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How much money do you take to an auction...2013 edition.

Offline MovieMan

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How much money do you take to an auction...2013 edition.
« on: February 07, 2013, 09:43:30 AM »
Don't know how many people will answer this...or answer honestly...but we'll see.

This won't be too meaningful to the new buyers, but perhaps an eye-opener for them anyway. Some new folks think they're going to get a gold-bar locker for $100 instead of $1,000 and up.

Anyway, in my area it is not uncommon to see regular, big bid buyers bringing $5k with them. This wouldn't be used on your everyday lkr of course, but perhaps on a high-end biz that went out of biz. Phone systems, computers, networking systems, plotter printers, etc command a high price here more often than not.

I once lost a collectible store (comic books, action figues in boxes) lkr because I had only brought $3,000. It went for the $3,100 the next bidder offered. This was in 2005.

Offline Cobia

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Re: How much money do you take to an auction...2013 edition.
« Reply #1 on: February 07, 2013, 10:10:54 AM »
Always as much as I can!

Honestly I bring 5 figures, though 99.9% I will never need that much.

We have several "lurkers" who have been coming out to the auctions for years and never bid on anything. Sure, they might be professional "Lookie-Loos" but my gut tells me they are just waiting for that one "Holy Grail, Superdecious, Fantastic" unit to drop some big coin on.

One day a unit was going up for auction and somehow "word" had got out what was in the unit cause the whole crowd was abuzz. It was a 1994 Chevy Impala Super Sport on 24" rims, custom interior, upgraded stereo & speakers, etc. I only had about 2.5K with me that day. Luckily for me, & unlucky for who ever the high bidder would have been (surely not me) the owner came in at the last, I mean very last, minute & paid up. Man the crowd was PISSED!

I don't know how word got out, but I'm sure my 2.5K would not have won the day. So I started bringing what ever I can just in case something like that happens again, and this time the owner doesn't pay up!

Offline alloro

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Re: How much money do you take to an auction...2013 edition.
« Reply #2 on: February 07, 2013, 10:17:52 AM »
I head out with $1,000 per property. Meaning if there are 3 sites with auctions that day I bring $3,000, 2 properties $2K, etc. I found that if I bring too much I had a tendency to overpay on units just because I had the cash. By limiting the amount I bring, I found I was bidding smarter and making more profit.

Re: How much money do you take to an auction...2013 edition.
« Reply #3 on: February 07, 2013, 11:06:01 AM »
ive pretty much been out of it since shortly after the shows started ive gone to a few with 1-2 k and havent seen anything i liked for the price that it sold for

december i had to meet another buyer to return some stuff , hit the auctions with a whopping $50 in my pocket and wound up winning 3 rooms for about $35 of it (had $500 24 hours later and $700 within a week with about 300 left to sell)

I seem to do better when I have little to no money as I dont get caught up in anything stupid

Offline bwd111

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Re: How much money do you take to an auction...2013 edition.
« Reply #4 on: February 07, 2013, 02:17:06 PM »
I take the 15th of each month paycheck to auction $3167.97

Offline rulesforrebels

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Re: How much money do you take to an auction...2013 edition.
« Reply #5 on: February 07, 2013, 02:34:49 PM »
i try not to spend more than 300-400 per unit unless its really stellar. most ive ever brought was 13000 however on average i bring 800 to maybe 1300

Offline Alias300

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Re: How much money do you take to an auction...2013 edition.
« Reply #6 on: February 07, 2013, 03:33:41 PM »
Most of you know I go for units in the city so small 2x3x4 to 5x5x9 units.   Usually never go above $500. And if I get one, to bid on another the unit has to be awesome or really cheap.

So I bring $1000 as standard.   Multiple auction sites or more than five units up for auction then up to $2000.

Few of the sites will allow debit/credit transactions anymore so I tend to carry a bit more cash.

But have found if you show up a lot, not even bid but they know your face, AND you've made conversation, show your cool......they will Orkney with you.

Went to one and I was down to $200.   Nice unit came up and knew it would go for over $200 so BEFORE bidding started went up to manager nd said I was down to $200, if I bid can I put down the $200 and run to cash machine while others paid.   He said okay as long as I paid by noon (it was 8am). Otherwise I lose the unit AND $200 "deposit".

Tried it at another facility and they laughed at me.   

Offline Cobia

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Re: How much money do you take to an auction...2013 edition.
« Reply #7 on: February 08, 2013, 09:07:59 AM »
I head out with $1,000 per property. Meaning if there are 3 sites with auctions that day I bring $3,000, 2 properties $2K, etc. I found that if I bring too much I had a tendency to overpay on units just because I had the cash. By limiting the amount I bring, I found I was bidding smarter and making more profit.

Good point about tempering your bidding behavior by not having too much money on hand. Just because you CAN win the unit, doesn't mean you SHOULD win the unit!

Re: How much money do you take to an auction...2013 edition.
« Reply #8 on: October 03, 2013, 06:58:38 AM »
Even though I am new to auction buying I usually bring 5k to auctions.  I have yet to see a unit go more than 2k besides when they are filming Texas SW but just in case something shows up I don't want to run out of ammo. 

Eventually I would like to have 10k.

I am pretty strict on myself especially after a couple of tough lessons about what I buy and how much.  Still the other day I think I was able to get a unit because I was confident on what I could spend.

Having enough money allows you to make decisions when something special shows up.

Offline Travis

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Re: How much money do you take to an auction...2013 edition.
« Reply #9 on: October 03, 2013, 08:05:43 AM »
Not only that, every time your competition buys a unit, that's less ammo they have. On days with dozens of units, you might find yourself in a better financial position if a good unit comes along.


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