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Posted: 9/8/2013 9:00:15 AM EDT
New store, can't find/hire any decent help so here I am on a Sunday. Yesterday was the start of the archery deer season, guess where all my help is...

ETA yeah fucking 13er, BUT I had an account years ago through my .mil, new base new email now a 13er
Link Posted: 9/8/2013 9:00:58 AM EDT

Rip anyone off lately?

Link Posted: 9/8/2013 9:01:43 AM EDT
How much cash does it take to open a pawn shop?
Link Posted: 9/8/2013 9:03:58 AM EDT

Link Posted: 9/8/2013 9:05:07 AM EDT
Is Chum Lee really that dumb?
Link Posted: 9/8/2013 9:05:32 AM EDT
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Quoted:
How much cash does it take to open a pawn shop?
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This.
Link Posted: 9/8/2013 9:06:41 AM EDT
How often do you get burned by buying something that turns out to be stolen?
Link Posted: 9/8/2013 9:07:41 AM EDT
Do you sell crack?
Link Posted: 9/8/2013 9:09:03 AM EDT
Why are your used guns priced the same or more than new?

Posted Via AR15.Com Mobile
Link Posted: 9/8/2013 9:09:19 AM EDT
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Quoted:

Rip anyone off lately?

Nope, I try to be honest to the point of telling people they can get more for _______ on Craigslist, FB etc.
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Link Posted: 9/8/2013 9:09:59 AM EDT
When someone shows up with an expensive item, do you call your expert friends to come and give an evaluation ?
Link Posted: 9/8/2013 9:10:02 AM EDT
Around here, it seems that you need $50/k on the street to support the shop, and then another $50/k for every wage earner.

So, $150K on the street would support a small shop with two wage earners.

Do these numbers work for  you?
Link Posted: 9/8/2013 9:10:24 AM EDT
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Quoted:
How much cash does it take to open a pawn shop?
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As in "cash on hand?" or to get the door open and the lights on?
Link Posted: 9/8/2013 9:10:40 AM EDT
How does the quote function work?





Link Posted: 9/8/2013 9:11:07 AM EDT
What's your spot price for gold? What's your interest rate on the loan? At what day do your clients lose their pawn?
Link Posted: 9/8/2013 9:11:38 AM EDT
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Yeah we don't have either of those issues, I wish I could call an expert sometimes though.
Link Posted: 9/8/2013 9:12:47 AM EDT
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Quoted:
Is Chum Lee really that dumb?
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No, I met him briefly at the pawnbrokers convention in Vegas. He plays the part for a paycheck.
Link Posted: 9/8/2013 9:13:07 AM EDT
Do you sell well worn power tools 150% above MSRP new?
Link Posted: 9/8/2013 9:13:31 AM EDT
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Quoted:
How much cash does it take to open a pawn shop?
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I am not the OP, but I do own a pawn shop.

You can open one with very little money, but if you want to stay in business for a while and be profitable, you better have a bunch.

Way too many factors to just throw out a number, but here are the questions you have to answer to come up with your own number

Do you have a store ready to open?  No  Then how much to remodel and buy display cases and shelves?  Install security cams and bars on the windows and a big ass safe and secure cage for long guns,

After setting up your shop, now you have to have something to sell.  Buy some inventory.  You will need some money to loan out.  Now you need to have operating expenses for at least 6-12 months.


How much is that?  IDK  probably $250K
Link Posted: 9/8/2013 9:15:34 AM EDT
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Quoted:
How often do you get burned by buying something that turns out to be stolen?
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Less than 2% of (documented) items are stolen that come through the doors. If it has a serial # and model # it's logged into our system, we also take pics of the customer and the item which are emailed to the cops nightly.

Good question though.
Link Posted: 9/8/2013 9:16:38 AM EDT
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Quoted:
Do you sell crack?
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Second Tuesday of the week, yes.
Link Posted: 9/8/2013 9:19:20 AM EDT
Have you ever been scammed for a large sum of money?
Link Posted: 9/8/2013 9:19:50 AM EDT
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Quoted:
Why are your used guns priced the same or more than new?

Posted Via AR15.Com Mobile
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Ours are not, I never price anything above MSRP.

The way it works in a pawn/gun shop is we have a price tag of say 499.99, 80% of the time a customer will say I will give you 350.00 OTD... So yes we "pad' a bit because we know we are going to get beat up a bit.
Link Posted: 9/8/2013 9:25:30 AM EDT
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Quoted:
Around here, it seems that you need $50/k on the street to support the shop, and then another $50/k for every wage earner.

So, $150K on the street would support a small shop with two wage earners.

Do these numbers work for  you?
View Quote


That's another good question, our default ratio is roughly 73% on NON firearm merchandise and I have around $173k in pawn right now that's not gun related.

$50/k per employee, do you mean in sales or just pawned items? If pawns I would say that's a bit low...in the 60-63 range.

I pay my guys and gals more because of the background checks, drug checks and the threat of being robbed.
Link Posted: 9/8/2013 9:26:07 AM EDT
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Quoted:
How does the quote function work?


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On what?
Link Posted: 9/8/2013 9:30:38 AM EDT
Do your guys carry while at work?
Link Posted: 9/8/2013 9:30:49 AM EDT
whats the time frame on a loan

whats the interest rate

if a customer pawns something and comes in and makes monthly payments does the money go to interest or principal
Link Posted: 9/8/2013 9:31:12 AM EDT
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Quoted:
What's your spot price for gold? What's your interest rate on the loan? At what day do your clients lose their pawn?
View Quote



70% of the days spot on gold, 75% on 925 and coins.

Set by the state, 10% per 30 days.

By law we can "pull" them in 40 days, I go 45 and if they call or come in with a reason not to pull, 99% of the time we hold it.

I had a engagement ring, lady borrowed 2k on. She made EVERY payment on time for 2 years, I delivered it to her personally this summer and forgave the (contract) debt.
Link Posted: 9/8/2013 9:32:19 AM EDT
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Quoted:
Have you ever been scammed for a large sum of money?
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No, thankfully.
Link Posted: 9/8/2013 9:34:11 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:



70% of the days spot on gold, 75% on 925 and coins.

Set by the state, 10% per 30 days.

By law we can "pull" them in 40 days, I go 45 and if they call or come in with a reason not to pull, 99% of the time we hold it.

I had a engagement ring, lady borrowed 2k on. She made EVERY payment on time for 2 years, I delivered it to her personally this summer and forgave the (contract) debt.
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Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
What's your spot price for gold? What's your interest rate on the loan? At what day do your clients lose their pawn?



70% of the days spot on gold, 75% on 925 and coins.

Set by the state, 10% per 30 days.

By law we can "pull" them in 40 days, I go 45 and if they call or come in with a reason not to pull, 99% of the time we hold it.

I had a engagement ring, lady borrowed 2k on. She made EVERY payment on time for 2 years, I delivered it to her personally this summer and forgave the (contract) debt.




Sounds like you actually have a heart. Can't the state revoke your license for that?
Link Posted: 9/8/2013 9:34:36 AM EDT
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Quoted:
Do your guys carry while at work?
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Mandatory...no questions. I also fund NRA classes and other defensive training.

I also sponsor a "zombie" shoot for fun every month and employees shoot for free, not free ammo though.
Link Posted: 9/8/2013 9:36:03 AM EDT
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Quoted:
whats the time frame on a loan

whats the interest rate

if a customer pawns something and comes in and makes monthly payments does the money go to interest or principal
View Quote


Set by the state you operate in, in NC is 10%

Interest, however they can make a principal payment at anytime.
Link Posted: 9/8/2013 9:37:31 AM EDT
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Quoted:


That's another good question, our default ratio is roughly 73% on NON firearm merchandise and I have around $173k in pawn right now that's not gun related.

$50/k per employee, do you mean in sales or just pawned items? If pawns I would say that's a bit low...in the 60-63 range.

I pay my guys and gals more because of the background checks, drug checks and the threat of being robbed.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
Around here, it seems that you need $50/k on the street to support the shop, and then another $50/k for every wage earner.

So, $150K on the street would support a small shop with two wage earners.

Do these numbers work for  you?


That's another good question, our default ratio is roughly 73% on NON firearm merchandise and I have around $173k in pawn right now that's not gun related.

$50/k per employee, do you mean in sales or just pawned items? If pawns I would say that's a bit low...in the 60-63 range.

I pay my guys and gals more because of the background checks, drug checks and the threat of being robbed.


Defaults around here are at historic highs, but still less than 20%.  Probably 14-16% on average, with tools being the highest.  Guns/jewelry the lowest, and electronics/media in the middle.

My $50/k per employee figure was what you had to have loaned out (here, we call it 'money on the street' or 'in the back room').  So, you'll need $50k loaned out to produce the income to support an employee.  Here, loans are 90 days, variable rate set by the state determined by loan value.  Every shop allows a 'rewrite' where the customer can pay the interest and fees and get themselves another 90 days.  It's not required by law, but just good business and keeps the customers coming back.  10 $100 loans pay exponentially better than one $1000 loan.

Also, these $50k estimates are all being pushed up, as the average loan amount is getting higher and higher as well.  Gold prices have soared compared to 10 years ago, so plans for that have to change.  Because of the variable rates set up by the state, small loans are the bread and butter, and the bigger ones kinda suck.  On a $1000 loan, over the coarse of 90 days, it will bring in $76 (IIRC).  That's not really worth dealing with, since a $25 loan will bring in $15.50 in interest and fees.

Typical loans are 1/3rd of the estimated value (factoring in that it's used), but jewelry and guns are higher.  Gold is at 50-60%, good guns about the same.  DVDs will get you about 50cents, and they'll be retailed out at $2 or 6/$10.  Of course, everything is checked against Amazon first, to make sure $30 DVDs aren't being sold for $2.

Edited to add:  THIS PAGE Describes the fees and interest a pawnbroker can charge in Washington State.
Link Posted: 9/8/2013 9:38:40 AM EDT
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Quoted:



70% of the days spot on gold, 75% on 925 and coins.

Set by the state, 10% per 30 days.

By law we can "pull" them in 40 days, I go 45 and if they call or come in with a reason not to pull, 99% of the time we hold it.

I had a engagement ring, lady borrowed 2k on. She made EVERY payment on time for 2 years, I delivered it to her personally this summer and forgave the (contract) debt.
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Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
What's your spot price for gold? What's your interest rate on the loan? At what day do your clients lose their pawn?



70% of the days spot on gold, 75% on 925 and coins.

Set by the state, 10% per 30 days.

By law we can "pull" them in 40 days, I go 45 and if they call or come in with a reason not to pull, 99% of the time we hold it.

I had a engagement ring, lady borrowed 2k on. She made EVERY payment on time for 2 years, I delivered it to her personally this summer and forgave the (contract) debt.


We do this at times as well.  Of course 9 time out of 10 they are back in a month to pawn the item again.  
Link Posted: 9/8/2013 9:42:27 AM EDT
how much could i get for this?





Link Posted: 9/8/2013 9:43:55 AM EDT
Do you have a drive-through?  



Seriously though... my town has a drive-through pawn shop. Next to the drive-through liquor store of course.
Link Posted: 9/8/2013 9:48:21 AM EDT
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Quoted:


Defaults around here are at historic highs, but still less than 20%.  Probably 14-16% on average, with tools being the highest.  Guns/jewelry the lowest, and electronics/media in the middle.

My $50/k per employee figure was what you had to have loaned out (here, we call it 'money on the street' or 'in the back room').  So, you'll need $50k loaned out to produce the income to support an employee.  Here, loans are 90 days, variable rate set by the state determined by loan value.  Every shop allows a 'rewrite' where the customer can pay the interest and fees and get themselves another 90 days.  It's not required by law, but just good business and keeps the customers coming back.  10 $100 loans pay exponentially better than one $1000 loan.

Also, these $50k estimates are all being pushed up, as the average loan amount is getting higher and higher as well.  Gold prices have soared compared to 10 years ago, so plans for that have to change.  Because of the variable rates set up by the state, small loans are the bread and butter, and the bigger ones kinda suck.  On a $1000 loan, over the coarse of 90 days, it will bring in $76 (IIRC).  That's not really worth dealing with, since a $25 loan will bring in $15.50 in interest and fees.

Typical loans are 1/3rd of the estimated value (factoring in that it's used), but jewelry and guns are higher.  Gold is at 50-60%, good guns about the same.  DVDs will get you about 50cents, and they'll be retailed out at $2 or 6/$10.  Of course, everything is checked against Amazon first, to make sure $30 DVDs aren't being sold for $2.
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Quoted:
Quoted:
Quoted:
Around here, it seems that you need $50/k on the street to support the shop, and then another $50/k for every wage earner.

So, $150K on the street would support a small shop with two wage earners.

Do these numbers work for  you?


That's another good question, our default ratio is roughly 73% on NON firearm merchandise and I have around $173k in pawn right now that's not gun related.

$50/k per employee, do you mean in sales or just pawned items? If pawns I would say that's a bit low...in the 60-63 range.

I pay my guys and gals more because of the background checks, drug checks and the threat of being robbed.


Defaults around here are at historic highs, but still less than 20%.  Probably 14-16% on average, with tools being the highest.  Guns/jewelry the lowest, and electronics/media in the middle.

My $50/k per employee figure was what you had to have loaned out (here, we call it 'money on the street' or 'in the back room').  So, you'll need $50k loaned out to produce the income to support an employee.  Here, loans are 90 days, variable rate set by the state determined by loan value.  Every shop allows a 'rewrite' where the customer can pay the interest and fees and get themselves another 90 days.  It's not required by law, but just good business and keeps the customers coming back.  10 $100 loans pay exponentially better than one $1000 loan.

Also, these $50k estimates are all being pushed up, as the average loan amount is getting higher and higher as well.  Gold prices have soared compared to 10 years ago, so plans for that have to change.  Because of the variable rates set up by the state, small loans are the bread and butter, and the bigger ones kinda suck.  On a $1000 loan, over the coarse of 90 days, it will bring in $76 (IIRC).  That's not really worth dealing with, since a $25 loan will bring in $15.50 in interest and fees.

Typical loans are 1/3rd of the estimated value (factoring in that it's used), but jewelry and guns are higher.  Gold is at 50-60%, good guns about the same.  DVDs will get you about 50cents, and they'll be retailed out at $2 or 6/$10.  Of course, everything is checked against Amazon first, to make sure $30 DVDs aren't being sold for $2.


Between the 7 stores we are at +/- 73% default, partially because of some locations. We are primarily a new gun store, with a pawn option. We only pay .25 for DVDs and we do the same 30-50% on used guns unless its something special or rare.
Link Posted: 9/8/2013 9:51:22 AM EDT
Close to a military base?
Link Posted: 9/8/2013 9:51:40 AM EDT
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Quoted:


We do this at times as well.  Of course 9 time out of 10 they are back in a month to pawn the item again.  
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Quoted:
Quoted:
Quoted:
What's your spot price for gold? What's your interest rate on the loan? At what day do your clients lose their pawn?



70% of the days spot on gold, 75% on 925 and coins.

Set by the state, 10% per 30 days.

By law we can "pull" them in 40 days, I go 45 and if they call or come in with a reason not to pull, 99% of the time we hold it.

I had a engagement ring, lady borrowed 2k on. She made EVERY payment on time for 2 years, I delivered it to her personally this summer and forgave the (contract) debt.


We do this at times as well.  Of course 9 time out of 10 they are back in a month to pawn the item again.  


Yeah I have a older gentleman that borrows 105.00 EVERY month on a gorgeous  1100 20ga shotgun that hasn't shot in 30 years. One of the female (no pics sorry) managers offered him 700.00 for it and he declined.
Link Posted: 9/8/2013 9:55:13 AM EDT
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Appears to be Class 3, I could be mistaken. If it is not a CL3 I would not offend you with an offer, especially on a gun board and SPECIFICALLY on ARF. Beautiful rifle sir.
Link Posted: 9/8/2013 9:55:46 AM EDT
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Close to a military base?
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Several
Link Posted: 9/8/2013 9:57:04 AM EDT
This is an informative thread. Thanks!
Link Posted: 9/8/2013 10:00:50 AM EDT
What is the weirdest/creepiest thing someone has tried to pawn?

What is the weirdest/creepiest thing you actually took in?
Link Posted: 9/8/2013 10:03:54 AM EDT
Quoted:
New store, can't find/hire any decent help so here I am on a Sunday. Yesterday was the start of the archery deer season, guess where all my help is...
View Quote

Why don't you call Olivia for a job interview ?  She has pawn shop experience, but needs a new job.

http://amradaronline.files.wordpress.com/2012/12/olivia-black-fired-pawn-stars.png?w=236&h=236&crop=1


(Fired by History channel producers after they saw her suicide girl pics)
Link Posted: 9/8/2013 10:08:39 AM EDT
I just realized OP is in NC.

OP, do you and your employees "tactically" open the building up everyday?
Do you guys go in as a team and clear the shop with weapons drawn in the morning time?
Link Posted: 9/8/2013 10:14:05 AM EDT
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Quoted:


Several
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Quoted:
Quoted:
Close to a military base?


Several


Then you're somewhere around me. Got anything good?
Link Posted: 9/8/2013 10:18:12 AM EDT
you lift bro?
Link Posted: 9/8/2013 10:19:19 AM EDT
Isn't a pawnshop the most depressing place in the world around Christmas?
Link Posted: 9/8/2013 10:20:20 AM EDT
Do you seperate any spare accessories such as magazines, holsters, pistol rugs, etc. and sell them seperately or do you keep them all togehter and sell as a package?
Link Posted: 9/8/2013 10:28:48 AM EDT
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Quoted:
What is the weirdest/creepiest thing someone has tried to pawn?

What is the weirdest/creepiest thing you actually took in?
View Quote


A guy brought in the ashes of his grandmother.

Gold teeth, or grillz...they still give me the

We had a guy bring in a index finger in a jar of alcohol one time, he said it was from the Iraqi they killed after he tried to set an IED. I wanted to take it on principal but he didn't have supporting proof.
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