Thoughts on buying a collection.... Pros/Cons

[sakislayer716]

Anyone on here have any input on buying someone elses collection? Guy I work with wants to sell EVERYTHING..... We are talking like 26 guns (Pistols/Rifles/Shotguns), Ammo (14K rounds), 4 Surpressors, and some High-End Optics (ACOG, EOTECH, etc). Most of the guns are "new" (as in never fired) and the ones that have been fired we are talking a couple hundred rounds.... I'm considering buying everything, keeping what I want and re-selling the stuff I dont want on Gunbroker...... I realize I will have to go through an FFL to do the transfer of the firearms and pay the transfer fee. (yes I'm a registered collector in MD) I also know I'll have to do the transfer of the surpressors through the ATF process and pay the tax stamps.... Anyone done something like this? Is the juice worth the squeeze?

 

[Bob A]

If you have the front money, the time, and the willingness to wait for the payoff, you could end up with a dozen free firearms, and a bunch of ammunition.

The ammo would be a PITA to sell on GB, but you could probably offload much of it right here.

If some of this stuff is C&R eligible, investing $30 in an 03FFL might be worth considering.

 

[Bertfish]

Suppressors have very little resale value even "new" because of the tax payment etc in my experience

Are you getting the whole lot cheap enough to warrant it? You need to make a few bucks to make it worth the effort of resale otherwise why do it at all?

 

[FFBWMD]

Just a note here, buying with the intention of selling even a part of a collection could be considered as engaging in the business as a firearms dealer and would require an FFL license. Just putting it out there.....

 

[Mike OTDP]

I think you could get away with it...once. Especially if you were buying through a dealer yourself, and were selling the surplus arms to an FFL.

 

[Esox]

It's a simple math question imo

 

[johnkn]

For what it’s worth, a seller letting go of an entire collection places great value on the ease and timeliness of a single transaction, vs dealing with dozens of people many of who are a waste of time. Strike a quick, fair cash deal, purchase them for yourself, and if things change in the future you can always sell some and/or your current firearms...

.

 

[sakislayer716]

Thanks guys...... Kind of the things I was thinking..... Really comes down to "is it worth it"? and what would be considered a "fair price"..... I guess I'll go take a look at it all and see what he's wanting to get for it all.....

 

[Bob A]

It's only worth it if you can get it for wholesale prices, or if you particularly want most of it. Having the time to deal with it is also a consideration; and all of it is contingent on whether you have the uncommitted funds.

 

[Squaregrouper]

Just a note here, buying with the intention of selling even a part of a collection could be considered as engaging in the business as a firearms dealer and would require an FFL license. Just putting it out there.....

I agree with this.
If the OP is buying 25 guns and flips 2-3 of them, I don't see an issue. Conversely, if he is buying 25 guns and flipping 15 of them, he would be in the business of selling firearms.

 

[Doctor_M]

If you can get it for 60-65% of fair market value, I would pounce.

 

[Jimgoespewpew]

Any post like this by a new account raises a red flag for me. I can just hear it now; "when our representative, Karen, created an account on Maryland shooters, the website of a violent militia, her query was met with suggestions of potentially illegal activity. Mad mommies will continue to do everything we can to disarm people!"

 

[4g64loser]

Any post like this by a new account raises a red flag for me. I can just hear it now; "when our representative, Karen, created an account on Maryland shooters, the website of a violent militia, her query was met with suggestions of potentially illegal activity. Mad mommies will continue to do everything we can to disarm people!"

Eruby will make it impossible for them to voice their opinions loudly. And since he's a polite gentleman of some breeding and refinement he will back up a couple inches if they start choking.

 

[Bob A]

I'd think that buying a major collection and selling off half of it to finance the balance would be acceptable, but for that level of expenditure I'd pay for legal advice before diving in. I'd probably take care in only selling a sufficient amount to cover the original cost. Taking cash out of the sale might be a bridge too far.

IANAL.

 

[lazarus]

If a number of them are older and items you'd plan to turn around and sell, a C&R would go a ways to avoid the whole "conducting business" thing. You still can't be doing that, but it is a legitimate use of your license to conduct sales to enhance your collection. But it is supposed to apply to C&R items. Not modern firearms. Per Bob A's comment, that would still really apply. Basically, if the ATF comes knocking, can you with a straight face and all seriousness claim with some evidence to back it up that you are simply enhancing your collection and not making money.

Either way, it would need to be a very significant discount from even wholesale prices. Like half or less of the value.

 

[sakislayer716]

Thanks for everyone's input and "NO" -- I'm not some under-cover "libetard" looking to trip anyone up who gives bad advice.... I actually met with the guy today and he agreed to break up the collection so I can buy what I want. Not going to bother with the suppressors as they are not worth the hassle in my opinion.

I do have a couple of other questions regarding the transfers..... I"m going to go through MSP to do them as that is what I have done in the past -- which brings me to my first question.... If memory serves me correctly it's $10 to do a transfer at the MSP -- is that "per gun"? What if I want to buy more than one? Can then do mulitple firearms at one time? I will probably call the barracks which I plan on going to for the transfer, but I figured I would ask. Also -- the "non-regulated" firearms (specifically a couple of Shutguns -- Benelli, KSG, and Browning over/under) -- do they have to go through the MSP as well? and if so, is there a waiting period for them?

Thanks gents!

 

[newmuzzleloader]

Thanks for everyone's input and "NO" -- I'm not some under-cover "libetard" looking to trip anyone up who gives bad advice.... I actually met with the guy today and he agreed to break up the collection so I can buy what I want. Not going to bother with the suppressors as they are not worth the hassle in my opinion.

I do have a couple of other questions regarding the transfers..... I"m going to go through MSP to do them as that is what I have done in the past -- which brings me to my first question.... If memory serves me correctly it's $10 to do a transfer at the MSP -- is that "per gun"? What if I want to buy more than one? Can then do mulitple firearms at one time? I will probably call the barracks which I plan on going to for the transfer, but I figured I would ask. Also -- the "non-regulated" firearms (specifically a couple of Shutguns -- Benelli, KSG, and Browning over/under) -- do they have to go through the MSP as well? and if so, is there a waiting period for them?

Thanks gents!

I don't think MSP will do long gun transfers they have to go through an FFL to transfer now.

 

[Bertfish]

Thanks for everyone's input and "NO" -- I'm not some under-cover "libetard" looking to trip anyone up who gives bad advice.... I actually met with the guy today and he agreed to break up the collection so I can buy what I want. Not going to bother with the suppressors as they are not worth the hassle in my opinion.

I do have a couple of other questions regarding the transfers..... I"m going to go through MSP to do them as that is what I have done in the past -- which brings me to my first question.... If memory serves me correctly it's $10 to do a transfer at the MSP -- is that "per gun"? What if I want to buy more than one? Can then do mulitple firearms at one time? I will probably call the barracks which I plan on going to for the transfer, but I figured I would ask. Also -- the "non-regulated" firearms (specifically a couple of Shutguns -- Benelli, KSG, and Browning over/under) -- do they have to go through the MSP as well? and if so, is there a waiting period for them?

Thanks gents!

MSP won't handle the long guns

Walk in transfer at Tyler Firearms is very cheap

 

[lazarus]

Thanks for everyone's input and "NO" -- I'm not some under-cover "libetard" looking to trip anyone up who gives bad advice.... I actually met with the guy today and he agreed to break up the collection so I can buy what I want. Not going to bother with the suppressors as they are not worth the hassle in my opinion.

I do have a couple of other questions regarding the transfers..... I"m going to go through MSP to do them as that is what I have done in the past -- which brings me to my first question.... If memory serves me correctly it's $10 to do a transfer at the MSP -- is that "per gun"? What if I want to buy more than one? Can then do mulitple firearms at one time? I will probably call the barracks which I plan on going to for the transfer, but I figured I would ask. Also -- the "non-regulated" firearms (specifically a couple of Shutguns -- Benelli, KSG, and Browning over/under) -- do they have to go through the MSP as well? and if so, is there a waiting period for them?

Thanks gents!

MSP will not do long gun transfers, only regulated firearms, which are handguns and certain receivers.

Long guns will need to be through an FFL.

It is $10 per 77r, not per firearm. So fit as many handguns on a 77r as you can (which is an unlimited number so far as I know, but there might be some data input limit).

Unless you have a designated collectors letter, you may only transfer one regulated firearm per 30 days or two in 60. I'd request such a letter from MSP. It takes 30 days or less to get. All you need to do is input the serial number from one regulated firearm in your collection to "prove" to MSP that you are collector (somehow that proves it).

Designated Firearms Collector

An official website of the State of Maryland.

mdsp.maryland.gov

Unless he is in a huge hurry, I would just wait till you have the letter in hand before starting the process on the handguns, versus doing one or two now and waiting for the letter to do the rest. Saves money and hassle.

PS As much as the long gun transfer stuff sucks, it sucks doubly that MSP is not allowed to do the transfers. That would make everyone lives easier and cheaper.

 

[sakislayer716]

Awesome guys…. We will use Tyler’s for the long guns and the rest I will go through MSP. I have a designated collector letter so I’m good to go there. I’m SUPER glad to hear the $10 few is per 77r….. that will save me some $$.

How stupid is it that MSP can do “regulated”, but can’t do long guns? Maryland…. Home of the dumbest gun laws ever….