Storage Auctions
The Storage Locker => New to Storage Auctions? => Topic started by: seminole on April 12, 2013, 02:50:18 PM
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im new AND did a search for income in the forum and couldnt find what i was looking for. i KNOW its a broad question, but, to give me a idea, if you are very proactive, can you make a DECENT part time income buying from storage auctions. not looking to get rich, just maybe a thousand a month or so. thanx for any replies. AGAIN, i know its a broad question, with many variables, just trying to get a IDEA of what can be expected. thanx again....
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...if you are very proactive, can you make a DECENT part time income buying from storage auctions. not looking to get rich, just maybe a thousand a month or so
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The short answer is yes.
The longer answer is:
1) not as likely as it was 2 years 4 months ago (pre tv shows)
2) not as likely considering more renters are paying their bill if their stuff is of better quality
3) not as likely if newbies keep spending more than a locker is worth.
4) not as likely as regular long-time buyers are paying premium just to get stock to stay in business.
5) other contributors here may have more reasons it is tougher "now" than "then".
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6) If you have far to travel between locations, the fuel bill will eat up profits, especially if you're running a large truck.
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thanx for the replies. really, if i can bring home half of the thousand dollar goal ( 500 dollars) after fuel, other overhead, etc. i would be happy. just trying to get the rent paid, thats all, lol.........
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I don't know. I put in 10-15hrs/wk of actual time. Another 10 or so a week of researching/posting while I'm watching TV in bed.....and I don't make $1000/month on a *constant* basis.
I do way better picking these days. Less gas, no truck rentals, no dump fee's.
Would you need to rent trucks? Do you have storage? Do you have experience researching or know how to estimate value on multiple lines of merchandise? Do ou have the capital to put out if a really good locker come up?
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Look at Alias reply #4 above.
Like him I have been doing more picking than locker buying lately. I bought my last lkr in Mid-Dec, 2012.
Picking isn't as much work though it requires a different set of sources, techniques, etc. You could do a little of both.
IMPORTANT:
Just trying to pay the rent you say? Whatever you do, don't use next month's rent money to buy a locker or two. They may not make a profit ..... in fact they may not pay for themselves at all.
This is not a business for the faint of heart or the under-funded. If you can't afford to lose the money, don't spend it.
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I used to be a full time buyer but now these websites require most of my time. However, I still find time to go to 5-10 auctions a month and bid on a few online auctions. I average 2-3 lockers a month and I think $1000 profit is very achievable.
I just bought 2 lockers in Dallas for 2 grand. These people had serious money and I found tons of stuff I wasn't expecting to be there. These units are a goldmine and I haven't even gone through everything yet. As of now, I'll be able to resell just the furniture for a 4-5 grand profit and I'll be able to keep 4 grand worth of furniture and workout equipment for myself. That's a score...not too shabby for a part timer. ;D
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"Authentic" wallets? Those look like knock offs in the picture. Not saying they are. But from pics they look fake. Especially the coach. Hard to tell in peron sometimes let alone pictures but seem off to me.
Are you sure they are real?
On the LV the markings don't look denied enough (could be pic) and off center.
Inside doesn't have stamp and the heart shape cut out should be lined.
Stitching on both look off but could be extreme wear. But coach leather looks like its cracking. Don't see that in coach but could also be wear.
The coach "C's" actually don't look to far off but the big end doesn't look crisp enough.
And I've never seen a coach wallet lined with "coach" in drivers licence area. But I haven't delt in many wallets so old be wrong.
Heck, I might be wrong all together but just o many little 'hmmmm's".
But I want the 3-piece set. I've always wanted my living room to look like a 1800's whore house! ;D
No, really. I like those and and the other set. Those should sell for that price easy. At least would here.....
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The wallets came out of a unit I bought last month. I'm not an expert either but the feel right. Obviously, they have been used heavily. I'll probably have to reduce the price to get them to sell.
As to making your living room look like a 1800's whore house...I'm just going to leave that alone for now.
Yeah, I agree. I think I have them priced just right. If someone comes with reasonable offer, I'll take it. I'm debating on keeping the electric massage table for my home gym. It would definitely get some use around here. I looked it up and it retails for $750. I have it priced for $400 and would probably take $300. It's hard to turn down cash like that, especially for something I wasn't even counting on being in the unit.
The mirror, well, the mirror is just awesome. Can you imagine how big this guys house must have been to accommodate that 5 piece Bassett living room set and a 7'X5' mirror? The guy must of had a 40'X40' living room with 20 foot ceilings.
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First off, let me apologize for my last post. Didnt proof read. Autocorrect sucks.
Now....
Don't know the market there but here the wallets wouldn't sell. At all. Ive tried.
Might at garage sale or swap for $5.
Even if real, they are just to beat up.
And the outlet sells past edition coach wallets for $40-100. Checkbook covers for $30-$60 (and who has check books these days?)
I'm still skeptical since the LV doesn't have a "made in" stamp.
If they sell be sure to let us know and how much.
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Can you imagine how big this guys house must have been to accommodate that 5 piece Bassett living room set and a 7'X5' mirror? The guy must of had a 40'X40' living room with 20 foot ceilings.
I'm sure it wasn't a double-wide.
And despite all his "goodies" he lost them all to a lien auction...guess it was nice while it lasted.
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I'm sure it wasn't a double-wide.
And despite all his "goodies" he lost them all to a lien auction...guess it was nice while it lasted.
I found the guy's bankruptcy record and was considering contacting him, but on second thought, I didn't want to open that can of worms.
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What these guys are failing to mention is that you get out of it what you put into it. If you only work part time hours, you will get poor results. You have to hedge your bets, (to use a gambling term). You will buy a locker that loses you money, you will buy a locker that doubles your cash within 24 hours. By and large, you will buy a locker that makes you a decent profit, if you stay focused.
Do not underestimate how much time it takes to sell your stuff. Meeting people from craigslist, posting ads, keeping track of your ebay or amazon, going to the fleas on the weekend, all eats up time.. If you need to flip stuff quick, you have to be available at all times. If you wait until after your day job to answer your craigslist responses, chances are, that person found their item somewhere else.
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If you wait until after your day job to answer your craigslist responses, chances are, that person found their item somewhere else.
Absolutely! It's extremely irritating to contact a seller and not get a response back for 2 or 3 day.
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In my opinion, making $1,000 a month profit is very feasible, especially if you DON'T start a business, use your existing house to store everything, and use your existing car/truck to load/move everything from storage lockers. Understand you will probably spend 90% of all available free time to realize this $1,000 profit.
Here's the problem with this "business" (depending on your current resources). Making $500 or $1,000 a month is accomplishable for most people.
The primary issue with making any more money part-time or full-time is overhead.
It's easy to assume if I buy 4 units a month & make $1,000 in profit, then if I buy 8 units a month I will make $2,000 profit!
NOT SO FAST!
Here's what happens:
More units means you need a way to move them: (rent trucks, buy truck, buy trailer, etc.) major capital expenses.
More units means you need a way to store inventory: (rent storage units, warehouse, buy out-building, build barn, etc.) major capital expense.
More units means you need more money to buy/win the units: major capital expense.
More inventory means you need more outlets to sell from then your house: (flea markets, vendor's mall, store, etc.) major capital expense.
Then all the the other costs that you don't notice when you are "small time" creep in: (fuel, shipping fees, commission fees, cleaning supplies, shipping supplies, office supplies, moving supplies, repair supplies, etc.)
Dont' forget the intangibles, like the regular auction crowd might be fine with you winning 1 unit a month/week but as soon as you try to become a "player" they are going to run you up on units making your cost of inventory higher.
My point being, working out of your house a buying a storage unit or two can be a way to make a good part-time income, but upscaling the process to earn more money is more challenging then it might appear.
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True story Cobia!
On 4/1 I won 4 lockers. Haven't bought one since. I still have stuff to post on CL and inventory for the flea market. That day marked the first, and probably last day I'll buy 4 units. With that day, came the added expense of renting a storage unit/flea market space, had to rent a truck to get my stuff there in one shot, and my weekends are now consumed with getting rid of this stuff! But I love it!
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Is $500 - $1000 doable, I would say yes depending on your location. As a part-timer it will be much harder. If you have a 5 day, 9-5 type job you will miss 90% of the auctions. If you work nights, or shift-work it's more doable as long as you are willing to give up some sleep and/or any free time you have.
Out of 27 units last year I cleared $1360 before I got lazy and didn't track my sales/purchases. That was me selling 10 times at the flea market and selling some items on ebay. Very casual buying and selling.
This year - I've not kept up with it that much. I mostly sell at my buddies store (50/50) split. I avg about $30-50 every week in income. The store is only open 3 days a week. 90% of my sells are smalls. Most of my inventory now is coming from yard sales as the prices for units are just still to high for profit. I can buy a $1 item at the yard sale and sell it for $8-$10 in the store.
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At the flea market, the smalls are selling like crazy. I have a sectional couch for $200 and a double lounge/chaise for $100. I can't move these pieces! I think I've got it priced really well, almost at a steal.. just can't move the big pieces.
The auction prices are still ridiculous. Today I saw 17 units. Didn't come away with anything either because they were too junky or too expensive. I can either buy a poop locker for $1-$25 or a decent locker for $400+.. There's no happy medium recently.
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At the flea market, the smalls are selling like crazy. I have a sectional couch for $200 and a double lounge/chaise for $100. I can't move these pieces! I think I've got it priced really well, almost at a steal.. just can't move the big pieces.
Yeah, I'm having a hard time moving the larger pieces as well. I think it may have something to do with the April 15th tax deadline or people owing the IRS.
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At the flea market, the smalls are selling like crazy. I have a sectional couch for $200 and a double lounge/chaise for $100. I can't move these pieces! I think I've got it priced really well, almost at a steal.. just can't move the big pieces.
In my experience, bedding, chairs, sofas, loveseats almost always take longer to sell. There is a big difference in yuk factor for someone to buy a used dining table compared to a used sofa. For me, sofas & loveseats tend to take 2 to 3 times longer to sell, so if you think they are priced right just let them ride. Very nice sofa & loveseat sets that are worth more money will take even longer to sell. I've held sets for six months waiting for the right customer to spend more then $500 on a USED set.
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Is $500 - $1000 doable, I would say yes depending on your location. As a part-timer it will be much harder. If you have a 5 day, 9-5 type job you will miss 90% of the auctions. If you work nights, or shift-work it's more doable as long as you are willing to give up some sleep and/or any free time you have.
Out of 27 units last year I cleared $1360 before I got lazy and didn't track my sales/purchases. That was me selling 10 times at the flea market and selling some items on ebay. Very casual buying and selling.
This year - I've not kept up with it that much. I mostly sell at my buddies store (50/50) split. I avg about $30-50 every week in income. The store is only open 3 days a week. 90% of my sells are smalls. Most of my inventory now is coming from yard sales as the prices for units are just still to high for profit. I can buy a $1 item at the yard sale and sell it for $8-$10 in the store.
Hey Craigs, when you gonna update your forum profile to show the units you won?
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this is just my personal opinion but you really have to love what you do to be in storage auctions. there are other businesses that are going to be less time, less work and better margins. with storage auctions there's a thrill to the surprise of whats going to be in the unit, many people find it enjoyable networking and talking with others at auctions as well as when selling at flea markets and garage sales. if your strictly looking for some side money there's better ways but if you actually enjoy what you do yes y ou can make some money
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Be aware that around Feb., March and April people get their tax refunds and are able to pay for their units. Things really slow down around those months.
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First off, I do enjoy it. Thrill of hunt. Like the researching of items. All that.
It's a hobby.
As far as part time income it's the best for me.
I can make a lot more in autobody, detail.....maybe even a second job at times.
But all of it I have to set aside time and work around other people's schedules.
But this is the only thing I can do truly in my spare time. Watching TV at 11pm I can research and list.
Find I have a Saturday morning free? Go picking. Hour here, hour there? Work on refurbishing items.
Plus, since my accident I can't do a lot of he physical things I once did. Reselling? I just concentrate on smalls. I hurt or have migraines unexpectedly? Doesn't affect my sales.
I've never wanted this to be a job. Have to count on sales. Simply a little extra to build up the emergency fund, pay for trips, buy non-needed stuff like T-bone instead of New York cuts......and most important, find items I want or need WAY cheaper then retail.
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Are we still talking storage auctions, or did we switch to the stock market, or casinos? ::)
i actually would argue it is a business for the underfunded. obviouslythe bigger bank roll hte bigger the possibility in terms of buying more units, buying better units, etc. The beauty of auctions however is that its possible to buy a $25 locker. waht other business can you start with $25. i bought my first locker with the last $300 i had to my name and wound up making a few grand off it. thats few and far between but the beauty of it is it doesn't take a whole lot of startup money
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I’m really finding this quite informative. As a self storage manager, we appreciate the auctions a lot because it does help us to clear units out and help us get them ready for the next users. I'd love to chip in my 2 cents - have any of you decided to go into collaborations for storage auction units? I would think that as long as each party puts in the same amount of effort as the other, you can cover twice the number of units, halve the costs of clearing and share the haul. More importantly is finding the right partner to get into this kind of thing into, but they always say 2 heads are better than 1!
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I've been doing this since December and have purchased two units and have made around $1500 total for the last three months with the potential for a lot more on those two. I've been to a lot more auctions, but have waited to purchase till the price and items were right for me.
For me, this is a great part time job/hobby that I do out of my garage and house. I have a full time job (teacher) that gives me health benefits, bills paid, and regular time off. I see this as capable for a lot of people part time that have the time to put into it. Going full time requires a lot more capitol, resources, and infrastructure that a lot of people don't have.
In the end, it has been a lot of work, but I have really enjoyed the process and am learning as much as I can.
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TraderA - glad to have you here. Yeah, this business is great for part time income and it's a lot of fun. Plus, you get to keep a lot of cool stuff for yourself. As a teacher, this is the ideal part time business for you since you have summers off.
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TraderA - glad to have you here. Yeah, this business is great for part time income and it's a lot of fun. Plus, you get to keep a lot of cool stuff for yourself. As a teacher, this is the ideal part time business for you since you have summers off.
Thanks for the welcome!
Yeah, it has worked out very well so far. There are lots of ways to go about this and tons of auctions every week, with some on the weekend which is where I scored my last locker. Spring Break is just around the corner and I'm hitting three auctions next week.
The thing I like about this the most is that if I don't want to work, I don't have too and I won't have to worry about not paying the bills. So part time is great for me.
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If you know how to work the system you can make a TON of money part time. There is a local loophole so i can dump anything free because they charge me a $3 landfill bill every month with my water. If you are doing this part time there is NO reason to go to an auction more than 10 15 minutes away(unless you live way out in the boonies). I personally dont go further than that unless i just cant find an auction(and i do this full time btw) sometimes ill go to nashville which is about an hour away. DONT rent a Uhaul. if you rent a uhaul 10 times thats $1500-$2000, you can get a pickup for that, another $500 and you can get a trailor. DONT hire help. I'm 5 10' and about 140 lbs. so not a big guy, but i can load a fridge or a buffet on my own. use rolling carts, a truck, a winch and you should be able to unload anything. I had ZERO overhead before i had the store and was consistently processing and selling between $500-800 per week working out of my garage about 15 hours a week. only about half of that was profit and I flipped things FAST because i had no warehouse.
Bottom line, the only expense I had when i started was unit cost and a new smart phone. Keep the expenses down and the profit flows nice
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I would say yes, but I think it would take a lot of work and time to get everything rolling. I know someone who buys things and sells them on ebay but she gets like $100 on a bad month and $900 on a good month.
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In my opinion, making $1,000 a month profit is very realistic from Auctions, especially if you , use your existing house to store everything and sell it a garage sales. It could be good part time income and it may help to get full time income too.
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i've been doing it full time about a year and am growing. another guy near me does it full time and has over 1/2 a million worth listed on ebay right now.
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500k on ebay is crazy.
I go to auctions about 3 times a month, buy smart and am consistently at around $2k - 3k a month profit
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Good part-time income? Yes, if you work hard & learn the tricks of the trade.
Good full-time income? Not so fast Charlie Brow! Much more difficult to create "good" full-time income doing storage auctions compared to part-time income.
Just one factor to consider... You buy a buster unit, lets say a unit full of nicely packed boxes for $750 and the boxes are empty or full of dollar store crap, it's easier to swallow when you have another source of income. You do that as a full timer and it can set you back in a hurry!