Couple started upcycling furniture found on the curb—they've now made over $1M flipping homes
A couple started upcycling discarded furniture during walks in 2020, which led them to develop a profitable side business. This furniture flipping naturally evolved into home design and renovation work that eventually allowed them to quit their 9-to-5 jobs.
Summary
The couple began their journey in 2020 when they noticed furniture being discarded on neighborhood streets during their walks. Initially, they collected these pieces to furnish their own home, but soon found themselves rescuing more furniture than they could use personally, leading them to start selling the upcycled pieces as a side hobby and hustle. At the time, both partners had traditional corporate jobs - one working in finance and the other in marketing for a real estate company. Their furniture flipping naturally evolved into broader home design and renovation work. The turning point came when they introduced a social media component to their business, which they identified as their 'aha moment.' This social media presence provided an additional financial element that made their venture profitable enough to allow them to leave their traditional 9-to-5 jobs. The couple also discovered and utilized the IRS primary residence exclusion for capital gains tax as a wealth-building strategy, which allows single filers to deduct up to $250,000 tax-free and married couples filing jointly to deduct up to $500,000 tax-free on their primary home, provided they lived there for two out of the last five years.
Key Insights
- The couple discovered they could furnish their own home by collecting discarded furniture from neighborhood streets during their 2020 walks
- They found themselves rescuing more furniture pieces than they could personally use, which led them to start selling the upcycled items as a side business
- Their furniture flipping activities naturally evolved into broader home design and renovation work
- The introduction of social media to their business was their 'aha moment' that provided the extra financial element needed to make it profitable enough to quit their day jobs
- They identified the IRS primary residence exclusion for capital gains tax as one of the biggest wealth-building hacks, allowing up to $500,000 in tax-free gains for married couples filing jointly
Topics
Transcript
[0:00] So, we started flipping furniture back in 2020. So, we were going on a lot of walks in our neighborhood. We saw a lot of furniture that was just being trashed on the side of the road. So, we decided we could furnish our own home with that. And then [music] we started finding more and more pieces that we couldn't let go in the trash. So, we decided to kind of make that an extra side hobby/hustle when we started to sell [music] those pieces as well. [0:35] And I think that naturally got us into a little bit more of home design and renovation. >> We both had 9 toive jobs at the time. I was [music]…
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