What are some tips on making money in this hobby?

[Peter_Spaeth]

Originally Posted by mechanicalman

Shoot, it probably wouldn't take more than a few dudes to create a buying group and run up the prices on those babies. Just sayin'.

That buying group never happened, it was just guys spending money on nice cards.

[KMayUSA6060]

The biggest secret...

Sell for a profit.

[drcy]

Quick turnover (resale) is a different thing, but perhaps the worst investment advice is to buy "what's hot." That's the exact opposite of what you should invest in.

Also, avoid paying "top dollar."

[samosa4u]

This is an interesting thread, and I have enjoyed reading some of your posts.

Here is my advice: invest in key vintage rookie cards from ALL sports. The higher the grade, the better. Baseball cards have become so expensive, and now we are starting to see cards from other sports catch up. For example, a PSA 8 1951 Parkhurst Gordie Howe rookie went for $50,000 USD (goldinauctions) and a PSA 8 1958 Topps Bobby Hull rookie $84,000 USD (REA). Ten years ago, if you had told me that these cards were going to sell this high in the future, I would have laughed in your face and called you an idiot (actually I wouldn't have done the last part because I wouldn't have wanted to get my a** kicked).

[ruth_rookie]

Originally Posted by Snapolit1

Overpay today for cards that are in great demand. Ruth Goudeys. Gehrig Goudeys. Shoeless Joe Jackson. Jackie Robinson rookies. Mickey Mantle. Your overpayment today will look like a steal in 2 years. But buy the card everyone seemingly wants. Buying the third or fourth most desired card won’t work out as well. And like houses buy a better one than you were planning on.

Stick to iconic names.

+1. Try to find (key word “try”) technically strong, well-centered big name HOF’ers... Ruth, Gehrig, Shoeless Joe, etc. that should always have a market. The higher the grade, the better. Quality will always have a market. Don’t fret over paying too much (within reason) and don’t be afraid to pull the trigger. Worst case scenario is that you’re “stuck” with a really nice Ruth... big deal. It’s better than being stuck with a piece of real estate or a vintage classic car you can’t unload IMO, as there are no upkeep or maintenance costs.

[Bored5000]

Paying up for iconic cards of inner circle Hall of Famers like Ruth, Cobb, Wagner is solid long-term advice. But are not any cheap Ruth, Cobb, Wagner cards.

Sometimes there are cards/sets outside the big four sports that are lottery tickets.

David Peck has posted on this board many times above the explosion in values of the 1982-83 Wrestling All Star sets. Peck has written on here that he bough his first Hulk Hogan card (that ultimately graded PSA 9) for $50. That card is now a $2,500 card in that grade. Peck also wrote he never thought he would see high grade commons from those sets selling for $1,000.

On the whole, though, when looking to make money, put your cash into a diversified mutual fund. There aren't any dividends with cards.

[Johnny630]

Never turn a long term investment piece into a sale to fund a new purchase. Almost always never works out.

[uniship]

The most money I ever made in my 42 years of collecting cards is when I purchased a ty Cobb/Cobb back at a price which was almost double the record high at the time back in 2008. I later sold it for a crazy 18 month gain.

[Gary Dunaier]

I think you should just forget the whole thing and spend the money on Thumbs Down Guy bobbleheads.