What's the Deal: Cash in on your closet

Alicia Vitarelli Image
Monday, November 21, 2016
VIDEO: Making cash by selling your old designer clothes
If you are looking to drum up some extra cash, all you have to do is look around the house.

PHILADELPHIA (WPVI) -- The holidays are here and if you are looking to drum up some extra cash, all you have to do is look around the house.

One Philadelphia woman says she's made thousands of dollars with a cell phone, an app, and a stack of things she no longer wears.

When Yasmine Aswad decided to be a stay at home mom, she started looking for ways to make a little extra money. Turns out, the answer was right there in her house.

She tells us, "I went straight to my closet, went straight in the closet, and I had a lot of old designer clothes just sitting there - cost a whole lot of money. So I'm like, 'Gosh, how much can I get from this?'"

So Yasmine set up an account on the app Poshmark and started listing the things she wasn't using -- shoes, coats, shirts. Some are still new with tags, while others are gently worn.

In a year, she made about $10,000 from the items taking up space in the back of her closet.

"It is absolutely crazy. I mean, honestly, I probably have a million dollars sitting around that turns into cash," Yasmine said.

You name the price and handle the listing and the shipping. Poshmark takes 20% of your sale.

It's one of many resale services gaining popularity as people declutter looking to cash in.

Tradesy is another popular site to both sell and buy. And Kidizen does the same for kids items.

And for those bargain hunters, all of these apps offer a chance to find a treasure.

Yasmine says by selling on Poshmark she's been able to find a good, loving home for her old, formerly loved items.

"I have had people tell me, 'Oh, I could never afford a designer bag at full price, so this is my first bag. So, that made me feel good," she said.

There are some services that will do the work for you -- no shipping, no listing. For instance, there's a brand new one called Material World. They send you a bag, you fill it up, and they make you an offer.

You don't have to wait for the items to sell. You instantly get a gift card to use at retailers like Bloomingdales and Nordstrom right there on the spot. But it's likely the payout won't be as high as your own sale.