@Rockin - Just keep this mistake/unit in mind in the future. Is an expensive mistake but you can learn from it. First off - don't ever pay/sign another contract like that again. It hurts and will still piss you off 6 months from now.
@StorMe - not sure who you are man but for someone that just registered 6 days ago you are coming on strong. Don't know if it's to help gain you clicks on your signature / auction listing page or what. You may be an old hand at this or talk a good game, not sure which. I respect Movieman's thoughts, rants, or raves 100x more then yours currently. We'll see if that changes.
@MovieMan - the post should be in one of the monthly auction scene threads and I think in a response to another thread that month. Quick story was this was a 10x40 or something drive thru unit in the industrial side of town. They opened both the front and back doors. From the door saw plywood / sheetrock on left, rack with nice CD player and some tools on right by door. Large air compressor, portable air tank, table saw, bamboo dresser, 2 mirrors, a dark walnut color dresser. On the back side looking in saw an older looking wood chest, bag behind the dresser with "Mack Tools", a large tool box, 2 heaters on wall, a stand w/ propane tank to boil like peanuts or deep-fry a turkey. This was a silent auction and I had first wrote down $550. Was first in line so I took a step back and watched the reaction of the crowd. Saw a few excited faces, whispers, etc. and started to second guess myself. Marked my bid out and put $875 and won the unit.
The air compressor's engine was blown. I know what to look for in future. The portable air tank doesn't hold air. The saws and table saw both had cords cut on them (got new cords to try and re-wire). The dresser was particle board and chipped/marked all up - sold for $50. The bamboo dresser is/was just gorgeous. However, the left side of it is broken off on the top by about 2 inches and one of the legs is broken. I've kept it and is my scrap shed holding parts. The stero and heaters sold. Tool chest I kept but it didn't have many tools in it after all. The wood chest - a kid painted the front of it red and green smear but was able to sell it. Number of smaller things have either sold or went to Goodwill. I made $100 back in cash, kept a few things, but still call it my $875 mistake.
Lessons learned:
1) don't second guess your gut
2) look for oil and leaks (know what a blown engine looks like)
3) check power cords if can
4) train your eyes
I'm still pissed with myself even today. It has improved my ability to buy units however. I'm learning to spot things quickly and still working to train my eyes. Between myself and buddy now we spot things now that others miss. Always listen to your gut and don't second guess yourself is the biggie. If I had done that I'd of lost the unit by $50 (next highest bid was $600). I turned very conservative in my bidding for weeks there but got back in stride in January.