Believe it. I live right down the street on LV blvd. People line up down the block to wait to get in just to see it. I'm talking new iPhone release kinds of lines...in 120 degree heat. Crazy fools; they run across the medians nearly getting picked off by traffic, they stand in the road taking selfies. If you're ever stuck in traffic between Sahara and Fremont, it's likely because of that damn pawn shop!

Sure you do.

The "loan" is based on a predetermined time. You don't redeem in time, the item goes on sale.

Sell it at a decent price, and it's out the door in short order. Try to make a killing, and it's likely to sit on the shelf for a long time..

The thing that I would be afraid of for being a Pawn Shop owner. Are the deals that went sour. Either I paid out loads of money only to find out that the item is a damn good fake. Or the item ended up being stolen and I'll lose the money that was paid out as well as the item itself.

KOT

No, you don't know how long items will set in the store after the loan is foreclosed. Tools haven't sold worth a crap for the last couple years, no matter what price. Also, they have to enter every item in a national database when they pawn it or buy it. If it has been reported stolen, they are out. It's a good business if you can tolerate dealing with crackheads all day. But it's not like they are printing money.

What my friend has found to be the best thing to loan money on is scooters. As he put it, drunks will always come back to get their rides.

You learn how to identify fakes. You use magnets and acid to test gold and silver. Gem stones aren't worth anything unless they are large, and those can be checked too. You don't know if it's stolen until you list it in the database after you buy it. But also, most people don't record the serial numbers on their stuff, so even if they report it stolen, they usually have no way to identify it. But those are risks they take. I see my friend get screwed probably about once a month in some way. Things not actually working is the biggest risk because some things they have a hard time testing, like paint sprayers and pressure washers.