Posted on 12/09/2010 11:35:16 PM PST by 2ndDivisionVet
Profiting from Self Storage Auctions
Many people have lost valuable belongings they had in a storing facility. To their dismay, unable to pay the monthly rent, the items were sold. There are two types of self storage auctions held for unpaid units. The items are sold by the lot, which will be the entire contents of the unit or by the piece. These auctions are leading savvy entrepreneurs to profit.
Renters of these units become in default when they do not pay their rent. They are given legal notice their property will be sold at public auction if payments are not caught up. If they cannot pay, the belongings become the property of the facility. Many are falling behind on their rent due to the tightening of many budgets. Home foreclosures, high gas prices, rising food and utility costs are stretching many budgets beyond their limits. The units are abandoned when there is no money left over in the budget.
The contents are sold at auctions to the highest bidder who then can do as they wish with the belongings. Flea marketers and online auction sellers often buy at these store room auctions. They can then resell the valuables for a profit at consignment shops, online auctions and rummage sales.
What Treasure Await
Cherished possessions are often placed in these units. Antiques, furniture, family heirlooms and electronics along with bicycles, sports equipment, motorcycles and seasonal belongings all find their way into self storage auctions .
These units often contain and entire household of items. Sometimes great treasures can be purchased for very little cost. You might come across old jewelry or collectible coins dating from early last century. Old vintage games, books, toys, furniture, appliances, and decorations can be found in these auctions.
Clothing, either used or brand new with the tags still attached is often found in these units. You can resell them at consignment shops or online. The clothing can be sold as scrap fabric for crafters or simply remove trims and buttons and resell them. You might even accumulate enough stuff to open your own second hand store.
Going Once, Going Twice, Sold!
The self storage auctions usually go fast. The auctions are open to the general public. The lock is cut off at the time of the auction. The bidder arrives a few minutes early, are allowed to view the items from the door, and they place a bid on what they can see. Some of the things will not be viewable, so the bid is part guessing and part instinct. The bidding is over within 30 minutes of the auction.
Part of the fun of self storage auctions is the treasure hunt. You could find wonderful treasures or lots of stuff only good enough for the dumpster. If you stay at it long enough and are savvy enough you can make a lot of money and fill your home with treasures. You might be surprised at the business equipment you will find. Restaurants store extra cooking supplies and serving dishes in the units. Automotive repair shops store tools and parts. Carpenters and plumbers store tools and supplies. If the business goes bankrupt, moves on or for some other reason they do not claim their belongings, they are sold at self storage auctions .
You should be consistent if you are planning on earning money with the self storage auctions game. You will need to attend many auctions to have a good chance of bidding on several units. The more units you bid on the better your chances of finding treasures.
You should have a solid plan for marketing any purchasing before bidding. The Internet is one of the best ways to sell higher value stuff. Analyze things thoroughly before reselling. A 500 dollar glass vase can easily be mistaken for 5 dollar junk. Classified ads in newspapers are good for furniture, appliances and other large household goods. Another idea is to start a rental business with the used appliances and electronics. Instead of having a garage sale or selling at flea markets, sell the items in bulk
Self storage auctions are a super way to buy used stuff for pennies on the dollar and resell for a profit. They are a great resource for selling at online auctions, flea markets and garage sales. Or who knows, maybe even your own resale shop!
It’s disgusting how some people gain off other’s weakness.
Hannibal Lecter?
People need to leave their items unpaid in storage for about 4-6 months before their stuff is sold.
They get informal notices, preliminary lien notices, and lien notices (formally served).
I am not sure why the owner of the storage unit is disgusting by selling the contents of the unit if the owner willfully declines to pay rent.
It is legal; and it is proper. The storage unit is not the free town dump.
I’m referring to the prowling leaches looking to gain off these bids.
For some who get behind, they can’t catch up and their life’s belongings are sold to highest bidder.
Self-storage units are cash cows.
It’s called ‘business’. Do you feel that way about undertakers and mortuaries, too?
Sure,they are crooks and I had to go through their BS to bury a person.
Pawn shops and title loans are another to prey on the unfortunate
And what would you propose as an alternative to the owner of the facility to collect a debt which is legitimately owed to him?
“I’m referring to the prowling leaches looking to gain off these bids.”
Well, they are bidding in a fair auction.
Sometimes they do well, sometimes they do poorly.
Sometimes the storage place owner gets his back rent and fees; sometimes he does not. At least he gets something.
If there was no potential reward in bidding, no one would bid, and the storage owner would be stuck with someone’s dumped or abandoned things.
What do you suggest should be done instead?
What else would work? Enlighten us.
A US company lays off 500 employees and moves operations to India. Their stock gets a boost and the CEO a bonus.
I couldn’t do it. This is why I stay away from the market.
I don’t have the answers to your question, but I try to live, as Jesus would have me.
I do not see Him bidding for profit, while others suffer.
This is my heart.
Your idea of a perfect life is akin to socialism, no one makes a profit. I suppose you think people should offer storage space for free? And pawn shops should just give money away instead of requiring collateral?Your view of the world does not make any sense
Bankers loan people money to buy homes, cars, furniture, to start a business and for many other reasons. When borrowers don’t pay back these loans, what would you expect those out that money to do? Do you not believe in contract law and private property?
… Just as it’s ethically wrong to burn grain to power a Cadillac, while people starve for food.
I can feel for both the renter of the unit, and the storage unit owner. From an earlier post it sounds like the storage company has to go through a lot to auction of the stuff. I recall my mom had a renter skip town on two-months without paying the rent on her apartment. My mom spent a lot of time trying to track down relatives (pre-internet days). Finally came across a daughter that wanted nothing to do with her crazy mom.
My mom had to put the lady’s stuff in storage for several months and post ads trying to locate her! I’m not sure how it ended - I think it might have all been trashed or sold.
So - no good for the storage business to get stuck with lost rent and the hassles of getting rid of it.
And if the folks had anything of value in there, they could have grabbed some of it and sold it themselves, pay the rent, and then move the rest of their stuff out.
I bought something on-line. Got a call later from a detective that said it was from a storage unit auction, but it was all stolen property. And that I needed to contact the insurance guy and he gave me the number. I told him that obviously I didn’t know that, the auction winner probably didn’t know that, but yes, give me the number.
I never did call the number. I figured if it was that big of a deal they would get ahold of me again. Plus, it might have just been a scam.
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