Storage Auctions

Storage ideas

Storage ideas
« on: August 13, 2011, 09:16:12 PM »
It will be my first time doing this type of business. I am just wondering how many of you out there actually just rent out a storage unit to place you product? It can't always be safe to bring it home. What is the ideal cost for a startup anyway? I figured transportation, storage, and of course misc costs such as (cleaning costs, dumpster fees) is there anything else I would need to know.

Offline ChefJ

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Re: Storage ideas
« Reply #1 on: August 13, 2011, 10:03:23 PM »
I have over 1000 invested and I have yet to purchase a locker.  A lot of that money was necessary for my future anyway i.e. trailer hitch/wiring.  Other things were purchased for this venture alone i.e. locks, tarps, tie downs, ratchet straps...
The longer I wait to purchase my first units, the more money I have to bid. 

Re: Storage ideas
« Reply #2 on: August 13, 2011, 11:33:43 PM »
It is different for everyone.You just need to come up with your own business plan and stick with it.Don't take your last couple of hundred dollars and put it all in a locker.Have enough to last you several months to get going.Network you resources in your area so yo know where to sell your items.Don't be afraid to check out flea markets,estate sales etc to spplement your cash flow.It is hard work and you figured out your hourly income sometimes its not muck but other times....... Good luck.

Offline jrossjr79

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Re: Storage ideas
« Reply #3 on: August 14, 2011, 12:32:06 AM »
It is different for everyone.You just need to come up with your own business plan and stick with it.Don't take your last couple of hundred dollars and put it all in a locker.Have enough to last you several months to get going.Network you resources in your area so yo know where to sell your items.Don't be afraid to check out flea markets,estate sales etc to spplement your cash flow.It is hard work and you figured out your hourly income sometimes its not muck but other times....... Good luck.

I second this, it is going to be different from each individual. no real wrong or right way to do it. Some things work great for this person may not work for you. I went in this business with $800 cash, with my own personal truck. No trailer. Did not hire out, and did not rent space. As I progressed I rented trailers, hired help, and rented a inventory locker for myself.

Offline Travis

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Re: Storage ideas
« Reply #4 on: August 14, 2011, 08:08:59 AM »
I don't recommend you buying a thing besides a few padlocks and a rechargeable flood light. You will eventually find everything you will ever need in a storage unit. A few thousand should be an adequate amount for start up if you bid conservatively. Just be patient for the right unit to come along at the right price.   

Re: Storage ideas
« Reply #5 on: August 14, 2011, 09:51:38 AM »
thanks everyone I really appreciate all the answers that were given.

Re: Storage ideas
« Reply #6 on: August 14, 2011, 02:02:19 PM »
For people like myself I have only invested $40 so far.  Just purchased a set of the nice padlocks and a small flood light I can charge in my car.  I have 2 sheds/barns that I can put stuff in so no need for a storage locker myself.  Also, already have a truck and trailer from when I started hitting estate auctions with my father.  For me this is a hobby, where my dad may hit it fulltime not that he has retired for the second time.  I have $600 in cash and father a few grand.  So we're just learning the ropes for the most part currently.

One thing to think about also is the most important.  How are you going to sale.  A booth at the local flea market cost you X amount per week or month.  Ebay has the final value fees you have to pay along with paypal.

Offline rulesforrebels

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Re: Storage ideas
« Reply #7 on: August 14, 2011, 03:02:54 PM »
I agree with TC not necessary or smart to get yourself in debt before you've even started.

Chef, I guess too late now but who's to say you even like the storage business after buying your first locker, if you don't or if your not succesful all that money is basically wasted.

Start out with a padlock, a flashlight and a bankroll to buy a unit. If you get a big unit you can always rent a home depot truck for $24 for like 2 hours.

UHaul trailers aren't a bad deal either if you already have a suv or truck with a hitch, like $10 for the day no mileage like with trucks

Or worst case scenario make two dozen runs with your suv.

I would laso advise against spending money to get in. If your successful after a few units and like the business then use some of your profits to buy a traile and whatever other supplies you feel you need

As for storage I try to store stuff in my garage and attic above garage. I kind of have the philosophy I'd rather flip things quickly and not get max money than sit on things forever and have to worry about storage. trying to clear out everything i have quickly right now stuff is tacking up in my garage.

Offline bwd111

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Re: Storage ideas
« Reply #8 on: August 30, 2011, 11:13:44 AM »
What I did is took 1500.00 and bought my first unit and have been buying units with the profits from that first unit ans so on and so on using profit only from the units I buy. My rule is never spend a dime of my money from paycheck on another unit.Only profits from the unit. I know alot of people in my area just keep buying and going in debt! Whats the point of buying if youre going in debt,if your not making money then stop do something elese.

Re: Storage ideas
« Reply #9 on: August 30, 2011, 11:26:57 AM »
I started out with 180 dollars to buy my first unit. I have since bought 2 units and havent spent a dime of that money on any supplies or things I need. Ive had everything I needed from the military like tarps ratchet,straps, locks. All the money I get from the govt for disability get put into paying off bills or savings. As of right now all my gas money food everything comes from the units. Though not much money profit wise yet its well worth it.

Offline Millertime

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Re: Storage ideas
« Reply #10 on: September 04, 2011, 10:24:16 AM »
Absolutely agree with TC & Rules. I started with my own van, own flashlight, and a 7 dollar tarp. Went to first auction with 75 bucks. By 4th auction i had scraped together 200 bucks and got 2 units that day. 2 months later I have bought 6 units and went to last auction with 450 bucks, all from unit sales. I have 30 storage totes, box of batteries for flashlight, box cutter, tools, 6 foot table to sort on,all from units. I'm amazed how you get what you need from units. Start with as little as possible and you won't feel as much pressure to produce results every time out.

Re: Storage ideas
« Reply #11 on: September 04, 2011, 11:12:25 AM »
These are great points, but the other issue that I see being overlooked, although it should be considered 'common sense', (seems to be a super power and ultra rare, considering some of the bids I've seen), is how to determine WHAT to bid on a unit.
   I personally see what I know is worth X amount, and then I'll add 25% to that, on the assumption that there is that amount buried among the boxes and totes.
   How does everyone else do it?  (One note that I saw at my last auction, man bid 1,900 to get it, because he saw boxes of what were rims, but they were beat up, and I personally didn't think they had rims in them (they didn't, various hand tools), and he saw what he thought was an antique flintlock rifle.  I told him when he was bragging about his 'three thousand dollar antique rifle' that it was a reproduction, because the true old flintlocks used oak, a dark wood, and the one he just bought had a very light wood to it. He got somewhat miffed).
   Have at least a general idea of value before you bid.  Don't think 'retail' on values, think resale.  In this economy, people aren't going to pay you full price with no warranty when they want a bargain.  I typically figure 50% of retail depending on the item.


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