it than meets the eye. I am going to break the formula down in this post to help you understand why it works.
My Furniture Flipping Profit Formula:
cost of piece + makeover cost – selling price = PROFIT you are happy with
It looks simple and straightforward, right? It is at face value, but unless you know what each part really means, you can’t be successful with it.
3 Phases of The Furniture Flipping Profit Formula
Phase 1: Cost of Piece
The first part in the “Furniture Flipping Profit Formula” is the cost of the piece of furniture.
This isn’t just how much you pay for a piece. You DO want to get the piece at the lowest price you can. But, there are things you can do to ensure you are getting the piece at the right price. That is the important piece in this part of the formula. There are things you should do before you buy a piece of furniture that will make sure you get the lowest price or even better…… FREE!
How To Get The Best Deal When Buying Furniture To Flip
The initial cost of the furniture piece you are going to flip directly relates to your profit in the end. If you can get it at a lower price, your profit will be more. If you spend a lot on it, the profit may not be as good in the end. Many people think that you have to be “lucky” to find pieces at a great price, but there is more strategy behind it.
The strategy is researching your market. Where are people selling pieces? What is the going rate? How many people can you contact to let know you are looking for pieces? Where are some different places to buy? To sell? The research in this initial phase will tell you everything you need to know about what to pay for a piece. It will also open up doors to getting pieces for free. This phase of the formula will also aide you in the final phase of this formual. Keep your research close. You will need it again when you go to sell your pieces.
Why Phase 1 of This Formula Is So Imporant
Don’t skip this step. Trust me. Many people start this step but never get past it because of analysis paralysis or generally feeling overwhelmed. Don’t be like “many people.” Do the research. The beauty of my “Furniture Flipping Profit Formula” is that there is no thinking required. All you have to do is gather the information from your research and you will be successful in the buying process right from the start. You will even get pieces for FREE. A good buy in the beginning is a sure-fire way to make the biggest profit in the end.
Phase 2: Makeover Cost
This phase is also fairly simple. In order to complete Phase 2, you need to know what the project will entail before you buy it.
When people hear “makeover cost”, they think “paint”. There is so much more to this phase. It is not just paint. It has a lot to do with function, repairs, wood filler, veneer damage, sanding, and so much more. If your makeover budget gets too high, you will make even a free piece not worth it in the end. You need to know everything you are getting into with the makeover before you buy the piece.
To make this part of the formula even easier on you, I have created an easy checklist for the makeover portion of your project.
You can download and print this checklist by clicking the photo above or by going HERE.
Phase 3: Selling Price
Finally, the last step in the furniture flipping profit formula is figuring out the selling price.
This is the fun part.
Where your flip comes together.
The reason you are doing the work!
Now, it is time to talk about profit!
How To Make Real Money Flipping Furniture – Selling Price
Your research that you did in the first phase will help you determine the selling price. What did your research tell you about the prices of pieces you are flipping? Where should you sell to make the most profit?
One thing to remember in this phase is that every piece is different. Every piece will command a different sale price. And don’t worry about pieces not selling right away. Wasting your time worrying about one piece will paralyze you from starting other projects. It will have you standing still in your flipping journey.
Once you put the “Furniture Flipping Profit Formula” to work for you, you’ll quickly start noticing that the flipping process becomes a lot easier. You will be able to look at a piece of furniture and know right away what you can pay for it, what the makeover costs will be, and how much you cal sell it for.
My formula is a 3-step strategy, but rest assured that it’s so simple that any furniture flipper can do it.
Really, it’s paint-by-numbers easy. So even if you’ve struggled with the flipping process in the past, you can succeed this time and every time after that. And even if you have never flipped a piece of furniture, no problem. Once you start using the “Furniture Flipping Profit Formula”, you’ll see that it really is quite easy to you still start making real money flipping furniture.
You heard it here first – the “Furniture Flipping Profit Formula” is the absolute best way to make real money flipping furniture.
But don’t take my word for it. Try it out for yourself and see what it can do for you. I think you’ll like your results!
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If you liked this “How To Make Real Money Flipping Furniture” post, you will also love these tips for furniture flipping:
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