Storage Auctions

Hello from Michigan

Hello from Michigan
« on: June 07, 2011, 08:26:10 AM »
Hi Everyone.  First I want to say thanks to everyone that posts here.  This forum has been quite the learning experience for me.

I am a bit different than most.  Right now I have a typical office job.  I work 8-5 and have no time to go to auctions because they are all on weekdays.  Let me start of by saying I hate my job.  It is ridiculously boring and the more I work in an office the more I realize I don't want to.

Next January, I plan to quit my job and start buying and selling Units.  I am fortunate that I am not married, and have little bills.  I will have roughly $15-$20k to get started with and many other good things going for me. 

First, my sister is a stay at home mom.  She has agreed to look items up for me on the internet and see what they are and how much they are worth while also finding an avenue to sell them.  I also have a buddy that has agreed to help me out on site for minimal charges.

With the above being said, what do you guys think?  I am a hard worker, and willing to put in the time and effort if it is something I am interested in.  Will this be something I can sustain on over a long period of time, or will I be looking for another office job a couple months later.

Steve

Offline MovieMan

  • *******
  • 4175
    • View Profile
Re: Hello from Michigan
« Reply #1 on: June 07, 2011, 09:39:44 AM »
Welcome to the forum!

IF ONLY WE COULD SEE THE FUTURE !

The things you mention in regard to what you have going for you sound good.

What scares me is that you would give up your job. I realize that you can't get out to auctions, so that definitely is a problem in KEEPING your job while you TRY OUT auctions.

The general advice in these threads is DON'T QUIT YOUR JOB. But people ignore that; most of the time we don't hear back from them about what is happening either with lkrs or with their lives.

A person can make a living doing this, but a lot of it just doesn't depend on the resources you have or the fact that you are a hard worker (all important things). One of the ingredients of success here is LUCK OF THE DRAW. Will you make a wise choice and get a good locker that will more than pay for itself? More often than not (IN MY OPINION) it is a crap shoot even when bidding on a lkr that really looks good.

I got one the other day for $300 that will pay for itself 7 times over IF EVERYTHING SELLS FOR WHAT I THINK IT SHOULD. If it doesn't then it will still do OK but not as well.

On the other hand, if you buy standard lkrs (THE NORM) you may or may not make money on it. It may break even or you may lose money.

OVERALL, I wish there was some way you could SAMPLE this business without leaving your job. REMEMBER, you are only ONE OF MILLIONS who hate their job....seems to be a part of life. MAYBE you could get a part-time office job BEFORE quitting your current job, then you could explore buying lkrs and still have some steady income. You would be surprised how quickly you could use up your savings buying lkrs and paying bills.

Let us know what you do.

Re: Hello from Michigan
« Reply #2 on: June 07, 2011, 10:02:53 AM »
Movieman

Thanks for your input.  I know you and several others on here are pretty well informed on the "business", which is why I decided to finally join and post rather than just read.

Like I said, I am waiting until next January (for various reasons) to make the transition.  I am hoping to be able to get to 10 or so auctions prior to then so I can get a better feel for it.  I have been buying and selling things at normal auctions and estate sales for about a year. 

I have enough money that I could struggle for a year or so with breaking even to eventually learn my way as well. 

Offline jrossjr79

  • *****
  • 869
  • In it to Win it
    • MSN Messenger - jrossmakesmoney@gmail.com
    • View Profile
Re: Hello from Michigan
« Reply #3 on: June 07, 2011, 10:48:56 AM »
First off, I am agreeing with what Movieman is saying to you.

And to put forth my own input as well. I am not saying in any form or fashion that you are not a hard worker. However let me strongly advise you NOT TO QUIT YOUR JOB. Yes you can make a living doing this, and you have plenty of money saved up to last for a good long while to support yourself and this new business venture. I have seen people come in and do extremely well with less than what you have. However I have also seen people with even more money come in and lose everything within 6 months.

This business is unlike any others, most of it is a gamble, and you might not be buying any lockers, for a decent price, everytime you go out to auctions. The bigger your city, the better chances you have. But that is not always the case. And to make a living in this business will take time, it does not happen over night. (For the most part that is). You would have to learn the resell business inside and out. Build a contact list for inventory, and establish a relationship with these people. Also need to learn how to value things on the spot so you do not overspend on a unit. If you have the space, I would concentrate on lkrs full of furniture. Solid wood furniture that is. That seems to do better than anything else.

My suggestion to you is, wait till you have vacation from your job, during this time, try out the storage auction business. This way you can get your feet wet, and get a feel for this business before you quit your job. At least then you will know whether or not you will like it.

Real storage auction, IS NOT LIKE THE SHOWS, I REPEAT NOT LIKE THE SHOWS. They dont show all the hard work, or all the crappy units they buy before they get a good lkr. Keep these odds in mind, for every 20 lkrs you buy, expect 19 of them to be utter crap, especially in the beginning.

Good luck, and I hope to hear how things go.

Re: Hello from Michigan
« Reply #4 on: June 07, 2011, 11:23:52 AM »
First off, I am agreeing with what Movieman is saying to you.

And to put forth my own input as well. I am not saying in any form or fashion that you are not a hard worker. However let me strongly advise you NOT TO QUIT YOUR JOB. Yes you can make a living doing this, and you have plenty of money saved up to last for a good long while to support yourself and this new business venture. I have seen people come in and do extremely well with less than what you have. However I have also seen people with even more money come in and lose everything within 6 months.

This business is unlike any others, most of it is a gamble, and you might not be buying any lockers, for a decent price, everytime you go out to auctions. The bigger your city, the better chances you have. But that is not always the case. And to make a living in this business will take time, it does not happen over night. (For the most part that is). You would have to learn the resell business inside and out. Build a contact list for inventory, and establish a relationship with these people. Also need to learn how to value things on the spot so you do not overspend on a unit. If you have the space, I would concentrate on lkrs full of furniture. Solid wood furniture that is. That seems to do better than anything else.

My suggestion to you is, wait till you have vacation from your job, during this time, try out the storage auction business. This way you can get your feet wet, and get a feel for this business before you quit your job. At least then you will know whether or not you will like it.

Real storage auction, IS NOT LIKE THE SHOWS, I REPEAT NOT LIKE THE SHOWS. They dont show all the hard work, or all the crappy units they buy before they get a good lkr. Keep these odds in mind, for every 20 lkrs you buy, expect 19 of them to be utter crap, especially in the beginning.

Good luck, and I hope to hear how things go.

Jross
Thanks for your input as well.  Because of my extended time frame, I do have some time to think about this and try to get see if it is for me.  Why are all auctions on weekdays?  Don't they know how hard that makes it for me to make it?  lol. 

Does anyone on this board do auctions full time?  I am not totally opposed to working part time and trying auctions full time if need be. 
My biggest concern is indeed failing miserably at identifying quality units and running through my nest egg in 2 months only to find myself unemployed and broke.  I'm not looking to make $100,000 doing this, just enough to get by and a bit extra.  If there is one thing I have learned since graduating from college it is that a great paying job that sucks is not nearly as gratifying as crappy paying job that you love.  I love going to auctions and estate sales and seeing what new things I can find. 

Thanks again for your input.  Since I am not looking to make this move full time until January, I will try to keep updates as to how things unfold in the meantime.

Offline Drew

  • Admin
  • *****
  • 728
    • View Profile
    • Online Storage Auctions
Re: Hello from Michigan
« Reply #5 on: June 07, 2011, 11:40:01 AM »
Welcome to the forums! I would definitely agree on finding a part time job, it could be delivering pizzas or anything! You just want some steady income coming in to take care of your regular bills. You do not want to tap into your nest egg to pay bills if you have a couple bad weeks in a row. But the best way to find out if it will work for you is to jump right in! Don't think about it too much and try to plan things out. Take some strategic sick days and try to get a few lockers and see how you like it!

Keep an eye out for weekend auctions. I am seeing more and more Saturday auction. If they were smart they would be having Saturday auction knowing tons of newbies that still have regular jobs would come and drive the bidding up.

Re: Hello from Michigan
« Reply #6 on: June 07, 2011, 11:54:38 AM »
Welcome to the forums! I would definitely agree on finding a part time job, it could be delivering pizzas or anything! You just want some steady income coming in to take care of your regular bills. You do not want to tap into your nest egg to pay bills if you have a couple bad weeks in a row. But the best way to find out if it will work for you is to jump right in! Don't think about it too much and try to plan things out. Take some strategic sick days and try to get a few lockers and see how you like it!

Keep an eye out for weekend auctions. I am seeing more and more Saturday auction. If they were smart they would be having Saturday auction knowing tons of newbies that still have regular jobs would come and drive the bidding up.

Thanks Drew, Honestly pizza delivery is one thing that has crossed my mind.  My girlfriend isn't too keen on me quitting my current what she calls "Respectable professional career" to be a "pizza delivery guy/bum" (her words, not mine).  I'll probably have to use a few days of sick or vacation time if I want to go to an auction prior to quitting.

I really appreciate every ones input here.  I know a few guys that buy and sell units around me, and they tell me all the time how it is a dead business and you can't make any money; but for some reason they keep on doing it after years of "not making any money"

Offline jrossjr79

  • *****
  • 869
  • In it to Win it
    • MSN Messenger - jrossmakesmoney@gmail.com
    • View Profile
Re: Hello from Michigan
« Reply #7 on: June 07, 2011, 08:30:17 PM »
I personally dont consider myself as being fulltime at auctions. I run a few different small businesses while I go to auctions. It is great to have another income coming in when auctions aint doing so good. I have not been out in like a month now, and I am hoping I will be out there mid summer. That is when I am expecting alot of people drop out because of the heat. This way I should steal a few lockers way under from what they are selling at now.

Re: Hello from Michigan
« Reply #8 on: June 07, 2011, 09:15:03 PM »
Welcome to the forum.  I am pretty new to the forum and storage auctions myself.  I joined the forum a week ago and have not been to any auctions yet.  I have done estate and regular auctions (have a regular to hit in 2 days with major sports memorabilia).

I have also bought the equivalent of a full storage unit full of antiques and collectibles from a buddy of mine a few days ago.  This is going to give me practice.  I can say that just bringing his stuff to my house and working on inventory and pricing is exhaustive, though I am enjoying it a lot.

So far I have inventoried 5 boxes, and have about 25 to 30 more to go.  I have only had a chance to list 1 item on CL, a 1982 military gasoline lantern.  We will see what happens with it while I continue the inventory process.


Now, I have a big suggestion for you if you are insistent on quiting your job completley.  Take the first month and spend some of your seed money to attend truck driving school and get your CDL.  There are thousands of trucking companies still hiring, even with the job market supposedly in the tank.  This will be a very nice safety net.  If you have your CDL, you can pretty much get a job and start within a few days.

Anyways, Wishing you the best of luck.  Check out the "What's it Worth" section.  I am going to post a link tonight for an antique pricing site, which I received from a shoe manufacturer while I was researching the price of an extremely old ladies boot.   After I check out the site I will start a thread with a small write up on it.

Re: Hello from Michigan
« Reply #9 on: June 08, 2011, 08:05:16 AM »
Welcome to the forum.  I am pretty new to the forum and storage auctions myself.  I joined the forum a week ago and have not been to any auctions yet.  I have done estate and regular auctions (have a regular to hit in 2 days with major sports memorabilia).

I have also bought the equivalent of a full storage unit full of antiques and collectibles from a buddy of mine a few days ago.  This is going to give me practice.  I can say that just bringing his stuff to my house and working on inventory and pricing is exhaustive, though I am enjoying it a lot.

So far I have inventoried 5 boxes, and have about 25 to 30 more to go.  I have only had a chance to list 1 item on CL, a 1982 military gasoline lantern.  We will see what happens with it while I continue the inventory process.


Now, I have a big suggestion for you if you are insistent on quiting your job completley.  Take the first month and spend some of your seed money to attend truck driving school and get your CDL.  There are thousands of trucking companies still hiring, even with the job market supposedly in the tank.  This will be a very nice safety net.  If you have your CDL, you can pretty much get a job and start within a few days.

Anyways, Wishing you the best of luck.  Check out the "What's it Worth" section.  I am going to post a link tonight for an antique pricing site, which I received from a shoe manufacturer while I was researching the price of an extremely old ladies boot.   After I check out the site I will start a thread with a small write up on it.

Awesome feedback Rollinradios
It is crazy that you mention the CDL because it is something my father mentioned to me last night for the first time.  That is an intriguing possibility for a second income.  Thanks again for your feedback.  Like I said this move wont be for a bit so try to keep some updates on here as to how things go for you.  Where are you located at?

Re: Hello from Michigan
« Reply #10 on: June 08, 2011, 07:30:50 PM »
Awesome feedback Rollinradios
It is crazy that you mention the CDL because it is something my father mentioned to me last night for the first time.  That is an intriguing possibility for a second income.  Thanks again for your feedback.  Like I said this move wont be for a bit so try to keep some updates on here as to how things go for you.  Where are you located at?


I am in Northeast Texas, in a little town called Mt. Vernon.

I am glad someone has already put that bug in your ear.  Getting a CDL is not difficult at all.  You can either attend a truck driving school, which costs a little dough (I paid $2400), you can get recruited by a major company and they send you to school (though you will have to obligate time to them or repay), or you can study the handbook and take the tests without school.  I tried no school at first, had trouble locating a truck to take the driving test in.  I then went to school, it was a month long, and I am so glad I did.


After you get your CDL, you can look at doing seasonal work, like for indivuduals, like farmers.  That will give you the off time to do the auctions.  Just an idea.


xx
Hi from Michigan

Started by Healthe

10 Replies
4455 Views
Last post January 26, 2011, 02:12:05 PM
by MovieMan
xx
New Guy From Michigan

Started by Brown3565

2 Replies
3119 Views
Last post January 13, 2011, 04:36:41 PM
by Drew
xx
Hello From Michigan

Started by acman

7 Replies
3322 Views
Last post August 13, 2011, 06:53:14 AM
by MovieMan
xx
Greetings from Mid-Michigan

Started by WXBuyer

3 Replies
1401 Views
Last post November 11, 2011, 06:27:38 AM
by money4nothing