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What's been your biggest loss on a storage unit?

Offline Travis

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What's been your biggest loss on a storage unit?
« on: July 08, 2014, 08:17:08 PM »
What's been your biggest loss on a storage unit?

Offline alloro

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Re: What's been your biggest loss on a storage unit?
« Reply #1 on: July 08, 2014, 10:07:44 PM »
Please explain, what is this "loss on a storage unit" to which you refer?

Offline Travis

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Re: What's been your biggest loss on a storage unit?
« Reply #2 on: July 08, 2014, 10:39:04 PM »
Please explain, what is this "loss on a storage unit" to which you refer?

Come on now, we've all been burned at least once by the locker that looked good from the door but turned out to be trash.

Offline alloro

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Re: What's been your biggest loss on a storage unit?
« Reply #3 on: July 09, 2014, 09:51:00 AM »
In all honesty, I have never lost money on any storage unit I've bought. Yes, some are more profitable than others, but never a loss. Perhaps I'm just a bit pickier than most, but I'm the type to only bid on what I can see and I never get caught up in the excitement of the bidding process and overpay.

Offline dbr831

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Re: What's been your biggest loss on a storage unit?
« Reply #4 on: July 09, 2014, 10:38:44 AM »
I haven't lost anything huge but have had loses on a couple. Less then $200 loss on a couple different units. Maybe 3 units in the last 5 years.  It's funny, once you can tell that a unit is not very good you just try harder to find the profit. Often it's there just not obvious. Maybe recycle or selling a bunch of cheap items as lots on EBAY. I garage sale off the left over stuff and occasionally that stuff is the only stuff you can sell out of a unit. A hard way to make a profit but it can be done.

Offline luke

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Re: What's been your biggest loss on a storage unit?
« Reply #5 on: July 09, 2014, 11:09:35 AM »
I don't know if this qualifies as my buy... But my wife bought a unit for $70 just a table and 2 chairs. She wasn't able to see it well, turns out it wasn't in good shape.  She sold it for $50 as a restoration product on Craigslist..

So $20 was the biggest loss.

I had a few units I call losses, because the time spent for the tiny amount of profit out of them wasn't worth it.

Offline Travis

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Re: What's been your biggest loss on a storage unit?
« Reply #6 on: July 09, 2014, 01:35:40 PM »
I thought I was immune from loss because I only bid on what I can see. Earlier this year I bought a 10X25 that was packed full. Paid $650 and thought I would certainly make good money on the unit. Nope. After spending all day cleaning it out and paying 2 laborers, I realized the unit was a set up. Everything in it looked like the stuff that didn't sell at a garage sale. Pulled some stuff out that I could use around the house, sold the unit to another storage unit buyer for $400 and moved on. After expenses, I probably took a $400 loss. It stung a bit.

Offline alloro

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Re: What's been your biggest loss on a storage unit?
« Reply #7 on: July 09, 2014, 02:26:17 PM »
I thought I was immune from loss because I only bid on what I can see. Earlier this year I bought a 10X25 that was packed full. Paid $650

So everything you could SEE in the front row was worth more than $650? To me it sounds like you assumed everything in the back that was hidden must've contained treasure.

For me, if I see a box I consider it empty unless I can actually see the inside of it.

Offline Travis

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Re: What's been your biggest loss on a storage unit?
« Reply #8 on: July 09, 2014, 02:40:45 PM »
Yeah, I saw a $650 return, but when I got inside I realized every item was broken or missing parts. The unit probably belonged to another buyer. He filled it with all of the stuff he couldn't sell hoping to make a quick buck.

Re: What's been your biggest loss on a storage unit?
« Reply #9 on: July 10, 2014, 08:17:44 AM »
I think my biggest loss was $2,000.  10x30 packed.  Brand new merch up in the front 2' looked good so went up to $1,400.  Moved the first row, about $300 worth of value and it was all bags of garbage, mold, urine in bottles ..etc.  Balance of loss comes from dumping fees.  Bleh.

Offline Cobia

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Re: What's been your biggest loss on a storage unit?
« Reply #10 on: July 10, 2014, 01:19:36 PM »
Depends on how you calculate loss. Hobbyists and newbs may only think a loss is buying a unit for $500 and only selling the contents for $400 so that is a $100 loss. Full-timers know you have to add in direct expenses and even indirect expenses into the equation to determine profit or loss.

I can say for sure my biggest direct expense loss on a unit was $600. Paid $750 for the unit, dug through it, saw nothing but garbage and yard sale smalls, re-sold it that day to another guy who was trying to get in the biz for $150.

I have had small units that probably were a couple of hundred in the negative, and large units that "broke even" but once I honestly added in all the direct and indirect costs associated with processing and selling the contents, probably lost around $500.

Re: What's been your biggest loss on a storage unit?
« Reply #11 on: July 10, 2014, 05:30:08 PM »
Full-timers know you have to add in direct expenses and even indirect expenses into the equation to determine profit or loss.

Good point here. 'Breaking even' on any unit is really a loss. I would even go so far as to say the direct profit of a unit needs to be at least a $50-$100 profit for it not to be a waste of time/wash.


Re: What's been your biggest loss on a storage unit?
« Reply #12 on: July 11, 2014, 09:46:35 AM »

I would even go so far as to say the direct profit of a unit needs to be at least a $50-$100 profit for it not to be a waste of time/wash.


You value your time to little! I guess its really a unit to unit basis in my opinion, if it is a super fast clean out and a small unit I am satisfied with a $200-$300 profit, if it is a larger unit with alot of stuff to sort through better be at least $500, but I am happier with $1000+. Then again this is not my main source of income so I value my time outside work highly, if I'm not making $30-$50 hour on a unit, I'd rather be out spending my money on more relaxing things than going through other peoples junk. So in most cases if it is not at least $500 profit for me after all expenses I consider it a loss.

Re: What's been your biggest loss on a storage unit?
« Reply #13 on: July 21, 2014, 09:03:25 AM »
I've only really lost on one unit!!  If my time was nothing I broke even, but I had about 8 hours invested in it..  so I consider I lost 200$ there..


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