Storage Auctions

Have the tv shows and the crowds ruined the storage game for everyone?

Offline rulesforrebels

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I think most of us know every unit you buy is a gamble. Maybe that tv in the unit wont work, maybe there's not a market for whatever got, maybe those purses, clothes, etc whatever are fakes.

You gotta leave yourself plenty of room to make money because you never know what your going to wind up with and what you get reselling can be less than anticipated. Also, since your not always getting a unit there's wasted money in gas, time, etc.

In the past when good units were going for cheap there was plenty of money to be made. With the crowds, some newbies overbidding, etc there's some units where I know you could make money but maybe only make 30% as opposed to 100%.

I guess basically is it getting to the point where prices are getting so high it's not worth the risk or the work for what you'll make off of a unit?

Offline MovieMan

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Re: Have the tv shows and the crowds ruined the storage game for everyone?
« Reply #1 on: February 03, 2011, 06:39:54 PM »
Well, I always have gone by the doubling rule. I want to double what I paid for it. Three or four times would be nice, but happens less frequently.

Each person has to decide if its worth it. At the flea market it's rare for me to take less than a $1 for any item, but once in a while I've given in to 50 cents if the poor soul looks like it's his last quarter, two dimes and a nickel !

I track all my expenses and income and use a formula that pops up what percentage of return I am at on a running basis. At years end the ideal (as I said) is to be at least at 2x times the money. My best year I was at 2.74x and in 2010 I ended up at 1.99x the money.

Offline rulesforrebels

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Re: Have the tv shows and the crowds ruined the storage game for everyone?
« Reply #2 on: February 03, 2011, 06:45:06 PM »
Movieman, I usually try to go by the same double your money rules. 6 months ago I was making 3x-4x what I put out on a unit. Now i'm happy to double my money and I think doubling is a good strategy.

My problem is that I'm not seeing many units I can doule my money on. I'm seeing plenty of units going for say $400 where I could make $100 maybe $150 on top of the $400 but for all the work required and for the risk is it really worth shelling out $400 to maybe make $150?

I guess that's basically my problem and the premace of the thread. Now that everyone knows everyone goes and those units are no longer going for prices where you can double up.

Offline MovieMan

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Re: Have the tv shows and the crowds ruined the storage game for everyone?
« Reply #3 on: February 03, 2011, 06:46:11 PM »
Only you can decide if it is worth it for your time, effort and the reward you get.

Offline rulesforrebels

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Re: Have the tv shows and the crowds ruined the storage game for everyone?
« Reply #4 on: February 03, 2011, 07:14:30 PM »
Well first off hope I'm not being a board hog but really enjoy this board and the few of you regular posters are great to chat with and bounce things off of but this board could definately use some more action so figured I'd pipe up a little more.

Anyhow, I guess you make a good point, its all about whether its worth it to you to do all the work and take the risk to make a hundred buck when yourhaving to shell out $500.

My strategy has kind of changed. Not many units are going for cheap but I often see units that are pretty full but look like they have lots of garbage, lots of clothes, a few boxes. Pretty much any unit I can get for Under $40 or $50 I take providing its full of stuff even if its crap.

I figure I can probably make back my money on clothes or a table or whatever random items are in there and I'm taking a gamble that I come across some coins, antique, electronics or something worthwhile. I figure as long as I can mkae my money back and a little extra for my effort it's like buying a lottery ticket.

I used to go for nicer units but anything halfway decent is going for a fortune so I'm buying the bottom of the barrel units now.

The guy who started this site has the right idea. Which by the way who does run this site? Is it one of the mods? Anyhow, they got the right idea by cashing in on the newbies, people who watch the tv show, etc.  I'm doing the same thing myself as well making money telling people where auctions are in my area, selling guides on how to make money in this business etc. Gotta try to make that money anyway you can.

Re: Have the tv shows and the crowds ruined the storage game for everyone?
« Reply #5 on: February 03, 2011, 09:02:31 PM »
Sometimes it may seem like it's "game over", but I'm finding that if you attend enough auctions, there are still some deals to be had.  I'm still doing just fine and don't have any plans on getting out, but it's definitely not as easy as before the shows, that is a fact! 


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