Secrets to 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.

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.

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!

Here’s the story I promised RobRoy from earlier today.

In defense of those “evil”, “greedy”, “leeches” who buy stuff from storage sales who some of you think only seek profit from the so-called misery of others.

Last summer Mrs. panax and I went to an “everything must go today Estate Sale”. We arrived on time and found an 18 wheeler trailer filled to the brim with household items. The new owner of the foreclosed property had to empty the loaned trailer because his boss needed it to haul company supplies. Really good stuff and the prices were right.

We bought the usual chairs, tables, new mens shirts and pants with price tags still on them (my size), glassware etc.

I looked in some of the boxes in the back of the trailer and they were filled with old family photos (some framed, some not), negatives, 100+ photo albums, baby books, hundreds of old 16mm film reels of graduations and family outings, dozens of awards and trophys, bank statements, letters. There were at least 50 boxes of family history all headed for the dump the next morning.

We offered them $3.00 a box for the lot. The guy selling the stuff jumped with joy and said “you bet! Now I don’t have to take it to the dump. He had the dumpster sitting next to the trailer ready to fill it with a familie entire history. No way were we going to let that happen. We bought them all for the sole purpose of getting this stuff back to it’s rightful owners. I drove 60 miles round trip from our house three times to retrieve the goods.

We spent 2 days and nights searching through every box hoping to find a single address. I spent hours doing internet searches, phone books, made phone calls to New Jersey and NYC. Unfortunately, the man’s bank in NJ had changed their name, ATT where he had worked as an executive never got back to me. We called churches that he had donated large sums of money to that we found in a box of cancelled checks. Some of the awards/plaques were from the Boy Scouts of America for his contributions. I called them and nobody knew or remembered this man. Other awards were from the mayors, charity organizations, Notre Dame University, La Salle High School in Troy, NY.

Mrs. panax yelled upstairs that she had found an email to him that was a golf joke and it had some addresses that I could try to contact. I did and three days later I got a phone call from a guy in Troy that was his nephew. News of this treasure had made it’s way throughout the family and they wanted to know how much we wanted for his Uncle’s stuff. Are you kidding? I said, “We’re just happy that we finally found the rightful owners, come and get it”.

He and his wife arrived two hours later from Troy and we spent three hours with them talking about the achievements their Uncle had made in his life. How this all came to be at an Estate Sale in upstate NY? How come family members didn’t have it? So many questions. The baby book belong to his wife. She did not even know that it existed and was crying like a baby when she thumbed through it. My wife was crying along with her seeing the joy that we brought to them both. It was one of the most touching moments of my life. I will never forget it.

The man had purchased the property many years ago as a family gathering place and a retreat for poor kids from the city. Lots of acres of ponds, swings, animals and a baseball field. His bank account showed that in the early 70’s he had in his checking account over a million dollars, was an executive for ATT, had an office in the World Trade Center, attended Notre Dame on a scholorship for 4 years and was captain of the Basketball team from 1961 to 1965, held the high scoring record for many years and was well liked by all his friends. He had a stroke after his wife died and according to his bank records had $0.06 left in that account.

We found numerous checks made out to the Boy Scouts for $5000.00. Checks to ND and LaSalle equal or greater than that. Churches, youth organizations, you name it and he donated to them. He is now in a rest home and broke, except for his memories.

That man was Larry Sheffield.

http://www.und.com/sports/m-baskbl/spec-rel/nd-all-century-nominees.html

I’m not looking for any pat on the back. We just did what was the right thing to do. Hopefully you can all see that not every person that buys from storage units are “leeches preying on the misery of others”.

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