Maximizing profit out of a single unit takes up two very limited resources (time & space).

It's really difficult to quantify how much I am making by maximizing profit out of one unit, compared to how much am I losing by not buying new inventory.

I try to look at it in terms of opportunity cost. As soon a I feel that "dead" inventory is taking time and space away from "live" inventory, it goes out the door. Either donate, give way, dump, whatever. Whether or not that inventory came from a profitable unit or not is irrelevent because that is a past decision, and I don't allow past decisions to hold up future opportunities.

Like everybody said.

1. High expectations of a get rich quick livelihood based on the TV shows.

2. Little to no research or knowledge of what buying & selling storage units really involves (thanks to the misinformation from the TV shows).

3. No realization that building ANY business takes a lot of time and effort, doesn't matter if a person is trying to start a restuarant, a dog groomy business, or resale business based on storage auctions; ALL hard work!

4. Lack of business education/experience.

5. Lack of work ethic & determination/need for instant gratification.

In my area, generally speaking, a "box" unit will not go as high as the same size "furniture & stuff" unit. Only time "box" units go higher is if there is some evidence of what is in the boxes and the evidence suggests value. Basically if the boxes are marked with contents and there are a few loose items in the unit that potentially verify that what is written on the boxes is accurate.

1-2 years ago at the height of the storage auction craze, unknown box units would go crazy stupid prices, but now the crowds have tempered and the unknown box units don't get as much play as they use to.

Whats really funny is the petitions from the "blue" states! I think I saw Pennsylvania, New York, New Jersey & California with petitions! LOL!

This keeps up we will end up with 50 individual countries! I'm gonna need a thicker passport for all those stamps! LOL!

Ive not hit a small town auction in several months, but from my past experience, I have seen it all.

From the auctions with only a hand full of people and nobody being a professional reseller and not even wanting packed units or units with a lot of furniture so Ive won those dirt cheap.;

To auctions with tons of people who are not from that town but come from larger cities and metro areas from every direction, each thinking "small town auction, no bodies gonna be there!" and thus the large crowd of pros and city buyers run the prices of the units through the roof.;

To the local small town whale who makes sure he wins every single unit, no matter the cost, to keep outsiders and the few locals who show up from cutting into his territory.

So I guess you never know what it's gonna be like. 

I'll start with question #3. In my opinion there really is no income threshold to becoming a business, it's just a matter of what your long-term goals are.Theoretically, you are still supposed to claim all income, whether it is business related or not. With a business you do have the advantage of claiming expenses against your income for tax purposes; the disadvantage is the expenses of running a business are real and much higher then running an "under the table" re-sale operation. Starting a business early might be a good idea if your long-term plan is to open a store, this way you get a feel for the business with the extra expenses of licensing and collecting sales tax and paying business tax, etc. In my opinion, it would be difficult to run an "under the table" operation with all the potential ease of profit/income without experiencing all the related costs with running a legitimate business/store.

Question #1: yes & yes

Question #2: hire an accountant. Mine handles the income taxes, he just tells me what to document and what to report.

I would say don't buy a bunch of inventory you are unfimilar with selling, or in a volume you do not have the logistics to handle.

I will add a caveat before the story... There are times when a once in the lifetime offer can propel you and your business to new heights you may have never reached otherwise, but generally these type of offers take a lot of time, effort, perseverance to make happen. Most people get frustrated too early and give up.

Case in point: (Urban legend I heard, can't verify all the facts)

Apparently someone won a large unit full of picture frames. Dragged the frames around town for 6-9 months, really couldn't sell many. Said made back money so broke even (probably not) then took the rest (multiple trips) to the dump.

The cost of the frames turned out to only be .03 cents each; but he just couldn't find the market to sell them in. (I think there were originally around 25,000 frames and he managed to sell about 500 in a years time). So he cut his losses and moved on.

I think the ones he was able to sell, he was making between $5-$25 each on.

So imagine a person with the right organization,logistics,marketplace getting 25,000 picture frames for .03 cents each and them selling them for an average of $10! WOW!!

Just because the state allows the legal us of marijuana doesn't mean as an employee you are no longer subject to the rules and terms of a "drug-free" workplace.

You have agreed in your employment contract to uphold the terms mandated by the employeer/insurance carrier in a "drug-free" workplace.

The state deciding to no longer prosecute you for the use and possession (small amounts) of marijuana is irrelevent.

I can't think of anyone (adult) who doesn't already use marijuana who is going to start now just because it is legal.

Those who already use and work for employees with a drug-free workplace policy probably already have ways to get around the testing.

As far as an on-the-job injury, if you are currently using marijuana at a drug-free workplace you are already rolling the dice as to whether or not you will recieve benefits if hurt on the job. Violating the drug-free workplace policy will exclude you from receiving compensation for an injury.

You are still responsible for your actions whether or not using marijuana is legal. If you are involved in an accident and the investigators determine you where under the influence of a controlled substance, it will be up to you to prove your own innocence.

One of the things that happen everyday is people being found negligent in accidents do to taking what could be considered very common prescription drugs that should have little to no side effects.