Looks like it turned out better then what I could see from that little bity picture.

@Big Bizz, if you could make $400 on what you could see in that little bity picture, I need to hire you to come work for me!

In some parts of the country storage facilities have been accepting credit cards for payment of winning bid for years so in those areas it has just been part of the game for the regulars. In my area, none of the auctions accept credit cards that I know of. Allowing bidders to use credit cards is definitely a two-edged sword. On one hand it might put a lot more units out of the smart bidders reach, on the other hand it might run the amateurs out of business more quickly.

Did'nt want to use term "noobie" so used amateur instead. I think it is clear that the "cat is out of the bag" so to speak about storage auctions and I think we will continue to see more and more people attempt to get into this business. We are all "noobies" once, and thier is mixed opinion about what qualifies someone as not being a "newbie" anymore. Newbie has a tone of arrogance, like noone else has a right to get into this business. I think we should qualify it more as "serious newcomers" and "amateurs".

serious newcomers-being those who do their research and have a plan before going to auction and start bidding.

amateurs-being those who seemingly have done no research on storage auctions other then the TV shows, and make goofy mistakes like bidding $1000 on a $200 unit, throwing everything away they win in a unit cause they are just treasure hunting, not bringing a flashlight, locks, money, etc. Asking other bidders at the auction for information and advice so they can turn around and use it to compete directly with them, etc.

It depends, If I wanted the golf clubs for myself I would maybe bid $80 on this unit. Bidding on this unit to resell, I would'nt bid more then $25. I don't think you overpayed though because to be quite honest that unit would probably go for $50 to $90 to the highest bidder in my area right now.

I see $15-$25 in tackle boxes & cooler, $20-$25 golf club & bag (unless very recent and great brand name), is that a big flashlight? $3, $3 suitcase, some clothes? $3.

Cost Of Goods = $80
Fuel = $15 (average distance)
Flea Market Table Rental = $7
TOTAL COST = $102

Grand total at flea market = $44 - $59
Hidden items of worth ?

Profit/Loss on unit $102-$44 or $102-$59 = $(43-$58) loss

Need $58 worth of hidden items just to break even, and thats working for free! (no pay for your time and labor)

I hope everyone reading this forum is seeing how rediculous the TV shows have made the bidding on these units.

This is a story told to me by another "newbie" locker buyer at auction.

His first unit purchased this year he paid $250. It was ALL junk, he was taking EVERYTHING to the dump. On the last tote he was loading he heard something "jingling" in the tote. He dug to the bottom and found a lock box. In the lock box was a collection of gold and silver coins. The retail value of the coin collection was $15,000!

Since then he has bought 8 more units (+ one that day) and all 8 units were complete dump runs! The other regular who was listening to the story basically said. "I'm not saying your lying, but I been doing this for seven years and have never seen anything like that in a unit!"

I personally beleive the story. My question for the group, how long before he spends through that $15,000 he found if he is taking everything to the dump from 9 units purchased? How long before he spends himself into bankruptcy trying to find another "once in a lifetime" locker score?

By-the-way, the locker he won that day was a 10 x 15 about 4 or 6 old filing cabinets up front, a dining room table set with 6 chairs (I sold the same set for $200) end tables, 10-12 boxes, particle board computer desk, and whatever was behind the filing cabinets we could not see. This unit was about 1/3 full. Winning bid $825.00!

Boycotting will not work. You will never get every single buyer to do that and failing to secure a zero attendance just means those that showup will get a better deal. You just have to be able to do the math as you are bidding and calculate the extra fees into your bid. If it's still a deal, buy it, if not, then let it go.
If I think a locker is worth $300.00, I know I have to stop bidding at about $260.00 when they are collecting tax and buyer's premiums. 260 x.10=$26 (premium): 286x.07=$20 (tax, approx.). (Personally, I think it is illegal to collect the tax on the buyer's premium but they do.)

I personally love the auctions with the 10% buyers premiums because so many people forget about it when they start bidding especially the newbies. Conversation at last buyer premium auction.
NOOB "I don't know if I should have spent $750 on that locker, but hopefully it will work out."
ME "No, you just spent $825 on that locker. Good luck with that one."
NOOB sullen look on face, walks away
Said locker particulars 10 x 15 3/4 full, roaches ran for cover when door went up, nasty red couch, washer, Alabama luggage (garbage bags filled primarily with Wal-Mart clothing), Wal-Mart bike (must of been what sent the bidding to the moon  ) nasty boxes, junk, etc.

Craiglstauction, gave the best advice, let it sink in.

When you go to an auction and none or most of the regulars are not there including the local whales it is a very good indication that the facility is known for either going through the units and get all the valuables out, or selling nothing but left over junk and garbage, or staging the units to increase the bidding, or the combination of all three!

business education and experience can make a big difference in the success of opening a re-sale/thrift storefront. I would imagine someone who has run a restuarant, laundrymat, lawncare service, professional office, etc. would have an advantage in running a store over others who have never ran a business before. The relationship between fixed cost and gross sales is very important in determining if a storefront is feasible for your situation. I would think the higher the fixed operating cost you have on the business, the more gross sales you need to cover the operating costs, thus the more inventory you need, thus more storage units won. Even if you have low rent/overhead you still need to have a good marketing/advertising strategy to get customers in your doors. One of the benefits of having a storefront is people will bring you stuff to buy from them and you can pretty much set the price you want to pay for what they have and refuse all the junk. You can't do that bidding on storage units!

*UPDATE*

While sorting through all the junk my "spidey senses" told me to research some of the stuff on EBay. Glad I did. So far I found a vintage Hot Wheels car that sells for $10 - $30, two other vintage Hot Wheels in the $5-$10 range, an old block building set sells for $15 - $50, old deck of cards unopened $10-$20. Some kind of industrial sculpture that is being shown at an art gallery, no estimate on value yet.

Apparently the people who ran the thrift store did'nt research anything that came in there store on EBay, Etsy, Bonanza, etc. Me thinks I know part of the reason why they went out of business. They were trying to sell used plastic food containers from Walmart and plastic cups from fast food places for more than they were asking for the vintage Hot Wheels!

The bad news (or good), now I have to go back through 4 garbage cans, and 20 boxes of garbage to make sure I did'nt throw away any good stuff myself.