You might want to consider flipping furniture if you're good with your hands and have an eye for a good deal. Taking one man's junk and turning it into a treasure can be fun and profitable. You'll need to work, but in the end, there’s money to be made.
To make money flipping furniture, you need to find cheap used furniture, invest time and materials into refurbishing it, and then sell it at a markup on platforms like Facebook Marketplace, Craigslist, or online marketplaces. Profits can range from a few hundred to thousands of dollars per month.
Flipping furniture involves buying used furniture, refurbishing it, and selling it for a profit.
It requires tools, workspace, knowledge of furniture styles and trends, and the ability to find good deals on used furniture.
Profits can range from $500 to $10,000 per month, with an average of $1,500 to $2,000 per piece.
Earnings over $600 must be reported as income to the IRS.
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If you make over $600 in profit, you must report it to the IRS as income. If you sell online and use a third party to receive payment, they are also required to report it to the IRS, and you must receive a Form 1099 from them. You use the 1099 when you file your income taxes.
Making furniture flipping profitable is quite easy, but getting started flipping furniture is a real question. We'll explore what it takes to buy, repair, and selling furniture. Here are the steps you need to take to be successful.
What kind of vehicle do you have?
If you’re driving a small mini coop, you won’t be able to move large pieces around. Be realistic about what your vehicle can hold. If you must rent a truck to transport furniture, it will eat into your profits.
You’ll need to have several tools to work on your furniture.
These include:
As you get into a project, you may find you need other tools. But fortunately, none of these items are overly expensive. You'll be able to outfit yourself without breaking the bank. Plan on spending roughly $150.
It's not necessary to rent a shop for flipping, unlike other businesses like mobile detailing.
Use your garage or, if it's dry, a driveway. You may have a utility room or basement that can be a work area. Finally, if all you have is a yard and drop cloth, that will work, too.
Just be sure your space has good ventilation since you'll be working with paints and stains. Sanding can also cause breathing problems in unventilated areas.
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You’ll need to train your eye to choose the right furniture to flip. Knowing the different styles and what’s trending will also help you.
Start with the type of furniture. Choose something simple for your first project.
Some types include:
Try to avoid something too large or complicated when you first start flipping furniture business.
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Do your research and become familiar with different furniture styles. You'll find pictures online and in magazines. Visiting furniture stores can also give you an idea of what's trending.
The different styles include:
Once you know the different styles, you’ll know what to look for, or if you happen upon a piece, you’ll be able to identify it. This will help when you go to list it for sale.
This business isn’t only limited to men. Even If you are a woman, you can pick this side hustle for some extra income.
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You not only need to find the furniture, but you also want a good deal. The goal is to buy low and sell high. So, before you start hauling furniture around, find out where the best deals are located.
Garage sales are excellent places to start when looking for furniture. Many people don’t know what they have and just want to get rid of an item. Take your vehicle around the sales with a friend, to help you load.
Thrift stores are another place to find inexpensive furniture. They need to clear space quickly, so sometimes they’ll negotiate the price. Regardless, you’ll probably buy a low-cost piece.
Keep an eye out on Facebook Marketplace and Craigslist. Make it a point to check daily for new listings.
Don’t be too proud to dumpster dive. Find out when garbage night is in upscale neighborhoods. You might be able to find some diamonds in the rough located on the curb.
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The first step is cleaning the furniture. Don’t even bring it into your garage or home before you give it a good cleaning. Empty all the drawers and pull the cushions off to check the crevices.
Thoroughly vacuum or steam any fabric.
Be prepared to put some elbow grease into the furniture. It will probably need to be stripped down. Scratches and dents will need to be patched. That means sanding is required. It's a dirty job and takes time.
Ensure you have the proper paint or stain to spruce up the piece. Don’t forget the polish to spruce it up even more.
Keep track of your hours; it will come in handy when you price your furniture.
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You'll need lots of pictures. You can't have too many. Here are some steps to taking pictures.
You need to show off your furniture. A lot of hard work goes into this and you have to ensure it shines.
Write a detailed description. Don’t go into what you did to improve the piece. Discuss the style and workmanship.
Ensure you track your materials and time. You don’t want to end up selling your piece and finding you only made ten dollars an hour. Shoot for $40 and adjust accordingly.
But on the other hand, you want to offer a fair price, or no one will make an offer.
Do your homework and see what other sellers are listing similar furniture for before you set a price.
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There are many online platforms where you can sell your furniture. Start with Facebook Marketplace. Craigslist is another great place. Online marketplace options include:
Check out consignment shops in your area. There are many that take quality furniture whether it could be antique furniture or even wood furniture.
They can be excellent places to sell without the hassle of meeting a stranger. You’ll need to take the furniture to them, but you should already have a vehicle to move the furniture. And you must give them a portion of the sales proceeds so it can cut into your profits.
The range is wide when it comes to how much money you can earn flipping furniture. Some furniture flippers earn between $500 and $10,000 per month. However, one factor in the price depends on where you choose to list it.
Flippers earn between $1,500 and $2,000 per piece. So, realistically, if you can sell two to four pieces a month, you'll earn $3,000 to $6,000 monthly. But it depends on where you list your furniture.
If you sell on an online marketplace like Chairish, you can expect to make $1,500 per item. Most flippers use online marketplaces.
If you want to be successful, you need to research the marketplaces that sell furniture. Look at the competition and determine what they’re selling and for how much.
Overall, flipping furniture is one of the best side hustles to make some extra cash for yourself.
In case you don't like flipping furniture for your side hustle, I have some other options that pay you weekly.
Flipping furniture involves many nuances and takes a lot of work. Before you get started you might still have some questions. Here are the most asked questions.
Facebook is required to issue a Form 1099 based on your transactions. Form 1099 is an IRS information return that includes the gross amount of all payment transactions you receive in a tax year. This includes Facebook Marketplace.
The length of time it takes to flip furniture depends on how quickly you can restore the piece. If you work diligently, you should be able to sell the furniture within a week. More difficult pieces may take longer.
Furniture flipping business is not a way to earn passive income. With passive income, you set up the business and then do very little to earn money. An example of this is if you create an online course. Once you've created the course, the money just comes in without you doing anything more. Flipping furniture takes constant work and is an active way to earn income.
It can be hard work, but flipping furniture might be for you if you enjoy working with your hands and painting.
You’ll need to know how to choose the piece that you want to refurbish. Once you’ve completed the work, you must be able to market the furniture.
There are different platforms where you can sell your furniture. The platform you choose will influence how much money you earn.
Ultimately, a furniture flipping side hustle is a good way to earn some decent money. For those who put more into it, flipping furniture can be a full-time job.
