Red Flags To Look For At An Auction

The storage door rolls open and immediately you know you want this unit. Brand name boxes galore - everything from Sony and Pottery Barn to Ralph Lauren shoe boxes. But take a second look before you assume you just made this months rent.

Given the recent interest in storage auctions, it's no surprise that the frequency of scams has increased. We've already warned you about staged units and pilfered lockers, but you also need to beware of tenant scams. Recall that when a unit sells for more than the amount owed to the storage facility any additional money goes to the tenant. On occasion, a tenant may allow a unit to go delinquent to make a profit.

If the tenant simply abandons the unit to allow it to go to auction, you as a bidder are not in danger. But if someone collected brand name boxes, and deliberately placed them in a unit to generate higher bids, then you'll overpay for a unit full of empty boxes.

We don't mean to suggest that this is the norm, but it does happen. Here's a few tips to help you avoid tenant scams.

#1 Scrutinize every unit. Don't be dazzled by brand name boxes - always consider whether the unit looks natural. Are all the brand names facing you so you can easily read them? Is there anything to indicate the boxes have anything inside of them? Does the unit look too clean to be a genuine storage unit? Too empty to justify the cost of paying monthly rent?

#2 Find out how long the unit has been rented. If the unit was only rented three or four months ago (just long enough for the unit to end up at auction) then bells should go off.

#3 Find out how much delinquent rent is due. If the rent due is $500 but the unit would likely only go for $500 or less, it's not likely a tenant scam because the tenant won't make any money. On the other hand, if the tenant got their first month free or for $1, then their delinquent rent might only be $100 and they could make an easy (albeit unethical) $400.

Storage Wars and Auction Hunters TV Shows - Are They Real?

Storage Wars Barry & Jarrod look for goodies

Do You Believe What You See On These TV Shows?

So you watch the shows on television that shows the winning bidders uncover some item that is worth a small fortune. They sift through all of this junk and lo and behold, there it is. That item that is going to make them a ton of money and they only paid $600 for the unit. It can be a safe, antiques or even money itself. The question is..are these shows real or staged. I believe they are a little of both. Sure you can find items of value but does it occur as often as these shows portray? Probably not. However, I don't think Storage Wars "plants" any of the items in the storage units. I do think that maybe there is editing done and they don't always show the loser lockers. That is until the last few episodes, I believe they saw that the show was portraying every unit being a winner and wanted to show that even the experts get it wrong sometimes.

Now Auction Hunters is another story. Again every unit they buy has some sort of rare item or a valuable piece of furniture. They find slot machines, rare guns and even a Maui Blue Fender Stratocaster, which is a pretty rare guitar. Honestly, I believe this show is either staged or some creative editing is done. Personally, I don't even like the guys who are on it. They just don't seem like to people who would hang out together to me. I mean how clever is it that the big guy is called "Ton". Just an FYI, his name is Clinton so hence the nickname. Again I find this show unrealistic and misleading to anyone who wants to get into the business.

So if you ask me, out of the two shows which one is closer to what really happens at these auctions, I'd have to give an edge to Storage Wars. You have to remember the guys like Dave Hester and Darrell Sheets were doing this before cameras were present. Back then you could buy a unit for $100 and make some decent money if you had a way to resell it. It's kind of funny, I hear these guys complaining about all the "newbies" showing up at these auctions and ruining the business by bidding up units. Well if it wasn't for the shows you are on, this wouldn't have been exposed to the public. Trust me they get paid to be on the shows also, not to mention when it gets released on DVD. I don't feel sorry for any of them. Especially Jarrod...Brandi is a poor mans Jennifer Anniston.

Recently I interviewed my good friend, Tim Brendel. He got tired of all the shows making this business look easy. So he wrote an e-book called Storage Auction Wealth. I recommend it and here is why. Storage Auction Wealth is not a get rich quick scheme. This is a guide to an actual business that can make you a great deal of money if you are willing to put in the work.

I am not going to tell you that you will get rich by doing nothing. If you want to make the money from storage unit auctions then you have to be willing to work at it. Following the tips and tricks in Storage Auction Wealth will make it easier but you still must follow through with the process.

So check it out here. If you are serious about this business it is a must have. If you just want some tips on the business to help you decide if it's for you or not, I say it is worth educating yourself before you get started.

So either visit the link here or simply click on the picture of his book below.

Storage Auction Wealth

              

                                                                                                    

Storage Unit Auction Fraud

Is There Fraud Committed At Storage Unit Auctions?

Unfortunately, the answer is yes. The popularity of the shows on television has driven the crowds numbers through the roof. In fact, on a recent episode of Storage Wars, the star bidders on the show professed their irritation of all the "newbies" who are running up the bids on the lockers. So when you have an explosion of popularity in one particular niche like storage auctions and money is involved, then it is only a matter of time before fraud sets in.

So you may be asking yourself, where is fraud being done. I myself have witnessed it first hand but lets cover a few points of interest before I tell my experience in witnessing some unscrupulous actions. Here are some things to look for when attending an auction at storage unit facilities.

• Check out the lock on the unit. Try to get a look at the lock before it is cut off of the unit. Is it brand new or a little rusty? Is there even a lock on it or has the storage facility cut the lock and put some sort of temporary seal or wire tab lock on it.
  
  
• When the unit is opened do you see any dust? If not, this could be a sign that the unit has had recent visitors. Dust tends to collect quickly and if a unit is 2 or 3 months in default it will probably show dust on furniture or boxes.
  
  
• Are there strange interactions between a bidder and an auctioneer? Watch between auctions if there is close up talk between an auctioneer and bidder. Remember the auctioneer usually gets 10% of the final bid. If the plant bidder runs up the bid its more money in their pocket. If for some reason it backfires on them and they win, they can default and the next lowest bidder wins. It's a win - win situation for the auctioneer.
  
  
• Is the auction a real abandoned locker or is it staged? This is becoming a problem in some states and will probably only get worse. Recently, an ex-employee of a storage unit said his boss wanted to get in on the latest craze. He would put miscellaneous items like abandoned furniture, mattresses and boxes of junk and then have auctions for these created delinquent storage lockers. He could sell the units contents and pass the responsibility of removing the items to the "winner". 
  
  
• Do you see any open boxes? Most people who are truly storing their belongings will tape the boxes shut. Leaving boxes open would expose the contents to roaches, silverfish and rats. If you see open boxes then they have probably been sorted through by the tenant, who is taking the valuables out or the management. Probably a sign that only junk remains in the unit.

Do you need to attend Storage Auction School? Click Here to find out more. 

Please keep in mind that most of the storage unit facilities are running legitimate auctions with trustworthy auctioneers. We are not implying they are all deceitful crooks who are out to rip you off. However, the fact remains that fraud does exist and will probably get worse as these shows continue to gain viewers. The best way to prevent being scammed is to educate yourself on what to look for before bidding on an auction. I personally have had success in the business but have had just as many failures.

I mentioned a personal experience earlier here that made me a little suspicious of an auction I was attending. I was going to video the auction process in order to share my experience with my readers and to post on my YouTube channel. As soon as the auctioneer spotted me videoing, she yelled through her megaphone to cease recording or she would have me removed. I turned the video recording off so I could continue to attempt to buy a unit or two that day.

As I tried to bid on the first unit she ignored me. At the next unit I saw her speaking to what I consider a plant bidder. They conversed before each auction and I knew I was witnessing a game plan being devised. I decided these auctions were probably rigged and predetermined so I just sat back and watched. The bidder would stand near her and bid up the unit. Once he hit what he thought was a high enough bid, he would disappear into the crowd. The other reason I believe he was a plant was he would never even look at the unit when it was opened. If I am going to spend $800.00 or more on a unit, I'm going to check it very carefully.

I hope these tips help and always make sure you are smarter than the average person at these auctions. Remember, if you don't arm yourself with knowledge, you have no one to blame but yourself. Get the knowledge you need to succeed. 

Just Click On The Picture Above To Start Your Training Today

 

Article written and republished with permission by Charles Myers

Jarrod and Brandi's Victrola Find

Jarrod and Brandi take a Victrola they found in a storage unit auction to have it appraised. Studio Antiques is where they take it and to find out what it is worth.

Storage Auction Treasures

What You Will Find At Storage Unit Auctions

Probably the question I get asked the most is what you will find at a storage unit auction. 

Well, each auction is different and you never can tell what you'll find (I've found that that's actually part of the fun) but I really wanted a way for you to see what great items you can get at storage unit auctions independent from what I am telling you - a third party validation of sorts.

So here's what I did.

I went to eBay and searched for the term "storage auction" in the auction descriptions. I found auctions where people said that the item they were selling was something they got at a storage auction. Now, eBays listings are always changing but here are some of the items I found at the time of this writing.

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Here are some of the items from storage unit auctions that I found being sold on eBay:

• 1990 Honda Gold Wing GL 1500 Motorcycle
• 1974 Oldsmobile 442
• Huge Lot Of Men's Indigo USA Jackets-290 Cases!
• Graco G-Max 3400 G4 Paint Sprayer
• Vintage Brass Carriage Clock
• Quickie S525 Electric Power Wheel Chair
• Fluke Multimeter w/Case
• Canon EOS Rebel X Camera With Bag And Extras
• Kelty Super Tioga External Frame BackPack
• 5 Different Soda Vending Machines
• Stratos 16 Foot Bass Fishing Boat

As you can see, there are some really nice items listed that will easily sell for a huge profit.

And they all had many high priced bids on them.

Can you imagine buying a storage unit at auction that has a motorcycle or some expensive tools or even a fishing boat? 

Those are some good finds!

Mistakes To Avoid at a Storage Auction

Mistakes Cost You Time and Money - Learn What Not To Do

Do you want to use mini storage auctions as a way to make money?  If so, money is made with the reselling of merchandise won at an auction.  How you resell your merchandise can have an impact on your profits, but your biggest potential for making money starts at mini storage auctions.  To increase your chances of making money, avoid these common mistakes.

Traveling too far.  It is said that the more storage unit auctions you attend, the better your chances are for making a profit.  Yes, this is true, but you shouldn't have to travel two or more hours to attend these auctions, unless you know they will be large in size.  With the high cost of gasoline, you may find the best luck staying local.  The good news is that if you live in a large city, you may hear of a different mini storage auction taking place every weekend!

Arriving late.  If you seriously want to make money with mini storage auctions, arrive early.  At the very least, arrive ten minutes before the auction is scheduled to start.  Although you may not be able to inspect the items up for bid, you can still improve your chances of getting a sale.  You can scout out the competition.

Not asking questions.  Not asking questions is something that can hurt you.  As previously stated, only travel two hours or more to attend auctions that are large in size.  Unfortunately, you may not know without first asking.  Also, call ahead to verify that the auction has not been cancelled.  Ask what the accepted methods of payment are and how the bidding process works.  Are you bidding on sealed storage bins or whole storage bays?

Bidding too high on blind bids.  As previously stated, you may either bid on a sealed bin or a whole storage bay.  Many times, the units are opened, giving you a quick look inside.  When it comes to closed storage units or sealed bins, bid, but keep the risk in mind.  While most storage units are packed full, some may only hold one box in the corner.  This is particularly true if the renters had the chance to remove items before the auction.

Not bringing a flashlight.  If the storage units you are bidding on will be opened, you may be granted a quick peek inside.  This peek may only last 10 seconds.  So, bring a flashlight so that you can see. 

Not knowing what to look for.  If you want to make money with mini storage auctions, it is important to know what you can profit from reselling.  You are always taking a gamble, but you can make that gamble less risky.  Furniture and household appliances are good items to resell and they are easy to spot.  Look for name brand products.  Look for boxes that are labeled with their destinations, like kitchen, bedroom, or living room.

Thinking you will get rich right away.  Since mini storage auctions do rely on a lot of luck, there is a possibility that you will make a profit with your first auction, but that doesn't always happen.  Remember, the more items you buy, the better your chances of making a profit are.  If you lose money the first time around, know you can make a huge profit the next time.

Making Money On Ebay With Storage Auctions

Make Money With Storage Auctions And Ebay

Are you looking to make money with mini storage auctions?  If so, you need to find a way to resell what you buy.  After all, that is how you make money.  While you do have a number of different reselling options, eBay is often regarded as one of the best.

If you want to resell your winnings from a mini storage auction on eBay, it is best if you are already an established eBay member. This is due in part to scams.  Some people will post items for sale that they don't actually own.  This does make consumers leery of doing business with someone who is new to selling online. 

On that same note, if you aren't an eBay member, you can still make money on the website.  You can make a few purchases first.  These purchases will appear on your account and show that you did pay for them on time.  This is a sign of someone who can be trusted.  You can also start out listing small, low-priced items for sale to help you build up your feedback.  Items that are small in size and in price means less risk for buyers.  Once you have established feedback, start selling the valuables.

When reselling merchandise you purchased from a storage unit auction, it is important to keep fees in mind.  You are charged multiple fees for selling on eBay.  These fees will cut into your profits, but there are some ticks that you can use.  Study the eBay fee scale, which is available on their website.  Did you know that if you sold a piece of jewelry for $25 it would cost you about .50 cents more in insertion fees than if you sold that same piece for $24.99?  It would.

When selling on eBay, pictures are important.  Consumers do not like buying products that they cannot see.  For that reason, be sure to take lots of pictures.  eBay will charge you a fee if you post more than one picture.  The trick is to use free photo sharing websites.  You can upload your extra photographs to those websites.  Then, obtain a code that lets you embed the photographs into you eBay descriptions, free of charge!

One of the reasons why eBay.com is a great place to sell merchandise you purchased at a mini storage auction is because it is one of the most popular online marketplaces.  Millions of consumers visit eBay looking for quality, yet affordable merchandise to buy.  This can work to your advantage.  It means that your for sale items are likely to get more views, especially when compared to setting up a table at a flea market or hosting a yard sale.

The popularity of eBay can also work to your disadvantage.  Many individuals see it as a way to make a quick buck.  If you perform a search on eBay for common home decor items, such as picture frames, you will see thousands of items available for sale.  You need to compete with these others sellers.  Before listing an item available for sale, such as a wedding themed picture frame, look for similar auctions.  List when there isn't as much competition.

You will also want to take seasons into consideration.  If you do not have a lot of storage space in your home, you may want to resell your purchases as quickly as possibly, but you can lose money by taking this approach.  If you have a box full of winter clothes, don't sell them in spring or summer, wait until fall.  Selling items, especially clothes, in season, can increase the selling price and your profits.

If you keep the above mentioned tips in mind, you should be able to profit from the resale of items you purchased at a mini storage auction.  Since most items on eBay must ship, you may want to look for alternative methods of reselling for large household appliances and furniture.

Pros And Cons of Storage Unit Auctions

It's a Tough Business - Are You Up For The Task?

Are you interested in making money with mini storage auctions?  If so, you are not alone.  Many individuals are finding the buying and reselling of goods bought at these auctions to be a relatively easy way to make money.  But, is it the right opportunity for you?

Mini storage auctions are increasing in frequency.  This has a lot do with the economy today.  Many are forced to leave their big homes and relocate to a smaller home or an apartment.  This often results in the renting of a storage unit.  Unfortunately, the economy is also making it harder for renters to stay up-to-date on their bills.  As sad as this is, it does mean more self-storage auctions for you to profit from.  Depending on where you reside, you may be able to attend a different public storage auction every weekend!

It is, however, important to state that there is some risk involved with mini storage auctions.  Why?  Because you don't always get to see what you are bidding on.  Many times, you just get to peek inside the unit from outside the door.  That is why it is recommended that you bring a flashlight.  Yes, you may walk away with valuable jewelry or antique furniture that you can resell for a profit, but you may also walk away with family mementos.

Despite the possibility of a risk, there is a good chance that you can make a profit.  Many make around $1,000 for each storage unit that they purchase.  Remember that your goal is to make a profit, so even if you make only $200, you still made money.  On that same note, some lucky bidders have seen profits as high as $50,000 or more.  So, how do you become one of those lucky bidders?  Through trial and error.

As previously stated, mini storage auctions can be risky, as you don't always get to see or inspect what you are bidding on.  You can, however, use your best judgment and look for telltale signs.  Bring a flashlight with you and look inside real quick. You may only have a few seconds to do so, but look for items that are large in size, like furniture or household appliances.  These items can almost always be resold.  Look for boxes with moving company names or logos. 

Another pro or plus side to using self-storage auctions to make a profit is the reselling options that you have.  You can list your items for sale on an online classified website, like Craigslist.org, sell on an online bidding site, like eBay.com, rent a table a flea market, or host your own hard sale.  As for what option is the best, it depends on what you have to sell.  Large items, such as furniture and home appliances, can be costly and difficult to ship, so you may see the best luck selling them locally. 

If you have never attended a mini storage auction before, you may want to see what one is like.  Even if you don't plan on bidding, be sure to have cash on hand.  While watching the action, you may spot an antique out of the corner of your eye that no one else seems to notice.  Attending a self-storage auction just as a bystander can give the needed confidence to start bidding at the next auction. 

Yard Sales and Storage Auctions

Making Money With Storage Units And Yard Sales

Do you want to make money with the buying and reselling of merchandise found at mini storage auctions?  If so, you need to find a great way to resell your purchases.  While you do have a number of different choices, you may find hosting a yard sale to be your best option.

Before outlining how you can use a yard sale as a way to profit from merchandise bought at self-storage auctions, it is important to focus on those items.  When bidding at a storage auction, you are urged to use your best judgment.  Do not place a huge bid when you do not know what is inside.  If you can catch a glance at the items up for bid, look for name brand products, household appliances, antiques, and furniture.

Hosting a yard sale is recommended when you have many items to sell.  One table of sellable items may not be worth your time.  If you buy a storage unit that packed to capacity or if you purchase the contents of multiple bays, a yard sale will be worth the time and energy.  Also, remember that you can add your own unwanted personal items to the sale.

When looking to make a profit reselling merchandise, you are urged to limit your business expenses. After all, the less you spend, the more money you make.  This is true, but yard sales rely heavily on advertising.  If you do not live in a heavily populated or a well-trafficked area, no one will know that you are having a sale.  That is why advertising is important.

As for how you should advertise your yard sale, visit Craigslist.org.  There, you can place a free advertisement online, just find the closest city to make your posting.  Buy advertising space in your local newspaper.  Most have a section just for yard sales.  This will cost money, but it will be more than worth it.  Always include your full address, the date and time of the yard sale, as well as a sample of what you have for sale.  On the day of your sale, hang bright colored signs with your address or rely on arrows.

When using yard sales to resell items bought at a mini storage auction, keep your asking price affordable.  Yes, you want to make a profit, but remember that people visit yard sales to find the best deals.  That is why you are urged to have a lot of items on hand.  The good news is that if you buy the contents of a whole storage unit, as opposed to a few closed bins, you should get a lot of things to sell.

Before preparing for your yard sale, one step you will want to take is using the internet.  Do you have any items that look like they could be valuable or antique?  You can use eBay.com to see.  Perform a completed auction search of each item.  If it sells online for more than what you would make at the yard sale, pull it from your sale pile.  Do not expect to get full price for antiques at a yard sale.  Instead, sell them online or contact an antique dealer.

Before your sale, start labeling all items for sale.  Blank yard sale stickers are available for sale at most dollar stores and office supply stores.  Pricing your items is important, as not all shoppers stop and ask for price information.  If some don't see prices listed, they will just move onto the next sale.

The day before your sale, visit your local bank.  Ask for change.  If you get buyers who stop because they saw your sale when driving by, they may not have small bills.  Be sure to have plenty of dollar bills and quarters on hand.  Keep your money in a well-secured location.

The day of your sale, start laying out items for sale.  Group similar items together.  For example, did you get a couple of boxes of movies, toys, and books?  Make sure all books appear together, and so forth.  Clothes can be folded on a table or hung from makeshift racks.  Never lay items flat on the ground, especially if you have other options.

Flea Markets and Storage Auction Secrets

Make Money With Storage Auctions And Flea Markets

Do you want to profit from the buying and reselling of merchandise sold at mini storage auctions?  If so, you need to choose a method of resale.  If you have customer service experience and many quality items to sell, you may want to sell at a flea market.

If you want to make money with selling mini storage auction merchandise at a flea market, proceed with caution.  Remember, your goal is to make money, not lose it.  You must rent a table or space at a flea market.  Some organizers charge very high fees.  Depending on what you have for sale, flea markets may not be worth your time or your money.

Speaking of what you have for sale, know how to buy valuables and resellable items at mini storage auctions.  If you can inspect bins or storage units beforehand, do so.  If not, look for signs or use your best judgment.  A storage unit filled with moving boxes and furniture may be the sign of two households that consolidated into one.  Household goods can be resold for a profit.  Also, look for name brand products and antiques.

Returning back to selling at a flea market, see what is available.  If you live in a large city or town, you may have multiple flea markets to choose from.  Before making your choice, visit them.  Which flea markets receive the most traffic or are open the longest?  Then, examine dealer fees.  You do want to keep your costs down, but keep quality in mind.  A flea market that receives more traffic is worth a higher dealer fee.

In keeping with location, if your local flea markets are not popular, you may want to examine those in the nearest large city.  You may have to pay higher dealer fees, but the increased traffic may be worth it.  Do you have a large van or truck that you can use to transport your goods?  If so, consider this as an option.  If you cannot find a decent flea market, remember that you can sell your mini storage auction merchandise online or host your own yard sale at home.

As for dealer fees, see what options you have.  Can you purchase a selling spot for only one weekend, a month, or the whole year?  If you intend to use mini storage auctions to your full advantage, like by traveling to attend them and buying as much as possible, a long term rental is recommended.  The longer you rent a space at a flea market, the bigger discount you should receive.

It is also important to get as much information as possible.  If the flea market organizers have a website, visit it.  If not, call or ask questions in person.  It is not uncommon for some organizers to limit what can be sold.  Upscale flea markets do not want to appear as if they are one big yard sale.  In these instances, it may be common to find secondhand clothing prohibited.  Before paying a dealer fee or signing a contract, make sure you can sell what you have.

When pricing your items, it is recommended that you first do research online.  Make sure you don't have any valuables.  Yes, you can still sell valuables and antiques at a flea market, but know their worth.  As for the rest of your merchandise, keep your eye on making a profit.  Remember what you paid for the merchandise, as well as your dealer fee.  Make sure you walk away with a profit, even if you must slightly raise the price.

As for why flea markets are considered a better method of reselling, it has to do with sales.  Those shopping at flea markets expect to find a good deal, but not deep discounted items like the ones sold at yard sales.  This allows you to reasonably set your prices higher.  Shoppers also visit flea markets with the intent to buy, as a shopper may have to pay an admission fee.  This, alone, increases your chance of making multiple sales.

Sellling Your Storage Auction Merchandise

Tips For Reselling Mini Store Auction Winnings

Do you want to make money with the buying and reselling of items purchased at a mini storage auction?  If so, you need to know what you are doing.  Many people rely on trial and error.  Yes, you can do this or you can continue reading on for a few helpful tips.

The first step in profiting from mini storage auctions starts at the auctions themselves.  When possible, bid low.  This increases your chances of making a profit.  The less you spend, the larger your profits will be.  Next, be on the lookout for items you can profit from.  The tricky part is that some items are stored in boxes, making it impossible to see what you are bidding on.  That is why you are encouraged to keep your bids as low as possible.

The key to making a profit with the buying and reselling of merchandise is to buy it in the wrong market and sell it in the right.  Mini storage auctions are considered the wrong market, but this is in your favor.  Why?  Because you tend to walk away with a better deal.  You are essentially paying a wholesale price for multiple items.  As for the right market, this is where you stand to make the most money.  By choosing the best method of resale, you can make the biggest profit.

So, which method of resale is the most profitable?  It depends on what you have to sell.  Due to their size, furniture and large household appliances are best when sold locally.  When selling locally, you can rent a table at a flea market, host a yard sale, or post a for sale listing on Craigslist.org.  Yard sales are nice, as you can sell all of your items at once, but many people expect to find deeply discounted merchandise.

Items that are smaller can be sold online.  One of the best markets for doing so is eBay.com.  When you sell on eBay, someone from across the country can buy from you.  Smaller items are recommended for reselling online, as they are easier and cheaper to ship.  It is also recommended that you sell valuables online, as you stand a better chance of their full value.

Speaking of valuables, there are some items that you may wish to have appraised.  Be on the lookout for dealers who appraise your items low and then offer to buy them.  This is a common scam that you do not want to fall victim to.  If this happens to you, you may have a very profitable item on your hands.  Why?  Because true dealers do not purchase junk. 

When reselling merchandise you bought at a mini storage auction, it is usually recommend that you clean that item.  For example, if you get a box full of clothes, you may want to wash them first.  You may want to wipe DVD packages clean before selling them.  You will want to be careful with antiques though.  Their age and the history behind them are what makes them valuable.  Not only do you wash away history when cleaning them, but you may also damage the product.  With antiques, it is best to let the buyer decide what they want to do.

In short, there are many ways for you to make money with mini storage auctions.  To improve your chances of making a profit, buy as much as you can. 

Making Money On Storage Auctions

How To Walk Away Making Money

Have you heard that you can make money with mini storage auctions?  You can.
 
Unfortunately, doing so can be tricky.

Before outlining ways that you can walk away from a storage unit auction making a profit, it is important to highlight the risk.  Unlike estate auctions, do you not get to see or inspect the items beforehand.  In many cases, you are bidding blindly.  If you want to profit from storage unit auctions, you need items that you can resell.  You may, however, walk away with a bin filled with someone else's family photographs.

Despite being somewhat risky, there is still a good chance that you can make money buying merchandise at storage unit auctions.  The first step is choosing the right auction.

Most companies will outline online or in a newspaper classified ad how the auction will work.  Do you bid on whole storage units or just sealed bins?  Whole storage unit auctions are popular and they tend to have higher bids.  Of course, you can and should visit all mini storage auctions, but if you are limited on funds, you may find the best luck with individual bins.

If you are bidding on whole storage units, take a close look.  This involves arriving about ten or twenty minutes before the auction is slated to start.  Although you cannot get right inside, you can gauge the merchandise.  Unfortunately, many small and valuable items, like jewelry, are sealed in boxes or bins.  With that said, there are still a number of signs that the contents inside may be profitable.

Is the storage unit packed to capacity?  You may be surprised how many items some people can stuff into small storage units.  While these types of units can be difficult to get a look inside, they are popular.  Those packed to capacity will generally end with a high bid, but your chances of making money increase.  The more items inside, the better the chance are that some are sellable for a profit.     Next, look for boxes.  If you can see them from the outside, closely examine them.  Do any boxes appear as if they have been opened and resealed multiple times?  If so, this is a sign of something that is needed, like insurance documents or family photographs.  These items are not profitable to you; they are essentially worthless.  In fact, you may be required to turn them into the auction officials.

In keeping with storage boxes, are they labeled?  If so, can you read what they say?  Be on the lookout for moving boxes.  They usually have the name or logo of a moving company.  They may hold household items, which can be easy to resell for a profit.

It is common to find furniture inside a self-storage unit.  After all, most people can store a few boxes at their home or in their basement.  Those who rent storage units need a place to store items large in size.  These items, unless packed to capacity, should be visible.  The furniture alone can give you a generalized bid amount, but use your best judgment.

Yes, it is advised that you never judge a book by its cover, but this is what you should do when looking to profit from mini storage auctions.  What does the visible furniture look like?  Is it antique, modern, or cheap looking?  Antique looking furniture may be a sign of a family heirlooms passed down, some of which can be valuable.  Cheap looking furniture may be the sign of a frugal shopping. Yes, frugal shoppers do own valuables, but your chances of making a profit decrease when quality does.

The above mentioned tips can help to get you started with buying items from a storage unit auction.  Remember your main goal is to make money, but you don't always have control over doing so.  In all honesty, making money through these auctions is all about consistency and trail and error.

Storage Unit Auction - Be Prepared

Preparing For A Storage Unit Auction

Do you want to make money buying and reselling items bought from a storage unit auction?  If so, you are not alone.  Many are finding self-storage actions to be an easy way to make a profit.

If you have never attended a storage unit auction before, you may be curious what you need to do in preparation.  Please continue reading on for a few helpful tips.

The day before or the morning of the auction, contact the company.  You will want make sure that auction is still set as scheduled.  If you have to travel far, this will save you a wasted trip.  Some people will make good on their overdue bill to save their stuff, even at the last minute.  This may result in an auction cancellation.

Most importantly, get cash and have plenty of it.  Once you attend your first mini storage auction, you will see how much great stuff is available for bidding.  Yes, you don't always get to see or inspect those items up-close and personal, but you may get caught up in the moment of bidding.  You may want to place multiple bids.  Rarely are credit cards or checks accepted

It is also important to plan on winning.  Yes, you may not, but always have a plan set in place.  You only get a set number of hours, which may be less than 24, to remove your winnings.  If you don't already own a truck or van, can you gain access to one?  Additional moving supplies are recommended as well, including work gloves, plastic tarps, and cushions.

As previously stated, you will want to plan on placing a winning bid.  This means creating a plan of action, in terms of what to do with your recently purchased merchandise.  Although this plan can wait until after you win, it is best to have a generalized idea.  Why?  Because the sooner you can resell the items, the sooner you can make a profit.  It also reduces the clutter around your home, as you won't need a place to store it if it is already gone.

If you win the contents of a whole store unit at an auction, start sorting right away.  You will end up with "junk," that you just want to throw away.  Stop by the junkyard on your way home.  In some rare cases, the storage company may have a dumpster onsite.  If you use it, be prepared to pay a small fee, but it is a convenient way to quickly get rid of garbage.

In addition to items that are considered junk, in terms of quality, you may come across personal items.  They are useless to you.  Turn them over to storage company.  If they do not accept them, you should properly dispose of them in a quick, yet safe matter.  Contacting the original renters is possible, but you may run into problems.  If you offer to give back their family photographs, they may try to get everything else back too.

Once you get all of the items home, resort them again.  This is best done as soon as you unload.  Create three different piles.  What do you want to keep?  What do you want to resell?  What can you donate to charity? 

You will also want to determine ahead of time how you plan to resell these goods.  This is important, as it can have an impact on your storage or where you unload them to.  If you plan to sell on eBay, take the items into your home so that you can clean them and take pictures.  If you intend to sell at a yard sale, leave them in a convenient location, such as your garage.

As previously stated, you can make money reselling merchandise you bought at a mini storage auction, but it can be risky.  There is always a chance that you will walk away disappointed.  If and when that times comes, try again.  Remember, the more merchandise you buy at mini storage auctions, the more your chances of profiting increase.

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What Can I Find at a Storage Auction

What You May Find At Mini Storage Auctions

Do you want to start making money with mini storage auctions?  If so, you may be curious as to how the whole process works. 

When looking to profit from mini storage auctions, you place a bid.  As for what you are bidding on, it depends.  You may bid on a sealed storage bin or a whole storage unit.  Different companies host different types of auctions.  To profit, you take the items you bought and resell them.  Since you are, essentially making a wholesale purchase and paying one fee for many items, there is the potential to make money.

One common question asked is "how much money can I make?"  It does depend on how much you spend at a mini storage auction.  The less money you spend, the more you can make.  It also depends on your resale methods, as some are more successful than others.  Many use Craigslist.org, flea markets, and yard sales to sell locally.  As for selling online, many use eBay.com.  What you buy can also impact your profits, as some items are more valuable than others are.

Since what you buy at a mini storage auction may have an impact on your profits, you may be wondering what is available for sale.  It depends.  People use mini storage units for a wide range of purposes.  Some use them when consolidating two homes into one.  Others use them to store household items when they relocate to a smaller place.  Storage units are also used to house items that people no longer need, but still want to hold onto, such as family heirlooms or financial documents.

Despite the possibility of a variance, depending on the storage unit in question, there are some items you are likely to find at a mini storage auction.

Furniture.  Furniture is nice because it is easy to spot.  Unfortunately, you don't always get to see or inspect merchandise up for bid, but furniture can be seen from far away.  Look for furniture that is antique in nature, as it worth more.  With that said, furniture is something that people need; therefore, it can be resold for a profit.

Home decor.  Home decor often makes it way to mini storage units.  Some homeowners change their decor on a yearly basis, but may not want to part with their old pictures and paintings.  Home decor can be antique or cheap, but it will always resell. 

Home appliances.  Home appliances, such as microwaves, dishwashers, blenders, and toasters can be found at mini storage auctions.  As with the above mentioned items, these are considered great.  Everyone needs these items in their homes.  This means that they will resell, especially at a yard sale. 

Children's items.  It is common to find kid's clothes, books, and toys in a storage unit and at an auction.  This is because these are items that kids outgrow.  As for why they are saved, some parents just don't want to part with these items.  Many hold onto them just in case they decide to have another child.  Yard sale and eBay are popular resell markets for kid's toys, movies, books, and clothes.

The above mentioned items are just a few of the many that you may find at a mini storage auction.  In fact, you can find just about anything ranging from antiques to jewelry to clothes to family photographs.  The key is buying merchandise that you can resell for a profit.

Storage Auction Bidding Wars

Storage Auction Bidding Wars

This is our latest entry on our YouTube channel. You can visit our channel here:

Storage Auction Riches You Tube Channel

This auction was fairly decent but possibly went to high. There was a jewelry case in there that probably contributed to the higher bids. 

Since the new show on A&E called Storage Wars, these auctions have seen the turnout at least 5 times as they used to be. It is nothing to have 100 people at these auctions now with most of them having no clue as to what they are doing. It's a free country but you need to know what your doing to break into this market.

Storage Auction Riches Helpful Tips

Secrets To Buy Storage Locker Bins Like The Pros

Storage unit auctions were a well-kept secret within the resale community for many years before A&E aired the reality television show Storage Wars. Millions of viewers tune in each week to watch entrepreneurs try to outbid each other on bins full from wall to ceiling of miscellaneous items. Often, the bidders will win with a bid less than $300, only to find an antique in the unit that’s worth double what they paid for the entire bin.

The reality is anyone can profit from these storage auctions. All it takes is some start up cash to bid on the units, a vehicle with a trailer to haul the stuff away from the facility, a mode to resell the items and the ability to find the auctions when they turn up. Fortunately, there are solutions that make the endless hassle of locating the auctions more viable.

This guide will walk you through the steps of preparing yourself for storage unit auctions. It will go over a number of topics and common questions for prospective bin buyers. 

About Storage Auctions

Self-storage auctions occur when an individual stops paying rent on their unit. After a certain amount of times goes by without payment, the contents of the defaulted bin become the property of the storage facility. The auction is an unfortunate result in the eyes of most storage facility owners, but it becomes essential to recover their losses. They attempt to contact the default leaser to no avail, and have no choice but to sell his/her stuff to vacate the bin for future use. Storage unit auctions are increasingly more common with the current state of the economy. Most storage facilities prefer to sell all the contents of the bin at once, because they are trying to recover the value of the backed rent, get the bin cleared, and ready to lease.

Bin auctions are the bread and butter for professional storage bin buyers. The bids normally don’t exceed a few hundred dollars and the contents of the bin could potentially be worth way more. Some storage facilities prefer to break up the bin’s contents piece by piece, and sell them individually. The vast majority of storage auctions are bin auctions, for the convenience of the facility’s owner and in attempt to quickly clear the unit for re-leasing. In most cases, better deals can be found at bin auctions, but you shouldn’t completely rule out piece auctions. Fewer people may show up for piece auctions with the mentality that they won’t make enough profit from won items, which would increase your chances of winning an item on a low bid.

Every state has different laws pertaining to storage auctions. Some states allow the bidders to physically enter the unit to get a better look at their prospective buys. Other states won’t even allow the auctioneer or facility owner to open the bin until bidding starts. Knowing the storage laws for the states you will be working is crucial for success in the auction-hunting world. Some websites list the different state laws pertaining to storage unit auctions. Every state also has different laws pertaining to advertising storage auctions. Many require that the seller or facility manager notify the public two weeks before the auction.

What to expect at a storage auction

Storage unit auctions are largely the same as other types of auctions. Bidding normally begins at a firm time, but it is always smart to arrive early. Expect a larger number of people bidding than in the past. The popularity of A&E’s Storage Wars and SpikeTV’s Auction Hunters has caused more people to embrace this unique career opportunity. It is important to be methodical and develop an efficient system to beat out the rest. Developing a system for bidding is crucial to your success as a bin buyer.

Depending on state law, the owner of the facility or the auctioneer may allow you to view the inside of the bin before the bidding starts. Normally, this allows you to see the bigger items stored in the bin, but not the stuff packed in boxes. There are two main formats when it comes to storage unit auctions. Some facilities prefer to use the traditional method of auctioning, when bidders shout their highest bid until someone goes higher than anyone is willing to part with. Another common auction format is the silent auction, where bidders seal their written offers for the bin and the winner is announced once all the bins have been processed. With experience, you will develop strategies for either scenario. If you win, you are usually given a set amount of time to remove the contents from the bin. If you fail to remove it in time, the owner of the facility reserves the right to remove it themselves. Always read the terms of service and any other disclaimers before an auction starts.

Most storage facilities will accept cash from the winning bidder. One major mistake some people make is not bringing enough cash to win an auction. Typically, specifically with the bigger storage companies, several bins will be for sale in a given day. Spending all your cash on the first few auctions could force you to miss something very valuable in the last auction. 

When it comes to resale goods, people are always looking for a great deal. If you can win good auctions for 

an appropriate amount of money, you can definitely turn a profit.

Deciding whether or not to bid

Depending on local and state laws, bidders may or may not be able to see all or any of the unit before the auction. This leaves a lot of guesswork for the bidder on whether or not to bid. A majority of the states allow bidders to inspect the bin from the front door before the auction starts. In this case, you should look for anything on the higher-end. For example, if you don’t normally deal in furniture, but see an antique or high quality chest of drawers, it increases the likelihood that other items of value will be in the bin. If you see nothing but boxes of paper (a common occurrence), then you may want to rethink bidding at all because it’s likely that the bin is full of worthless records of some kind.

Boxes are normally the biggest mystery during a storage auction. Within boxes could be literally anything that fits in that particular box. The box could contain jewelry, antique housewares, old antique advertisements… the possibilities are endless. Most bin buyers rely on the quality of the bigger, unboxed stuff, to determine how high they are willing to bid during the auction.

Remember to bid at your own risk. There is always a chance that you will end up losing money on a storage bin. Be methodical abut calculating risk and always make sure you can profit off the transaction. The resale industry is known for having relatively high profit margins, but one mistake can end up costing you hundreds of dollars. Before bidding, consider overhead costs such as time, transit of goods and the price you paid for the unit. 

Ask yourself these important questions: 

1.) How and where can I sell these items? 

2.) How much can I sell this stuff for? 

3.) Is the profit worth all the hassle involved in winning the auction? 

Where to sell my stuff?

So you won a storage bin and now have enough stuff to fill a 10x10 storage bin. Where do you go from there? Free advertising is the best advertising. Try to sell what you can on sites like Craigslist, or post in local newspaper ads. If you have items to big and valuable to be shipped from a location and require an onsite pick-up, Craigslist will probably to be your best bet.

Ebay has become the go-to auction place to sell literally anything, for any price. As long as the buyer is willing to pay shipping and you can afford Ebay’s listing prices, Ebay will be your best friend. Keep in mind, however, that Ebay is fairly competitive. Your ads need to look clean and professional, or people won’t trust you enough to buy from you. There are a number of books and services that teach you all the ins and outs of using Ebay. If you have never used Ebay before, I highly recommend one of those resources.

A strategy many in the resale industry adopt is specialization. Some resellers specialize in industrial equipment, while others are interested in art. Typical categories include antiques, clothing, appliances and home electronic equipment. Bins will usually contain a hodgepodge of miscellaneous items, and rarely cater to a specialized field. It may be wise to build a network of people specializing in other areas of resale, so you can rely on them to buy your goods, even if they can only buy them at a cheaper price. By building such a network, these same resellers may come to you with great deals on items they don’t have the knowledge to sell. Our primary focus was in recording and audio equipment, but everyone has different interests. Choose a specialization that you know about. It’s the best way to ensure profit. 

Research

Research is a critical step in planning your storage unit bidding. Many people go to storage unit auctions and leave disappointed. Sometimes, the bins up for auction contain nothing of value, and the prospective bidder has wasted their time driving to an auction with no sellable items. An even worse scenario is when a bidder goes to an undesirable auction and pays way more than the resale value of the bin’s contents. You can avoid these unfortunate mishaps by simply doing basic internet research.

An important factor in deciding whether or not an auction is worth your time and money depends on the storage unit’s location. Research the median household income of any region that a prospective storage auction takes place. Focusing on territories with higher median household incomes will always yield better results, because the residents of that territory have more freedom to buy higher valued things.

www.citydata.com is an excellent tool for those that bid on storage bins. You must always remember that the items found at storage unit auctions were bought and forsaken by someone else, so collecting data on the storage facility’s area is always a good idea. By simply typing in the city and state of a particular storage auction, you can obtain valuable information on the people that use the storage facility. It doesn’t take long to collect the necessary information to make an informed decision. Avoid areas with lower than average annual income, and you will be less likely to waste time and money going to auctions that will not yield a profit. 

You can also get “heat maps” of certain areas, with different colors signifying income level. These tools can help you visualize where the real money and best auctions are located, and can help you plan a trip if you want to buy bins from multiple auctions. www.hotpads.com is a website that allows you to search for apartments given certain searchable criteria. We have found through experience that their heat map is very comprehensive and especially useful if we are planning on going to multiple auctions in a short period of time.

To use their income level heat map, simply click on the map in the center of their home page. Type the city, county or state you are researching in the search field. Move your mouse over the “heat map” option in the upper left hand corner of the map, and a list will drop. Select “household income” or “per capita income;” either of these options will give you an idea of the wealth of a particular area. The map will take a second to load, but once it loads, the different zones should be color coordinated, ranging from blue to red. Red indicates a high income territory, while blue indicates a low income territory. See the color map legend in the bottom left hand corner of your screen. You can also add city, state or county labels by moving your mouse over the “Area Labels” section and selecting the desired area label.

Locating auctions

Locating auctions in an area can be a huge hassle. First, you need to create a list of all the self-storage facilities in a given area, including addresses and working phone numbers. After that, you have to sit there and manually call each facility in a given area and ask the manager for the time and date of the auction. Keeping track of all the auctions in an area can get overwhelming, because there are so many facilities and auctions to keep track of.

www.StorageAuctionRiches is a great resource for professional and amateur resellers alike. We provide a list of storage unit auctions going on in any given state, nationwide. We provide the self-storage facility’s name, phone number and street address. We also provide the date and time the auction is taking place.