Storage unit auctions?

[Terreldactyl]

I didn't know where to put this thread. Who here goes to storage unit auctions? Successes? Failures?

 

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[Keppy]

I know were they all are in my area but i have not went to any yet............... But you better have a good outlet for what you get or you will just lose money......

 

[Terreldactyl]

I know were they all are in my area but i have not went to any yet............... But you better have a good outlet for what you get or you will just lose money......

Yeah I was thinking that. Some stuff you could sell on ebay but furniture doesn't ship so well.

 

[vpnavy]

I watch the reality shows on TV - does that count Terreldactyl.

 

[drbecker]

I do them all the time. In fact I am cleaning up one now. They are real hit or miss one will be great the next all junk. The reality shows are not real there is not a great treasure in every locker. I have allready taken over 2000 pounds to the dump from my last locker and bet I have more then that to go. My big finds so far 1 gram of 10K gold 2 grams of 14K gold about an ounce of sterling a nice kitchen aid mixer, 6 pieces of snapon tools, and a cheap paintball gun. I have also found about a 1000 pounds of filthy dirty clothes including maybe 200 pair of worn out shoes 2 of the huge worthless projection TVs and those things are heavy. I will not be making money on this locker unless I find some really great things in the bags of dirty clothes I have left to go through. My best locker I found over $4K cash and it looked like a trash locker. I have also taken the entire locker to the dump making nothing on it the worst one had 20 mattresses in it and nothing of value. I like treasure hunting so keep doing it but to make money at it you have to be very selective what locker you buy. .

Once in a while you find something nice like this 18K gold ring from a homeless person hoarder unit.

 

[diggummup]

If your gonna do storage units, be prepared to set up at the flea market to get rid of stuff. Also, the local dump and Goodwill will become very familiar to you.

 

[Generic_Lad]

When thinking about storage units you've got to think about why the people didn't pay.

After all, don't you think someone would want to pay their $25 a month bill if they're storing $4,000 worth of stuff in there?

Instead, when they choose not to pay that's usually because they've only got junk in there and to clean out the unit would be more effort than what it would be worth for the contents to be seized.

You mostly find clothes. Lots and lots of junky clothes. Old TVs are also pretty common, mattresses and broken furniture is also par for the course.

Sure, every now and then you might be able to find one of an old lady who stored her jewellery in there and died and her relatives haven't paid the bills, but most of the time people don't pay because they don't store anything worth paying for.

I suppose it wouldn't be too bad if you ran something like a flea-market booth, it certainly would provide a quantity of items, but the quality of them leaves a lot to be desired.

 

[Keppy]

As you seen on those shows most of the bidders ..Own a store to get rid of there items...........


Like i said you have got to have a outlet....... Even on that show baggage hunters they all had there own store......

 

[Peyton Manning]

if you see Brandi tell her jeff says hi

and to dump that loser jarod

 

[pippinwhitepaws]

i used to work for an auction company..estates, storage units..ect...

mixed reviews...yes i found treasures...but the crowds are unmanagable...everyone just NEEDS to get that box...people running up the bid...just cause they can...an if they can't have it...you will pay...

but...i must have enjoyed it...i had many years of saturdays an sundays spent rummanging through boxes...

 

[billjustbill]

I didn't know where to put this thread. Who here goes to storage unit auctions? Successes? Failures?

The real reason I haven't gone to any around the Ft. Worth and small towns, is that in a local newspaper classified ad, the storage unit owner already lists the contents of each storage unit!!! Now, how can a buyer find much of anything if the owner already goes though the contents and "may or may not" have cobbed all the good stuff? Seems just plain CROOKED to me.

 

[cyberdan]

if you see Brandi tell her jeff says hi and to dump that loser jarod

I drive past their store every saturday doing my YS route. Poor neighborhood, crappy old strip mall, their two big old trucks parked out front take up half their parking lot, but inside the store it is arranged neatly and all the overpriced price tag are in plain site.

I think they are a pretty good match with each other. I am sure you only see her good side when the camera is on. now jarod is another story he don't care if the camera is on or off, still a jerk.

 

[lonelyduckhunter]

I buy between 20-30 lockers a month. Its a full time gig. When I first started in this business I bought any locker I though was a good deal. I've become a lot more selective now then what I once was. I have bought entire lockers where I have thrown the whole locker away because none of it was sellable. Two weeks ago I bought a locker that will probably become my best locker ever it was loaded with Outdoor gear hunting, Fishing, Ammo, Coins, Cash, Boat Motors etc. Come to find out the guy is in jail got locked up 5 months ago for domestic dispute issue's found it online. Couple tips only spend what you can afford to lose it's all a gamble it's about minimizing your risk. Be prepared to spent a lot of time processing and researching items. You will see a lot of common items over and over again. Maximize your profits by finding networks to sell your goods examples books stores, ebay, craigslist, musical instrument buyers, auction houses etc. Once you create a network selling becomes easier. Also with seasonal items be prepared to hold and sell in season for a lot better prices a perfect example is AC Units. Also don't become attached to what something sells for it the item sells for 400 new and your trying to get 300 it might take you awhile to realize your price if ever. I sell my stuff at movable prices. This is a cash flow business if you do it whether part time or full time. It takes cash!! Keep track or your units and figure expenses before and after you buy. I know what my labor runs and usually have a pretty good idea of how much time I'll have in labor, gas and misc expenses to clean out units before I even bid. That's a factor in how much I will spend. There will be dump expenses try to minimize them. You can start small and work your way up remember its a gamble and lockers can be deceiving sometimes. I have bought nice neat units filled with containers and turned out to be a worthless hoarder unit. Try to take pictures of your units before you move them for your records sometimes you can spot similarities which will help you in the future. There is a great website www.storagetreasures.com they even have pro training well worth the money it cost to do it. The forum it free and you can find sales in your area for free once you sign up for a account. It's fun and exciting and can be turned into fulltime but it's a lot of work. The hard work is selling your items most time. Furniture most times is slow movers be prepared and create a network. It is however like Christmas everyday.

 

[diggummup]

Although I haven't bought any storage units. I've often thought about it and did a little research about it. Down here in Fl. all lockers that will be going up for auction have to be posted publicly in the newspaper beforehand. It gives the name of the person/s and the unit number/s. Researching the names of these people will help aid you in buying lockers sometimes.

 

[BosnMate]

I've bought two storage units, and broke even on both. That is I got my cash back, but not time or gas. Sold the stuff on Craigs List, kept some tools and there was about ten bucks worth of change in one. I passed up on one I felt good about, mostly old woman stuff, jewelry showing etc., but several mattress' and large furniture, and where I live the dump is free, but you have to pay something like $7 each to get rid of a mattress, and I didn't feel like hauling off the big stuff. My feeling is unless you are really lucky it's not worth the time. Of the two I bought, I felt the people came in and took the good stuff home, then left the rest in there and quit paying rent so the storage unit was stuck getting rid of the stuff. Haven't been back. Another I passed on was a huge motor home that went for $300. Trouble is you weren't allowed inside at all, and couldn't start the motor, no key to the door or starter, and how do you clear the title etc. I've often wondered how the people did that bought it, I suppose the potential for making a good profit was there, but no guts, no glory.

 

[trdhrdr007]

The huge motorhome at $300 may have been a money maker. In my neck of the woods you don't have to have a title to scrap it as long as it's old enough(199x but forget exact year). Depending on how huge it was I think I could at least double my money with one phone call to a buddy that scraps cars.

 

[lonelyduckhunter]

Some good points researching tenants names before a auction can help or at least get a idea of the type of person they are or the circumstances there in. Each state the law is different but in my state a picture of the unit has to be taken with a general inventory done. The honest auctioneers and unit owners always stand at the door and write down what they see for the inventory never search through the stuff. The way it usually works around here is once the tenant is 5 days late there lock is cut and the owner sticks his lock on the door and the inventory and pictures are taken. A certified letter is sent out and a auction notice is posted at 30 days the unit is then sold between day 60-90. There are dishonest unit owners that will search through take what the want then auction the rest. This is a rarity with the ones I deal with. If they get that rep then they won't get buyers attending there sales. We have a moving company around here that sells vaults that have staged units they now get hardly anyone attending because of this. I deal with the larger companies like EZ Storage, Extra Space Storage, Cubesmart, Public Storage, Uhaul & Storage Villa. They all have good reputations and turnouts at there auctions because they do it the right way. Extra Space is my favorite of all of them because they will work with you if you need a little time and are very friendly. Cubesmart is probably the worst when it comes to working with the buyers on time. I once saw a 20 x 30 unit stacked to the ceiling and I mean stacked go for 250.00. The district manager only allowed 24hrs to empty it from the end of the sale. This unit would of taken at least 3 26' box trucks to empty but he insisted on the 24 hours. If he would of allowed more time that unit would of brought 10 times that money and they would of paid off the balance of the tenant. Another little known fact is once a sale is complete the law in most states is if the unit brings more then what the tenant owed the storage facilities are supposed to send the balance back to the tenant once the tenant request it. I agree with the motorhome 300 was a good buy. As far as titles go every state is different but mine you just have to show proof it was purchased out of a locker the storage facilities will give you that and then you apply for a lost title in your name with transfer. Happens all the time. Also if you refuse to buy a unit because it has mattress in it then you are missing out on good items a lot of times. Mattress are part of the game over half the units I see have them in them. Large furniture units usually bring less by percentage wise at auctions then a small 5 x 5 or 5 x 10 because not everyone is equipped to move and store large items. I bought a loaded 10 x 20 with solid furniture not particle board stuff and boxes yesterday for 375.00 and watched a 5 x 5 unit full of bags bring 550.00. Another tip get there early and talked to the managers and owners they will usually give you a background on the tenant. Even if you do this as a hobby treat it like a business. Keep track of your expenses and learn from your mistakes you will make them its all part of the game. You will lose on lockers its all not profit. Minimize your risks and you will be rewarded. About 1/2 the lockers I buy do have gold and silver in them. Finding that can pay for a locker quick. Hopefully my own personal information can help some of you out in the future.

 

[joellgoldman]

I didn't know where to put this thread. Who here goes to storage unit auctions? Successes? Failures?

i've been to Security Self Storage auctions.For me it was a success. Good luck to you.

 

[augoldminer]

Years ago i did storage auctions.

And storage auction shows in calif are fake.

How do i know because no Motor Vehicles in units can be sold at unit actions they must be sold through a lean sale. even motor cycles and dune buggies.

Also no guns.

 

[Tallone]

I have never been to a storage unit auction and I will probably never go to one. It seems too much like gambling and too much work to get rid of the junk. I have, however, watched several of the TV shows. I remember one show (the one with Alan Haff and Ton Jones) when Haff made an off-hand comment about how they make 80% of their money on 20% of the units they buy. That just confirmed what I already suspected.