Leaderboard

Serious answer...I wrote it.

Has this been priced as low before? LEGO Star Wars TM Bounty Hunter Speeder Bike™ Battle Pack 75167 $7.99 https://www.walmart.com/ip/LEGO-Star-Wars-TM-Bounty-Hunter-Speeder-Bike-Battle-Pack-75167/55126256

Barnes & Noble: 50% off (or is it 20%?) for select sets: https://m.barnesandnoble.com/b/20-off-select-lego/_/N-2ry7?page=1&offset=1&limit=20 The page header currently says 20% but the prices showing up are 50% off. Not the greatest selection but could be some decent buys for folks. Go get what you want before it hits SD and/or B&N fixes the pricing (if they really meant 20% off)!

Knowing about logical fallacies alone doesn't help you much if you don't see when they apply and when they don't. In this present case your personal fallacy lies in the erroneous assumption that Ed Mack is basing the validity of his arguments on his authority. The truth is his arguments are based on experience.

i just bought a bunch of Lego Joker steamrollers from some guy named Terry. I am on my way I tell you.

What is there not to like...

First off, if you knew me and were familiar with this site, you would realize the answer was meant to be somewhat sarcastic and funny. Secondly, I didn't recommend it, nor have I pitched the book for years. Yes, the prices are outdated, but there is useful information in the book for novices, plus it's a really nice book. Bad business? LOL...Don't you have to make money from something for it to be a business? The book made me practically nothing. I have't received a check in over a year. But it was a cool experience to write two books and to write monthly articles for BLOCKS magazine and I can tell people that I am "published." Well let me introduce myself. I am the co-owner/creator of the site and I am from NJ, but I do not do the well done videos, belljohn does. For a person who talks a big game, you certainly don't pay attention. You have 358 posts and have been on the site for a year. A quick search on the internet can do wonders... https://www.usatoday.com/story/money/business/2012/12/27/lego-investors-profit/1732525/ I agree, the real good information is on this forum and from all of its diversified and intelligent members. People like belljohn and I don't do this for money, it's a passion. Enjoy the site...

....and you can't take advantage of every deal. Don't dwell on what you missed, look forward to the next score. I used to beat myself up for missing a deal, but come to realize the next deal is right around the corner. Persistence pays.....

Not quite right...markup is the amount a product is selling at over cost. Margin is sales minus COGS. Markup shows profits as it relates to cost while margin shows profits in relation to revenue. The two numbers will be diff. I.e. I just sold a Horizon Express for $215 (which is also what I sold one for two years ago right after retirement [emoji30]). I bought in at $130. Markup = ($215 - $130) / $130 = 65.38% Margin = ($215 - $130) / $215 = 39.53% Markup makes sure you're generating revenue on sales and Margin shows the actual profit you made on the sale. Accountant here I'll answer anything else you have. And to get it out of the way: no I'm not a masochist and yes I generally do like accounting [emoji12] Sent from my iPhone using Tapatalk

"If it was easy everyone would do it" - I don't mean this to come off as condescending, but there are no easy answers. I have been doing this for several years, and I am still learning, adapting, and refining my processes. I am sure several of the vets here would echo that sentiment. But there are tools, sites like this one, and others, that can help you learn and grow. But like most things, the best teacher is practice. Even without insider info, there are ways to make educated guesses as to what is retiring - there are some predictable trends, and not so predictable trends - For example, we know what themes LEGO is still using in 2019, and we can see that "LEGO Batman Movie", "Cars", "NEXO Knights" and "Elves" are not among them - so we know those sets are retiring. From themes that are continuing, such as DC Super Heroes, LEGO typically only has one BIG SET (140 ish price point) for each super hero line, currently Flying Fox for DC And the Sanctum for Marvel. Flying Fox has been out for a year and a half (Release dates available on Brickset.com), so it's an educated guess to assume that set is on its way out, even without having any other info. Some other info we do have on this set however is that it's been cleared out from most major retailers at steep discounts. That also can usually be taken as a sign of something retiring. Every set retires eventually. Some sets bring better returns than others at a different timeline and for different storage spaces. All those nuances are things you'll have to figure out yourself. From my example above, I think most serious LEGO investors are shying away from most LEGO Batman Movie and Cars sets, even at steep discounts. Elves seem to be a mixed bag, and I find NEXO Knights interesting. After the relative flop that I consider most of CHIMA to be, I avoided a lot of NEXO - And some of those sets have actually appreciated quite well - and I just haven't put much into the theme. But as someone else said, you can't buy it all. And some decisions will be winners, some will be losers. If you have more winners than losers, you're doing well. Personally, I have more Joker Steamrollers and Gorzan Gorilla Strikers than I care to admit. But I have far more Gorilla Grodd goes Bannanas and Joker Manors to make up for it. And here's the thing, MOST "losers" still sell for close to MSRP, so if you bought at a decent discount, 40% or more - You're still going to make a few bucks or come out even. That's one of the things I like about doing this, since at worst you are likely to break even - It's a pretty decent risk. The sets I have bought over the years that sold for less than MSRP 2-3 after retirement I can count on one hand. If I were to give advice to someone just getting involved, I would say this: Have a budget and a plan. Don't overspend. Be realistic. And definitely do not buy every set that's retiring or every set that's 50% off. THERE IS ALWAYS SOMETHING TO BUY. There are better/more efficient ways to go about it all, but as we all keep echoing - things are changing constantly. The Amazon gating thing is kind of a big deal. I don't even know if I *could* start doing this today with a goal of making money. Once you're already entrenched and have a system/rotation, it's a different game. Even as someone who has done this a while, and who (I consider) to have decent success, I would be lying if I said I totally understood it. I really thought 31038 Changing Seasons was going to be successful, and it has turned out to be pretty much a dud (even though I personally love the set). I would have never guessed that a set like 31032 Red Creatures would have been the smash that it is, but I ended up with a fair amount of them anyway. You are here, which is a major step. I was doing this for years before I discovered this site, and the information and experience found here have been instrumental in helping me grow. So from here, I'd say do a little research, dip your toes in, and see how it goes.

The kind that doesn't write books

If you watch the market long enough, you will realize that it is generally not guesswork. There are very clear patterns to their product cycle that make retirement dates highly predictable for many sets. Can you predict every retirement date? No. For whatever reason, Lego retires some sets far earlier than anyone would ever expect and extends other far longer than anyone would ever want. But if you watch long enough, it's not hard to predict at least 70% of the sets that will retire in a given year without having any inside info. Sent from my SM-G965U using Brickpicker Forum mobile app

I'm still trying to figure out how to get rich quick off these plastic bricks.

math

I can think of a super easy way for you to get this topic back on the rails.

But is it better to spend VIP points during 2X VIP???

Yes. they let me keep it. That would have been an interesting conversation...

Cheer up. It's almost Christmas.

As much as I enjoyed the process and finished products, it is so time consuming. I was up until 2-3AM for months writing and that was not including the hours I put in when I was working my real job. I think we got paid like $5000.00 each to do the book. Divide that by hundreds of hours, it is not worth it. I think we can move on from this. You didn't realize who I was. I assumed you knew. No biggie.

The inner circle know the retiring sets months ahead and plan accordingly. If you are out of that loop then you are a tea leaves guy with a major disadvantage. Doesn´t mean you can´t strike gold but you are trying to catch lightning in teacup. Urrggg I think I just ovedosed on clichés....

Go pitch the idea of flipping LEGO on Shark Tank and ask for $1M for 1% of your company

I'm a simple person. Bama hat, Braves hat, brewery magazine, Disney castle instructions and the Mack book.

for the 135th time yes it is... That damn Ed Mack character getting this thread off topic again, should go write a book or something... still have my book on the bottom shelf of my night stand.

Not really a wretched hive so much as a hangout. And yes, I bought raffle tickets to help the school, too. On a somewhat serious note, I do think most people here are honest and hardworking resellers and collectors who like what they do. I also think we should continue to have conversations about ethics and consider each other as AFOL first. The great thing about this digital space is that it brings so many of us together, but I think some of us forget in all the deals, the buying and selling, that there are people behind the screen, in the shipping center hauling boxes, driving the trucks, etc. Sent from my iPhone using Brickpicker Forum mobile app

Though some have tried .....

Many experienced sellers don't wait for the retirement dance, they identify sets for purchase and buy throughout the year(s) at discount and then do a silent happy dance when items retire.

Send it out for free?! There’s about $0.53 worth of plastic there, they can’t just go around giving that away all willy nilly.

It is not a red herring. The analysis is straightforward...compare RRP of sets that have retired to the current secondary market rates. If you know the market and make good choices, it is generally in the neighborhood of 5 out of 5 sets that appreciates after retirement. Sent from my SM-G965U using Brickpicker Forum mobile app

If your going to post diner pics there is only one choice

https://www.barnesandnoble.com/b/50-off-select-lego/_/N-2ry7

I think you're right in that most people don't understand the terminology and just equate it both as gross profit. If you're talking to someone in business though, they will not refer to it as the same thing that you are doing here. I'm just trying to help you understand the terminology that comes with running a business, if you should choose to go that route. 1) I buy Lego for $50, sell for $200. Markup is $150, or 400%. 2) I buy Lego for $150, sell for $300. Markup is $150, or 200%. SO, 1) Gross Profit = $150, Margin is 75%, Markup is 400% 2) Gross Profit = $150, Margin is 50%, Markup is 200% Markups can be higher than 100%. Margins cannot. Hope that helps in understanding the terminology. Most companies and sellers will tend to set an acceptable margin rate in order to turn an overall profit and make sure they can stay solvent. You'll try to price your goods around that margin. If I set mine at 50%, then I know that any product I need to sell should be priced around 50%. If I'm looking at Lego investments I need to know that 50% margin will cover my expenses so I should spend money on sets that will net me that margin. If I buy an item for $200, I know that I need to sell for $400 in order to hit that margin. If I buy an item for $50, I know that I need to sell for $100 to hit the margin. If I buy an item for $25, sell at $50. It's making sure you are using your money wisely. Sorry to take up the retiring thread with accounting stuff @ravenb99 but I think it's useful to know for people getting into the business side of things. Thanks for the questions @dx0520 So that WV Station is retiring right?? Haha...

Good lord. It always shocks me the different areas and ecosystems that exist across the country. 10704 was gone in every store around me in the wee hours of black friday.... and I had to walk up hill, both ways in the snow for them at 20 bucks!

At least they are down that far for you. We don't have a single store less then $20 around us.

Actually, it was. I may have held a few of those sets for more than 18-24 months, but, with few exceptions, what I sold in 2017 had been purchased in 2016-2017 with the vast majority being purchased between August 2016 and February 2017.

Got the freebie on an older order. Today, 1st order, I didn't remove the freebie. Canceled. 2nd order, removed the freebie. Canceled. Oops! Saved money. lol.

I've had all my small orders (5-6 sets each) for instore pickup all accepted, and then I get the email: " We've received your order and we're currently verifying your payment and other information. We're doing this to make certain your financial information is safe. We'll process your order right away, as soon as we're done with verification. We'll email you again within 48 hours to update you and share an approximate pickup time for your order. There's nothing you need to do right now and we'll contact you again if there are any issues with your order. We apologize for the delay. After reviewing the details below, visit our Help Center if you have any questions. Please do not reply to this email. This mailbox is unmonitored. " I guess I'll just go back to AMZ and see if we can get them to match Walmart's prices.

Same as the 10246 one.

This is one of the best things about reselling Lego. Last year I sold 290 different sets, lost money on 7 of them, and had a profit margin greater than 100% on 98 of them.

I find it interesting that people seem to care when someone undercuts them on Amazon to get the buy box which will allow them to sell their product - But these same people don't care when others pull scams (some bordering on illegal) - using 20 accounts, dead people's addresses, re-using coupons, etc to get infinite gift cards or order 4000 of a set that had ordering limits - the sorts of things that ACTUALLY cause businesses to change their practices and make it harder for all of us to acquire stuff. I mean yes, undercutting wars can be annoying - but at the end of the day, it's not going to change the long term face of the operation. It's like swerving in and out of bumper to bumper traffic to get one car length ahead. The grand scheme change is 0. But a rig just plowing into people behind them to keep traffic moving... Changes things.

I have no issues with people reselling these gifts. They probably get paid less than you think and are probably quite sick of looking at LEGO bricks. It's a XMAS bonus of sorts.

You should familiarize yourself with the fact that this is a bias. This does not mean all arguments from authority are wrong. I think you're going a downward spiral of trying to prove a point nobody else is really interested in. Don't let yourself get worked up and just enjoy the fact that we're all sharing our passion for lego and business here. Regarding the best way to see what are the sets to buy, I would recommend: - look at how many people say they've got a set on brickset.com (might be saturated) - Look at Brickinsights to see how people rate sets - Look at performance of past sets that are similar. - Look at sets that are offered at a discount - Really take the size of a set into consideration as storage will cost you. - For estimating a retirement it is good to check how long similar sets used to run for. Added comment: I'm in no way an authority, so you can trust me

Winter Village Station 10259 63.99 https://www.amazon.com/gp/product/B075LVT3PH/ref=oh_aui_detailpage_o00_s00?ie=UTF8&psc=1

well, that didnt last long. upgraded to insta-cancel

It's a Target code that was working for all storefronts for a brief amount of time.

In typical fashion as we approach the end of the year, LEGO has officially unveiled the next in it's line of Creator Modular Buildings - The Corner Garage. The set will retail for $199.99 (US) and will be available beginning January 1, exclusively at LEGO Shop at Home. No doubt it will be available elsewhere starting 2nd Quarter 2019. The set will contain 2,569 pieces. The set fits resembles a 1950s era Service Garage and Gas Station, and fits in very well with the 1950's Downtown Diner (10260) released January 1, 2018. LEGO's press release: On the investment front, there could be as many as six Modular Building available at the same time: 10264 - Corner Garage 10260 - Downtown Diner 10255 - Assembly Square 10251 - Brick Bank 10246 - Detective's Office 10243 - Parisian Restaurant A savvy individual would note that some of those have been going in-and-out of stock (most notably Brick Bank, that was on sale over Black Friday weekend). Also telling is that both the Corner Garage and the Brick Bank are corner buildings. Keep an eye out for this set, coming January 1, 2019. Pictures below. Discuss the Corner Garage here: View full blog article

Quint approves!