You would have to buy a cheep phone, or open another plan
You'd make no money cause someone else would buy it for 200 unless you scam them and say it's a unlocked iPhone then u can sell it for 600-800 but they'll find out and on eBay theyl put u in debt and ul lose the phone and need to refund the guy :/
iPhone 5, $200. Sell it, $800. Right there you made $600! YAY! But the iPhone 5 without contract is $649, so you'd loose $50.
I suggest you try something else to make that money..perhaps use your talents to create a product or service you can be passionate about. Try niche cloud's free videos at viperchill.com
can i buy the iPhone 5 with a contract for 199 and then sell it on eBay for 800, and then buy another iPhone and get a profit? would at&t let me buy another one?