Are you ready to get started with selling online? How great would it be to hear from someone who has recently found the success you are looking for? You might be wondering what does selling online look like, how can you get started? You’ve come to the right place! On this episode of The Amazing Seller, Scott sits down with Gary and Kim Rey who went from zero to one million dollars in sales all through Retail Arbitrage and Online Arbitrage via Fulfillment By Amazon. You will hear how they got started, how they divide the labor and some of their best practices and tips that you can implement today! Don’t let any more excuses keep you from pursuing success, take action!
Retail Arbitrage and Online Arbitrage – what is the difference?
Lingo and insider verbiage can be very confusing. You might be afraid to ask or maybe you forgot so here is a quick recap of what Retail and Online Arbitrage are. Retail Arbitrage is surveying retail stores to find products that there is a demand for on Amazon. Online Arbitrage is the same thing but it’s all done online, no physical shopping in the retail stores. On this episode of The Amazing Seller, you will hear from a husband and wife team. Gary enjoys OA and his wife Kim enjoys RA. Don’t miss the lessons you can learn from their recent success!
Retail Arbitrage is a great way to get started with selling online.
You know you want to get started with selling online but you aren’t sure what route to take. Should you start with Retail Arbitrage (RA) or Online Arbitrage (OA) or something else? Kim Rey found that starting off with RA was really helpful for her. Kim started by buying just a few extra items here and there when she was out shopping. She would look at the profit that she would be able to make on each item and decide from there. Her strategy has changed over time but she found this to be a great way to get started. Find out what you can learn from Kim and her husband Gary’s experience on this episode of The Amazing Seller!
If it’s not broken, don’t fix it. Selling on Amazon using existing listings.
Selling online can be very intimidating. There is a lot of different strategies and lingo to wrap your mind around and you are nervous about losing your money and failing. This is one of the reasons Scott invited Gary and Kim Rey on the show today. Gary and Kim have successfully learned and streamlined an approach to Retail Arbitrage (RA) and Online Arbitrage (OA) that works for them. They don’t even get involved with creating their own listings on Amazon. Gary and Kim simply find products that are performing well and that they can get at a low price and then post those products to existing listings on Amazon. This may not work for everyone but it does simplify the process. To hear more about Gary and Kim’s story, make sure to listen to this episode of The Amazing Seller!
Don’t let your personal preferences influence what you buy and sell.
You’ve heard it said that “You are your own worst enemy.” Gary and Kim Rey would agree with that statement. They have been highly successful engaging in Retail Arbitrage (RA) and Online Arbitrage (OA) over the last couple of years. One of their biggest tips when getting started with RA and OA is to avoid personal bias. Even if you cringe at the thought of black nail polish, don’t let that keep you from researching the price and possibly making a big profit. They’ve learned over the years that there are many different and niche interests in the marketplace and if they can learn and adapt to these interests, they will be more successful for it. Learn more lessons from Gary and Kim on this episode of The Amazing Seller!
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [2:00] How the 1K Fast Track can help you.
- [5:40] Scott welcomes Gary and Kim Rey to the show.
- [6:50] Gary and Kim share their story.
- [9:50] Gary breaks down Retail Arbitrage (RA) and Online Arbratiage (OA).
- [15:50] Kim talks about RA.
- [27:15] How can you get started in RA?
- [34:15] Is everything Gary and Kim sell via Fulfillment by Amazon (FBA)?
- [39:50] Is it more competitive with OA or RA?
- [50:20] Kim talks about the products they buy and their Return on Investment (ROI).
- [53:10] Gary and Kim do not create any new listings.
- [54:50] Don’t let your personal preferences influence what you buy.
- [59:10] Gary shares some parting thoughts.
TRANSCRIPT TAS 321
TAS 321: Zero to $1 Million in Sales Selling Other Brands Products (Husband and Wife Team)
[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 321 and today I’m going to share with you another husband and wife team and these guys are crushing it. They actually are going to explain and share how they went from zero to $1 million in sales…
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…selling other brands’ products. That’s right, not even private labelling. They’re going to talk about how they buy low and sell high also known as retail arbitrage or online arbitrage.
This is definitely something you’re definitely going to want to listen to, whether you’re already selling private label or if you’re just getting started or maybe you are stuck. This is going to be a great interview for you to listen to because I dig deep into how it all works and some of the sticking points that they ran into. All of that stuff is going to be discussed here and oh, their names. I should probably tell you that. It’s Gary and Kim Rey. Great couple, so willing to share and you’re going to see that and you’re going to hear that inside of this episode which I’m really excited for you guys to hear.
One thing I want to highlight here really quickly, something that we’ve been actually doing to really move people along in this process because a lot of people get stuck. I want to highlight this. People make excuses and I’ve done it myself. I’m not sitting here saying I’ve never made excuses, I have. A lot of times it’s just because we’re afraid to fail and that’s totally normal but we have to get started even if it’s in the smallest way.
You guys all know just by listening to the show I’m a huge private label promoter. I love that business model because we own the product and we can then scale that business if we want to because we own that product and that manufacturing and all that stuff. When you’re getting started if you’re stuck a great way to get unstuck is to do exactly what Gary and Kim have done and do retail arbitrage or online arbitrage or even thrifting and selling one eBay.
[00:01:58] Scott: Any way to get moving is what you should do. We recently opened up our beta group for 1K fast track, little side note here, we had about 550 people that were interested in joining us in this beta group. We’re only going to have 50 people. We opened that up and in six minutes we filled all 50 spots which was crazy and there’s been another 250 that have already been added since then. A lot of interest. A lot of you are in this stage.
What I want you guys to do if you did not make it into the 1K fast track or anyone else listening that’s even interested in this and they want get started like now, head over to theamazingseller.com/312. I have an episode there where I walk you through five steps to get unstuck and make your first 500 bucks by next week. That’s no joke. Another little funny story is, I actually took our 1K fast track before we started the class, the weekend before… Actually a week before, I basically gave them this pre-challenge.
I said, “Listen, while we’re waiting to start this class, here’s what I want you to do, little homework. Anyone that wants to join in by all means do so and we’ll get you earning some money before we even start the class.” What I had them do is exactly what I talk about in episode 312. I told them to clean out their house or their garage or their bedroom or whatever. Clean it out and then gather all of your stuff and then start to list products on eBay. I explain exactly how to do that in episode 312 but I broke that down for our 1K fast track.
What’s crazy is people are already making sales. They’re already earning money before we even started our class which is really, really awesome. I want to read this one here really quickly. Josiah says, “Some encouragement to everyone else in the class. Yesterday I dusted off my eBay account which had been idle for a few years. As I was in the process for creating a listing of stuff I had around the house I got two sales.” Basically he listed two products, actually I’ll give you the products, it was an earth Quaker device thing and then there was electro harmonics B9 organ modulation something.
[00:04:01] Scott: Each one of those sold for over $100. Here he was able to earn, it looks like $235 from things he had laying around his house. Without even starting, without even starting our class just getting out there and getting started and I’ll tell you what, you start to get on a high when you start to actually see that it can work.
Another quick example was… Glen Grecko posted, here he goes, “Sold one down, one to go.” He posted some baskets. It’s called a Longa Burga… something baskets. A lot of 15 liners and dividers. $165 someone bought these baskets that they just had laying around. You can go out there and take what you have. What you think might be your junk is someone else’s treasure. You guys have heard that before. Get out there and just get started.
If you guys want to be notified about 1K Fast Frack when we open again which should be in about six weeks. You can get on that early notification list by heading over to 1kfasttrack.com and you’ll be able to get more information on that. You’ll be notified when we do go live and we open that up to another small group of people to go through that class. I’m super pumped up to dive into today’s interview, hopefully you guys are fired up to go out there and just take action, massive action today.
Start making some sales, whether it’s on eBay or Amazon or wherever, just get out there and start the process. Let’s go ahead and dive into my special guest today, Gary and Kim Rey. Enjoy, take notes and take action. I’ll talk to you guys at the end.
[00:05:44] Scott: Gary and Kim, how are you guys doing this afternoon?
[00:05:49] Gary: We’re doing awesome, thank you very much.
[00:05:51] Kim: Great, thanks for asking.
[00:05:53] Scott: I love this for a couple of different reasons. One, we have another husband and wife team. That I love because myself and my wife we’ve been a husband and wife team now through plenty of businesses and we’ve survived because a lot of people are like, “How the heck do you do it?” We actually enjoy it and we’re definitely good partners for that as well not just in our marriage but also in business stuff. We think a lot alike and we have same beliefs and all that.
Anyway, I’m so glad that you guys were able to take some time out of your day. You guys have an interesting story that I definitely want to dig into. Not much that we’ve talked about here on the show specifically and it is really around this whole retail arb, online arb kind of business model and that’s really what I do want to dig into. Before we do dig into that though, could you give us just a little back story as far as like who Gary and Kim is and what you guys have done in the past?
[00:06:47] Gary: Thanks Scott for having us on. It’s always flattering when anybody wants to sit down and hear your story. I’m 54, she is the same age. We’re from Kentucky. She actually was my childhood sweetheart, she was and she was going to tell this. She was the first girl I ever kissed when I was 11 years old.
[00:07:05] Scott: That’s good.
[00:07:09] Gary: I was a little Casanova. We were young, we went together, broke up numerous times then went separate directions. Both of us had failed marriages, met back up 21 years later and she had three children, was a single parent. I had two, was a single parent. We met back up and everything started from where it left off, we were teenagers and we’ve been married now 17 years.
We have five kids that we finished raising, they’re gone and they’re all successful doing great. We have six grand kids. She has administrative background work-wise, mine is in the insurance business which I’m still in. We stumbled into this one night on Facebook about a year and a half ago. No previous e-retail experience, no eBay, no anything. We’ve been in the Amazon business now for a year and a half. We sold just a little bit beyond $1.2 million in the year and a half that we’ve been in and almost all of it is RA and OA.
[00:08:13] Scott: That is impressive. That could be a story that we could probably create is how you guys were childhood sweethearts, you had your first kiss, you broke up a bunch of times, you went your own ways, got married, didn’t work out, you come back and then you guys ended up finding each other again and then getting back together. That’s a great story in itself. That’s a story right there. We could actually create a film on that.
[00:08:39] Gary: It’s a true too, I married up, I married over my head.
[00:08:42] Scott: Nice. That’s really awesome. I just love it that again you guys have, it’s kind of your journey. I think everyone has their journey and how they get to where they are and I think things happened for a reason. That’s my beliefs anyway. Along the way you learned through that process and probably also too is how much you guys appreciate each other now which I know that my wife and I are the same thing.
We got married young. I was only 21 when we got married. She’s five years older than me. She came from a relationship that wasn’t going well and they hadn’t gone well for years. I was young, 21, I’d been in a relationship through high school when I was about maybe 17 and that was a bad relationship. I learned what I didn’t want in a woman and I found what I wanted and it just kind of happened. It definitely taught us what to appreciate about each other.
[00:09:34] Gary: Amen.
[00:09:35] Kim: I agree.
[00:09:36] Scott: Kim good, you agree. Let’s dig into the RA, OA and for anyone that’s wondering these terms it’s retail arbitrage and then online arbitrage. Maybe quickly Gary you could just break down what each of those means for people that are brand spanking new to the terms.
[00:09:58] Gary: Retail arb is simply… Again we had never done anything like this before. We stumbled onto this on Facebook and I always jokingly said to her that if I ever found a career where you could make money by shopping it should make a fortune; she loves to shop. Not so much loves to spend money, she just loves to shop and she’s a great deal finder.
Retail arb is simply the art or the skill… Art is something you’re natural at, a skill is something you study to have. It’s either the art or the skill of being able to find good deals. She definitely has it as an art, I absolutely hated it but I love to make money. I come from very average, blue color, almost poor background.
My father was my hero. He died when he was 63 after drawing two retirement checks and most he’d ever made in his life was $14 an hour. When he died he owned three different places, he was debt free from his mid-30s. My dad had become successful in my eyes, from a man that had never much money. He did fantastic with what he made. I was always motivated by his story and I knew his story but at a young age I decided I really wanted more. I wanted to make money.
I grew up around a lot of people who would laugh at people who make money. They would want to throw out their little innuendos of negativism toward people but I never bought into that. I always believed that God made the cattle on a thousand hills. I believe that he’d make a go dominance for His bunch, not Satan’s and I truly did believe that we could have a lot in life if we just do things right, we have outstanding character, we work hard, we learn a skill, we learn our trade.
I did that in the insurance business. When we came into this retail arb thing, I don’t like to shop. I cannot stand to go into stores like she does. She could live in them. We stumbled into this and I got her set up with the app on the phone. She takes her iPhone and she scans whether it be Coles, Target, Walmart, mostly Walmart. I started going with her at times seeing how she did it and my brain started clicking and I started thinking, “Wow you can make a lot of money doing this.”
[00:12:04] Gary: We had made, in my little blue color world… I mean I make a great income in the insurance business. I make far more in the insurance business that I do an Amazon business but in 2016 we made right at a $100,000 net after all our expenses. I just say all expenses I mean Wi-Fi cost, cell phone cost, plane tickets to go to Amazon conferences, fees to join other Amazon groups, everything under the sun.
When I say all cost I’m talking tax accounted, elimination of all fees, everything down to bare bones. We made 100 grand our first 12 months in doing this. RA is the art or the skill of being able to retail, shop and find things that there is a demand for on Amazon. OA is online arbitrage is the same thing, it’s simply when you do it via the computer; that’s what I like to do. I don’t do much retail arb I do OA and that’s what I like to do. She likes to retail arb and that’s what she does.
I do the OA while I’m watching movies or while I’m watching pro-football or college basketball or NASCAR. While any of that stuff’s going on I’m simply online looking at various lists, buying things. That’s the definition as simple as I can make it on RA and OA.
[00:13:20] Scott: That totally makes sense. I always look at it like buy low sell high. You’re basically flipping product and you’re trying to acquire stuff that’s selling, that’s already proven to sell and then just basically you’re flipping product. You’re literally buying it at a discount, you’re selling it… It’s funny because I’ve heard people say too, “RA is dead. People aren’t really still doing that.”
I did the same thing you did. I didn’t need Amazon as a revenue stream when I started in this. I really just did it because I wanted to know the revenue stream period. As an entrepreneur you’re always looking for ways to diversify and I started hearing about RA. I did try it for like half hour of scanning stuff and then I gave up.
[00:14:04] Kim: Not long enough!
[00:14:05] Scott: I know it wasn’t long enough but I said, I’ve got too many other things that I’m doing, I can’t be doing this. Maybe I can have my wife do it but right now it’s just like we’ve got so many other things going on. I’m like I’m just going to drop it. Then when I started hearing about private labeling that interested me because that was more in my world where I could do the work upfront, find a winning product or five or whatever and then I can just re-order when they sell.
That to me it’s like a digital product in a sense. If you find something that works you can just keep creating it or keep ordering and that made a lot more sense to me and that’s what I did and got me started. Now I’m going backwards a little bit because I’m starting to see that there’s probably a revenue stream there that I could be tapping into. I know a lot of people getting started in the private labeling get overwhelmed with what they have to do or their fear of, I don’t want to spend a couple of thousand dollars on inventory or $5,000 on inventory.
I just want to go out there and see if I can actually do it with 100 bucks and then prove it to myself. That’s really where we’re at now as far as like this thing could be its own thing. It’s like a whole another division in a sense. I know people that have teams that actually go out and do this stuff and find a product for them and all they do is facilitate things. I agree, I think it’s a great way for people to get started especially but I think people can make a full-time living doing just this.
Let’s kind of dig into though… So you get started, what was the hardest part, I would say, as far as getting started? This one might go over to Kim because you’re in the stores and you’re scanning. How do you know what is a good find and not such a good find? What numbers do you look at that makes that make sense that you’re saying this is worth a try?
[00:15:54] Kim: We used a list that was posted, it was a full-time FBA sheet that had a rank on it that gave us like 1%, 5% and 10% ranking of every category. We tried to buy in the top 1%. When I first started we didn’t have this list when we were very brand new. I would just go out and if it gave us a good profit like say $5, at the time I was thinking $5 was a good profit, and the rank on it was what I would think would be low I would just purchase it.
Then about a month into it we found this list and from from there, I get my numbers in my head of what to buy. We really like to stay in the top 1% when we’re shopping for retail arb and then in the 4th quarter we go up to the 5% and sometimes as high as 10% in the 4th quarter.
[00:17:02] Scott: What does the 1% or 5%, what does that tell you is going to be the question that we’re going to be asking ourselves here?
[00:17:10] Kim: To me if it’s in that rank it’s moving fast. It wouldn’t be coming up to that rank if it wasn’t moving fast.
[00:17:18] Scott: What kind of BSR are we looking at like that or in those? I know category’s going to have something to do with that but let’s just say…
[00:17:23] Gary: That’s exactly what she’s talking about. It’s just like the Jungle Scout BSR that you look at; it’s the same thing. Steve Smotherman which, fulltimefba.com, he’s got this free ranking chart that’s not only us. We knew hundreds of RA and OA people that’s in other groups that we’re in and they all use some kind of cheat sheet.
[00:17:44] Kim: Reference point.
[00:17:45] Gary: Reference point, thank you, to be able to go off of. When we’re scanning, when she’s scanning in the store or I’m scanning and she scans a purse, a high end purse… I can’t think of an example right now.
[00:17:56] Kim: Michael coolers.
[00:17:56] Gary: Like Michael Coolers or whatever, one of the first things she looks for is, is it in the 1%, 5%, 10% , of that category and if it is then it picks our interest and see if the math is there. If it’s not we don’t buy it. She can scan something and it can be ranked 400,000, it can have a BSR rank of 400,000 in home and kitchen and she’ll just put it down, go right on because we know that’s the top 1%. I don’t think it is anyway. I think kitchen is like 200,000 or whatever but you get my point. I’m just using that as a reference point, as an example.
[00:18:30] Scott: It’s funny too because… And that’s what I’m noticing right now. I’ve got a good friend of mine who we’re actually in the process right now. Actually today that we’re recording this we actually opened up our 1K Fast Track we’re calling it which is an RA kind of like a boot camp in a sense to kind of where you get your feet wet, Dom Sugar who’s been doing that for over 15 years and he’s actually scaled it to a multimillion dollar business.
It’s funny because when we started going through this process and I started going through it with him and just trying to learn the numbers it’s like finding something that’s 100,000 BSR if you’re private labeling is garbage. You’re not even going to go for that but in RA that’s definitely something that you would look into in certain categories. It’s just a whole another mind shift because if you’re coming from the private label world over to the RA world your mind blown by that. If you’re coming from the other way then you’re like, wait a minute, I have to have something that’s like 500,000 BSR to even be where I want to launch a product. It’s a different mindset for sure.
[00:19:33] Gary: Let me add this if I can. I actually view RA and OA as like a commodity. Years ago I got into trading commodities like Soybean corn and things of that nature. I learned how to lose a lot of money doing that and also to day trading on stocks. I’ve had success doing it, I’ve had no success doing it. RA and OA is a lot like that Scott in that it is a commodity. It’s a fluctuating commodity, up and down. When your RA or OA, either one, when you’re either one of the arbitrage methods your goal is to get it and get it shipped up fast and beat the competition because the price is always moving on, it’s always changing, it’s always fluid.
The beauty of it, the simplicity of it is, I don’t mean to cheapen it or run it down but it honestly doesn’t take much thought. We barely just, she can tell you that a lot of day she goes and does this. A lot of day I do it on my OA again, we really don’t even think about it. We have all of our tools set up, we know what we’re doing. It literally is just like a job like mowing the yard or something. You can just do it almost be brain dead once you learn how to do it, you just do it. There’s tons of product there as long as you got money to buy product it’s out there.
You find stuff that’s ranked good, it has a profit, you buy it, send it in. Stay shallow, stay wide, don’t go deep, don’t need anything because this stuff does move in price. If you buy something today at Walmart, a lead TV thing at Walmart that you’re buying today for $30 or selling for $99. Five weeks from now it might be selling for $40. You got to stay shallow, you buy anywhere from three to six of the item, send it in, stay shallow, double your money kind of thing and keep going.
[00:21:18] Scott: To talk a little bit to that as far as like staying wide also I think is what you’re is don’t go deep into one category either, I think spread it out would be a wise decision. Would you agree because that will then…
[00:21:33] Gary: Absolutely. We just counted before we came on the air here with you we just counted up our SKUs with Amazon, we have 1,078 SKUs right now that are active on Amazon. Out of that 1,078 SKUs probably three, four of them are two items or less. Probably the deepest we have on any of them are the worst buys we’ve ever made and that was some wholesale buys where we bought toys or games or things of that nature last summer that were supposed to have been here before Christmas.
They didn’t get here until after Christmas and now we’re stuck with them, we’re bunked with them. That was tipping our toe into the wholesale world and that hasn’t worked so well. The RA and OA has worked, honestly it’s fantastic. I think it has really worked well for us. Like I said we don’t do the advertising or nothing, you just simply buy it, stay shallow and keep moving. We do everything tax exempt. We have a part time employee. Actually, she’s working in our facility today.
We built a facility here at our home. UPS, FedEx packages come every day. She preps, ships everything in and the money that we save by going tax exempt, we’re Kentucky, 6% sales tax state. We’re able to shop and buy at all the Walmart’s and not have to pay taxes. Several of the online stores we buy from we don’t have to pay taxes. Our tax savings by having that tax credentials there from the state to and not have to pay the sales tax pays her salary. Her salary is paid just by the savings that we get from the Walmart and the tax exempt status that we have.
[00:23:10] Scott: What’s the process for that as far as getting tax exempted? What do you need to qualify for that?
[00:23:15] Gary: You just file it in every state. I’ve a really good friend of mine, actually he’s in the insurance business with me. His wife got into this RA as well. They live in Tennessee and they got the same thing going there. They got their tax exempt status in Tennessee. You just file it with the state, it’s not hard. We have friends in Missouri, friends in Nebraska, same thing. You can get tax exempt.
[00:23:37] Scott: What do you do, do you just present that to… If you went into your local Walmart is there something you issue them so that way there they know that you don’t get the tax? How does that work?
[00:23:46] Kim: When you go to Walmart you just take your certificate that the state gives to you and you go into the customer service area and you tell them you would like a sales exempt form and then you fill one out. They give you these little cards with your name on them, like ours has our name on it and then I signed them. I laminated a card for me and him both. When we go to Walmart, ours was local where I did this at, and then they put it on file.
Then when we go to any Walmart in any state I just show them that tax exempt and they run it through. They type in ‘tax exempt’ and they type in our number that Walmart gave us and it comes up that we’re tax exempt.
[00:24:31] Scott: You’re basically just flush a card to them and then type in some code and then it exempts the tax, you don’t get charged for it. If you’re paying $100 worth of stuff and it’s 6% tax you get 6 bucks, you don’t pay.
[00:24:42] Gary: Yea. Like I was at Walmart last August I believe it was probably 200 miles from my home on a Saturday. I went with her because I can’t do it much through the week. They had this huge band of video games and they had them priced for like 12 bucks and it was… I forgot how many video games were there. I told them I will buy all of those video games you’ve got there in that band regardless of how many as they are, I’ll buy them all for $10 each. I think they had them like $50 or $60 each. The guy said, “You’ll buy all of them? “The manager did, I said, “I’ll buy every one of them.”
He said, “There’s probably 700, 800 videos ones there.” I said, “I’ll take all of them.” He said, “You’ll take them all?” I said, “Yeah. For $10 each and if the price is less than that then I want them for less than that but in the end if it’s more than that they have to be $10.” He said, “Okay.” It was something 749, so it’s $7,500 worth of video games that I bought. We more than doubled our money on that one buy. When I did that I didn’t have to pay any tax on it. It’s 6% right there off the top and it was $7,000 buy.
That ain’t the only thing. We’ve had numerous occasions where I’ve went into Walmart or she’s went to Walmart and we would buy $4,000, $5,000, $6,000 a lick. People need to understand, we’re not talking about just going on there and buying, “Oh my gosh, I bought $22.” We’re talking buying several thousand dollars at a time. I’ve even had Walmart to ask us to come and help them move their clearance.
We’ve actually been invited into the back stock rooms where people aren’t allowed to go and we’d had to go back there and scan stuff with our phones and tell them what we will give for it and they re-price it on the spot, load it up in big cars. We’ve actually had to buy our trailer to pull with my Silverado to pull to go to these places on order to load stuff because it’s more than… She has a 2016 Suburban, that’s more than her Suburban would haul so we actually had to buy a trailer to haul stuff in.
We’ve had huge buys like this but it’s because I can buy a lot. I’m blessed that way, the Lord’s been good to me and I’m thankful. If I’m negotiating with a store manager to buy a lot I can buy a lot because it’s just going to be X thousand. There’s a hardly a number that he can throw out that I can’t say “yah, I’ll buy it.”
00:27:02] Scott: You’ve got that because you’ve got that… Like you’ve said you’ve been blessed, you’ve got a good career. The people that are just starting I want to speak to them a little bit. I want to talk about the people that… Like you’ve got a friend of yours and they come up to you and they’re like, “Listen Gary, I really want to get this but I only got 1,000 bucks to get started. What would you say I should do?”
[00:27:26] Kim: I will tell anybody that if you just had a small amount of money just make good buys. Retail arb will work for you, it’ll take a little patience and go through and scan and look for items that are low ranking and got good profit. Just because something might have $2 or $3 don’t get excited about that. Look for something maybe $10 or more. There’s things in the store, it takes a little patience, you have to learn the store, learn where the clearance items are because in a lot of the stores there could be in caps with clearance items.
Sometimes Walmart will discount like cookware and they’ll put it on the end of in cap and it’ll say $39.99 but if you don’t know your prices that cookware could have sold for $159 and they’ve marked it down to $30. You need to take your time and go through the store, understand that they have the clearance stickers, the yellow clearance stickers and when you see them go through there. You never know, each store’s different, the managers decide when and what gets put on clearance.
You just never know what you’re going to find in each store. Some stores you may find like six sets of cookware and you could make 50 bucks on each seven cookware. That’s why I would say just make good buys, if you only had $1,000 try to make some good buys with your $1,000.
[00:29:02] Gary: And spread it out, go wide. If we had $1,000 I probably wouldn’t spend over $75 to $100 on any one SKU. I’d even trim it back more on that. I would try to even stay 50, 60 bucks a SKU by the way to not sound like a doctor and be throwing out words. A SKU is a pair of Nike shoes size eight, that’s a SKU. If it’s a size nine that’s another SKU. One can of cashews is a SKU, two cans of cashew is still one SKU with just two items in that one SKU.
I want to tell this too, again you’re trying to drill down here to help newbies. When we first started doing this one of her goals was she had heard from another Amazon RA seller that they pay for about half of their grocery bill every week by RA-ing. She’s started off by saying, when I go to Walmart or Kroger to grocery shop I want to start seeing if I can find stuff in the grocery category or anywhere in the store to resale to help pay for groceries when we go. Not that we needed help with it but no matter how much money you have you’re still broke.
I hate saying anything like it because it make it sound like I’m showing off and I’m not but I’m not worried about that. I’m just going to tell it like I believe it, if somebody asked me to explain it I will explain it. I’m going to say within two weeks or three weeks of her doing that everything changed. She started going out and buying $300 worth of groceries and coming home with $600 or $700 worth of product she had bought to resell at a 30% to 40% ROI.
Real quickly we understood there’s a lot of stuff out there. We have some friends of ours in Missouri and their grandson was working with him scanning and he discovered a certain product, and I cannot tell what it really is, extremely popular product, advertised every day on TV and this little boy said, here scan these. Grandma scanned them and it was so profitable they’ve been selling this now for over two years on Amazon.
[00:31:09] Gary: They’ve done over two grand in his college fund, profit from that one item that they found in the grocery category. It’s a replenish-able or a re-plen as they call it the RA world. That’s something you find… We sold soap for probably eight months that we was buying from drugstore.com. What brand of soap was it, hun? I’m sorry I cannot remember. It came in like a four pack, it wasn’t Zest. It was one of those soaps like that, they were coming like bar soap, four bars of soap. We would buy that stuff and sell that stuff and we were making 80% profit on that and like four bucks net. We were selling 50, 60 of those a month and we did that for like six months. It was just easy low hanging fruit is what it was and then we got out of that. Pardon me.
[00:32:00] Kim: That’s what you call a re-plan.
[00:32:00] Gary: That’s what you call a re-plan. To help the newbies get into this if you can find these re-plans like this those work right. Here’s what’s on, we don’t do that now. We hired the lady to work for us to do our prepping. We pay her $12 an hour and she preps box, ships, enters the inventory lab, she does it all. We don’t touch it once we bring it here to our place where it’s shipped in, she does it all.
When we started doing that we had to change our business model because it takes her as much time to prep an item that I’m going to make $40 on as it does to prep an item I’m going to make $5 on. We now only buy stuff that’s going to turn us a net profit of $10. Going into the deal it has to net us $10. If it doesn’t we don’t buy it. But, if you’re a new coming into this business don’t do that.
If you’re new coming into this look for stuff that gives you a great ROI, that’s ranked great and stay shallow with it and just turn and burn, turn and burn. That’s the model of several million dollar sellers that we know that do this. They try to get it and sell it quick.
[00:33:07] Scott: I love it that you’re drilling down into really keeping it shallow and going wide because again that spreads you out to… It’s funny because my good friend Dom Sugar who also has said to me in the past like that is the whole thing, it’s inventory. It’s like getting the inventory, getting it in, like you said, getting it turned over but then having more of it but wider not so much deeper.
Not having one thousand of one unit in there that’s selling, it’s more about having 1,000 SKUs and maybe three, four a piece, obviously, if you have 10 a piece that’s fine too. What I’m saying is, this way here it gives you more of a chance to go out there and have steady sales every day because one day you might get three soaps sold and then the next you might have something else to sell. The next day you might have a couple of soaps and then the next day you might have three other things that you didn’t sell the day before and then it starts to add up daily.
I love that because it does, it gives you a better chance of succeeding and spreading yourself out. In the beginning there’s a lot of stuff that you got to take into consideration or that seems it to. When you first start now and you’re getting this product and this inventory what was the process as far as like getting it shifted, you didn’t have anybody working for you? You sound like you’re far away from a lot of these places, how often were you going to these stores and then how often were you shipping in? Is everything FBA too by the way?
[00:34:32] Kim: Yes, everything we do is FBA. When we first got started I would go to a store say… I do like 150 mile radius from where we live and then I would do a search of stores whatever city. Say if I was going to Louisville, I would do a search of stores in that area and then plan me a map of three to five stores depending on how much product I found at each store. Once you fill the vehicle up and left, you’ll also have to drive back home. That’s why I just planned out my stores.
From there I would bring it home and then the next day we would de-sticker it, prep it and then create the shipments from it. Now, usually I’d spend one whole day shopping and then the next whole day prepping and getting it shipped up to Amazon. We believe that fast, when you’re buying it you got to get up there as quick as possible because you never know when the price is going to start turning away, how many other sellers might get on the listing.
[00:35:54] Scott: Now, would you also say that now that you’ve been doing it for a little while it’s like… You mentioned you have a little cheat sheet, a little list and stuff, now you already know because you’ve done it and you can spot something. You go in there and you’re like those are definite. You almost don’t even have to really look anymore because of your experience with that category or those types of products.
[00:36:16] Kim: Yes. I can just walk up and down the toy out pretty much anymore and know which toys I’m going to pick up and which ones I’m not. When I first started I bought Barbie’s… There would be times I would buy these little barbies and I could make maybe two or three bucks on them. They would sell so fast and they were so high ranked I was like yes they’re going, they’re mine.
When you’re first starting out if you can find 10 barbies and you make two bucks a piece and they’re ranked 1,500 they’re going to sell just about as soon as you get them up there. That’s a yes. Now then I don’t waste my time on that because usually there’s not enough for me to say I made enough profit. I’m looking for the bigger ticket items that I know will bring me more profit. In the beginning I bought a lot of dog leashes that were clearance stuff for 50 cents and you could make five bucks on each one. That was just the way we got started but then you just learn from that what works.
[00:37:15] Gary: Let me add something to it about dog leashes. She was at a particular store one day and I’m in my office working and she called me. She said, “I found these dog leashes, they’re ranked so and so, they sell so much,” blah, blah, blah. She gives me the stats on it but she didn’t tell me how much they were. She said, “I’m just wondering if I should get five or ten or how many should I get.”
I was trying to help her with her confidence level. I’m very confident bordering on whatever, arrogance I guess. She was always self-conscious and afraid to lose money and I would always tell her don’t be afraid to miss swinging at the pitch. If it’s a high fastball then that’s your pitch, knock that thing out of a park, swing at that thing. She would give me these stats. This particular day Scott, this is funny. She called me up and she gives me these stats on this.
I’m joking with her, I don’t want nobody to think I’m fussing I’m not. I’m joking her and I said, “You called me and worried me about dog collars?” I said, “How much are we going to make on each one?” It was more like $8 net something like that. I said, “What do they cost each?” She said, “50 cents each.” I said, “50 cents! That’s all we’re spending?” She said, “Yes.” I said, “Buy them all,” and she said, “But there may be a hundred.” I said, “Sweetheart that’s $50. We spend more than $50 every time we go out to eat.”
She said, “I hadn’t thought about that.” She bought them all sure not and that helped her to stop worrying. If it’s right, it’s right. You pull the trigger, bag it, bring it home. It’s kind of like going deer hunting. If the big buck walks up in front of you or going to bass fishing and you see a seven pound bass laying over there in the reeds if it’s right it’s right. You got to get it when it’s good and don’t pass it up.
That was hard on her. It was very hard on her being a single mom at one time raising three kids. It was hard on her to spend this money and I always had to coach her. If it’s right pull the trigger and now we’ve done it like we have now and now she just tells everybody this really does work. You can make money doing this. Of our business we do it’s about 50% RA and about 50% OA. It was at one time more like a 9/10 RA to OA but OA has really increased with us for the sheer convenience of being able to do it from home. Then the RA is something that she just loves doing because she loves to shop and that’s still very profitable.
[00:39:39] Scott: Let me ask you a little bit about that RA and then OA, again, anyone that’s maybe skipped ahead here, RA is retail arbitrage that’s going into the store and then OA is online arbitrage that’s where you’re going on out and finding these deals. There are tools out there with the OA and there is some with the retail arb too. I would think, this is just thinking that it’s, there’s more competition with OA than there is with RA? Am I wrong with thinking that.
[00:40:08] Gary: No. you’re not wrong at all. Let me tell, I’m going to expand it on both ways and Kim feel free to jump up in here if I miss something. The RA we have found out that stores do not mark things down nationally across the entire United States. We’re going to one particular Wal-Mart and they will have a whole bunch of one thing marked down. You go to another one 20 miles away they will have the same thing marked down you go to another one 50 miles from that second one and they won’t. You can have 20 of them with the next 100 miles radius, none of them will.
We can learn that things are done in a retail chain regionally. These mark downs happen regionally and sometimes even there is just that one stall while OA if you going to do OA you need to try to be on list like I have eight different OA list sources that I can go to do my buying. Okay and my goal if I want to sell a million a year I need a spend $1,900 a day to sell a million a year. Cut that into half if you want to sell $500,000 in a year. That is after doing a year and a half that’s my number it’s a 2.24 multiplier for every $1,000 I buy that will translate it to $2,240 worth of sales.
Now I’ve had to go to 2.4, I’ve had it to go to 2.10 but as a general rule, snapshot frame of time I took. It’s 2.24 so if I want to sell so much I going to buy so much. You going to back in… Just like selling your insurance or selling automobiles, real estate or anything. You got to have so many contacts in order to make a sale. Well you going to buy so much in order to sell so much. The reason we got to do in OA is because RA wasn’t enough. I needed more, I wanted more to substantiate the money we were spending for the facility and this employee we had, so on.
[00:41:57] Gary: So we got into the OA and in that worked into doing shoes and like our rating today before you and I got this call in about 20 minutes in one of my list I found a particular, two different particular, shoes two particular shoe sizes that were very profitable. This particular shoe is ranked 40 in all of the millions of shoes on planet earth it’s ranked 40. So I just did 600 bucks on this four different sizes, two of each one of this particular shoe will make 60% of this particular shoe. So OA is more competitive. Unless you focus on getting your OA list that are very tight.
There are some of them that’s open to 100 or 200 people and there are some OA list that are confined to 25 people or so. Those are the better list, the less people that are on the list.
[00:42:47] Scott: Got you, got you. So okay again so like I’m saying like then it’s kind of okay you got to get on the inside list. You’re going to get into a group that is going to be able to expose these deals to you. So again like I said it is definitely to me and I wasn’t wrong in thinking that, it’s like it is more competitive. In the OA you can be more profitable and it’s easier because you don’t have to go out to stalls but then again it’s kind of everyone could either have an access to these certain tools or these certain lists. It’s the same idea, there’s pros and cons to both. I personally think that people starting out like retail arb is no brainer because you can leave your house right now, go into a store and start scanning stuff like tomorrow. Yes I love that.
[00:43:25] Kim: Yes you can buy something.
[00:43:27] Gary: Yeah
[00:43:28] Scott: Yes and you buy something and I think you learn a lot about that process too by actually physically doing it. That’s just me coming from… My background is in construction so I know all about like you actually have to do the job to understand the job. And the same thing goes with OA, you are doing the job of finding the products but again it’s different. You’ve got different things to kind of weigh into.
[00:43:50] Gary: Yes. What I do Scott in OA I don’t search, I don’t look through websites looking for product I pay and I have eight different list sources. Seven of which I pay a monthly fee and they email me every day a list and then I have another source and it’s a Facebook group that we go to in Amazon FBA list pushers where they sell you lists and anywhere from $8 to $10 each. And they may have 30 items that particular day that is on sale on Home Depo or Walgreens or whatever. At ten bucks you buy that list. I bought lists before and go on and bought $2,000 stuff in an hour and send it home. Never get into my car and drive away. I spend probably $800 a month on my seven lists, maybe $900, I have to figure it up here but I’m close and then there is other sources where I buy lists as well. So there is no other business out here I know that I can speed $1000 a month and turn it and make the kind of money that I make off these lists.
[00:44:58] Scott: Yeah I know
[00:44:59] Gary: Yes it works great
[00: 45:00] Scott: Yeah it makes total sense. Again it’s whole another different business model. You got that model. You’ve got private labeling, you’ve got RA. For people out there that are like, “Wow, Amazon is just too competitive nowadays like you can’t just make money on Amazon,” I get that question that statement a lot. And I’m like, “You know what there is more and more one way it doesn’t work for everyone. Maybe people don’t want to do the RA or people rather do the OA or vice versa or maybe people just want to do the private labeling, they don’t want to do that stuff.
[00:45:30] Gary: I hear that too about the competitiveness too. Like I said I’m 54 and I’ve been in the business or I’ve been in marketing for years and I’m not a nervous at how to succeed at business. And I don’t know why people worry so much about competition. I go on listings, and she goes on listings all the time Scott but there maybe 300 sellers. We’ll go on there and we’ll sell our stuff next week. You know why? Because we bought it better than they did. We got that one special deal on that thing and we beat them. It’s flat out, come one let’s get on the inner side of life, we beat you. We bought it cheaper so now we’re going to sell it cheaper than you and we’re going to make good money, we’re in and out, in and out, in and out. I know the private label is all about no competition situation and I admire that.
I think that is a much more relaxing way to function but the RA world it has its advantage as well and that you buy stuff and you buy an incredible price on it, it’s ranked fantastic, it’s selling 100 a day or 300 a day and you’ve got four, you will be out tomorrow in three hours and you will make $9 each or $8 each or $11 each and you’re going to go to the grocery store anyway. Let me tell you something, she has sold more mustard. You won’t believe this stuff she’s found in the grocery store. Salt. She has found a certain type of a sea salt or something that was in a bag.
When she brought this home to me I laughed, I thought what! She said, “Honey this stuff is selling like gold on Amazon.” So we waited for months on end until our supplier ran out of this, of selling this particular salt. So the point is yeah, there is a lot of competition there but if you can simply match the buy box guess what, it sells. It doesn’t matter what the competition is as long as you have the best price. If you have the best price you sell it, plain and simple period, end of statement, what’s the discussion?
[00:47:24] Scott: Yeah, so let me ask about that too. If I go to a listing and I’m looking at selling and I see that maybe there is maybe 30 sellers on that listing 40 or 50 or whatever. And then I notice the one thing that I have been kind of learning is… And then I want to kind of see who is fulfilling by merchant, who is fulfilling by Amazon. Really the ones that are fulfilling by Amazon are the ones that I really care about because people usually want to shop Prime and they search by Prime sometimes. And then by that point do I look at those? Is there any certain numbers there that you would say to yourself like, “I’m not getting in. There is just too many people in there,” or like you said when you buy them correctly and you can undercut them by charging less than you can know you can get rid of your product.
[00:48:06] Kim: When we are done retail arb it’s strictly on price. If we are buying it good and we can match that buy box. When I’m not scanning in the store, I’m looking to see can I match the buy box and if so is the profit going be good enough if it was to drop? And that’s all what I’m doing it and that’s how we decide whether or not to purchase it and it has worked so far.
[00:48:34] Gary: Sometime it does drop too Scott. We don’t want to mislead anybody for anything from this interview other than trying to have an open hand and share what we have been blessed to learn with this. So but this is a commodity. The process of this stuff does change. That’s why you don’t go too deep. It’s just like Apple computer stock for example or IBM stock or 3M stock or any of those stuff. You don’t not buy their stock because a lot of other people own it. You don’t do that, you don’t look at well I’m not going to buy Apple because you know it’s… No, you don’t do that you look at the forecast that the company have and then iPhones are selling this, that or the other, you make your decision.
That’s the same mindset we use by using this ranking sheet to tell us if it’s in the top 1%. Again we only buy top 1%. So we buy only the cream of the crop all the time. That’s what we buy, we don’t go any deeper than that. And the price does drop and we do lose money, sometimes we may lose as much as a dollar, maybe a dollar and a half on an item. I see that to be funny, I don’t think it came across funny. The point you will lose, you’re not going to get home runs on all of them but when I told you the profit we made whatever that was based on a lot of our losses, all of our returns, all of our taking stuff to charity, to goodwill. All of that was deducted off and got down to that number.
[00:49:58] Scott: Okay, so again just to kind of clarify. So if you went into the store, you scanned it, you looked at your numbers and it doesn’t matter if there is 50 sellers on there. It’s got a good ranking, you know it’s selling through. Then from there if the buy box says it’s $39.99 and you know you can probably even sell it at $38.99 do you go a level deeper though? Do you say to yourself like, “But if it drops to $34.99 I’ll still make money.” Do you still play that number in your head or do you just go off the buy box and say, “I definitely I can buy it for that and sell it for that I’m good.”
[00:50:31] Kim: Well yes we look at, when I’m scanning we use our Profit Bandit it is one of the apps we use on our phone. We also use of course Amazon but when I’m looking at it I’m looking on, I’m also looking at the ROI but when I’m scanning the the items I’m asking how much is the ROI and we like to buy between 40 and 60 ROI because that gives us a little of lee way of what we can move down. Well, okay for someone like that say if I’m buying it at say the item costs $20 and the buy box is $40 and I’m going to make say $15 on this item. How much am I willing to lose in order to stay profitable? So I can say that 15 of the 20 I might be willing to lose. Do I think I’m going to drop that low. And I make the decision honestly pretty quick, I just look at the item if it rank is good, the profits there, the $10 or more profit and the ROI is between 40% and 60% I just say yes.
[00:50:41] Scott: Got you. So you don’t even care about how many sellers who are technically on it. That doesn’t even come into your equation.
[00:51:46] woman: No, no
[00:51:46] man: Now, when she first started doing this she had analysis paralysis big time. And it took a long time of us just having a good marriage for me to tell her, “Sweetheart I promise you I will never say a word if you go out here and we lose a $1,000 a month you doing this and you come home being in a good mood is worth everything to me. I love you.” We’re empty nesters. We don’t have a lot to do. Our lives are actually pretty empty. So that it gave her something to do. So that helped her to rely and actually know he will never fuss on me and I don’t.
She’s bought stuff at me. She bought pental hitches, trust me you don’t know what a pental hitch is. A pental hitch is a farm thing that you put on back like an 18 year old mower tractor and it allows you to be able to hook up things to it. She did not have a clue what this thing was. She bought it at a farm store one day where she was scanning. And I laughed and I said, “You’ve got be kidding me, honey that will never sell on Amazon?” She said, “Bet it does.” And she bought two of them and you know what, over about three months she sold both on those and made 100% on both of them. We learned honestly you can sell everything. We’ve sold underwears, shoes, everything you can just think of anything about. If you can scan it with a phone and it’s not restricted, it will sell.
[00:52:59] Kim: I will say this Scott; we don’t do any listings at all.
[00:53:03] Gary: We don’t create listings, okay.
[00:53:05] Kim: If it’s not in Amazon’s book, catalog, whatever we don’t buy it. It just put it back down and I’ll scan for something else.
[00:53:13] Scott: Got you. That makes sense I know there is something out there, which is against terms of service too, to create your own listing on a branded product.
[00:53:22] Gary: No, no.
[00:53:24] Kim: Yes what’s he is talking about.
[00:53:26] Gary: I’m sorry
[00:53:27] Kim: You cannot create your another listing on a branded product.
[00:53:28] Scott: Yeah so if you have a Mattel toy it’s a popular toy and they have their own listing like Mattel does and they are selling that item you have to list that product on their listing because they only want one product in the catalog.
[00:53:44] Gary: Correct that’s correct. If it is a Mattel item that’s brand new and nobody is listed on Amazon
[00:53:49] Scott: Then you can list it.
[00:53:50] Kim: Yeah that’s what I was talking about.
[00:53:51] Scott: I know, I’m saying like because some people don’t want to share the buy box because they are going to create their own listing
[00:53:55] Gary: No, no, no. We wouldn’t do that. We don’t even do it on stuff or anything on Amazon. We usually don’t create listings because to us there is just too much other stuff out there to buy.
[00:54:05] Scott: Yeah you don’t want to be guessing out there.
[00:54:06] Gary: We know some people that create listings. They create bundles in order to create listings all the time and they make more money than we do but theirs requires a lot more thinking and brain power and so on and so forth. Ours is very much wash, rinse, repeat.
[00:54:20] Scott: I would say that yours is more like get it, flip it.
[00:54:22] Gary and Kim: Yeah that’s it
[00:54:23] Scott: Just put the money down, get the money back. Just keep pushing the money. I love it. I love it. What else could we dig into? We’re going to be wrapping up here shortly. What else could we dig into that you think that maybe it could be a few mistakes that people might make when they first start that maybe? We could help them prevent or even shed some light done on something just to be aware of.
[00:54:46] Gary: One little thing is do not let your opinion of what you like cloud whether not you buy it. That’s a terrible mistake. There is millions of people out there that love black fingernail polish even though you may detest it. There is millions that love it, just don’t worry about that, just scan it go by rank if it’s profitable and it ranks good buy it. Period in the statement. We was at a particular Walmart, they had a huge endcap of these blow up swimming pools. This was the last fall and probably August, September-ish and there was probably 200 swimming pools in these little boxes there.
They were $5 each, she looked at me and said, “How many should we get?” These things ranked, like in the sports category they ranked like a 1,000 so that when the top one tenth of a percentage of all sporting good items on the world of Amazon which is international of course. So I said, “We get them all.” So we got like three carts, loaded them at five bucks each. We are still selling those today at $28.99, prices never dropped on them. So one of the mistakes you can make is when you find something that is perfect, it’s perfect that you won’t buy all that’s there. That’s a few times that you want to go deep is if it does seem to be perfect. We have sold swimming pools all the way through this winter.
We have a friend of ours he loves to buy winter coats at the end of winter and he says he sells North Face jackets in July and August all day long. Don’t get restricted, most of the limitations mostly people have on and you know this, you’re a success coach. Most limitations people have are self-imposed and mental limitations. So you have to break those down and that’s why we just take the whole brain work out thing out of it and we just simply stay in and if it ranks top 1% and its 40% to 60% profitable we buy it. That doesn’t mean we’ll make profit 40% to 60% we might only make 10%.
[00:56:50] Scott: But you got enough cushion there?
[00:56:52] Gary: That’s right but that’s our starting point. That’s what we start with. We use our re-pricer, we use App Eagle as a repricer to reprice our stuff and the lady that works for us enters it every day and she sits down, my wife sits down every night on her recliner and she enters it all into App Eagle and puts the minimum price we want for it and then we try not to look at it again until three months.
[00:57:12] Scott: Got you got you
[00:57:14] man: Three months we go back in if it hasn’t sold then we change our low price on it and we start getting aggressive to sell even if it means we lose a buck or two.
[00:57:22] Scott: I was going to say like that there Gary that, like so when you get when you start approaching that six months mark because that’s kind of like you want to get it out there. Do you guys go as far as like you said, just liquidate it I mean you want to get it out off the shelf?
[00:57:36] Kim: Yeah.
[00:57:36] Gary: We have a setting in our re-pricer called close out and that’s what it does. It will close stuff out all the way down but there again we have stayed so shallow. It doesn’t hurt us if we lose seven bucks on an item. We had only two of them so that doesn’t hurt us. When you stay wide and shallow, you can move it. It’s just like having a mutual fund versus individual stocks. Mutual funds are wide and shallow and that’s why they are the number one selling instrument in the financial world it’s mutual funds it’s because you have that diversity in some safety in that. And that’s the whole reason for doing it.
[00:58:10] Scott: I love it man. You guys are doing great, I love it how you break it down. I love it as you are passionate about it too because I do believe that like you said a lot of people they get stuck and they get in their own way. And it’s always mental. It really is it’s like what if I spend $100 and I don’t make it back? Well if you are spending your last 100 bucks you probably should get a part time job. That’s my thought.
[00:58:38] Gary: If you are spending your last 100 bucks do it on something that is ranked on the top 1% and stay the buy 100 bucks and you will sell it.
[00:58:46] Scott: You will, exactly so if you going to finish your last 100 bucks at least get it on the top 1% of that category. I like it, I like it. Alright this has been awesome. I’m sure we can probably keep talking for another hour or so which we may have to have you back on and we can maybe drill into certain areas that we might not have discussed or maybe when questions coming in too we can also maybe do that. That’d be awesome. I just want to thank you guys for taking time out of your afternoon and your week and is there any last little bits of tips or anything that you wanted to share with the audience before we say goodbye.
[00:59:18] Gary: Before I get off I want to say this Scott. You and I have never met, we actually never spoke till today, we just chatted some back before. I want to thank you, I may never meet you but I just want thank you. I’ve seen you pour your heart and soul into these podcasts and we’ve been listening to your podcast driving in the past six weeks, seven weeks something like that when we kind of stumbled on you and I know you probably get a lot of compliments but I would be really embarrassed if I didn’t say say I’m glad there are good people like you in the world who cares for more than just making money because you don’t do all of this just to make money.
[00:59:51] Scott: No
[00:59:52] Gary: You’ve got a real heart into trying to help people. And that’s why you’re having us on today RA and OA people when you’re are a PL in your world it’s because you say hey there’s people who are PL-ing that could use some extra money and if I can help them another $1,000 a month $12,000 a year, $20,000 a year of doing this in additional to their PL, they need it, they needed for help charity work, they need it to help their grandkids with college and Scott you are helping a lot of that to come to pass so thank you.
[01:00:18] Scott: I appreciate that. That does help because when you get on here you are speaking to a microphone, you do have thousands of people listening but again you don’t really get to connect on a personal level every single time. So when I get to do live event I love it because I get to shake people’s hands and like look at each other eyes and kind of get to see people that are there. I really want to thank you guys and it means a lot to me and I know you guys are good people as well and you are a husband and wife team. So rock on with that and yeah and who knows you may be hear an update for me too in doing a little RA here in the future, I’m going to get my wife to maybe start scanning some stuff and maybe do what Kim is doing here. Maybe I can get her going, she is a good shopper but she is not a spender. She does not like go out… She wants to find the deal. Sometimes I have to say to her Gary just like you did, just buy it. Just buy it, it’s okay, I don’t care
[01:01:08] Gary: Let’s go to a Coach store or my wife loves Vera Bradley stuff. I’ll tell you what we need to do; I need to come down to South Carolina let my wife and your wife go hang out for a day or so.
[01:01:21] Scott: That would be awesome
[01:01:22] Gary: You and I go and sit down smoke a cigar or something. Let her take your wife out and she might just make a beast out her, at times she does this.
[01:01:30] Scott: That would be fun, would be fun. Definitely we have to connect on that for sure but anyway guys I just want to say thank you. Kim again thank you so much. You guys are awesome and I definitely want to have you guys back on. And we can catch up on and see how you guys are moving through this journey of yours. I just want to thank you guys. You guys are awesome.
[01:01:48] Kim and Gary: Thank you.
[01:01:49] Scott: Okay there you have it. Another great interview, I don’t know about you guys but that was a ton of information and they really just pulled back the curtain and exposed everything as far as what they are doing, how they did it. They also talked about the amount of work that they put into it and it wasn’t just they went out there one day and figured it all out overnight. It took time and as you do this just like anything you start to develop a skill, you start to know what to look at in these stores. You start to have to your own route as far as where you are going to go to look for all these deals, all these different sites.
So just understand it is a process, no one sitting here saying that it’s easy but it is doable. And that’s what I really want you guys to understand so definitely, definitely consider this or go over to episode 312 and start that little challenge that I created for you guys. Where you can actually clean out your house, your attic or a spare room or garage, whatever. Just clean it out, get started by going over to eBay and listing some of that stuff. Just start making some money get that feeling of a sale and when you get that feeling I’m telling you there is nothing like it. And then it’s going to make you a believer in this process. Then you can start thinking about well maybe then I’ll start doing a little bit of retail arbitrage and I’ll try to buy product low and sell it high.
So definitely episode 312. I’ll link everything in the show notes to this episode which you are probably want to grab the transcript, the show notes, all the links as we discussed will be there for you guys as well and I did want to remind you if you are interested at all at this business model and you want to go through our 1k Fast Track when we reopen head over to 1kfasttrack.com, get on the early notification list there and you will be the first to know when we do open up again and how many spots that we’re going to be opening up because it will be a small group again.
All right, so guys that’s it, that’s pretty much going to wrap it up this episode. Remember I’m here for you, I believe in you and I am rooting for you but you have to, you have to… Come on say it with me say it loud, say it proud, “Take action.” Have an awesome, amazing day guys and I’ll see you right back here on the next episode. Now just start.
LINKS MENTIONED IN THIS EPISODE
- TAS 312: (Follow Up) The 5 Steps to Get Unstuck
- 1KFastTrack by The Amazing Seller
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