Buying someone's collection

TheMaker37

I have run across someones lifetime collection that is in my price range. From the pictures it looks like tons of legos and if I can peice together whole sets I think I could get my money back, but, it scares me. There is only one unopened set, the palace cinema.

I do have loads of spare time so that isn't an issue. So my question to those that are much more advanced than me in collecting is: What is the downside assuming the total collection exceeds the asking price.

Here are some of the photos. This isn't the whole collection. Please help I am going to look at it tomorrow. 
 when 

TheMaker37

I winced when I saw all those boxes stacked on top of the brand new Palace Cinema.

catwrangler

I'd imagine it depends at least partly on your intentions for the Lego you'd be buying - are you hoping to add it to your collection for display, MOC with it, resell, or a combination of the three, depending on condition? I have to say that I'm not an expert myself, but I reckon that knowing what you're hoping for out of the deal would help other people to give you the most useful answers. I'd guess that you were hoping to sell the Palace Cinema, at least...

TheMaker37

@catwrangler a mixture of the three. I would sell off the ones which do not interest me (most of the star wars sets) I would expand my collection, and my spare parts for MOC'ing, plus I do enjoy sorting legos so It looks like I would have many day/months going through the collection. I am most worried about the selling as I have never sold a Lego set, I have only traded.

MattsWhat

A lot depends on how much you value your time.  Sorting that is going to be hours and hours.  If you do it all and you make $500 is that a win or a loss?

TheMaker37

^^^In your scenario I would consider it a win, and if I also come out of it with $500 and some sets it would be a bonus. 

MattsWhat

Then go nuts.

richo

It's a lot of time and effort for you. I would say half the expected eBay/resell price would be fair.

CCC

Downsides - missing pieces and figures, time for checking inventories, cleaning, cash tied up for quite a while, selling fees, finding boxes and packaging up lots of stuff, tax, dealing with customers making out parts are missing.

Thecollector123

TheMaker37 said:

I have run across someones lifetime collection that is in my price range. From the pictures it looks like tons of legos and if I can peice together whole sets I think I could get my money back, but, it scares me. There is only one unopened set, the palace cinema.

I do have loads of spare time so that isn't an issue. So my question to those that are much more advanced than me in collecting is: What is the downside assuming the total collection exceeds the asking price.

Here are some of the photos. This isn't the whole collection. Please help I am going to look at it tomorrow. 
 when 

You know they aren't true afols when it says "Legos" on the u haul boxes.

Dedgecko

Thecollector123 said:

TheMaker37 said:

I have run across someones lifetime collection that is in my price range. From the pictures it looks like tons of legos and if I can peice together whole sets I think I could get my money back, but, it scares me. There is only one unopened set, the palace cinema.

I do have loads of spare time so that isn't an issue. So my question to those that are much more advanced than me in collecting is: What is the downside assuming the total collection exceeds the asking price.

Here are some of the photos. This isn't the whole collection. Please help I am going to look at it tomorrow. 
 when 

You know they aren't true afols when it says "Legos" on the u haul boxes.

Just another victory for the spouse!  They can call them whatever they want, they are OUTTA HERE!

TheMaker37

richo said:

It's a lot of time and effort for you. I would say half the expected eBay/resell price would be fair.

richo said:

It's a lot of time and effort for you. I would say half the expected eBay/resell price would be fair.

What do you mean by half the resell price?

ryjay

Did I miss something?  What is the collection costing you?

SprinkleOtter

TheMaker37 said:

richo said:

It's a lot of time and effort for you. I would say half the expected eBay/resell price would be fair.

richo said:

It's a lot of time and effort for you. I would say half the expected eBay/resell price would be fair.

What do you mean by half the resell price?

Add up the value of the sets that have sole on ebay/bricklink, divide that by two or multiply it by .5, and stick to that number.

Can I ask how much they want for the lot?

Jackad7

SprinkleOtter said:

Can I ask how much they want for the lot?

I feel like someone just asked for the answer to a riddle we've only had a minute to solve. 
What if threw numbers out that we think he could make back on reselling it without the influence of knowing what the person is actually asking for it.

CCC

^ I wouldn't even pay that. There is a rule of thumb that you buy new stock for BL when it costs 50% of BL part out value (if parting out), or that you get sets when you think they will double in price. This is because some parts will not sell and some sets won't make it.

That's why if some offers their BL store at 50% off current price, it is probably worse than buying new sets, as they would have sold the good stuff and are left with the stuff that doesn't sell so well.

But if you apply that to second hand, you still need to do all the checking, cleaning, buying missing parts, etc. Of course, you know a rough value already for sets (so different to guessing prices rising in future) but you really need to be sure rare parts and minifigs are present if planning on selling as sets. 

If you enjoy the checking inventories, then there is money to be made. But if you price in time, it's not so good.

TheMaker37

$2000

Coolguy5000

To me if that was for your self I'd say take it! If for resale I'd try and get a 100 or so off the price and then negotiate to a price suited to both of you.

SprinkleOtter

That isn't a bad deal, but I wouldn't say it is a great one. It depends on what is in all the tubs- random bricks that don't go to sets, horrible deal. Decent sets, good deal. UCS MF, best deal of the month...

SumoLego

One has to buy at wholesale in order to make it worth their while at retail.

45% of what you think you can get.

(Obviously, in this case, there is a lot of speculation as to what is there and the relative re-sale.  Assuming you can offload those SW set, and the PC, there is probably $1500.00 just in those sets.  But as @CCC pointed out, the parts are a crapshoot.)

The other factor is the potential upside of rare parts or a rare set.  I like projects, so for a few hundred bucks, I would take the risk.

TheMaker37

Going to look at the collection in an hour. I am really hoping for some gems. In the ad the seller alludes to complete sets already bubble wrapped and put in boxes.....Pleeeassssssse be retired modules!

pharmjod

Good luck!

tallblocktoo

I would love an opportunity to buy a large collection.  But of course as discussed there are so many variables that would influence the desirability of purchasing.  Hope it's what you are looking for and good luck!

Venunder

One thing that should change the variables would be.
Do you know the person selling the lego?
If they are close friends, offer 10% less, then give them a reasonable additional payment later. if you really do find some retired modulars in the boxes.

If you do not know the seller at all, offer 10% less and see what happens. If both parties are happy with the deal there should not be any problems later.
You can always offer more, if you really want them to be happy.

Good luck.
Always remember buyer beware.

TheMaker37

I really think I scored. Just getting ready to get into two boxes that interested me. It was so much more than I anticipated dozens of large bins. 100's of sets.

TheMaker37

Bin #1

TheMaker37

BINGO!!!!!!:D

canon03

We have ourselves a winner!

MattDawson

@TheMaker37
I'm envious now.

pharmjod

Awesome! Congrats. I look forward to seeing what else you find.

thebeermonkey

Ooft!

He shoots!

He scores!

legomental

Fantastic buy well done 

TheMaker37

I may be able to show my face in the brag thread now:)

TheMaker37

It is going to take some time bf I get a small handle on this collection. I am primarily a AFOL and not a re-seller, but by glancing at most of this collection and due to my own space limitations I will be selling a good deal of the collection. The previous owner was a young man with MS his mother told me that his disease had progressed to the point that he could no longer build and the legos in his room were grim reminders of what he could no longer do.

I know how much I appreciate all my sets and can tell by being in this forum for the last year that a majority of the members here feel the same. I am not greedy and I do so enjoy helping others. So if I find nice homes for the sets which are not for me I feel I will be doing a double service for him and the person whom ends up with the set. What I am getting at is that I will offer everything here first and at more than reasonable perhaps insanely low prices. I look forward to updating my progress and finds over the next few days/weeks/months and may call on your help to identify sets as I am a novice and discovered many themes I have never heard of going through the instructions. Thanks

MattsWhat

Looks like the ucs at-st in the background there too. Not a bad deal so far. Can't see any star wars minifigures yet though. Fingers crossed for cloud city! 

William_Townsley

Nice find :) 

TheMaker37

I have an entire tub full of mini-figs along with others scattered about, the sellers were pretty confident that I would have most if not all of the figs.

Does anyone know what this is?

catwrangler

@TheMaker37 Part of set 5973, according to Bricklink - it's the only one they list as containing those round yellow tiles with the cross pattern: http://brickset.com/sets/5973-1/Hyperspeed-Pursuit

TheMaker37

Thanks @catwrangler I will be on the lookout for the other half.

TheMaker37

Maybe you star wars fans can help identify these...can't find the directions.

MattDawson

Top one is #8505 from 2010 and bottom is #75041 from 2014

Goldchains

The white ship is the Freeco Speeder #8085   The Vulture Droid is #75041 I believe.

SumoLego

TheMaker37 said:

BINGO!!!!!!:D

Not sure what that is, but if you find a modular, let us know.  (Awesome find, by the way.)

MattDawson

SumoLego said:

Not sure what that is, but if you find a modular, let us know.  (Awesome find, by the way.)

It's #10190, Market Street, which Brickset lists as being the "second" Modular building.

sklamb

I realize it's very early to suggest things like this, but if you wind up selling many potentially popular sets from this collection, would you consider doing a lottery for the opportunity to buy, along the lines of how Legopants is selling his full set of DFB minifigures?

How the collection became available is a sad story, but congratulations on getting even more than you'd hoped for, and many thanks for your decision to spread its pleasure around to other AFOLS!

matticus_bricks

MattDawson said:

SumoLego said:

Not sure what that is, but if you find a modular, let us know.  (Awesome find, by the way.)

It's #10190, Market Street, which Brickset lists as being the "second" Modular building.

I believe @SumoLego was making a sarcastic reference to the debate on whether or not this set is a modular. Well done, sir. 
Congrats on your great deal! The story of how it had to be sold is very sad indeed. 

Jackad7

MattsWhat said:

Looks like the ucs at-st in the background there too. Not a bad deal so far. Can't see any star wars minifigures yet though. Fingers crossed for cloud city! 

I think that's just the skeleton of an at-te 7675.

SprinkleOtter

Jackad7 said:

MattsWhat said:

Looks like the ucs at-st in the background there too. Not a bad deal so far. Can't see any star wars minifigures yet though. Fingers crossed for cloud city! 

I think that's just the skeleton of an at-te 7675.

No, I have both- that's an AT-ST.

SprinkleOtter

Congrats! I always love it when I get to the seller and they have more than expected.

Too bad about how you got them, though.

samiam391

Sad story, but from what you've posted above @TheMaker37, it does sound like the sets have landed in the best possible hands. 

Have fun searching through all those bins! :)

Jackad7

SprinkleOtter said:

Jackad7 said:

MattsWhat said:

Looks like the ucs at-st in the background there too. Not a bad deal so far. Can't see any star wars minifigures yet though. Fingers crossed for cloud city! 

I think that's just the skeleton of an at-te 7675.

No, I have both- that's an AT-ST.

I see now. I was lookingoing at the pictures from bin one but in the back of the picture with the modular that does look like a chicken with its head cut off.