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So, they will hold an auction and will sell the items in the delinquent unit to the highest bidder. Its difficult to say how many auctions will be held in your area, but they are held throughout the country all the time. The realistic chances of finding a hugely valuable item in this business is probably pretty slim (just my hunch).
However, if you get serious about this, you would might even consider opening up some kind of retail location. When dealing with antiques or other valuable items, you will do better if you can get it appraised, or at least looked at by an expert in your local area. Overall, I have been interested in looking into storage unit auctions for quite a while, and when I have the time I actually do plan on trying it out. Getting into this sort of stuff is tedious, been there, tried it, yeah you may get lucky sometimes but the idea is to work smarter and get passive income and not have to work so much. Well yes if you are prepared to outsource it and give it a try and have the money to spare to do it then great. Did this for ages and went through the growing and spending pains until I got a system figured out where I can actually make money on the Internet without giving it away to every guru who sent me an email with a new product. My point is that I have honestly found it neccessary to bring some hoof work into my life to stop me from going blind and having a backside shaped like a chair! I was lucky enough to find a physical product that sells reasonably well and obviously requires some effort to fetch, wrap, post etc. Anyways, I’ll be watching more closely to see how things go if you decide to go down this path.
Witchie – I agree that one person doing this full-time would have to put in a TON of hours.
I agree with you that this could be a worthwhile business venture by learning from getting your hands dirty and then outsourcing the hard work. Thinking about the principle of those who sell the tools to do things make the most money, could you buy a group of storage units and make money renting them out?
I totally agree though that often people organizing or selling tools and the ones making the real money. Wow man I definitely applaud the idea of doing what other people aren’t willing to do- as far as real, physical work goes- but there are soooo many other less tedious and labor intensive ways to make money, even part-time money. I sold on eBay for a very long time, sales between $15k-$35k a month and it was a lot of work. Whether you sell all this stuff on eBay or Craigslist or other classified sites you’re still going to have to sort all the items you purchase, take pictures, edit the pictures, create an ad for every single item, package every single item, probably fix or clean up quite a few items, and ultimately ship every item. You also mention that perhaps I should bet into building a system to build certain types of websites that are scalable…well I already do that!
The facilities now find extra income in auctioning off these bins, so they’re not completely financially put-out.
And don’t forget a good flashlight or 2, because lots of times there is no light in the units or the light is very poor. I would start out bidding on smaller units first and not bid a lot especially if your not sure of the resale value of the items you see in the unit. Oh yeah, make sure you confirm the auction is still on the morning it’s scheduled because sometimes people come in and pay their late rental fees at the last minute and the auction is called off. Someone asked why would people leave valuables in a unit and not pay a rent payment not even close to the value of the contents of the unit?
Living in the Philippines, this really wouldn’t be something I could try…but what if you could turn it into an online auction house? What if all they had to do was take a few pictures, weigh it, and then put it up on a site in an auction format?
I used to work as a self storage property manager and I prepared delinquent units and ran some auctions.
Spencer, like you I’m fascinated with the shows you mentioned and was also interested in buying units. I think buying storage units at auction is a great way for anyone looking to make some extra money.
You really don’t need much to get started buying storage units, if you have under thousand bucks and you are looking to invest in a short term venture that can double or even triple your money over night, buying storage units at auction might be for you. When a storage unit has been abandoned, the storage facility has no choice but to auction off all the contents of the unit to recoup costs.
Find auctions for storage units in your local newspaper’s classifieds or other local publications. Most of the time – You will have about 24 hours to vacate the entire contents of the unit, unless another deal can be made with the storage manger. Hey Scott, I have been considering getting in the storage locker auctions for some time now. Most of the time you will find household goods and everyday run of the mill items, the TV show sets up these appraisers to establish a profit margin. Hey Scott, I am fairly new to buying units, I have found a notice for an up coming storage auction that has a motorcycle collection in it. It is very simple the storage facility or auction place will give you paperwork that will allow you to re-title the motorcycle in your name. I don’t think anyone can lien the storage unit up-for auction, maybe a car or motorcycle that might be inside.
Will the storage facility or auction place give a person all the paperwork on how to take care of the liens if there are any on vehicles?
Bought 4 units and opening my new store in Martin Ga, Hope to Sale a lot of stuff THANKS FOR THE IDEAS!!!!
I saw on Storage Hunters that they like to do research on the person who rented the unit to see what kind of items may be in there.
Hey Scott – A friend died recently and has a storage unit full of misc construction tools, miter saw, chop saw etc. It is not really research – You can establish the value of almost anything just by searching on the web.
I recently won a storage auction and found some old photos, Olympic medal, and someone’s extensive coin collection. Contact the storage facility, they will return the items or you can ask for the owners contact info. Being new to storage units, my question is how do you know that the owners of the entire storage facility has not gone through the unit up for auction? If a auction company is running the storage auction, they are cutting off the locks and adding a tag.
I also have another friend who is a whirlwind at listing.Not sure how to go about compensation with her?
I can’t afford to pay salaries at this time so it needs to be some type of percentage compensation. You mentioned that a little under a $1000 is the best way to start with purchasing a unit at auction.
I made payment arrangements on my units which I paid on time for 11 months they said I missed two payments so my stuff was up for auction. The best place to pick items for resale may no longer be in the US, but it maybe closer than you think! Storage auctions in Kentucky are plentiful, and it should be easy to find a storage unit auction near you.
Storage Wars is a reality television series that premiered on A&E Network late in 2010.
Storage unit auctions take place when the owner of the storage unit facility puts the contents of any unit up for sale as a result of the tenant who owns such content’s inability to meet with payment obligations after a set period of time. After you have located the storage auctions that you want to participate in, then you need to prepare for the auction itself. Did you ever hear of making money from storage unit auctions before A&E television’s popular new series Storage Wars hit the airwaves? Almost each and every city in the USA has one, or more self storage units where the people of the community have the ability to store their extra belongings if they do not have room at their home, or if they happen to be moving. The book provides a fairly detailed overview of how the business works and what will be required to be successful. This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License. From my estimation, the best places to sell these items are as follows: eBay, Craigslist, Garage Sales, and Flea markets. Re-introducing hoof work and holding inventory into your life represents long hours to make a buck.
Now I have a pack of fortune telling cigarette cards (odds) from the early 20th century from the UK. They probably have cameras and already inventory items (legally I’m sure they have to).
I really like his post regarding the $8k worth of Barbies that he sold on eBay — all the while not really knowing what he had on his hands. I think it’s largely due in part to the fact that operating niche websites requires just as much work as any other venture.
But believe it or not, I think its a faster way to make money than internet marketing for example.
He tells me that all the popularity of the shows about purchasing the auctioned contents have been great for him. In the UK we have car boot sales, where people turn up in a field and sell from their car boots. Then dealing with % of unsatisfied customers, (since you yourself are not sure of the quality of those second hand items) complaining and returning stuff. As more people become interested in this as a potential money maker, bid prices will rise to meet the demand, therefore making this more of a gamble, given the fact that some of these storage units are duds. On my blog I tell you how to become a seasoned storage unit auction veteran, on your very first day! Storage facilities are required by law to publish public announcements of upcoming auctions and it’s absolutely free for you to attend the auction!
Sometimes it’s not a bad idea to call before you arrive to confirm the auction is still taking place.
If you need more time to remove the contents most of the time this results in you renting the unit. Most of the time eBay and the web can establish worth of an item, or at the very least tell you what the item sold for recently. I have checked all the info on the bikes, but what is the paperwork process and how difficult is it to title?
I feel guilty, as I don’t think this unit was abandoned… maybe the owner is in the hospital or ??
I would say that most of the time this is not a problem, but I would say that now that the TV shows have come-out this is more of an issue.
Is it possible to attend an auction with less than $500 and have the possibility of purchasing a unit? Yea I know crazy but there was always something that kept from getting out mainly no where to go with it. With the exception of Alaska, the state has more miles of running water than any other state. I arrived there early in anticipation of large crowds of newbies, thanks to the popularity of Storage Wars and Auction Hunters. It’s Spike TV’s version of the popular storage auction show format that competes with A&E’s successful Storage Wars series, which premiered in December of 2010. As more and more people are losing their homes, they need a place to store their possessions. Many storage unit facilities cancel their auctions on the very same day when the auction is scheduled to take place.
A friend of mine told me that his brother had gone to a storage auction and had scored some really good things such as a diamond ring worth over $5000. It is an excellent resource to help you decide if it is a business that you would like to seriously consider. I was basing my opinion on you doing all the work, having help would change the whole ball game. I took probably 3 or 4 years of struggling before I made any money online, and I don’t think that is atypical.
Before them, the auctions often brought in less than $100 for the contents of the average storage space. And the war comes in where the same folks are there every time a facility is auctioning bins.
You can truly find some real gems there, however, it’s all a hit-or-miss strategy unless someone who works there gives you a heads-up on the content of a specific bin. Making few bucks of some, not being able to sell big part, needing storage unit yourself for the never sold stuff and making few bucks more here and there. One guy I knew actually did 17K of profit in 6 months, after subtracting all his fees for sub-storage, gas and the like.
I have the availability of man power, available to me, so I wont be doing any lifting , myself . They said when looking at their records they found two years ago they did not receive a payment for 14 months and they would not take less than $2000.00 to keep from going to auction. When rent payment go unpaid for a storage locker in 3 months in the state of California, its contents are put up for sale by an agent. Many people are being forced to downsize, or to live in small apartments without any garages or storage space. A guy down the street does this for a living, in that he aquires stuff and sells it on e-bay and Craigs list. They become familiar with the facility operator and they try to out bid or be-friend the owner so that everything seems above board and up-right. I know people are stupid, but you would think if the stuff in the units is so valuable, the unit renter would get a pay day loan, get their stuff out of storage and sell their own stuff for a big profit. I found silverware sets, a silver pitcher, some Royal Doultons, a Havilland china dish, some art deco posters from the 1930`s, some nautical memorabilia, a few wooden ship models- four built and 7 kits, and a desk set given to employees of the French Line in the 30`s.
My concern is, that I am wondering if I waited too long, as well as , is the competition too fierce ?
However it is not really going to change the day to day availability of storage units, when you do decide to jump in and do an auction.
If the contents of the storage unit are not removed, you will most likely lose your deposit, an they will rent the storage unit to you.
OMG I did not have that kinda of money but did call someone that would put on their credit card too late suction started but not my unit.
With over four million people in the state, the number of storage units in Kentucky is quite high.
However, doing storage unit auctions would have a much shorter learning curve; and you could certainly become an expert within a year for sure. One thing I will say is that once these reality shows started rolling out, our attendance quadrupled overnight.
I also found a lot of 100 T shirts-extra small, and some Nike sneakers that I placed in a cothing drop, and some costume jwelry that I gave to a few girl friends. The first storage unit door was opened and it revealed lots of furniture and household goods.
But, I would say keep building up your core business as a priority and get some first hand experience trying this out yourself first. For example, if you go to Ebay, you are looking at fees charged to you for using their services. My questions are: can I contact them to explain the situation & ask to buy my stuff back? Please pass this on to your friends, and please check back often as we always update our lists. Will I be able to clean the units out myself if the ones that purchased them agree or will the owner of the storages guidelines not allow it? I did not know the people that purchaed them were into going to auctions & buying units till that day.
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