There is more and more interest in storage unit auctions, and why not? The numbers of these auctions have increased 10 fold over the years and it is an exciting way to make money. The time is now to see what these auctions hold for you.
There is a big market today for anything you can find in an auction. And at an auction the idea is for you to buy wholesale so you can sell at retail and make a lot of money.
You may enjoy watching Storage Wars and American Pickers, these shows prove there is a huge market out there for auctions. If you have found baseball cards or antiques, someone would like to buy them. Things look so simple on reality TV but still, there is big money to be made.
How it works
When a renter fails to pay his monthly rental fees, he gets foreclosed on and loses his stuff. The rental company can then auction it off the highest bidder. It is a little bit brutal for the renter but that is how things work. The manager opens the unit and shows the contents to bidders allowing them to decide whether or not the unit is profitable to bid on.
When the bidding opens there is a base bid of $ 10 or more and the bidding starts.
The bids go in and it usually only takes a few minutes for the bidding to end. Normally there are only a few bidders and the units sell fast. If there are seasoned auction hunters in the bidding pack bids can go into the thousands of dollars for a storage unit with really good contents.
You can make money by having the items appraised before reselling them. Occidentally if you have not done your home work you can end up with a storage unit full of junk, but with careful study you can come out well. You may end up with a unit filled with large appliances and low use furniture. All of these items are easy to sell on Craigslist.
If you are just starting out, do not expect to make a killing at first. Give yourself a little time to learn the business. It has happened that beginners have found themselves paying hundreds of dollars for several storage units that barely have enough high-value items to recoup their investment. You should consider yourself lucky to net $ 500 from your first auctions.
Storage unit auctions are not for those who want to get rich quick, still there is great money to be made for those who know how to manage their money and who are not enticed by shiny objects. Again, this is a business and you have to understand what you are buying and what it is worth.
Know your market and keep your eyes open for auctions near the best areas of town.