Lookey Loos Part 3....March, 2011

It's probably both........people that watched a show that showed them how to get rich quick with minimal investment, and a tax return to give them some cash to invest! 

Helpful hint to some of those that still have your tax refund and stars in your eyes:  Go to Best Buy and get a new big screen, at least you'll still have something to show for your tax refund six months from now!

Went to one today with 6  lkrs and only 20 people...not a miracle, just not well known spot. A year ago 6 bidders was common. Of the 20 only 2 of us would normally have been high bidders, but not today.

The newbies were feeling their oats. One fellow who has been overpaying for two weeks now continues on his quest to spend his money and try to break even.

This auctioneer is totally weird too. He always starts the lockers at $100 if they are trash and at $400 if they look like a $50 locker. I bid $10 for the first locker. Auctioneer said who'll give me $100?  Newbie above offered $50 and he got it.  He continued to do that throughout the 1 hour it took and he got 3 total I think.

Another newbie paid $300 for 20 banker's boxes clearly labeled with document years, etc.

Anyway, a bust on what used to be a good facility.

I ditched today's caravan as there were far too many people there and the auctioneer was making no attempt to gain control.  Instead, he was starting the auctions while the first half dozen people crowded around the locker not allowing anyone else to take a gander.  That, and the fact that they lockers were selling for three times their worth made it not worth standing around in the cold wind and rain.  Instead, I went to a nice little 'off the beaten' path single auction.  Six units for sale and only about ten bidders.  Bids were still a bit on the high side, but nothing crazy.

....yea....I'm starting to wonder if there really are any "off the beaten path" or "little known" auctions left?

Sure I have found a bunch that are only listed in the Legals of a lesser known publication in the area but finding this out and finding these auctions isn't rocket science, so i still expect huge crowds and bidders way overpaying.

Just a wait and see game for the time being

I have been going to storage auctions as well as regular auctions of different sorts for years now. I usually don't buy much that I actually don't want but I too like to make some extra $$ flipping the stuff I buy. What I have seen the last couple of years, even before the shows is that people are willing to bid MORE on stuff that is generally worth LESS due to the economy. I wonder how anyone makes a dime after all the work it takes to move, clean and sell all this stuff off.
I have a strategy that I will share with you guys. I am going to buy up all the cheap junk I can, rent a locker for the day and have the auctioneer auction it off. I am bound to make fortunes, right? 

Anyway, I am beginning to think that the storage auctions where they pick through and auction off every single thing separately is a good idea.

I don't think it's going to get any better anytime soon.

Sure tax refunds put a little bit of money in everyones pockets so maybe drives prices up slightly but I don't htink that has a huge affect.

When the second season of storage wars comes back things are only going to get worse again imho

I don't think it's going to get any better anytime soon.

Sure tax refunds put a little bit of money in everyones pockets so maybe drives prices up slightly but I don't htink that has a huge affect.

When the second season of storage wars comes back things are only going to get worse again imho

Wow, that sucks to hear!  There really is no way to make good profits consistently in the current market
with 80 to 160 people at every auction and buyers willing to way overpay...this whole gig may have totally jumped the shark!

I've found that you just have to have patience and a sense of humor and you will do fine.  You have to have the discipline to keep going and when the prices are too high, don't buy.  Then, when you find that one good auction where either not many bidders showed up or for some reason they are going cheap, buy a bunch all at once.  It works, but you burn up a lot of extra fuel and you get really busy when you have to empty out a bunch of lockers in a day or two.  It's not a job, it's a way of life!

I've found that you just have to have patience and a sense of humor and you will do fine.  You have to have the discipline to keep going and when the prices are too high, don't buy.  Then, when you find that one good auction where either not many bidders showed up or for some reason they are going cheap, buy a bunch all at once.  It works, but you burn up a lot of extra fuel and you get really busy when you have to empty out a bunch of lockers in a day or two.  It's not a job, it's a way of life!

I hear ya loud and clear. I have the rest of my month planned and NONE of the auctions that I am attending are on auctionzip or the 2 big auctioneers websites that are in the area. I am ONLY attending auctions that are only promoted in the Legal Notices of a few lesser known business publications....

If I still see huge crowds and  overbidding at these auctions...I will honestly believe this market needs to be put on ice for a while

However, I remain optimistic and ready !!  

Here's a new way to be a lookey loo...or maybe a bidder. Check this "newbie" website out...a new way to bid ?

http://storageauctiondepot.com/index.php?option=com_bids&task=listauctions&liststyle=list_detail&Itemid=2

Wow the website looks crazy!!!

they'll have to get big before its worth a crap though,not enough listings and me personally i dont like looking at pics over the computer.

Sorry...but that will NEVER fly....ever

I for one won't buy that way because you don't have a clue what you are getting after yo win. Playing devils advocae here, who's to say that the seller doesn't do a little sorting thru that locker once the aucion is over? It's not like you are there and immediately put your lock on the door so no one can get in there but you. I think the newbies and lookie loos who are plain stupid will buy into doing that but not me. When I look into a unit and win it, it's mine and I lock it on the spot so no question as to what was in there when I won it will still be there when I empty it............

Going to a single auction on Monday the 14th of March 2011 and expect a large crowd as it is one of 3 major auctioneers in my area. Will update this post with results after the auction. Then Tuesday 3 auctions all by another person and with a big following. One can always hope!

Edit: Monday the 14th....auction cancelled !  Bummer now I actually have to WORK at something.

Edit: Tuesday the 15th...went to 3 today all the same auctioneer.

First facility had 5. All went to newbies, and IMHO they all paid too much...what's new? 75 people/7 regulars.
Second facility had 2. Same as above.

Third facilty had 15. Now the crowd is up to 100 (some newbies don't get up early). First lkr went to a fellow
who had bought one a month ago for $1675 and told us later he was able to sell $1,000 out of it. Today he paid
$675 for a 5x10 that I would have paid $100 for MAX. Then he bought the 2nd 5x10 for $250. I would have paid $75 for it.

So, 2 down, 13 to go ....I left.  No point when crowd and prices were like that. I'll find out from the regulars who stayed how the rest went.