2014 Reseller Challenge

xeeeej · January 2014

Initial purchases:
2x #7965 @$75 each.
1x #79010 @ $10.

Round 1 net proceeds (after fees, taxes, supplies, etc): $295

Round 2 purchases:
9x #79010 @$10 = $90
5x #6860 @$35 = $175
1x #70006 @$25 = $25

Round 2 net proceeds as of 1/30: $305
Remaining inventory:
3x #79010, 5x #6860, and 1x #70006

Net profit at month end:
-$160
+$295
-$90-$175-$25
+$305
_________
=$150

jadeirene · January 2014

^Where the heck do you find those deals? 10 #79010 for $10 each?? I think I need to move to where ever you live.

legomatt · January 2014

8oO

MorkMan · January 2014

Impressive. I can't imagine how well you'll all do by years end.

111ins · January 2014

Nothing to report yet, but a project is under way that will involve the kids giving a hand... will list the items asap once they are ready.... it will be tough though, going against $10 #79010 's!

flyingpig · January 2014

Weeeeeeeee.

Start $160
Purchase: 1x Architecture studio. -$150 USD
Sold: 1x Architecture studio. +$378.16 USD
NET = +$218.16

I just realized you're in the UK and donating sets will be problematic. Hmmm. I'll think of something. I may match xeeeej's commitment to donate $250.

Man, I wish I had dozens of SoCal bigbox stores to raid clearance aisles. And I wish I had that weather...

wagnerml2 · January 2014

@sirkevbags I sent you a pm but I'm getting a funky error message. Did you get it?

RedBaron · January 2014

@sirkevbags I sent you a pm. Working on a few things but no news yet.

SirKevbags · January 2014

@wagnerml2 Yes it's received

@flyingpig We can worry about logistics later in the year. I hope everyone has assumed this but the proceeds of this effort will be spread worldwide. Rather like the raffle, this is an international effort so there will be international donations. Great work so far everyone. I'll have the leader board up later today. Probably afternoon UK time.

scrumper · January 2014

legoprods said:
I mean, who cares if they bought a MF form 100$ and sold it for 2000$? All profit is going into Fairy Bricks, so, if they are donating 1900$, let them win the game! ;-)

I'm happy to lose to somebody who chooses to do this but only if they are donating 100% of the profits. I joined the competition primarily to raise funds I have no expectations of winning but will be donating whatever I make.

SirKevbags · January 2014

Ok here we go.......

@flyingpig £136.35
@rocao £133.75
@xeeeej £93.75
@simon_ratcliffe_101 £92
@Basta £58.48
@wagnerml2 £51.88
@legogregors £51.58
@scrumper £49.70
@leego76 £25
@CupIsHalfEmpty £0
@coachie £0
@RedBaron £0
@111ins £0
@cheshirecat £0
@LegoFanTexas NR
@ecmo47 NR
@legoprods NR

So there we have it. Tight at the top and a fantastic effort so far all round. Don't worry about the ducks. They may show zero but in many instances it's because the Earned profit has already been spent on new stock ready to be churned again :-)

Nearly £700 in a month. That's without taking account of held stock. If that could be averaged for 12 months that could take care of around 20 hospitals. Now I appreciate that is a long way off folks but it would be a lovely target don't you think?

legogregors · January 2014

Great job everyone!

I have reason to worry about the ducks...

I am literally selling ducks during February as part of the challenge! I will be posting in the Charity Marketplace later this afternoon.

sidersdd · January 2014

legogregors said:
Great job everyone!

I have reason to worry about the ducks...

I am literally selling ducks during February as part of the challenge! I will be posting in the Charity Marketplace later this afternoon.

Ah, is that your duck I saw posted on eBay? I almost bought it. I will if it's part of the charity event.

rocao · January 2014

SirKevbags said:
So there we have it. Tight at the top and a fantastic effort so far all round. Don't worry about the ducks. They may show zero but in many instances it's because the Earned profit has already been spent on new stock ready to be churned again :-)

Might I suggest that we report the MSRP of our held stock minus initial starting capital as unrealized gains? That would give us a decent sense of where we are. @xeeeej would shoot to the top, and we could be tracking something other than zeroes.

wagnerml2 · February 2014

That's what I was wondering. When I reinvest the profits, everything above the initial $160 goes towards profits, correct? We are seeing what a total can be leveraged from the initial $160? Forgive me, I graduated law school but got a C in micro economics.

legogregors · February 2014

I was picturing this as reported earnings for January 2014. For me $80 profit so now my cash and inventory is $240. At the end of February I make another $80 profit, I am up to $320 cash and inventory. If I lose $ on a speculation than cash and inventory goes down.

I am also using wagnerml2 spreadsheet to track fees and determine profit but this approach seems logical since some are selling sets, splitting sets and bricklinking. In December we cash out and back out our $160.

SirKevbags · February 2014

This is how I see it......

You start with capital of $160 in January. All spent on stock, sold and after fees you're sat with $300.

If the contest ended after a month you would have $140 to declare for the leader board and donate.

But it's a year long contest so essentially you have $300 capital in February to speculate with.

Now how much is re invested is up to the individual. You may wish to protect your gains from the previous month and just spend the initial $160 again or go all out when you find the #10179 for $300 somewhere ;-)

Lots of different strategies to take which should make things interesting.

Legoboy · February 2014

^ Yes, that's how I saw it ie. the amount of cash in hand over and above the initial $160 available to donate.

That said, I don't suppose there's any harm adding a note to inform those following how much stock the contender is holding to demonstrate they've reinvested their takings. ie. $0 (plus $300 stock).

CCC · February 2014

I reckon the winner will have £0 / $0 cash in hand for every month, then a healthy profit at the end.

Whereas a non-investor will have £100 in cash every month with no profit at the end. If money is not invested, it is going nowhere.

Posting profit for the month and cumulative profit makes sense, even if those proceeds are reinvested.

rocao · February 2014

^ Right. I was suggesting tracking both realized gains (cash) and unrealized gains (MSRP of inventory). If we just did the former, I might as well mark down that I will have zero cash for each month for the rest of the year and never be too far off base. No one would really know where I'm at until December, and if that's the case for other participants, frankly, it's not very interesting for the duration.

SirKevbags · February 2014

I get where @rocao is coming from. If someone is going for the "churn and earn" approach then come every leader board there is no money but $1000 worth of stock. It is more interesting to be monitoring both.

Ultimately of course when December comes the final leader board will be based on cash as set out at the very start.

SirKevbags · February 2014

Ok so January is done. When it comes to the reporting for February, if everyone could just pm me two numbers.

Cash held OVER their initial investment
RRP Of currently held stock

Then all the chatter can be kept here in the thread, "they might be worth £300 retail but you will never see it, NEVER!" ;-) That type of thing.

You will have to excuse me now. I'm warming up for the Superbowl and all the eating that entails by entering a Yorkshire Pudding eating contest this afternoon. Bring on the gravy.

ecmo47 · February 2014

^What time does it start in Merry Old England? Must be late!

cheshirecat · February 2014

5 hours after it starts in NY/NJ. Think the programme starts at 10.30pm or something, the game an hour later.

Basta · February 2014

I have 48 (2 Boxes) Friends Series 1 bags that retail for $5.99 AUD, but no chance I sell them even close to RRP, on top of that RRP differes between regions.

Also I'm not sure what the RRP of the Clone Trooper Lieutenants Polys I have is, as they were give always. (Lol, as I typed that I just got an email notification that the last 3 I had, sold. I suppose I don't need to worry about them then).

Still, as others stated listing what we have in stock helps give a better overall idea where we are at, even if its not going to be an exact measure of profit.

Since I sold my first Items, I have purchased a bunch of stuff including another Dino HQ which did well last month. I just need to decide what to use for the challenge.

scrumper · February 2014

I think listing stock value is a good idea but at the cost price not RRP.

Re-reading earlier posts I think I've declared the wrong figure for Jan. This my summary for the month.

Opening balance £100.00
Total spend £118.33
Net income £68.05
Net profit on sold items £11.72
Current stock at cost £62.00
Closing balance £49.72

legomatt · February 2014

***SUPERBOWL SPOILER***

SirKevbags said:
I'm warming up for the Superbowl and all the eating that entails by entering a Yorkshire Pudding eating contest this afternoon. Bring on the gravy.

Did you by any chance get The Broncos autographs while there, too? I could swear that must've been their preparation.

CCC · February 2014

scrumper said:
I think listing stock value is a good idea but at the cost price not RRP.

Yes, it is unlikely that everything held will be sold at RRP so that over-inflates the figure.

Which is why a score of profit made each month, and total cumulative profit is one of the better indicators of how everyone is doing. Presumably most investors are buying items they could at least get their money back on if push comes to shove and they need to get rid of it fast.

But I'm not playing, and I think there is going to be a clear winner already, so I'm not that bothered how figures are reported. All that matters now is that healthy profits are delivered at the end of the game.

SirKevbags · February 2014

Just a reminder folks its leader board day tomorrow. Can you pm me two numbers please

Cash held OVER your initial investment. DO NOT include your initial £100 etc.
RRP Of currently held stock

Fingers crossed that everyone has had a good month :-)

cheshirecat · February 2014

I assume that means if we have no cash we report -£100? And then the rrp of stock held.

scrumper · February 2014

SirKevbags said:
Just a reminder to pm your totals today folks to avoid being listed with NR (Not Received) next to your name. Punishment involves M*** B*****

M***B****FanTexas?

SirKevbags · February 2014

cheshirecat said:
I assume that means if we have no cash we report -£100? And then the rrp of stock held.

Yes, why not :-) Negative equity now is not the worst thing in the world.

SirKevbags · March 2014

Apologies for not updating the leader board. I've been away on an in successful football trip. Home later today so I should get it done tonight.

legomatt · March 2014

SirKevbags said:
I've been away on an in successful football trip.

The uncertainty of the success (or not) of that football trip has me desperate to know more about it, maybe.

Was it the Heisenberg vs Schrödinger game?

It was on the box, or was it? I didn't read the paper it would be advertised in, so it possibly wasn't in, or on, and maybe never happened as a consequence. Arsene Wenger used to manage there, I believe, he still applies the fundamentals of selective reality.

:o)

xeeeej · March 2014

*crickets*

SirKevbags · March 2014

Thanks for the boot up the arse @xeeeej :-)

February Cash Leaderboard

@xeeeej £230
@Basta £125.10
@wagnerml2 £51.25
@leego76 £28
@CupIsHalfEmpty £0
@scrumper £0
@cheshirecat £0

RRP Stock Leaderboard

@cheshirecat £240
@leego76 £210
@xeeeej £181
@scrumper £115.97
@wagnerml2 £109.38

Lots of non reports. Everyone must be busy sourcing and flipping :-)

SirKevbags · March 2014

And a most honourable mention to @StormKitty who has generated £203.56 profit from the sale of Movie minifigs. Pretty good from an initial investment of £24 :-)

SirKevbags · March 2014

In my haste to post the Leaderboard I missed the inventive @legogregors‌ who at the end of February was sitting on a healthy cash profit of £136.60, placing him second in the table.

legogregors · March 2014

Thanks Kev!

Just to be clear, as of February 28th I consider my cash position to have been £0 and my Inventory to be £227.

In USD that would be $0 cash and $378 inventory which includes my $160 seed money from the beginning of the challenge which I will continue to leverage.

Good luck everyone!

legogregors · March 2014

As of March 31st I consider my cash position to be £0 and my Inventory to be £333.

In USD that would be $0 cash and $555 inventory which includes my $160 seed money from the beginning of the challenge which I will continue to leverage.

xeeeej · April 2014

Cash: £288.25
Unsold: £93.74

cheshirecat · April 2014

Nothing happened this last month. So still

Cash: £0
Stock: £240 + a big bag of licensed minifigures (SW and LotR) value unknown

Basta · April 2014

Didn't get anything sold this month, only acquiring so I have £125.10 in stock.

scrumper · April 2014

Cash: £0
Stock: £255.95 + entry in the Mixels competition on behalf of Fairy Bricks (not that I'm trying to influence the judges or anything) ;-)

scrumper · April 2014

April 25th

Cash: £0
Stock: £319.92

xeeeej · April 2014

Cash: £0
Stock: £1137 RRP

Basta · April 2014

Well I am no threat of wining this thing :P

I have not been doing any reseller challenge sales as I have been busy, so am still where I was last month.

Nice work there @scrumper & @xeeeej :)

scrumper · April 2014

:-O Congratulations @xeeeej but why are the shopping threads not full of tip offs from you. :-)

legogregors · April 2014

As of April 30th I consider my cash position to be £0 and my Inventory to be £489.

In USD that would be $0 cash and $824 inventory which includes my $160 seed money from the beginning of the challenge which I will continue to leverage.

wagnerml2 · April 2014

I've had a bad month. No sales for me.

2014 Reseller Challenge

Comments

Shopping at LEGO.com or Amazon?

Howdy, Stranger!

Quick Links

Categories