Seed money

Movieman im going to my first auction on the 30th as of right now there are 7 units at the first auction im going to and 30 at the second one. I'm 90% sure i won't buy one but hey you never know. lol my i told my buddy im going to an auction and he said i should wear my dress blue alphas and my medals to the auction and when i bid i should yell oorah haha.

Yes, you do, but Malone is simply telling you that you have to account for that when making your bid.
If you brought $500 you could only bid $400 to $450 since you would have to pay the deposit as well.

AND, if you pay sales tax (which most newbies do) you have to account for that too, BEFORE you bid.

Haven't paid sales tax yet here!

Haven't paid sales tax yet here!

because noobs dont know any better or is there a reason why noobs pay it?

Movieman im going to my first auction on the 30th as of right now there are 7 units at the first auction im going to and 30 at the second one. I'm 90% sure i won't buy one but hey you never know. lol my i told my buddy im going to an auction and he said i should wear my dress blue alphas and my medals to the auction and when i bid i should yell oorah haha.

I don't know if you should wear dress blues, maybe your other uni so it doesn't look planned and see if anyone gives you a break. can always try!

because noobs dont know any better or is there a reason why noobs pay it?

Nah people who pay sales tax usually don't have resale licenses so they tax it on resale. I haven't paid sales tax because my units have been at mom and pop places that don't ask for resale license #'s. National chains are another story.

I don't know if you should wear dress blues, maybe your other uni so it doesn't look planned and see if anyone gives you a break. can always try!

haha no im not gonna wear then that was a joke

Nah people who pay sales tax usually don't have resale licenses so they tax it on resale. I haven't paid sales tax because my units have been at mom and pop places that don't ask for resale license #'s. National chains are another story.

never knew that you need a resale licenses

never knew that you need a resale licenses

Depends on where you are selling... Yard Sale No.. Ebay (under a certain $ amount ?) No. Some Flea Markets in my are require you to have one. I have not gotten mine yet, not needed.

On the money side... Take what you can spend. We only took $200 on our first run of auctions. Spent more time learning.
We went to 3 days of auctions total of maybe 40 units..Learned a lot still no purchase because the prices were to high for what we could see. Our first locker was $30.00 it was not a big thing garbage to most...But we were planing a yard sale and needed what we saw and got it for the right price.

I would just say you have covered all the bases in your questions and post except how you are going to sell what you get.

We buy small furniture lockers... Have a thrift store contact that cosigns the furniture. We go ask her what she needs and that is what we look for. Or last locker was just furniture no boxes, totes nothing, not even garbage... LOL  Trying to find one with the small furniture with some totes... But what we have seen the prices are to high.
Wish you luck. On the first ones you go to try and guess what the unit will go for.

I usually bring at least $1,000 with me each time I go out. Very rare I will bring less than that.

never knew that you need a resale licenses

IMO

I would hold off on ever getting a resale license until your literally forced too. The less Uncle Sam knows about your side ventures and life the better.

IMO

I would hold off on ever getting a resale license until your literally forced too. The less Uncle Sam knows about your side ventures and life the better.

haha i work for uncle sam

I got lucky and got my first unit for $120.

A 10x40 hoarder unit 20% full.

We've been through most of the good stuff and pulled out about $2500.

The rest going to the flea market for a few weeks then I'm giving it away.

How much money you bring is solely dependent upon how much you're willing to invest.  I brought $600 to my last auction.  I spent $15 on a locker.  In that case, $20 in my pocket would have been enough.

Even though I had $600 with me, I wasn't going to spend more than $300 on any one locker (my limit).  That being said, I wasn't going to be a player for the larger, more valuable lockers.

On my $15 locker, I've already taken in $100 cash money for some segmented diamond chop saw blades and have $20 in good will from my neighbor for some grinding discs.  I have kept several nice hand tools, 2 nice file cabinets, some vintage letter jackets/letter sweaters that my daughters wanted, along with other miscellaneous.  I still have probably another $50-$75 of inventory I have yet to sell from that locker.

Money wise, if you take away my time and effort, I'm way ahead.  But, you can't take away time and effort.  If you factor those things in, I didn't make a killing on the locker.  I didn't lose any though.