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!
The people you are talking about already suffered the moment they didn’t pay the storage bill, at that moment, they do not own that property any longer. When the property is sold, it goes toward paying the bills they owe. Sometimes people rent a storage unit and fill it with nothing but junk, reason is one month storage is cheaper than several trips to the dump.
I’m a staunch conservative with compassion for mankind
Where that same company then hires 1500 locals to do the work previously being done in the states. Those people have now raised their standard of living by a significant factor.
Does that not accomplish that which you espouse?
Many sales were "white elephant auctions" where the bidders weren't allowed even a peek from the door, and the only info they were given was the number of months/years the customers had paid rent before finally lapsing. They had to pay a big deposit before bidding, and bring with them the means to haul away all the contents, so in case there was only worthless junk, they wouldn't walk away and leave it for the building owner to empty.
There was a really sad, haunting story about one unit. I'll type it in from memory if I have the time.
More like a bleeding heart liberal.
…and my posts referred to some, not all people.
Some have been foolish in their life decisions… but some had not.
Where is the love, the compassion, are we all animals ?
I’m a staunch conservative with selective compassion for mankind.
fixed it.
“..rent a storage unit and fill it with nothing but junk...”
That is why I have been tempted to rent one, but never have. I’ve got so much junk, but one of these days.....
Last summer I built a shed to store some of the stuff and get it out of the basement and garage. The idea to turn the basement into usable space.
My daughter was helping me put something into the shed, and she commented about being able to use the basement, and I said “yeah - someday I’ll get around to cleaning the rest of it out.”
She paused for a moment after pondering things, and then said “So how many more sheds do you think we will need?”
(It needs to go to the dump, as much as I would like to hang on to some of it!)
What… a ‘Right Winger’ can’t have compassion for mankind ???
Bankers have no money.They loan 9 times of what they have on hand.In other words they don’t have any cash just like the no federal reserve that creates loans to banks out of thin air.So to begin with,no one had any money did they?I see this as FRAUD or a crazy ponzi scheme.
You mean you are a selective SHARK in the water.
You can have compasion. But, if they was stupid enough to lose it instead of selling it when they still had it, well yeah, I feel sorry for them. Failure to plan on thier part does not constitute an emergency bailout on my part.
This beloved country of ours is hosed…
the entitlements have bankrupted our nation and made citizens slaves to it.
same as giving a junkie more free dope
Are we debating fiat money & fractional reserve lending or storage unit auctions?
I would pay to cart off a lot of the junk my wife has in storage.
Of course we can have compassion. I think that the various posts here though acknowledge that the storage business shouldn’t be stuck with months and months of unpaid rent. And as someone else had posted earlier, they need to go through lots of procedures to put the stuff up for auction.
I still think that if the folks really wanted to keep their stuff, they could sell some of it off to pay their rent.
One solution would be to have compassionate people like yourself bid on the units, and then just give all the stuff back to the owners.
Or - a compassionate model that might even work, would be to buy the unit at auction, and then offer to sell it back to the owner at cost + some amount to cover your time and expenses.
Or - you buy the auction, sell off the easy stuff giving the owner’s first dibs (nice furniture, collectibles, etc.) and then just giving them the slow sellers (clothing, small home furnishings, etc.) Heck, you could probably give the usefull slow selling stuff if the owners don’t want it and give to the local church or Goodwill and help other families in need. And take a tax write-off on it.
I got a solution… GRSU
Government Run Storage Units… yeah, that’s the ticket.
No wait, they already have that…
it’s called Public Housing.
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