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Messages - Cobia

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946
Stories about Storage Auctions / Re: Went to my first storage auction!
« on: October 18, 2011, 07:36:02 AM »
But i didn't get a locker :P

2nd locker (10x15): This was a business unit. 2 computer desks, 3 filing cabinets (in good shape) and half-dozen swivel chairs (one of them seemed broken). I went after this but got outbid. Yeah...carrying $2 grand and got outbid. Remember those college-aged kids i mentioned? 3 of them were fighting me tooth and nail. The unit ended up going for $3,050.

It was fun to go to the auction, but not fun because i lost a good unit. Oh well. Better luck next time.

If that is all that was in there you did'nt lose a thing! I don't think you will be seeing the winner of that unit at an auction again! Maybe it's just me but it's hard to get even $3000 in gross sales from one unit. We are typically shooting for double the money of the winning bid amount, so do you think there was $6100 in used/resale inventory in a 10 x 15 ?

947
My honey and I are just starting in this business. We have had plans for over 4 years. I know we missed the obscurity phase of this business, but we are willing to pull up our sleeves and give the ole American Dream a try.

If anyone can offer some solid advice it would be much appreciated. We had attended a few auctions just lately and a couple of years ago just to check out how things work.

While my honey is hot to buy a box truck, I just want to use what we have: 1 ton pickup and small trailer. I really don't want to put all of our eggs in one basket, we did that once and lost all of our working capital for former business. Just the thought of doing that again makes me quite wary of any impulsive moves.

My man is a dreamer and I hope his dream comes true. I am the one who has invested many hours on research and organization. I just hope with his zeal and my common sense we can make a go of this and be a success.



One of the most common mistakes of any business venture is growing to quickly or more precisely reinvesting the profits of the business directly into property, supplies, other resources, instead of holding on to that capital and tracking how the highs and lows of the business cycle go. Storage auctions are no different, its real easy to grow yourself into unmanagable overhead costs.

Good Luck!

948
Stories about Storage Auctions / Re: Jackpot ! Jackpot in the Safe ?
« on: October 14, 2011, 01:20:15 PM »
To date (Oct 14, 2011) this locker has a NET profit of $1,675. Locker was won September 24, 2011.

Still have six big pieces of furniture and maybe another 10 items in the $25 to $100 area as well as some real smalls for the flea market.

Note to newbies and lookeyloos !

This locker is NOT typical of what you will buy on a regular basis. In my experience this kind of locker pops up somewhere between 1 in 25 or 1 in 50 locker buys !

Stop lying! EVERY unit grosses at least $5000!  ;)

949
General Storage Auction Talk / Re: the price of online auctions
« on: October 14, 2011, 01:18:30 PM »
Thought I split it up since it is getting really long, lol :)

unit 5815 sold for $470, pass, these people pretty much paid retail. sad. Expensive barrel of clothes, lol. May got lucky and found hidden treasure in that pile. hope they went through all the pockets.

Unit 2528 sold for $2015, too bad cant use a flashlight in this one. $500. Taken chance on boxes and blue cabinent. At least I know I can make half that back with just the fridge.

unit 2009 sold for $1310, $800 my max. Lots of tools, but pretty bare. Was expecting to see more with the amount I saw bidded on it.

unit 3205 sold for $660, pass

 unit 5835 sold for $555, lots of records, but hard to move, nikes look good, but no box. Maybe $250, thats if I even decided to jump with it. Otherwise pass.

There is a current one going, unit 5945, currently bidded at $310, my review:
Propane BBQ Pit, $80
Side by side Fridge, not working $25, working $200
Washer $25 not working, $75 working
Dryer $25 not working, $75 working
Stove $25 not working, $100 working
Propane tank $5
Extension Cord $2
What looks to be liquid detergent, keep, maybe save $3
for that stool, $2
figuring there is something on the other side of fridge next to washer, most likely another home appliance, my guess it would be a dishwasher, $50

So what do I have in total here:$592 at the most. There may be some stuff hidden in the appliances or BBQ pit, not liekly though. But if there is it adds up. Now with that, what is my limit $300. So yes I would of already lost this one. But I will be happy and not pissy about buying a locker for to much money. :)

Any comments?

Did this so the noobies can learn a lil something, and so others can see how I operate.

I did not go to the site myself, but based on what you are quoting it sounds like their is more competition, more time to research the retail value of the items, and a little bit of QVC gambling going on. The last thing I want is to join auctions with more people competing and more time to research information.

950
General Storage Auction Talk / Re: How to handle...........
« on: October 14, 2011, 07:42:44 AM »
This is a great thread!

I agree with everyone else, downplay your successes but don't go over the top crying "poor mouth" like you lose money on every unit. They won't believe that. I typically give a little good with the bad, never brag or rub it in when I do well, but don't pretend I am losing my butt on every unit either.

As far as the lady "running you up". That is to be expected. Expect it when you are a noobie, and expect it again later when all the regulars see you are gonna stick around and you start really competing with them.

Helpful hint* Have the capital to fight them off, know what units they like and why they are into storage auctions so you can turn the tables on them. If someone becomes a real pain, and is singleing you out to "run up", make it impossible for them to win a resoanably priced unit they want. Most people will back off once they know you can make it tough on them. Until you have enough money to play that strategy, just roll with the punches and don't overract.

The Teacher makes a great point about how much info we share about are own business on this forum. Don't know how many followers from our "neck of the woods" are lurking on this forum as guests and putting 2 & 2 together to find out who we are.

951
General Storage Auction Talk / Re: Business Info Needed
« on: October 13, 2011, 08:06:00 AM »
You can run everything through your schedule C on your tax return without having a business, some of the reasons why I registered as a business are:

mitigate liability, establish lines of credit, business expenditure tax deductions, quicker growth potential (hire employees, open retail store, etc.) I have already found that there are other potential businesses that dovetail from doing storage auctions, for instance operating an auction house, operating a foreclosure cleanout business, etc. It just makes sense to me to be established in case any of these or other opportunities presents itself so I can move on it much quicker.

Depending on your local laws, you may not need a "business license" for your operation, but a resale certificate would probably be helpful.

952
Has that location been known to "set up" units in the past? Has something changed with the management that might cause them to "set up" units? I have noticed in my area some facility owners are putting thier personal garbage or stuff they are trying to get rid of from other businesses in thier storage units and auctioning them. I have also noticed facility owners using their auctions for friends and family to sell off thier old stuff they would normally give away, throw away or try to sell at a yard sale. It's very obvious when certain people are following the facility owner/manager around but are not bidding, and smiling from ear to ear when the see how high certain units go for during the auction.

953
General Storage Auction Talk / Re: Business Info Needed
« on: October 12, 2011, 08:10:38 AM »
I have a business license. Just my opinion, but I believe you can only grow your income/business so far doing it "under the radar".

954
General Storage Auction Talk / Re: man auctions in my immediate area
« on: October 12, 2011, 07:46:56 AM »
Have been getting canceled left and right

That happened in my area big time through out August and the first part of September.

955
Garage Sales / Re: Throw it all in boxes,and let them dig for it
« on: October 11, 2011, 08:12:57 AM »
this is my strategy, mainly because of laziness on my part but i do think its the best way to go. first off people want dirt cheap prices expect to be getting paid in 0.50 pennies.

My attitude if people want to pay such dirt cheap prices they can work for their finds digging through boxes.

With storage auctions you have so many little odds and ends even if you do have tables you can only fit so much and still have it easy to sort through and if you have dishes and wne glasses and stuff expect people to break them.

At the very most if you have several large tables maybe do a $1 everything on this table organization but for the most part I throw out tubs and let people dig. It's generalyl barely worth your time evne taking a day to sit outside and wait for people so why also make yourself work for three days before the sale labeling an organizing

I don't think it is laziness, I think it is working smarter and valueing your time. I have done something similar, but I thought different people like different buying experiences so I have had some boxes for people to dig through, some stuff nicely displayed without prices so they can haggle, some stuff priced in case they are to shy to ask what the price is, etc. I think you may be on to something, if 80% of what is sold goes for $2 or less, why spend time sorting and displaying (except for breakables) just through it in boxes and let them do the work. I might try everything unsorted in boxes and see what kind of sales I generate (as long as I don't expect to get more than a couple dollars for it).

956
General Storage Auction Talk / Re: Question for the vets...
« on: October 11, 2011, 07:32:27 AM »
The Teacher...

Cool....

To readers: If you click on the .jpg name of the pic (just below the pic) it should enlarge and give you a better view than the smaller pics.



I'm not seeing the picture or the .jpg name?

957
Stories about Storage Auctions / Re: Stupid people piss me off
« on: October 11, 2011, 07:30:07 AM »
I check all change for silver also check pennies for either wheat or 1955 double die cast. Also I check my bills for star notes.

What is the significance of "star" notes? How rare is a 1955 double die cast?

958
General Storage Auction Talk / Re: Question for the vets...
« on: October 10, 2011, 08:10:02 AM »
I was wondering for all the vet buyers out there how long did it take yall to start being successful in buying/ making money in the world of storage auctions?

I am not sure if I have been doing this long enough to be considered a vet, but I did start in this business during the most competitive time in this industries recent history. I have been successful since day one with my first unit, but I have had a couple of losers.

A unit I bought for $310 and I am selling the last of the stuff out of it and will make about $150 on it.
Another unit I bought for $1 just for the experience and gamble, spent 2-3 hours cleaning it out, found a handful of clothes good enough to sell at the flea market, I did'nt really track what I made on those few clothes but don't think the time and effort was worth it.
Another unit I bought for around $400 and looks like I am just gonna break even.
Sometimes it's just dumb luck, bought a unit for $600, 10 x 10 packed out, behind the first row of boxes and totes was nothing but old worthless matresses and box springs, cost me $50 to dump them, knew for sure this was going to be another loser. It had a Maytag washing machine (which everybody saw, part of the reason it went so high) I sold for $250 and in the few totes I found $400 worth of Avon cosmetics and two swiss made sewing machines that sell for between $150 - $400 on Ebay depending on type and condition. Oh, also sold a dining table set for $150. So it looks like this unit is going to turn around for me, just REAL LUCKY though.

The other 25-28 units have been profitable.

959
Stories about Storage Auctions / Re: Arcade Galore
« on: October 10, 2011, 07:57:20 AM »
Was that unit in the Dallas Metro area or outside in a rural town. That unit would have gone for at least $2000 probably $3000 or more and I am in a much smaller metro area then Dallas.

You are absolutely right, I always bring enough money to buy every unit if I wanted to.

960
New to Storage Auctions? / Re: Here is a dumb question......
« on: October 09, 2011, 07:54:07 PM »
Wow, I'm not trying to step on any toes here. I realize that buying lockers is NOTHING like the tv shows and knew that going into it... I am NOT afraid of a little (or alot) of hard work. I am knew at this and also have a full-time job, so I am not planning on taking over the industry. Apparently the "regulars" at the auctions also thought I was there to infringe on their territory. I'm not quite certain how one group of people have the claim to ALL storage auctions. I went to my first auction this week and the regulars were flat out MEAN to myself and another couple that was new at it as well. I have never been treated so badly by strangers. If I were to open a coffee shop in my city, I couldn't expect that no one else would ever open a coffee shop as a competitor. The nature of capitalism is competitive.



You have already explained the reason for the animosity towards you. You have a FULL-TIME job and are doing storage auctions part-time. You are competing against people who have little to no other means of income, of course they are not going to be friendly with you. Before the TV shows this was a underground industry where people with few other alternatives could make a living. Think about people with felony records who can't get jobs anywhere else, people on disability, people who dropped out of school before graduating (high or middle, not college) people who are retired with little retirement income. I am not saying you don't have a right to do storage auctions, you absolutely do, but understand many of your competitors would be lost without the income they make doing storage auctions. If it doesn't work out for you, you still have a full time job.



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