Storage Auctions

Here we go again... a resurgence of the retread articles about storage auctions

Offline rulesforrebels

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Storage Auctions are nothing new, obviously they have been going on since way before the tv shows however the tv shows made them known to all and local newspapers started writing articels about storage auctions they would attend a local auction and take a few quotes from people attending.

I thought this was all over after the first season but now that we had some new episodes of storage wars for the new season a search or storage auctions under google news and every local paper in the country is running articles like "Bid On A Mystery At A Storage Auction".

I'll be curious if the new season and articles bring crowds up again. Not imaginging anything like the first season but I imagine it will bring some more people out.

Offline Travis

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It can only get worse. There are 3 shows on now, the economy sucks and the lockers on the storage auction shows are getting better. I wish I could buy 30K in vending machines for $1500, but unfortunately the real people I attend auctions with can recognize a good deal.


Offline ChefJ

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It can only get worse. There are 3 shows on now, the economy sucks and the lockers on the storage auction shows are getting better. I wish I could buy 30K in vending machines for $1500, but unfortunately the real people I attend auctions with can recognize a good deal.



not a lot of people carry that kind of coin to an auction.  Although it was a very good purchase on his part.  I honestly wouldn't know who to call if I acquired that stuff.  It would take me a few days to make some informative phone calls.

Offline MovieMan

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not a lot of people carry that kind of coin to an auction. 

Not a lot maybe, but in my area if you don't take $3k (or more) you are almost guaranteed to lose a lkr to one of the half dozen others who do carry that much and aren't afraid to spend it. I know, it happened to me years ago and ever since, I'd rather have too much money on me than not enough.

Sure, the double-deluxe lkr doesn't come up all that often, but when it does one wants to be ready. Just the other day a guy told me had missed a great lkr which went for $1100 and he only had $1K on him. He had meant to stop at an ATM before the auction, but didn't; and this was in a city and facility where he had done well in the past and has a good history of good lkrs. Oh well.


Offline Travis

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Not a lot maybe, but in my area if you don't take $3k (or more)

Yeah, I second that. If you don't at least have 3K, your in the wrong business. If your working with less, you're missing out on some deals and you're putting your entire business at risk. All it takes is for you to buy a few bad lockers and you don't have enough capital to recover.

Most of the pros that I know bring at least 5-10K if they are serious buyers in need of inventory.

Always seem to be 50-100 dollars short for that ONE locker!!

im seeing some of yall say that you need at least 'x' amount of dollars to be in this business successful. what about those just starting out that dont have that kind of money and are only starting out with say 300-400 dollars that we had to scrimp and scrounge for just to start this?

Offline MovieMan

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im seeing some of yall say that you need at least 'x' amount of dollars to be in this business successful. what about those just starting out that dont have that kind of money and are only starting out with say 300-400 dollars that we had to scrimp and scrounge for just to start this?

It's not that you need "x" amount of dollars to be successful necessarily. In fact having the 300 or 400 might work out for you in the beginning. Here's what I see.

With that amount of money you might be able to buy 1 lkr  or maybe 2 or even 3, but the return on that investment is unlikely to be that high. Oh sure, you MIGHT strike it rich on a 100 lkr, it happens, but it is more on the unlikely side.

On the other hand, if you make good decisions and buy right and sell right, you can parlay that 300 or so into the $1k you might want to deal with later.

I don't think any of us who are carrying $3k or more did so in the beginning and I think I speak for most folks here who wouldn't suggest that you put off buying until you have $1k or more to work with. It's just that you have to be careful what you buy (as we all do) and until you get some more cash on hand you will be a little limited...won't be able to buy the bigger lkrs.

On the other hand you won't fall as flat buying the cheaper ones if they don't pan out. I've bought some $500 to $1200 lkrs lately and they haven't been that great. Broke even on $500 and only made a couple of hundred profit on the $1200. When you consider the work you put into them, the break-even or small profit (or a loss) becomes a real thing.

Just work at it (your research is going well) and watch some more auctions, but buy if it looks good...and then of course, move, sort, sell, enjoy the profits (or reinvest them).


Offline MovieMan

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 think out side of the box.


You mean like my spinning avatar to the left ?

Or does that represent the thousands of boxes I have opened over the years ?

Or both?  Or the one that got away?

Answer:   all of the above.  ;D

Offline Cobia

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terrorbow the truth most of the new people only last a month or two. after that they have lost so much money they stop going. you can't put all your eggs in storage auction. you will lose money that way. well for the next few years anyway.  think out side of the box.

Problem with my area is the new ones who only last a month or two keep getting replaced by other newbies with more money. It seems to be getting more competative in my area. I am one of those who carry the 5-10k, but I have not been willing to drop big money just to make sure I when the locker. With that being said, with all the new competition, and going home empty handed last week, I just might have to show these newbies how deep my pockets are! Not because I want to get in a pissing contents and try to show people up, I just need to start getting more inventory.

Offline Travis

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I'm not going to say it can't be done. Truth be told, I started out with about $400 of discretionary funds and through a lot of sweat equity and a hell of a lot of luck, I was bringing in 8-10K a month after a few months. Keep in mind, this was before the storage auction reality shows premiered. Nowadays, it's a whole different ball game.

Problem with my area is the new ones who only last a month or two keep getting replaced by other newbies with more money. It seems to be getting more competative in my area. I am one of those who carry the 5-10k, but I have not been willing to drop big money just to make sure I when the locker. With that being said, with all the new competition, and going home empty handed last week, I just might have to show these newbies how deep my pockets are! Not because I want to get in a pissing contents and try to show people up, I just need to start getting more inventory.
just starting out as well and I do bring $2-3k in cash "just in case" that locker comes up, but I will never bid on a locker to win it. Been to several auctions the past two weeks and always returned home empty handed. It will come....just have to have patience....

Offline Travis

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Exactly! The first auction I went to in Dallas on Tuesday had 6 units and only three people showed up. Had I been there to buy units instead of promoting my Dallas website, I could have bought a few at a great price.

It does happen, you just have to wait for the right unit to come along at the right price.

Offline Bandit

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I'm not going to say it can't be done. Truth be told, I started out with about $400 of discretionary funds and through a lot of sweat equity and a hell of a lot of luck, I was bringing in 8-10K a month after a few months. Keep in mind, this was before the storage auction reality shows premiered.                                                       NOW DAYS , IT'S A WHOLE    DIFFERENT BALL GAME.
 Boy , ain't that the truth ,  We refuse to Over Pay for a locker just to prove to some Newbie that has no clue along with more money then brains , that We do have the cash with Us . We would rather go home empty , in fact We go in a beat up 92 escort that gets great milage , and leave the Van and trailer at home @ 8-12 mpg .
Bandit


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