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Tickle Me Elmo! October 30, 2006

Posted by eburgess in The Challenge.
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I found out that ToysRUs was taking pre-orders for the PS3 and the Wii on Sunday 10/29. I had been told that they had 6 PS3’s and 15 Wii’s. I knew I didn’t have a shot at a PS3, but I figured I might be able to snag a Wii, so I decided to take a chance. I got up early and got to the store at 5:45 am, and ended up 15th in line. While in line, I learned that ToysRUs also had over 100 Tickle Me Elmo’s going on sale and the line was also for that.

Well, long story short, they only had 13 Wii’s, and being 15th in line, well, you get the picture. But I ended up getting 2 Tickle Me Elmos, one of which I bought with my contest money. When I got home that afternoon, I put one up on eBay, and 24 hours later, I was 40.27 richer!

Guess who’s in the lead now!!

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Lesson Learned October 25, 2006

Posted by eburgess in The Challenge.
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You can get some really good deals on woot! In fact, sometimes you can get such a great deal that you can turn around and sell the item on eBay for a profit. However, sometimes there’s a flaw in this premise – if you think you can resell the item on eBay for a profit, so do a lot of other people!

A few weeks ago I bought a wireless-g router on woot! for 39.99. After some checking, I noticed that the same routers were selling consistently on eBay for $50+. So, I decided to buy a 2nd one using my contest proceeds in hopes to turn a quick profit and add to my pot. After I got the routers about a week later I jumped on eBay, did a quick check and found that there were a LOT more of the routers for sale than the last time I checked – and now they were selling for around $45 or less! Oops!

At that point, I decided to give it a week or so and see if the supply would die down. After about 3 weeks, when things hadn’t lightened up, I decided it was time to just put it up for sale and take what I could get. Well, I actually ended up making a tidy little profit – and I do mean a LITTLE profit – of $2.89 (after deducting shipping, fees, etc.).

I’m not saying that you can’t buy something on woot! and make a nice profit. However, you just need to keep in mind that chances are there will be a LOT of other people thinking the same thing.