Storage Auctions
The Storage Locker => Stories about Storage Auctions => Topic started by: truedaystar on July 21, 2014, 09:10:36 AM
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I just got a couple units.. Moved them into one and rented the unit.. Low and behold, I made money off a few items quickly.. Normally this would have been the end of the show. Well then I got busy, Weddings, and Life, and the day job.. I forgot about the unit I rented..76$ rental unit a month (10x10) okay... on the 21st of the month it cost me 110$... I think I understand WHY people get caught up and lose their units.. Bill paid, notice to vacate the unit given.. Mental note made, "If I ever rent a unit put is on auto pay, or better yet, Don't get too busy to clear out the units as I get them"
Makes me feel for the people that can't afford them, and makes me wonder how FAST the bill would actually go up on them beyond that. Now it was tempting to stage the unit a little better and let it go to auction!!
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I just got out of a unit that I had to rent for 3 months. Had some semi-valuable but hard to sell merchandise in it. I had to let go for next to nothing because the storage was costing an arm and a leg.
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It happens... Part of the business...
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I've seen a guy at many an auction that always rents units after. He buys everything. If there is a unit with a trash bag he'll buy it. At one he bought seven units. 3-4 were huge, like warehouse, 20x30 maybe bigger. Rent had to be a couple grand on top of the $6000-$7000 he paid for them. And this was just one stop.
I've tried to talk to him but he is a total loner. Doesn't even talk to auctioneer or staff unless he has to.
Always wondered what his business plan is, where he sells, because the rent alone would kill me.
I stick to units that I know I can pack away. I know that if I rent it I'll procrastinate and pretty soon I'll have spent more on rent than its worth. Maybe once I'm out of school but right now it's fast flip or walk away........I just don't have the time.
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I like to rent one's that have furniture in them until I can sell it, at least the rest of the month (3 days just dont cut it) and plus you get a gate code to get in in the evenings!!
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i have only rented a unit once because i bought 4 huge units and consolidated what i couldnt fit/sell into one. i had it cleared in a month though so only cost an extra $60. now i have an additional 16ft box truck that i keep empty except for using at storage auctions and it doubles as storage if i get too buy happy. I keep my overhead super low. If i can gross $1000 a week, well more than half is profit, and I always target large appliances so $1000 isnt hard to hit(its getting rid of the small stuff thats challenging).
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The Smalls.. I totally agree... I have more trouble getting rid of the larger bulky JUNK Dressers that should never have made it into storage.. and LARGE SCREEN Old school Projection TV's that are 5 feet tall and weigh a to. I can't give them away and the totally fill a dumpster.
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people will take the tvs if you post a free craigslist ad, I can usually sell the dressers unless seriously damaged.(cheap if they are crappy).
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Given enough time, ANYTHING posted on Craigslist will sell if you have it priced right. Tube TVs - $10-$20 depending on size. Projection TVs, $50-$150 depending on age/quality. Junk dressers, $20-50 depending on quality. They will sell. Might take a month or two, but they will sell. There is always someone who just needs something basic to get them by for a while.
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I have a full basement so usually space is not a problem... I say usually, right now I have a ton of smalls. A new ( anyone can buy or sell auction house) just opened a few miles away, I'm going to try and hit that couple nights a week to make some room.
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when i start getting too many smalls i do a clean up and literally take a whole truckload out to auction. im very organised and if i start getting full on little stuff it doesn't stay long. time is money, space is money.
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I'm about ready for the next run of auctions!!! Thanks for the advice.
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This is one of the more interesting strategies that I've come across for storage units so far, but I suppose that if you've managed to secure a number of units in one auction, it would make sense to have the unit on hire for a period of time so you can sort of take your time to work out what's worth selling and what's nonsense. But at the same time, I'm sure that there's a better way of getting things done then having to shell out money on a storage unit that holds a bunch of stuff that doesn't belong to you....
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i find that anything under about $30 or so accumulates like mad. clothing, nick nacks, home decor, toys, games, small electronics. these are all liabilities that can make you tons of money if you dont waste time piecing them out one by one
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I totally agree with the "SMALLS" Going to load them up in tubs, and take them to a local church yard sale.. 10$ a spot figure I will get 2 spots and let them have at it.. and maybe make at least my 20$ back.
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As a storage facility owner, I can tell you that everybody has a load of junk in their storage unit and the real finds are still far and in between. But that makes the thrill of the search even more exciting isn't it?
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But that makes the thrill of the search even more exciting isn't it?
Only if you have a very liberal dump nearby.
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Only if you have a very liberal dump nearby.
LOL
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As a storage facility owner, I can tell you that everybody has a load of junk in their storage unit and the real finds are still far and in between. But that makes the thrill of the search even more exciting isn't it?
I'm just speaking for myself, but the thrill is what keeps me buying storage units. The money is secondary. Some people buy lottery tickets, others day trade or gmable at casinos. I prefer buying storage units where at least the odds are stacked in my favor.