Storage Auctions

Hey! Newbie in Chicago burbs

Hey! Newbie in Chicago burbs
« on: May 22, 2011, 12:03:56 AM »
Hi All!  I first stumbled on these storage auctions while browsing my  local paper classifieds about 1 1/2 years ago.  To this day, I can't get it out of my head that I could do this and replace my real job.  When I first saw the ad in the paper, I went to the public storage auctions for a few months in a row.  Observed, bid on some, but then backed down when the thoughts of what the hell am I going to do with those mattresses, and how am I going to get all this home and where am I going to put it all scared me.  About a year ago, I went to a less publicized auction and bought a small locker for $5.  I sold a couch, and some tires from that unit.  Spent a lot of time hauling and going through the stuff.  Planned on selling some more of the small stuff, but eventually got tired of walking around it and tossed it all.

I am a working mom of young kids that are pretty involved in activities and sports.  I am to the point of overload.  I am looking for more flexibility.  I am thinking about quiting my job and trying this FT.  Or going PT and doing this PT.  My question to the veterans is...  Can I honestly replace my current take home income of $3,400 a month.  I am not afraid to work, but don't want to do it for peanuts. 

Your opinions are appreciated.

Offline MovieMan

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Re: Hey! Newbie in Chicago burbs
« Reply #1 on: May 22, 2011, 12:37:03 AM »
  Can I honestly replace my current take home income of $3,400 a month.  I am not afraid to work, but don't want to do it for peanuts. 

Your opinions are appreciated.

No.

Offline jrossjr79

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Re: Hey! Newbie in Chicago burbs
« Reply #2 on: May 22, 2011, 01:05:53 AM »
Hi All!  I first stumbled on these storage auctions while browsing my  local paper classifieds about 1 1/2 years ago.  To this day, I can't get it out of my head that I could do this and replace my real job.  When I first saw the ad in the paper, I went to the public storage auctions for a few months in a row.  Observed, bid on some, but then backed down when the thoughts of what the hell am I going to do with those mattresses, and how am I going to get all this home and where am I going to put it all scared me.  About a year ago, I went to a less publicized auction and bought a small locker for $5.  I sold a couch, and some tires from that unit.  Spent a lot of time hauling and going through the stuff.  Planned on selling some more of the small stuff, but eventually got tired of walking around it and tossed it all.

I am a working mom of young kids that are pretty involved in activities and sports.  I am to the point of overload.  I am looking for more flexibility.  I am thinking about quiting my job and trying this FT.  Or going PT and doing this PT.  My question to the veterans is...  Can I honestly replace my current take home income of $3,400 a month.  I am not afraid to work, but don't want to do it for peanuts. 

Your opinions are appreciated.

Honestly, yes you can. There are plenty of people that do. BUT DO NOT MAKE NO MISTAKE ABOUT IT, it is hard work. Lots of hard work, and you will need expendable money to do this. Especially if you want to replace your current income. Wanting to make sure you get that kind of money you will need your own store.

My advice to you is try the storage auction business PT, like on your days off (if you happened to be able to get days off during the week, there are very few auctions on Saturday, and have yet heard of one on Sundays).

This is not a business for the weak and timid, my meaning to this is. Do not think you are going to make money off of every single locker you buy, especially in this day of age and being new at it. I been doing the storage auction business for only a few months, although I been doing resells for a few years now, and I cant say I have a FT income. Although I work FT hours with loads of overtime.

I personally have been lucky, just about every locker I bought so far has had at least 2 or 3 collectibles. Only two of those have been big ticket items worth hundreds. Most stuff you will find is trash and general merchandise. The general merchandise you get most people have, so it will take time to sell, unless you have connections to get rid of stuff faster. Or you have your own store.

So yes you can replace your current income. But it will take alot of work, and most important, TIME.

Re: Hey! Newbie in Chicago burbs
« Reply #3 on: May 22, 2011, 09:09:40 AM »
Thanks for your opinions.

Movieman - your as encouraging as my husband.  Can you please expand on your answer?

I actually have the plans in works to do what jrossjr suggests.  I'm going PT at work.  I am going to give this a shot.  I have been thinking about it so long - I have to give it an honest try.

Wish me luck!  And I'll keep you posted.

Offline Drew

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Re: Hey! Newbie in Chicago burbs
« Reply #4 on: May 22, 2011, 11:48:08 AM »
It definitely is not as easy as the tv shows make it out to be. I would def recommend getting several units under your belt before you make any decision to leave your regular job. And welcome to the forums!

Offline MovieMan

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Re: Hey! Newbie in Chicago burbs
« Reply #5 on: May 22, 2011, 12:17:56 PM »
Thanks for your opinions.

Movieman - your as encouraging as my husband.  Can you please expand on your answer?

I actually have the plans in works to do what jrossjr suggests.  I'm going PT at work.  I am going to give this a shot.  I have been thinking about it so long - I have to give it an honest try.

Wish me luck!  And I'll keep you posted.

Sounds like you have made a decision, and certainly PT is a good idea to begin.

From your initial post the following things came to my mind and that's why I said "no".

1) Immediate loss of full-time job money (if you quit altogether).
2) Initial returns would not meet what you said you cleared at full-time job.
3) You didn't mention anything about having vehicles to to the work with.
4) You didn't mention who would do the moving of stuff.
5) You didn't mention where acquired stuff would be kept until sold.
6) You didn't mention if husband was working full-time.
7) You didn't mention if health insurance was a concern (two kids to consider).
8) Other things I probably haven't thought of in the moment.

It just didn't sound to me like a good idea considering what I knew about your position, but IF, I repeat IF you have the chance to go part-time AND, I repeat AND you could go back full-time, then that might be another story.

With your children active and needing transport, care and feeding, this business might get in the way more than you think. It would not simply be substituting one 4 hour block a day (at the 2nd half of your full-time job) for another 4 hour block a day. If you have an 8 hour work day now it's hard for me to imagine there would be the chance for floating work time there when you consider that auctions happen typically from about 9 to 3 or so during a typical day.

Anyway, that's the long answer to my short answer "no".


Offline rulesforrebels

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Re: Hey! Newbie in Chicago burbs
« Reply #6 on: May 22, 2011, 06:35:01 PM »
Two other issues to think about as a women.

Will you have help? Obviously women aren't as strong as men so unless your husband is willing to help you with the heavy stuff will you be able to load couches, mattresses, heavy old tv's, etc by yourself?

The other issue in terms of safety for a women. You'll be doing lots of business on craigslist most likely. Are you comfortable with either strangers comming to your home or you going to strangers homes?

I dont think we have many women on the forums so these are a few of the issues that may be different for a women in the business.

Re: Hey! Newbie in Chicago burbs
« Reply #7 on: May 22, 2011, 11:28:57 PM »
Thanks for your input and concerns.  I have the same concerns as well.  But you never know til you try, right?  My husband can help move the stuff, or I can pay the neighbor kid to help.  Part of what concerned me before and still does is I only have a minivan.  I saw some of the regulars at these auctions have their own box trucks.  Do others rent trucks to haul the stuff?  FT work is too much, so for now I plan to go PT weather I do this or not.  I do worry about the large size lockers since my storage is my garage which is quite full of our own crap.  As far as CL goes, I will not let people in my house, I will open the garage and meet them out there.  I have done it before and it seems ok.

Offline jrossjr79

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Re: Hey! Newbie in Chicago burbs
« Reply #8 on: May 23, 2011, 07:42:46 AM »
I use a mini truck, which I end up using alot of gas going back and forth. Which is why I stay away from alot of furniture or huge huge lockers. I stay away from lkrs that are bigger than 10x10 unless they are only half full. Some people rent box trucks, but in my area its pretty rare. I have seen people load into cargo vans and full size pick up trucks, sometimes with a trailer.

As far as space is concerned, alot of the people out there have there own warehouses. Some like me rent a locker out to keep inventory in.

Good luck

Re: Hey! Newbie in Chicago burbs
« Reply #9 on: May 23, 2011, 08:33:03 AM »
Thanks!

Offline MovieMan

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Re: Hey! Newbie in Chicago burbs
« Reply #10 on: June 10, 2011, 09:41:51 AM »
June 10, 2011

Been 2 weeks now since your last post. How's the mission going mom ?


Offline MovieMan

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Re: Hey! Newbie in Chicago burbs
« Reply #11 on: June 23, 2011, 03:31:33 PM »
Jun 23 2011

Mission accomplished ?

Offline MovieMan

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Re: Hey! Newbie in Chicago burbs
« Reply #12 on: July 22, 2011, 10:17:31 AM »
One month later....July 22, 2011.

Looks like this plan was given some REALISTIC thought and the plan was abandoned. Better that than going through with it and falling flat after expending a lot of effort and time for little if any return.

Re: Hey! Newbie in Chicago burbs
« Reply #13 on: July 22, 2011, 01:09:54 PM »
The silence says it all.

Offline MovieMan

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Re: Hey! Newbie in Chicago burbs
« Reply #14 on: July 22, 2011, 01:15:00 PM »
.


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