May 1st marks the beginning of a new eBay challenge with the start of The $10,000 Garage Sale eBay Challenge. Readers who followed The $1000 A Month Thrift Store eBay Challenge will find there are a couple of twists incorporated into this one.

The goal of the Challenge will be to generate $10,000 in net profits selling items I’ve purchased at garages sales during the five months between May 1 and October 30, 2007 on eBay. Rather than use a monthly goal like the Trift Store eBay Challenge had, the goal for this Challenge will encompass the entire five months. The reason for this is that the number of garages sales in this area of the country starts small in the spring, peaks in June and July, gradually tails-off through August and September, and, depending upon the weather, pretty much comes to an end sometime in October.

Throughout the Challenge there will be weekly progress reports similar to the ones provided in the previous challenge. I’ll be tracking inventory cost, listing and final value fees, PayPal fees when applicable, any incidental expenses, and automobile expenses. Hopefully there won’t be any incidental expenses, but they will include such things as shipping I paid for out of my own pocket if I quoted a wrong figure, money spent for insuring a package or for delivery confirmation if I chose pay for them on my own, etc. Automobile expenses will be calculated as miles driven x 48.5 cents which is the IRS mileage allowance for 2007.

As was done previously, each progress report will include a list of the garage sale items listed on eBay that week along with what I paid for each item. To make it easier to follow, I’ll try to remember to provide a direct link to the auction for each of these items.

There will be three twists to this Challenge not present in the previous one.

Garage sales can be a rich source of books that, while they may not readily sell on eBay, will do very well when listed on Amazon. The first twist will involve books purchased at garages sales and sold through Amazon. Included in each weekly progress report will be a separate tally involving books I’ve purchased at garage sales and listed directly on Amazon. While the profits from these books will not be included in the $10,000 goal, I hope to show that if you buy books and aren’t using Amazon as part of your business model, you should consider starting. I’m a firm believer that if you buy books at garage sales, thrift shops, book sales, or other sources, Amazon should be a part of your selling strategy.

Secondly, this Challenge will include items purchased at garage sales outside the Grand Forks area. During the summer months I travel a lot throughout a wide area of the Midwest on buying trips several days in length. These trips include visits to a lot of antique shops/malls. Since my built-in alarm clock currently goes off at 6:00 am and most shops don’t open until 9:00 or 10:00, I often spend an hour or two each day visiting any garage sales in the area. Anything purchased at these sales will be included in the Challenge.

Lastly, when I buy something that may seem a little strange, I will explain what the thinking process was that lead to the decision to buy rather then leave it behind. Many people I talk to seem to have a fear of risking a few dollars on something when they aren’t sure whether it will sell or not. I hope providing this information on the stranger stuff will encourage others to take well-thought-out risks now and then.

The first $10,000 Garage Sale eBay Challenge auctions will go on eBay May 6th and the first post in the Challenge will follow two or three days later.

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