Online auctions make it easier to get carried away

Topic started by mhuynh9.

I am new to storage auction buying, but have been able to turn a nice little profit picking cheaper smaller units. I recently got a partner and we have done well together until he went way overboard on an online auction. He was stand up and fronted all the money, it will take us months to maybe break even on that locker. I will also be stand up and help him move and sell the contents but I think I will be dissolving the partnership to retain the friendship.

Anyway just a thought with online auctions. You don't have the money in your pocket and usually have a couple of days which allows for overspending. I think there is some value to online storage auctions I was able to pick off a small locker for $20 and will be able to at least triple my money but unfortunately I would need to make 90 times that to cover the other one.


    Quote from mhuynh9 on September 23, 2013, 20:55
    Anyway just a thought with online auctions. You don't have the money in your pocket and usually have a couple of days which allows for overspending.

Response by Alloro: A major rule of auction buying is to bid based on the perceived value of the unit and not how much you can afford to pay.


    Quote from Alloro on September 23, 2013, 20:58
    A major rule of auction buying is to bid based on the perceived value of the unit and not how much you can afford to pay.

Response by HomeGrownPromos: And perceived value is based on what you can see, not what you think is in there.