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!
“I don’t exactly know why you put me on that list, but I liked your post.” :)
I pinged you because I saw where you said you went to garage sales on a similar thread yesterday or the day before.
“Heck, I get most of my stuff from garage sales and estate sales.”
So do we. We live for Saturday mornings just to go to sales and take advantage of hungry old ladies, single mothers with starving children, paralyzed veterans and such. LOL
No time right now, but I’ve got a terific story to pass on to the skeptical readers on this forum when I get back from town. I’m sure it will change their minds about us blood-thirsty “garage-salers”.
Wanna’ start a “Garage Sale” ping list....?
Later....panax
You’re welcome.
The owner of the storage units should continue to store the things indefinitely? Why? Because you think he is rich and should share his wealth?
Are you sure you’re on the right website?
Yeah, after following the thread I got the feeling that was why you pinged me. :)
Not necessarily. I have a storage shed at my parents’ house, which is mostly filled with holiday/seasonal decorations. I had to downsize, moving 5 people from 2500 sf to 1500 sf. I don’t have a garage. I’m unwilling to get rid of all those items. I also have the summer fans and such in there.
These people should have paid their bills. Really it’s just plain silly when you think about it, rent on these units is at most a couple hundred a month, some of these people have stuff in there worth thousands, if they’re having trouble paying they should either empty it or pick a couple things and sell them for the rent money. Anybody with $4000 worth of old coins in a storage locker that they lose because they didn’t pay the bill made their own bed.
Also remember the vast majority of lockers have a bunch of crap in them. That’s part of the gamble of the business. Maybe 1 out of 10 will have something really profitable in them, the rest the people are going to be trolling second hand stores to sell the junk at maybe a break even.
Compassion is great but people still gotta pay their bills. Everyone of these people that had valuables in their locker had the ability to pay the bill and more by merely selling those valuables. They didn’t sell them, and they didn’t pick them up, so they failed in every way to be responsible for their obligations, they squandered their opportunity.
How true!
Pawn brokers and title companies stalk the streets looking for unwary downtrodden indiiduals on whom to prey. They snatch them off the streets and forece them to sell at deep discounts or borrow at high interest rates.
There is little or nothing the average person can do to resist the attack of preying pawnbrokers and title lenders.
Most of the time people keep things in storage that would be cheaper to replace once they needed it again.
My son used Craigs list to furnish his student house with free furniture... all from storage centers. These weren’t even auctions...just people realizing they were renting space for objects they couldn’t even sell, and listing them for free on craigs list.
At these auctions the units don’t go cheap. My son went to one just for the heck of it, he won at a little over 400 dollars, but in the big cities its a lot more to buy one unit....he sells on ebay and just broke even....
disagree, its business not charity, for charity go to church...
Either it is trashed or reused. Reused is better for someone wanting to pay less or who couldn’t afford new.
Scripture says he who doesn’t work, doesn’t eat....the same could be applied to paying your bills, he who doesn’t pay their obligations loses what they have..
If you really need your stuff but can’t afford to pay all the back rent just have your best friend go buy it at auction. You will have your stuff free and clear for just a fraction of what you owed.
One small point;
The corn that is used to produce ethanol is not consumable as food. It is a whole different type of corn than what one buys at the local market for food. You can try it but you wouldn't like it very much. Granted, it beats starving but it really isn't a palatable option.
ALL, Java4Jay here…
I started all this squawking with my original comments; so let me explain where I’m coming from…
Note my posts aren’t about people in general, was thinking outside the box.
SOME are irresponsible, borrowing the max on their homes instead of reducing principle.
SOME let greed control all their financial and social matters.
SOME are just pure lazy.
BUT… what about the ones who never got a break, their jobs were shipped overseas, wives with long disabling diseases, kids with issues. Not of their own doing, peoples whose lives had a major disruption. It’s in these people my compassion reaches out for.
Unable to pay the mortgage they downsize and put things in storage. Still unable to find gainful employment, they get behind in storage fees and are never able to catch up.
These type situations are not a small percentage of the storage owners business I’m sure.
I cherish ‘Capitalism’ it’s the best of the systems. But greed and corruption destroy it. If we followed the teachings in ALL our business affairs, this world would be a far better place.
So relax, give Thanks and enjoy the gifts He gives.
Merry Christmas !
So we shouldn’t auction their stuff if they have a good story? The fact is that EVERYBODY that loses valuables in a storage locker auction IS irresponsible. Because if there were real valuables in there then they could have sold them to get the money necessary to keep the locker. If they didn’t sell the stuff, or take the stuff out, in the 6 plus months it takes for this process to get to the point of auction it is 100% their own damn fault. Unless they were in a coma, but in spite of what Robin Cook wants people to think multi-month comas are pretty rare. Everybody else screwed up, even if their initial financial difficulty wasn’t their fault, if they’re sitting on thousands of dollars worth of stuff in a storage locker which they lose because they didn’t sell any of it to pay for the locker that’s a screw up.
Once your late with payment, you can’t get in until balance is settled... think man think
(The fact is that EVERYBODY that loses valuables in a storage locker auction IS irresponsible)
You’re being very judgmental.
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