Eve Market – Update After a crap ton of days

August 4th, 2016 | Posted in Eve Market | Comments Off on Eve Market – Update After a crap ton of days

Subtitle: Pretty Much Kinda Starting Over

It’s been a long time since I did anything with this project.

Because it’s actually irrelevant and nobody’s business but mine, I’m not going to go into why I stopped doing this business and even let my Eve subscription lapse completely other than to say “Life happens”.

It’s been 610 days since the last time I did one of these reports.

This “Quest for Ten Billion” originally started some 700-ish days ago in the week or so before the first of these reports was published on September 12th, 2014

I was recently reminded of this project and after thinking about it, I decided that I wanted to get back to it. Besides, I had only reached about 10% of my ten billion ISK goal.

So last night after I had finished up my “gotta-do” things for the day, I started up the Eve launcher for the first time in ages and let it do the download updates thing. The first thing I discovered was that the old launcher had been replaced. I downloaded the new one and soon it was ready for me to log on.

I headed to the Eve website and used the “Hours for Plex” option to get my account reactivated, logged in, bought a plex and used it for 30 days of game time.

After taking some time to re-familiarize myself with how things work and look over some of the changes, I relogged with my market seller alt.

The situation was as I expected. There was about a dozen items in my hangar from sell orders that had expired some 18 months ago and over 600 million isk in the seller’s wallet from the sales that completed before that expiry. The first thing was to transfer all but 10 million of that to the corporation.

The bulk of my isk is held by the corporation. The buyer and Seller keep about 10 million in their wallets to handle fees, taxes & suchlike. All purchases are made using the corp wallet and all income is transferred back to the corp. It’s also perfectly safe because the only characters that will ever join that corp will be owned and operated by me.

Sometime between the last report and when I stopped logging in to Eve I had begun having the buyer ship some items to Amarr and then fly there to list them, trying out that market. There was about 25 million in the buyer’s wallet from sales and a number of items sitting in the Amarr hangar. I transferred 15 million of that to the corp wallet and had the buyer arrange for those items to be sent to my primary selling station and then head back to the buying station.

Then I decided to start by looking up what each of these things were currently selling for. According to market history information, several of them have not sold at all in over six months. In fact, several of the items on my old master shopping list no longer exist at all due to changes over time.

I put up sell orders for the items that I could find price and sales history for, a number of which sold within hours.

For the items that I could not find any recent data on, I put up sell orders using the “estimated value” that Eve shows for the item in the hangar. It may not be the greatest price but it’s a starting point. I anticipate having to reduce most of those prices drastically just to rid myself of things that don’t sell enough anymore.

Over the next week as time permits I’m going to scrap the old master list and start the market research from scratch, building a new list of things to sell. That’s going to be a slow process but it should be made easier by the fact that this time I don’t have to do it with only the 4.8 million I originally started out with.

My original goal was to reach ten billion. I have decided to increase this goal to ten trillion. The basic plan remains the same as it was, buy items from one region and sell them in another. The items bought must meet both of these requirements:

Any item must have at least a 20% profit margin, preferably higher but no less than 20%. It’s true that margin will take something of a hit when I have to lower prices to keep my sell orders at the lowest price in station. It’s also true that broker fees, taxes and courier contracts will also come out of that 20%, however this is why I want the margin to start at 20% or higher. Anytime an item’s profit margin drops below 15%, I will stop buying it until the margin improves.

Low sales volume. Items should sell 2 to 5 units per 7 days. Any more than that and the competition gets too intense, requiring much more frequent attention. Any less and things can sit for a long time waiting to sell.

I am not looking to corner the market on anything, I just want a piece of it. I want to be able to spend no more than an hour conducting the days business and occasionally another hour doing market research, then go about the rest of my life while still earning enough profit to build wealth toward the ten trillion goal and easily buy two or more Plex’s every month out of that month’s profits. One Plex to keep the account active, another to enable multiple character training.

I’m starting my search looking at items that I can buy for 50 to 200 million each. My corporation currently has 1.5 billion isk to work with so depending on what I find in my research I may go higher than that.

I also want to keep to low m3 items. Having to ship large m3 leads to shipping difficulties and higher shipping costs.

For now at least, all activities will involve HiSec stations. Operations in Low and Null cost more, can take longer and involve greater risk of losing the cargo.

Purchases will be made by the buyer alt using the corp wallet. Most items will be bought in lots of one unit, occasionally two units if something sells particularly well. I do not want to keep any more inventory on hand that I have to.

Neither My seller alt nor my buyer alt will ever haul anything. Instead the buyer will create a courier contract to move the items to the selling station.

The seller will accept delivery of items, create sell orders and update prices at least once per day as needed. Sell orders will be for one unit of the item at a time. This is again because I just want a piece of the market, I don’t want to make a big splash by listing a lot of something all at once.

At least once per day after price updates are taken care of I’ll make a list of items that have sold at an acceptable margin, include any new items discovered in my research and then the buyer will start the cycle over again.

Original starting wallet: 4,816,362.72

Currently Using 14 of 162 total max orders**

wealth = 1,732,950,660.65

An increase of 631,576,935.99 over the last 610 days

Wallets:
Buyer: 11,617,190.99
Seller: 10,366,153.08
Corp: 1,553,942,963.78

+ Items in transit: 0
+ items in hangar waiting to be listed: 0
+ Current Sell orders value: 196,280,441
– buffer value*: 39,256,088.20

*I’m including a 20 percent “buffer value” (subtracted from the total sell orders value) as the amount by which I’m prepared to lower prices in order to stay on top of the list when sorted by lowest price first.

** “total max orders” is the combined maximum number of active orders of all participating alts

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