Am I an Idiot?

[jrs146]

I actually like your strategy but you should have picked up the BLNR and the Hulk. You could have flipped those before your credit card bill was due. Although a TT SkyD will sell it may be a bit harder.

At the end of the day in this market you must pay to play if you want your Daytona. Buying and reselling is one way to do that. Just be careful you don’t end up upside down.


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[tbonesteak]

Originally Posted by jrs146

I actually like your strategy but you should have picked up the BLNR and the Hulk. You could have flipped those before your credit card bill was due. Although a TT SkyD will sell it may be a bit harder.

At the end of the day in this market you must pay to play if you want your Daytona. Buying and reselling is one way to do that. Just be careful you don’t end up upside down.


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Def should've taken the BLNR and Hulk, that was absolutely a mistake, but I'll learn from it... At the end of the day, I've already turned down offers on the Dweller. I'm not cash strapped at all, and based on the offers I've turned down, the floor I'm looking at is a tiny loss - if that tiny loss saves me $5k on a Daytona, then well worth it. TT Dweller is a great watch, and still not that easy to get. I'm priced well below MSRP+tax, buyer is out there.

AD also said he has me on his SS Dweller list, I'm number 2 for a blue or black face - actually like how this is shaping up.

Maybe if I sell a few watches and provide solid service, can find a few bucks working with this AD while providing a good service to the community.

Time will tell.

[SpeedyTuomas]

I would only buy watches that I like and wear. No unnecessary flipping imo.

[JManuel]

I'd just spend my $$ on the piece I am looking for, the "relation" between a AD thing would work If I was a gray dealer only.

[Old Geezer]

I don't think selling on a TT SD at MSRP is a slam dunk. LVc, BLNR, etc are better candidates to turn quickly while building a relationship with the seller. I don't recall reading in the thread if the person is an AD or not. Before I bought anything to flip, I sure would want to know the terms of pricing on the desirable models.
I'm a little skeptic of the seller's motivations here. He may use you as a cheaper channel to market than a seasoned grey.

[Onikage]

Sounds like a pain in the behind of a game plan. Don't let the dealer rush you into moving his stuff. Buy what you like not other people's problems. Becoming a mini dealer in such a way is asking for trouble imo.

[tbonesteak]

Originally Posted by Old Geezer

I don't think selling on a TT SD at MSRP is a slam dunk. LVc, BLNR, etc are better candidates to turn quickly while building a relationship with the seller. I don't recall reading in the thread if the person is an AD or not. Before I bought anything to flip, I sure would want to know the terms of pricing on the desirable models.
I'm a little skeptic of the seller's motivations here. He may use you as a cheaper channel to market than a seasoned grey.

AD, huge store, desirable pieces at MSRP.

While it isn't a Hulk, these aren't selling for less than MSRP and aren't sitting in a ton of displays.

Had it for 3 days and already turned down an offer.

[yxc145]

Originally Posted by tbonesteak

AD, huge store, desirable pieces at MSRP.

While it isn't a Hulk, these aren't selling for less than MSRP and aren't sitting in a ton of displays.

Had it for 3 days and already turned down an offer.

Mr. Jonathon Smith?

OP, my question is. The models he offered you, he would have been able to easily sell them himself (at least the LV and BLNR) without approaching buyers or making any promise. I don't think he will keep coming to you with the hot models and i see that you don't just buy anything that's offered to you. So this deal that you have, will it actually happen in 12-18 months if you turn down the less desirable or very expensive PM models?

[tbonesteak]

Question, maybe someone here would have knowledge of this. Quick update first:

I've turned down multiple trades at this point and a cash offer that was a few hundred below what I would accept. For having it listed for 5 days, happy with the activity. I allotted about 4-6 weeks to sell and I'm not even at 1.

Here is what I'm wondering; There are a total of 5 of the exact same watch I am trying to move currently up for sale on this board... 2 are trusted sellers at $18.6 & $19, the other two are not as known, one has it up for $19 & the other has it for $17.5, which is pretty close to me. Difference here is this seller is located in Canada. I did reading here https://www.rolexforums.com/showthread.php?t=496889 & here https://www.rolexforums.com/showthre...ight=importing.

From my reading, it would appear that the seller located outside the US is at a huge disadvantage to me, as any buyer will have to pay at least $500 (and most likely more) to buy this watch and import it.

Can someone help me out and verify or speak to this? I've done a good amount of reading and am about 99% sure of this, just looking for some confirmation...

Thanks for all the advice provided in here.

[tng11]

At any rate, it doesn't seem like it was as easy as you thought it would be. Props to you if you don't mind it - personally, I hate having to go through the wringer of selling.

[Jim Smyth]

I would NEVER buy anything I didnt want just to flip it with the hopes of getting something else I really wanted quicker. Your going to learn it isnt as easy as you think selling it at MSRP. Also theres a chance you perhaps make a bad deal and the watch goes missing enroute (sticky finger shipper syndrome) and you find out the shipper only covers $500 dollars for a watch, your going to be sick.

There's also plenty of other scams out there where there's plenty of people that are smarter in a dishonest way than you. Patience is a good thing. I would start with conversing with a trusted seller here and work in that way for what you really want. You can buy a lesser value watch (thats easy to move with very little loss) you like from them and trade it in for what you really want down the road if you cant wait initially.

Just my 2 cents.......

[tbonesteak]

Originally Posted by Jim Smyth

I would NEVER buy anything I didnt want just to flip it with the hopes of getting something else I really wanted quicker. Your going to learn it isnt as easy as you think selling it at MSRP. Also theres a chance you perhaps make a bad deal and the watch goes missing enroute (sticky finger shipper syndrome) and you find out the shipper only covers $500 dollars for a watch, your going to be sick.

There's also plenty of other scams out there where there's plenty of people that are smarter in a dishonest way than you. Patience is a good thing. I would start with conversing with a trusted seller here and work in that way for what you really want. You can buy a lesser value watch (thats easy to move with very little loss) you like from them and trade it in for what you really want down the road if you cant wait initially.

Just my 2 cents.......

If I ship it via Fedex and insure it for $17k, why would I only be reimbursed $500? That doesn't make sense to me and fully defeats the purpose of insurance.

[tbonesteak]

Originally Posted by tng11

At any rate, it doesn't seem like it was as easy as you thought it would be. Props to you if you don't mind it - personally, I hate having to go through the wringer of selling.

I figure it would take up to 6 weeks, so far I'm at 6 days... sure, I'd love to sell it today, but I'm not sweating it. Personally I don't mind. I could've already had it sold at a small net loss of already, but I'm holding out.

I guess my only regret was not taking th Hulk and Batman as they each cost almost half as much and would've moved instantly.

[Jim Smyth]

Originally Posted by Gaijin

Yea. Negative. I don’t play these games anymore.

Had two different ADs back in the first SS Daytona hype jerk me around after multiple purchases. One manager even said buy this TT Sub and I’ll get you your SS Daytona while putting out his hand to shake.


I told him “When you physically produce the SS Daytona I’ll buy the TT Blue Sub” ( I wanted one anyway ) while not shaking his hand. He looked dissapointed and went outside for a smoke.

The dude got fired like 2 months later. Never saw him again.

Another AD jerked me around for two years telling me I “was next” all the while backdooring them out to friends, family and bigger fish than me. This after multiple purchases.

I found out from a disgruntled employee that I had been played.


Never again.

Truth..................Sometimes you have to go through the process to learn the hard way.

[Jim Smyth]

Originally Posted by tbonesteak

If I ship it via Fedex and insure it for $17k, why would I only be reimbursed $500? That doesn't make sense to me and fully defeats the purpose of insurance.

Who are you insuring it with? If its with FedX your going to get burned bad. The people that work for them can read the package labels and if you insure it with them for 17K they will know its a high value package. FedX has a limit on watches. Do some searching and find out all the people that have been burned! Its the same with every shipper.

If you insure it through Jewelers Mutual or someone like that you will then not have to unzip your fly and declare any value on your shipment because its insured by an outside source. This gives you a better way to ship valuable watches without it being stolen internally by the shipper.

If you developed a relationship with a trusted seller you would have known this already by asking questions. This is where my original comments are made because you are right now flying by the hip thinking you have all the angles covered which you dont.

[tbonesteak]

Originally Posted by Jim Smyth

Who are you insuring it with? If its with FedX your going to get burned bad. The people that work for them can read the package labels and if you insure it with them for 17K they will know its a high value package. FedX has a limit on watches. Do some searching and find out all the people that have been burned! Its the same with every shipper.

If you insure it through Jewelers Mutual or someone like that you will then not have to unzip your fly and declare any value on your shipment because its insured by an outside source. This gives you a better way to ship valuable watches without it being stolen internally by the shipper.

If you developed a relationship with a trusted seller you would have known this already by asking questions. This is where my original comments are made because you are right now flying by the hip thinking you have all the angles covered which you dont.

This is why I enjoy this forum - this note filled in a piece of puzzle I was blind to... Quick searching brings me right to Parcel Pro.

[tng11]

ParcelPro is the way to go. Makes insuring packages easy peasy. That's the least part of the OP's worries.

I'd think it more likely that the AD one day will ask OP to buy a PM piece... Then by that point it would have been better to just outright pay the premium!

[Jim Smyth]

Parcel Pro is a excellent choice for guys that flip a lot of watches. I tend to own a very few watches and not flip them and use Jewelers Mutual. YMMV

[Bouchy5]

any update with this?

[Naples09]

Originally Posted by Bouchy5

any update with this?

https://www.rolexforums.com/showthread.php?t=572164

[tbonesteak]

Actually had a buyer earlier this week. Seemed legit, only issue was he wanted to do Paypal and was located close by - I preferred a cashier's check for a face to face, we couldn't agree on payment, so the deal died.

[Chiboy]

OP, are you in this watch for MSRP?

BTW, if your potential buyer would use Paypal as "payment to friends or family" (not sure of exact name), there is no fee and he would have no recourse to file a claim, I believe. If that is true, you could meet him, have him inspect the watch, Paypal you the dough, you see it in your account a minute or two later, give him the watch, ride off into the sunset.

Hope this goes well for you. It's amazing to me that an AD can offload their whole reason for being to you (to sell watches to customers) just so they can maybe sell you a watch at full retail. I do get that you are effectively "working down" the $6k market premium on the watch, but there is still a lot of irony at work here.

[tng11]

Originally Posted by Chiboy

OP, are you in this watch for MSRP?

BTW, if your potential buyer would use Paypal as "payment to friends or family" (not sure of exact name), there is no fee and he would have no recourse to file a claim, I believe. If that is true, you could meet him, have him inspect the watch, Paypal you the dough, you see it in your account a minute or two later, give him the watch, ride off into the sunset.

Hope this goes well for you. It's amazing to me that an AD can offload their whole reason for being to you (to sell watches to customers) just so they can maybe sell you a watch at full retail. I do get that you are effectively "working down" the $6k market premium on the watch, but there is still a lot of irony at work here.

I'm not so sure about that. If the buyer uses a fraudulent credit card, and it gets charged back, the seller gets stuck with the loss.

Even cashiers check is a risk - they can be faked, and some counterfeits are really convincing. You wouldn't know until it's been deposited and gets bounced back a few days later.

For me, I have a very strict cash, wire or e-mail transfer policy (a Canadian thing which allows you to transfer money from one bank to another via an e-mail message.)

[Chiboy]

Originally Posted by tng11

I'm not so sure about that. If the buyer uses a fraudulent credit card, and it gets charged back, the seller gets stuck with the loss.

Even cashiers check is a risk - they can be faked, and some counterfeits are really convincing. You wouldn't know until it's been deposited and gets bounced back a few days later.

For me, I have a very strict cash, wire or e-mail transfer policy (a Canadian thing which allows you to transfer money from one bank to another via an e-mail message.)

You may well be right. I kinda thought with Friends and Family transfers that the money had to be in the account in order to not incur fees. I doubt Paypal would eat credit card fees when they are waiving their fee. But I don't know.

I would like cash or a wire in this situation. But can a wire really work? I'm not sure you get receipt acknowledgement fast enough for an in person sale. Do you?

[tbonesteak]

Originally Posted by tng11

I'm not so sure about that. If the buyer uses a fraudulent credit card, and it gets charged back, the seller gets stuck with the loss.

Even cashiers check is a risk - they can be faked, and some counterfeits are really convincing. You wouldn't know until it's been deposited and gets bounced back a few days later.

For me, I have a very strict cash, wire or e-mail transfer policy (a Canadian thing which allows you to transfer money from one bank to another via an e-mail message.)

For the cashiers check in a F2F, Id meet them at their bank and have it drawn on the spot after they saw the watch... Safe & secure for both parties.

[tng11]

Originally Posted by Chiboy

You may well be right. I kinda thought with Friends and Family transfers that the money had to be in the account in order to not incur fees. I doubt Paypal would eat credit card fees when they are waiving their fee. But I don't know.

I would like cash or a wire in this situation. But can a wire really work? I'm not sure you get receipt acknowledgement fast enough for an in person sale. Do you?

Ahh, but the thing is, one can pay family/friends with a credit card as long as they eat the fees on their side. And yes, a wire is not instant, but often I'm lucky enough that the other person shares one of the banks I use, so it's a pretty easy transfer at the counter.

The system we have in Canada is you can send an "email" transfer to another person, and they get a email notification, which can then be deposited to most banks in the country. A password set by the sender is required to be answered correctly before the receiver can deposit the funds. So what I have done as a seller is have the buyer send me all of the transfers in advance of meeting up, and once they have verified the watch, they provide me the passwords to unlock the transfers. The only limitation of this system is the limits are relatively low (some banks won't let you send more than $3,000 per day), which is very hard to work with when trading Rolexes.

Originally Posted by tbonesteak

For the cashiers check in a F2F, Id meet them at their bank and have it drawn on the spot after they saw the watch... Safe & secure for both parties.

That's the way to do it!

[tbonesteak]

Passed on a PayPal transaction today... I kinda second guess myself because I could've been done with this, but whatever - I'm not a desperate seller and I can wait as long as it takes.

Up to 3 weeks, half of what I figured it would take (6 weeks).

[tbonesteak]

Also, AD called me with a good watch that I think I can make a few dollars on, so I think I'm gonna take that one. Omega LE 1957 Trilogy Speedmaster.

[yxc145]

Originally Posted by tbonesteak

Also, AD called me with a good watch that I think I can make a few dollars on, so I think I'm gonna take that one. Omega LE 1957 Trilogy Speedmaster.

Hi OP

You are on your way to becoming a part time grey dealer! :)

[tbonesteak]

Originally Posted by yxc145

Hi OP

You are on your way to becoming a part time grey dealer! :)

Lol, this has crossed my mind. At least after I sell a few and get some feedback, it'll be easier, have to take a little less per watch to build a reputation... told me he has a Hulk coming my way too. I mean, I'll see where this goes.