What It's About
A former Marine uses his will and YouTube to flip appliances.
Words of Wisdom
Benson mentions that “uncertainty is an important part of [his] business strategy.” Because it was one of his biggest points of worry when starting out, he now tries to focus on the points of the market he can work with. Instead of expecting positive profits, he’s focused on the buyer’s goal.
Fun Fact
Millennials (born 1982-2000) are now the largest age group in the United States, according to Pew Research Center. While most people were dedicated to investing in the stock market, this age group is more interested in real estate as a valuable asset. With stock market investor numbers dwindling, 85 percent of millennials believe real estate to be a great investment.
Notes from Chris
Episode 1907
It might surprise you to know that household appliances used to last 20-25 years when purchased brand new. Today, it isn’t out of the ordinary to replace a washer and dryer after fewer than ten. What happened? Well, the manufacturing of these appliances has improved in some ways, but clearly not all. Though most people accept the rinse and repeat of the modern market, Benson Gitau saw something he got hung up on. While looking for appliances to fill his empty house, he found that brand new sets would be bought and sold for $800 daily, but used sets that had a problem or two would sit on the market at $100 for longer. Many people wouldn’t consider buying used appliances that weren’t working well, but as a former U.S. Marine, Benson saw a whole other ball of lint. After purchasing the used, broken washer-dryer set of his dreams, he looked up its serial number and began parsing through its parts to figure out what was wrong. He was no stranger to online research—after all, his day job was now in cybersecurity. Step one was a confidential government database that few have access to … no wait, it was YouTube. Using the appliance’s serial number he searched for instructional guides. He learned that all he needed was a $15 replacement part. From there, it was a quick fix. After repairing the washing machine, Benson started to put the pieces together for a money machine. Living in pricey California, he wanted to boost his income. Luckily, the house he owned was a duplex so he was able to rent it out for a small profit. But in California, expenses are everything … so he began buying, repairing, and reselling more appliances. Benson’s monthly target was $2,000 in net income. At first he stuck with appliances he was familiar with, as well as anything that might have tutorials online. He was soon earning beyond his monthly income target, enough to buy a small truck, pressure washer, and some power tools. Since he started, Benson has moved to Texas. He’s currently running for election to the U.S. House of Representatives, while still working in cybersecurity and real estate. He’s a busy guy! Hopefully it works out for him, but if not, he can always sell more appliances.
MENTIONED IN THIS EPISODE:
- Benson has been making more moves and you can follow along at his YouTube channel, @BensonGitau.
- The Clothes Dryer That Changed a Family Forever: When this government employee is let go from his job, he stumbles upon a reselling opportunity that would end up helping his family ride the coming recession—and eventually earn six figures in a single year.
- Floridian Finds Fair Value Flipping Furniture: A call center employee in central Florida finds that restoring furniture isn’t too hard with a bit of technique and finesse.
- Crafter Fashions Upcycled Chairs Into Six-Figure Shop: A Texas crafter turns castoffs into whimsical works of art, earning a full-time income and building a sustainable business.
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Resources
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