Storage Auctions

Im just starting out

Im just starting out
« on: December 04, 2013, 05:54:42 AM »
Last spring (2012) I started going to thrift stores and garage sales looking for cool collectibles and retro items to resell on ebay. I had a brand new ebay account, it took me about 4 months to get all of my limits lifted and paypal debit card. I mainly hunted for old toys like tonkas, action figures, mugs, tin toys, signs and advertisement items. But then I started to cut corners by buying toy collections off of people up and down the westcoast. By dec 2012 I acquired such a large amount of toys, I filled up a 1500sq warehouse. I stopped hunting for awhile and focus on selling my inventory from jan 2013-Oct 2013 during that time I reached over 1100 score on ebay. But I grew weary of the targeted possible consumers and in Nov 2013 I took down my inventory on ebay and decided to try my hand in the storage auction realm. I bought 5 units in a 2 week span. Luckily I own a dump truck for the dump runs, and that I have a warehouse to store all of the stuff.

Here is a break down:

week 1
Unit 1 $325 - Beach cruiser, trampoline, kids clothes, kitchenware, lots of crap
Unit 2 $425 - Old dolls, Armoire, collectibles, century vintage fan, this was a solid unit
Unit 3 $475 - China hutch, china, glass ware, nicnacs, vintage stitched blankets, table, mirror
week 2
Unit 4 $325 - 10x25 unit full of boxes and ton of crap %75 was garbage. Rest was vintage glass
Unit 5 $375 - 10x10 unit Lincoln welder, airless paint sprayer, Fridge, Stove, 2 motorized wheelchairs, vintage chair

So i spent about $2000 just on the units including tax, add another 400 on dump runs and gas. So easy to say roughly $2400 spent on these 5 units.

The first 3 units were my learning curve mistakes. I made maybe 400 in profit from those 3 total. Really hurt to find out that the hutch had issues.

But I came back and bought 2 more units (4&5) Unit 4 NOBODY wanted due to the size and how much crap was in there, but i already knew that would be a problem for me since i had a dump truck. I made $1210 on our first warehouse sale from that unit just on all the glassware and nicnacs! People went crazy over the stuff and since i had most priced at $1-$2 it sold like crazy. Unit 5 I made so far about 500 on profit and still have the stove, vintage chair and some smalls. I plan on bulk selling the rest to make room.

Next time (next week) i will be very careful on what i bid on and make sure I dont need to make too many dump runs!
I really do enjoy the thrill and fun of storage auctions! My only regret is why i didnt do this sooner   :'(

Anybody on here do good on there first time out?

Offline Travis

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Re: Im just starting out
« Reply #1 on: December 04, 2013, 07:19:41 AM »
Welcome to the forum. Sounds like you're off to a good start. What area are you in?

Offline bwd111

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Re: Im just starting out
« Reply #2 on: December 04, 2013, 10:25:17 AM »
Being first time out I would write the networks and tell them you want a refund for all the units you bought cause it's nothing like you see on tv.  :P

Offline Alias300

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Re: Im just starting out
« Reply #3 on: December 04, 2013, 01:58:30 PM »

Anybody on here do good on there first time out?

Well, I started with an inside track.  I was 16-17 and friends dad did it.  We only got industrial units with recycling or stuff his contacts would buy.  Most of the time we knew what was in the unit and had buyers before we bid.   Without his help I never would have gotten rid of anything.   Plus he had trucks, recyclers that came to shop, dumpster.....we didnt even pay for gas in company trucks.  It was a good learning experience but without all that help I wouldn't have made a dime.

Then I stopped for years, mainly because I didnt have access anymore to all the above.   I moved into cars and tools.  Nothing big.  I was going to school.  Then "real jobs" but always picked and bartered and recycled.  Things of opportunity. Always kept a eye out, if it came up then cool, but wasn't  out there really looking.

Then a few odd years ago I got hurt. Needed extra income so got back into auctions.   Ive done well, never lost (unless you take into account my time) but I'm real cautious.   Small units.  Must have at least 1-3 items I know I can move for close to bid price.  For me its part fun, part *extra* money not needed money so I take my time and wait for good units.     Tho, that said, I'm a sucker for those $1-$20 units with just a few totally unknown's.  Couple boxes or a duffle bag.   I've lost on a ton of those but it fun and no different than blowing $20 at casino.  And a few of them have been my biggest earners.

So to answer your question, yes I did well my first times out but knowing what I know now that probably wouldn't have been the case had I not had help or if I had jumped into buying bigger units.


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