Forget what you paid for that record!

This is a tough one to learn - one I'm still learning myself. When you buy vinyl lps for resale, forget what you paid for each individual record as soon as you walk out of the store

When you go home to check them on eBay, you'll see ones come up that only go for $10. You're thinking, "But I paid $10, I need to charge $20 at least, maybe $25.". Forget it. Chalk it up to a lesson learned. Don't pay more than a buck for that Archies Greatest Hits. You need that money to turn over. Otherwise you'll be sitting on a pile on vinyl, hoping to get that $25 for that sealed Donnie Osmond...and having no money to put into the next buy.

If the completed listings is showing that lp selling for $10...people have multiple copies listed for $10 - $15, then you need to price it at $10. Maybe even mark it down to $5 to get your money out of it if it's a slow seller and there's plenty of copies out there.

List your items at the going rate, get your money out of them, and turn it over so you have the money for the next buy. If you're buying right, the mistakes you make will be far outweighed by all the records you picked up for a buck apiece and turned over for $25 each or more.

Consider it your vinyl tuition.