Finally, you outbid the pack of auction hunters and bought your first, very first storage unit ever. Cool!
Now what?
Sell everything!
That’s right.
Sell everything BEFORE you buy a 2nd storage unit.
As you sort your items, divide them into three categories:
- Resellable
- Recycle
- Trash
Remember, trash is something you cannot recycle. The #1 rule to buying storage lockers is to recoup your money and turn a profit. If it’s recyclable, it’s not trash.
Recyclable items are metals, plastics, paper, glass, and etc. Items you cannot repair but can take apart and sell the parts for scrap.
You may wonder why not donate some of the items from your first locker for tax deductions purposes.
Donated items, in order to qualify for tax deductions, must be in good used condition or even better, that includes household items and clothing.
You should not donate junk because charity foundations then have to discard those items. Guess who won’t be happy campers when they hear about that – The IRS.
If the items in your storage unit are in good used condition or even better, why would you donate them? Make it your mission to sell ev-er-y-thing before you buy your next locker.
Why?
MONEY!
Never waste your money. If you have the mindset that you’ll do better next time ’round and take a loss on your first locker, that is not the way to start any new business venture.
Sell every book, clothes, household items, backpacks, toys, bikes, etc., and recycle all of the cardboard boxes. If you had rubber containers in the locker, sell those, too. Leave nothing to waste.
Use venues such as eBay, Craigslist, yard/garage sales, or even free classifieds in your small town newspaper.
If you are unable to sell everything, get frustrated and quit, then you have your answer. Storage auctions should not be considered as a side business or a new full-time job for you.
By selling all of the items in your first locker you develop skills in negotiating, marketing, and most of all, patience.
I know what you may be thinking, “But I’ll miss out on a lot of good storage auctions if I have to wait to sell everything from my first locker.”
Try not to get caught up in the treasure hunting frenzy of reality television series like Storage Wars. The stars on the shows have money to toss out the window, do you?
If you don’t, then after you buy your 1st storage unit, sell everything.
Please leave your insightful comments in the box below.
