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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 Yes, the prices are outdated, but there is useful information in the book for novices, plus it's a really nice book.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

Just want to thank Achilles here for his input...I picked up some good info and his sentiments are well appreciated. ...and if I may add one of my favorite quotes: "It's only work if you rather be doing something else"

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...

Not at all - some of us are bigger sellers that sell more than just Lego and actually have to file tax returns.

At the end of the day, it doesn't really matter...the essential point I was trying to make was that I lost money on a handful of sets and made a crap-ton of money on a much larger group of sets. Although some may disagree, my view is that, once you get the market somewhat dialed in, it is not particularly difficult to have more winners than losers year over year.

I'm sure the 60167 was the top target. Would have liked to grabbed more of those.

My local Barnes and Noble does have 50% off stickers on all the same sets as online and members get a extra 10%... and they are giving HP minifigures with each $75 purchase

Here is what mine looks like as well........

Just remove the freebie from cart....voila!! No cancellation!

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.

Thanks...I have a title for the next book...THE BRICK AUTHORITY. There won't be a book. Slave wages.

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

If they do they could include a fake (but programmable) black VIP card as well and really make a fool of the whole promo [emoji23]

Looks like it's a gray reindeer pulling Santa in a sleigh?

This whole idea was and has been a clusterF from the start. Many of us tried to buy one at 12 AM and did not get the chance. They could have taken back orders. Now this less than special promo. I am not impressed.

This is a good looking set. Well designed. Even with all that sidewalk on the corner, they packed a lot into it. Not sure what my favorite detail is... the dude eating a cookie out of a bowl with a spoon...... or the dead fish floating upside down in the tank

hmm so had no clue what gravity falls was, guess that shows my age, although alpine can't be a spring chicken anymore. Wife and daughter knew what it was though.