Archive - 2013

It’s not uncommon to find designer merchandise inside a storage unit. However, before you Snoopy dance after you’ve opened a box full of Louis Vuitton handbags, make sure they’re real deal.

Counterfeits accounts for almost 10% of the world trade.

That’s simply unbelievable! Knock-offs in fashion will be in apparel, sunglasses, watches, handbags and head wear.

Once you’ve learn to spot what’s fake, you’ll know if the items in your storage unit hit the runway or belong in the alleyway.

Candy Olsen and Courtney Wagner from Storage Wars: New York can spot a knock-off in a ginger snap! They’re fashionistas by nature and if they see a handbag inside a storage unit, they can tell if it’s fake or real.

But can you?

Easy way to spot knock-offs on apparel and handbags is that the stitching should be perfectly even without any loose threads. Metal accents like zippers should be heavy not lightweight.

If it’s leather then it will feel dry to the touch, not sticky or oily. Watch for misspellings of the brand name or skewed logos. A well-made expensive watch is heavy when you hold it.

A few name brand characteristics to look for:

Louis Vuitton – Zippers must be stamped with logo or insignia. The “O” in logo is not oval but perfectly round. Seams match up evenly on both sides of bag. LV logo is never broken on any seam or cut. Date stamped somewhere in the interior.

Marc Jacobs – Zipper embossed with either RiRi or Lampo zippers. If the letter “i” does not look like this:  \ but is a regular “i” on RiRi, then it’s a fake. At the bottom of the zipper you will find a number below the brand name.

Coach – The C’s should be lined up perfectly to the center of the bag. Should look like C’s not G’s. Signature logo for Coach is two C’s next to each other in doubles. The “Coach” tag matches the trim of the bag and the letters should be raised not imprinted.

Rolex – Ticks at around 5-6 times per second, which gives the illusion of a “sweeping” or “floating” second hand around the dial. Knock-offs tick at 3 to 4 times per second.

It’s impossible to list every single designer brand and its characteristics. However for there is one true indicator for just about everything.

If the materials feel cheap, the color looks weak, and the hardware (metals) are lightweight…

It’s probably a knock-off.

Please leave your creative comments in the box below.

No matter how well you research a storage unit or how carefully you bid, you’re bound to find a lot of trash and useless items.

Once you win the unit, it’s your responsibility to have it fully emptied and swept clean within 24 to 48 hours. Failure to do so puts you in danger of being banned from future auctions and will earn you a black mark with the facility owner.

So before bidding on any unit, be prepared to do the clean-up necessary to get it in good shape. This requires you to carefully consider your unit and, when necessary, bring a partner to help you.

If you don’t have a business partner who helps with auctions and bidding, at least bring a few friends or able-bodied teenagers to help you unload the heavy items.

The first step to cleaning a storage unit occurs before the auction even starts. Look at the unit and appraise it honestly to see whether it’s worth bidding on or if it has too much trash. Signs of a unit that’s not worth your time include worn-down or torn furniture, items in bags rather than boxes, and obvious piles of paper, wrappers or other junk. If you see a unit that looks messy, avoid it. That will save you a lot of time when it comes to cleaning.

Once you actually have the unit, it’s time to sort through it and start quickly putting things into different groupings. To maximize efficiency, you’ll want five groups:

• Items that are worth a decent amount of money and can sell well – in other words, the things you bought the unit hoping to re-sell.

• Items that aren’t worth too much, but can be sold in bulk for a decent profit down the line. Examples might include glassware, dishes or DVDs.

• Items that are apparently worthless but can be recycled for money. This includes anything made with aluminum or copper, such as electronics and metal tools.

• Items that have no clear value but can be donated for a tax write-off, such as stuffed animals or toys.

• Items that really are trash and cannot profit you in any way, like old papers. These you’ll want to have hauled away to the dump.

Be advised that this process is time-consuming, so if you’re buying a lot of units, you may quickly get burnt out. By focusing on a few units at a time and squeezing maximum profits from each one, though, you can set yourself up to be truly successful down the line.

Please leave your insightful opinions in the comment box below.

Before you attend your first storage auction, you’ll want to be prepared. By understanding how and why the auction occurs, you can prepare yourself for the type of items you’re most likely to find.

This in turn can help you budget for auctions and begin making plans for your budding resale business.

Storage auctions occur as a way for storage facilities to recover the costs associated with a delinquent storage unit. When a tenant abandons the unit, the storage facility has the right to auction off its contents as a way to earn back the unpaid rent.

The facility must give the tenant advanced notice and publicize the auction, all of which can lead to several months of missed rent for the facility; as long as a unit sells for more than the delinquent rent, the auction is a success from the storage unit’s point of view.

In addition to recovering the cost of lost rent, storage facilities use these auctions as a way to empty out the storage units in preparation for new renters. Even if the facility doesn’t earn back its money on every unit, having someone empty the units for them speeds up the process of moving in new customers. This is why storage facilities require units to be emptied and swept clean within a day or two of the auction, and why failing to do so will get you blacklisted from the facility.

Now that you understand why storage auctions happen from the storage facility’s point of view, it’s important to know why they occur from a renter’s point of view. There are multiple reasons a unit may be abandoned, and the reason for the abandonment will affect what type of items you find inside:

• The renter may have decided the items inside were no longer worth storing and simply abandoned the unit. These units often do not have much worth bidding on inside.

• The renter suffered financial hardship and was unable to pay off the lien on the unit. Depending on the situation, this may mean that good items can be found inside; in other cases, the renter may have been able to recover some of the best valuables before the unit went into default.

• The renter went into prison or the hospital and is unable to pay the rent. Depending on the circumstances, this may mean that the unit is filled with valuable items, or it could simply have household goods or trash. It really depends on the original owner.

• The renter passed away and his or her relatives were unaware of the storage unit or didn’t want to bother with it. In many cases, these are the most valuable units, especially if the tenant was elderly. These units are often the ones with antiques and rare collectibles.

In most cases, you won’t know the history of a storage unit before you bid on it.

Knowing the most likely causes of unit abandonment, however, will help prepare you for the items you’ll find inside. The vast majority of storage units will be filled with regular household items and memorabilia; a handful, though, will have valuable items that make the search worthwhile.

 Please leave your creative thoughts in the comment box below.

When you’re first starting out with storage auctions, it can be hard to determine which items make a unit worthwhile.

It’s tempting to bid aggressively on every unit you come across just so you can win something, but that’s not a good strategy if you want to make money.

Your goal when bidding at a storage auction is always to look for items that you can quickly and easily re-sell for a profit, or items that you personally want for your own house. Anything else is just a waste of space and effort.

Depending on your interests and skills, the specific items you look for may differ from another buyer’s. If you’re very knowledgeable about comic books and action figures, for example, you might be able to value these items at a glance.

Others may overlook them. Additionally, if you know buyers with certain interests, you can cater your attention toward those interests. The more buyers you begin to meet through Craigslist, flea markets, yard sales and other venues, the deeper your network becomes.

All the same, some items are almost always bad news. If you see any of the following items in a unit, think twice before bidding. The odds are pretty good that you will end up with something difficult to dispose of and impossible to profit from:

• Out-moded and over-sized technology, like industrial photocopiers

• Big-screen rear-projection TVs and computer monitors

• Anything that might contain human remains, such as a coffin or urn

• Any materials that must be disposed of as hazardous waste, including partially empty paint cans

• Used tires, especially those in poor shape

It’s easy to see a recurring theme in these items: Don’t buy things that are large and hold little value.

This seems obvious at first, but it can be surprisingly difficult to remember in practice. Before making a bid on any storage unit, try to think of an exit strategy for the items you’ll end up with. By having an idea how you’ll sell the things you obtain, you can protect yourself from having a yard filled with unwanted items.

Please leave your insightful opinion in the comment box below.

You won your first virtual storage auction. Paid then hauled the merchandise back to your home. You have boxes to dig through, clothes to sort and electronic equipment that may or may not work.

Now what?

How do you flip your inventory into a profit? Unfortunately there’s no set formula. Many factors come into play. Your location which includes the street you live on and populous of the neighborhoods that surround you.

Are you willing to answer a flood of emails if you choose to put items up for sell on the Internet? The climate where you live plays a part on flea markets or swap meets. Consider these factors:

• Are yard/garage sales successful on your street
• Any flea markets/swap meets nearby and do you possess the patience to stay the day
• Can you describe an item well enough that it will appeal to eBay bidders
• Do you live in an area in which you can move an item on Craigslist

Let’s explore a few of these options.

Flea Markets/Swap Meets
You pay a fee to rent space. Indoor flea markets cost more and other flea markets charge more if you use tables. Also consider the cost of gas if the flea market or swap meet is a distance away. Think about whether or not you are willing to sit all day indoors/outdoors from early morning to early evening.

Garage & Yard Sales
Location. Location. Location. You’ve heard this many times. Skim through your local newspaper and check how many advertisements there are for garage/yard sales near your area. Drive around your neighborhood on any given Saturday or Sunday during good weather for yard sales. Signs for your garage sale twenty blocks away do not guarantee you’ll see any traffic.

eBay
Mega world-wide store and yes, there’s a “but.” You are competing with the entire USA to sell your inventory. You should take a good, clear photo of the item. Put up a marketable description that will appeal to bidders. Offer a 100% guarantee on most items. Answer all emails in a timely fashion.

Craig’s List
Site to unload your merchandise locally but there’s a catch. If you do not live in a populated area it’s a bust.

While it appears I have slanted each of these venues in a negative viewpoint, the only way you can move merchandise is to understand the reality of the effort it takes to sell you inventory.

When I lived in Texas, flea markets were the best route to sell anything and everything. When I moved to California I chose eBay, Craigslist and yard sales. Now I live out in the boondocks. My venues are very limited.

Instead of relying only on eBay and Amazon, I’ve sold items on Internet forums. You would be surprised how many Internet forums have a market place.

I can personally testify I will never again sit through 90°F weather with 85% humidity in an open air flea market or yard sale in Texas.

Take a moment to consider which venue fits your personality and the time and effort you are willing to invest to sell your merchandise.

Which venue is best for you?

Please leave your creative opinions in the comment box below.