Method #4: Liquidations & Closeout Goods

400% I made on it. I had people actually coming to my house and buying 12, 15 boxes at a time even off of eBay, which I recommend. If you can sell direct, you can save a lot of fees.
The thing is when you pay 10-15 cents on a dollar on anything, you can make a killing. You'll never find those margins on new products. You'll also have no competition, because if it’s a limited lot like that cable was, nobody could compete with me. I owned that section of the market.

It’s just amazing what you can do with liquidated goods. The market is fantastic. Here’s the Mike-ism for you. A Mike-ism is just my own experience. People say, “What can I sell on eBay? What can I sell on eBay?”

A lot of people take a different approach. They’d say, “Let me see what’s a hot product and what it is selling for on eBay. Find a supplier. What's the cost? Can I make a profit?”

To me, that’s a lot of work. I do the opposite. I look for something that’s a deal and say, “That looks like a deal. I wonder what I'll get on eBay.” Then I just go to eBay. I can make the numbers. If you can find anything - I don’t care what it is - that you can sell on eBay for 50 or 60% of the street price, the price normally that people would pay for it, and be happy with the profit, then you can sell on eBay.

I don’t care what it is. I’ll give you an example. I sold about 700 chair mats; you know if you're sitting in your computer chair, you know that funny-shaped mat that you roll on. I sold a ton of those babies on eBay. Liquidated goods. I paid - I think it was - $4 or $5 apiece and I sold them for like $30 apiece on eBay. I sold hundreds and hundreds and hundreds of these items.

What a stupid item to sell, but I made a lot of money doing it. Why? I'm only paying a fraction of it. Liquidated goods. Man, that’s where it’s at.