Question: Hi, I was just wondering if any knows how to buy storage units at auction?
Answer: Buying storage units at auction isn’t as complicated as some people think. If you have a keen eye for what second hand merchandise is worth, you might do really well in this business.
First, you have to locate the storage auctions in your area. You can do this by looking at the legal notice section in your local newspaper or by calling the storage facilities and asking them when their next auction is.
Once you locate an auction, you want to arrive about 15 minutes early and sign in with the property manager. Once the auction begins, the facility manager or auctioneer will raise the door of the storage unit so you can take a look. You cannot go inside the unit or touch anything. Once everyone has time to look inside the storage unit, the bidding begins. The unit will sell to the highest cash bidder. If you win the unit, you typically have 24-48 hours to remove the contents and sweep it out.
Most of the time, you never really know what you have bought until you start going through the boxes. This is the fun part. Once you have an idea of what you have, you can sell the merchandise on Craigslist, Ebay or even at garage sales or flea markets. You can make a lot of money selling knick knacks, household items, electronics, clothing, furniture & appliances.
It is a lot of work but it can be quite rewarding. Not only can you make money buying and reselling stuff but you can also acquire some unique and valuable things for yourself. If you would like more information about storage unit auctions, AuctionsTX.com has a blog that is very informative. Here is the link:
you have to register , then bid on it
There are important things to consider before starting.
1. Where are you going to put all that stuff? Most people don’t have their own warehouse like I do. Expect to fill up your garage or basement or perhaps both.
2. How are you going to get rid of it? Selling items one or two at a time on eBay and Craigslist means your garage/basement is going to be full for some time. Are there flea markets available in your area? Consignment shops? It can take much longer to sell things than you think.
3. How much of what you see is actual trash with no real value? Trips to the dump get expensive very quickly.
4. Don’t assume that any electric items work. People put broken washers, dryers, and fridges in storage units all the time. I’ve ran across plenty of them.
5. You should assume that most things stored in trash bags are just clothing. Some clothing sells and some doesn’t. Most other things in trash bags are usually trash.
6. Don’t bid on what you can’t see. If you assume those closed boxes are full of gold and silver you are going to be disappointed 99% of the time. Bid on what you can see, not what you can’t. People love to reuse boxes. Just because it says Macbook Pro on the box doesn’t mean that’s what’s inside.
7. Look for disturbed dust. Fresh hand prints in the dust on boxes means someone has gone through the unit before the sale and taken out the good stuff. Not all places and people are honest. I’ve seen it plenty of times.
8. Don’t let the auctioneer talk you into it. It’s his job to get as much as possible out of each unit. It’s how he gets paid. The higher he can get it the bigger his paycheck is going to be.
Most of the time you aren’t going to make a dime. Most of the time you will spend money hauling stuff to the dump. I’ve been doing this for several years now. If you think you are going to get rich then think some more. Those stupid TV shows have really ruined the business. Far too many newbies show up and raise the prices so high you can’t make a buck.