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!
Especially when the pols writing the laws are wallet deep in the industies making a profit off that legislation.
I don’t exactly know why you put me on that list, but I liked your post. :)
I did not know some people were considering that this was somehow morally wrong. Heck, I get most of my stuff from garage sales and estate sales. I hope that when I die a lot of people get a lot of good stuff from the resulting estate sale and my wife picks up some cash.
People really need to think some of this stuff through and see the ramifications and implications of their positions, as you have somewhat done in your post.
I have compassion for the storage unit owner who is being taken advantage of by this person who isn’t living up to their legal contract. I have compassion for a business owner who most likely has a mortgage on that storage facility and is being denied legally owed payment for services rendered that go to pay that mortgage. There are two sides to this compassion idea.
Not to mention that an auction is the only way the facility owner can legally offer that unit for rent again.
>>It’s disgusting how some people gain off other’s weakness.<<
Like the farm auctions during the depression? When one farm went under, the neighbors were there bidding at the auction. It is not disgusting, actually. It is prudent.
>>I’m referring to the prowling leaches looking to gain off these bids.<<
What are you talking about?
AT some point in life people learn the answer to:Do we own our possessions, or do they own us?
Only keep things that are beautiful or useful...says my guru.
>>For some who get behind, they can’t catch up and their life’s belongings are sold to highest bidder.<<
Yep. Kinda like foreclosure. I have to admit, though, that if I had enough “life’s belongings” to rent a storage unit, I’d have enough money to pay the rent or, if not, get the stuff out of there and sell it off. The only way I’d let a storage unit contents get sold off is if I didn’t care about what is in it.
We have a $25 a month unit near our place in Kentucky where we store everything we just “couldn’t do without” when we downsized from a 5 bedroom to a one bedroom in preparation for our move from Seattle. We paid six months in advance - less than half the price of a video game. It contains a lot of record albums and my wife’s collectibles, dinnerware, etc. If it burned down, we’d live. It’s just stuff.
If “our life’s history” were there and we just had to have it, we would get the stuff out before we let it lapse. That is, unless we thought the world today was like it was in August of 1939, in which case, it wouldn’t matter that much.
People really need to understand that stuff is just stuff.
>>I’m a staunch conservative with compassion for mankind<<
Compassion is good. So is tough love. Back in 1997, my wife of 20 years decided, with no prior warning, she didn’t want to be married any more and ended the marriage. I had three girls at the time - 10, 13 and 16 years of age. I was moved to a small apartment and devastated. All the “stuff” that was important to me was gone, as well as my family.
Guess what?
I found the woman of my dreams TWO STINKING MONTHS LATER, I have BETTER stuff, I put together a band with two of my daughters and my wife and I have a great relationship with the third daughter.
Sometimes losing stuff teaches one important messages about stuff. It can be a good thing.
In my locality, it doesn’t usually pay to go to these cuz the owners loot the good stuff from the units before putting them up for auction...
>>I’m a staunch conservative with compassion for mankind<<
Actually, when I am going through estate sales at homes I enjoy thinking about the life that was lived there. Sometimes you see the custom bathroom and bedroom for the spouse that had deteriorating health. Sometimes the “stuff” paints a clear picture of a persons hobbies and activities. It’s very cool.
I’m not really sure what compassion has to do with auctioning off the contents of storage units where the rent has not been paid for a LONG time. Do you mean compassion for the owner of the facility?
I’m with you. The early church was communist. People sold everything they had and then each took as they had need.
Unfortunately, communism ignores human nature. But it would be great if we did not have to struggle with the natural man.
If you own enough crap to have to rent a storage unit, you get no sympathy from me. Sell it. It’s just stuff.
Actually, I sold a car to a guy and didn’t do a seller’s report of sale, and he was hit by the Spirit of Washington a week later. I had to pay the storage on the car. It was $365. However, someone bought the car at auction for $300 so I only had to pay $65.
The “leech” saved me $300. :)
Perfect response. I was thinking the same thing, but you said it much better than I would have. I was going to go with “Life’s a bitch. Wear a helmet.”
>>If you have enough crap that you have to rent a storage unit to house it all, it might be time for you to bless someone else with all your crap.<<
:)
I’ve said the greatest testimony against our culture is the proliferation of self-storage units. Sure, there is a need for “some”. I had a friend kicked out of his house and he needed a small unit. We moved from a 5 bedroom home to a one bedroom home in Kentucky so we got a 4x8 unit for my records and some of our antique furniture (obviously not much, if it is a 4x8) while we build a garage/shop. And we plan on building a larger home there as well.
But this business of just buying more stuff and storing it is crazy. I have the luxury of having had my life ripped out from under me. It has made it very easy for me to sluff off stuff. All that REALLY matters now is relationships. And is something is so valuable as to really, really be important to me, it will not be in a storage unit.
Yeah, I befriended the owner of the storage unit we used for a couple months during our downsizing. They aren’t exactly rich, if you get my drift.
thank you for snapping me back to reality :)
later
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