Not what you might think from title...

Does anyone ever buy used reels, fix them up and resell (flip) them?

LOL, I actually thought what you meant (like flipping

houses) when I first read the title and said, "nah" he

means flipping reels - you know, the  specialty kind.

 

That said, no, I don't know anybody who does that.

Unlike flipping houses where there is a substancial profit to be made, flipping a used reel leaves very little room for profit. Consider this; You purchase a used reel for $50, shipping is another $4, you add new bearings $12 and do a little super tune polishing of the drag washers and spool shaft. Not considering your time (you should), you have $66 invested. If you sell it for $75, you've made a whopping $9 and that's if you can find someone willing to buy it.  Even if the reel you originally buy is a high end reel, the cost of the parts will be more expensive.

Also keep in mind that most anglers want what's new and even new reels that are last year's model are difficult to sell at a discounted price. 

My advice is to only buy a used reel and fix it up for your own use. You'll have the satisfaction of knowing what you have and what you paid for it. That's providing you don't want what's new and improved this year.