Strategy #1: Sell Your Stuff
Big items, like furniture or bikes, are easiest to peddle at an
old-fashioned yard sale. For gadgets, clothes and books, you often can
get the most online.
• Electronics: Try Usell.com. It aggregates offers from dozens of other websites, and it charges no
fees to buyers or sellers. For a used iPhone 4, recent offers ranged from $100 to $140.
• Books/DVDs: Try Sellercentral.amazon.com. Yes, it takes a larger cut than other sites (99 cents per product plus 15 percent of the sale price), but its heavy traffic can help you find a buyer quickly.
• Gift cards: Try Cardpool.com. Which pays up to 92 percent of the value on cards from most major stores. Send in your card electronically and the site will mail you a check within one day.
• Kids clothes: Try Thredup.com. It will pay you up to 40 percent of the resale value of the item you’re selling. The site also covers the cost of shipping and sends you the mailing bag.
• Electronics: Try Usell.com. It aggregates offers from dozens of other websites, and it charges no
fees to buyers or sellers. For a used iPhone 4, recent offers ranged from $100 to $140.
• Books/DVDs: Try Sellercentral.amazon.com. Yes, it takes a larger cut than other sites (99 cents per product plus 15 percent of the sale price), but its heavy traffic can help you find a buyer quickly.
• Gift cards: Try Cardpool.com. Which pays up to 92 percent of the value on cards from most major stores. Send in your card electronically and the site will mail you a check within one day.
• Kids clothes: Try Thredup.com. It will pay you up to 40 percent of the resale value of the item you’re selling. The site also covers the cost of shipping and sends you the mailing bag.
Did You Know You Could Sell These?
• Wine corks; empty paper towel and toilet paper rolls: Try Etsy and eBay.
Such items are favorites of amateur crafters. You could get $20 for 200
wine corks or 50 toilet paper rolls. Etsy charges a 3.5 percent cut and
a 20-cent listing fee. EBay takes 10 percent.
• Broken electronics: Try eBay and Craigslist. Handy buyers rewire and resell broken appliances. You could get $10 or more per item.
• Your hair: Try Hairclassifieds.com and buyandsellhair.com. You could get $200 to $500 for 10 inches or more of hair (if it’s not dyed or permed).
Personal loans from banks used to be commonplace, but these days
they’re not easy to nab. Fortunately, there are plenty of alternatives.
Use our breakdown of options to figure out which source works best for
your situation.
• Family
How long it takes: Usually one to two days for the check to clear.
Pros: You can create your own terms, but interest rates of about 1.65 percent might apply (check with an accountant about tax implications).
Cons: Not repaying can ruin your relationship with a family member.
Do it right: Get the terms in writing. See a sample note at legaldocs.com.
• Strangers
How long it takes: About a week.
Pros: Peer-to-peer lending sites lendingclub.com and prosper.com let you borrow from strangers. Interest rates average about 13 percent for a three-year loan.
Cons: You need a great credit score (750+) for the best rates.
Do it right: Have some recent pay stubs to fax to verify your income.
• Broken electronics: Try eBay and Craigslist. Handy buyers rewire and resell broken appliances. You could get $10 or more per item.
• Your hair: Try Hairclassifieds.com and buyandsellhair.com. You could get $200 to $500 for 10 inches or more of hair (if it’s not dyed or permed).
Strategy #2: Rent Your Stuff
Got a spare room in your house, extra space in your garage or
valuable equipment such as a lawn mower? There’s a good chance someone
will pay to borrow it.
• Your home: Try Airbnb.com and homeaway.com.
What you can make: About $60 per night for a private room in a house (minus a small commission or service fee for the site). You don’t have to live in a vacation hot spot; popular properties include those in small towns.
Be aware: You might need to charge less than Airbnb’s suggested rate until you build up a base of positive reviews.
• Your car: Try relayrides.com.
What you can make: Up to $1,000 a month. Cities and college towns where not everyone owns a car are popular.
Be aware: Consult your insurance policy first; some policies prohibit renting and might not cover you in an accident.
• Anything else: Try Zilok.com, snapgoods.com and rentabilities.com.
What you can make: $15 to $25 per day for most items. Keep the season in mind (snowblower in winter, for example).
Be aware: The sites deduct a 5 percent to 7 percent commission on your profits.
• Wedding gown: $100 per day
• Your home: Try Airbnb.com and homeaway.com.
What you can make: About $60 per night for a private room in a house (minus a small commission or service fee for the site). You don’t have to live in a vacation hot spot; popular properties include those in small towns.
Be aware: You might need to charge less than Airbnb’s suggested rate until you build up a base of positive reviews.
• Your car: Try relayrides.com.
What you can make: Up to $1,000 a month. Cities and college towns where not everyone owns a car are popular.
Be aware: Consult your insurance policy first; some policies prohibit renting and might not cover you in an accident.
• Anything else: Try Zilok.com, snapgoods.com and rentabilities.com.
What you can make: $15 to $25 per day for most items. Keep the season in mind (snowblower in winter, for example).
Be aware: The sites deduct a 5 percent to 7 percent commission on your profits.
Did you Know You Could Rent These?
Strategy #3: Get a Loan
• Family
How long it takes: Usually one to two days for the check to clear.
Pros: You can create your own terms, but interest rates of about 1.65 percent might apply (check with an accountant about tax implications).
Cons: Not repaying can ruin your relationship with a family member.
Do it right: Get the terms in writing. See a sample note at legaldocs.com.
• Strangers
How long it takes: About a week.
Pros: Peer-to-peer lending sites lendingclub.com and prosper.com let you borrow from strangers. Interest rates average about 13 percent for a three-year loan.
Cons: You need a great credit score (750+) for the best rates.
Do it right: Have some recent pay stubs to fax to verify your income.
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