Storage locker auction questions

[P.B. and Dylan]

I'm thinking of going to a storage locker auction.
Can someone give me some advise? What should I look for, what should I avoid?
What are the risks?

Thanks in advance,
Paul

 

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[stefen]

Its a crap shoot.

Take your chances and like in Las Vegas, assume you're using may lose some change. Make sure that what you spend is purely recreational money...not rent or food funds.

Yes, there will be some lockers containing some goodies, yet some lockers will contain personal junk that has no value except to the previous owners themselves.

Attend a few auctions and see how people bid...and watch who are the bidders...see if you can spot people who are jacking bids or bidding and then backing away.

If see who they are, and you want to bid, get their attention and make sure that you look them in the eye when placing a bid...they know you know whats happening and they will back off.

If you don't feel comfortable, walk away.

Always assume that the manager has scouted the lockers and may have skimmed some of the goodies.

Actually if you buy a lottery ticket, your odds are better than making a killing on stored junk.

 

[lafatlife]

All good advice. If you can scope out the lockers prior to the auction, do it then you will know if it is worth your wild.

My opinion is that most of the stuff put in there is because people can't fit it in their house or apartment and many times there is not much of value.

Sheets and old coats and etc.

If you are near a Military base, you stand to make out better as people can't fit everything in the barracks and have to store it.

 

[TexasDeere]

Bring a strong flashlight and don't gamble on a large locker completely full unless you have a really good feeling for it. They generally open the door and will not allow you to enter....just look for a minute or two from the outside thus a strong flashlight. If you win, you usually have just a day or two to empty the contents thus avoid a packed locker unless it looks like a winner. Try different locations as different auctioneers attract different bidders. I have had a few auctions with only 3 or 4 bidders and then some with 10+ bidders.

It has been a couple years since I bought one but they often tell a sad story like kids stuff, etc.

I have had lots of people tell me gold mine stories and I have never lost money on one but they can be quite an experience.

 

[P.B. and Dylan]

Thanks to everyone for the responses.
I am not expecting to strike it rich, just to make it worth while.
Times are getting tough and I need to generate some extra income.
It does bother me that I would be profiting off someone else's hardships,
however I don't think they'll get it back even if no one bids on it.

Paul

 

[drywalldave]

Here is a link to an article I wrote on ehow about buying storage units/lockers.

http://www.ehow.com/how_4786125_buy-abandoned-storage-units.html

Be careful and try real hard to give back all important paperwork and pictures to the previous owner. The last one I got had an urn in it, real sad.
Check all pockets if you find clothes in there and all paperwork for bonds and loose cash. The owners of the facility will assist you in any manner possible, they also do not like the idea of auctioning off the unit/locker.
But you could find treasure also I have.
Last note, you will have to take items to the dump, so remember that in your auctioning prices for added cost.

 

[jeff of pa]

Here is a link to an article I wrote on ehow about buying storage units/lockers.

http://www.ehow.com/how_4786125_buy-abandoned-storage-units.html

Be careful and try real hard to give back all important paperwork and pictures to the previous owner. The last one I got had an urn in it, real sad.
Check all pockets if you find clothes in there and all paperwork for bonds and loose cash. The owners of the facility will assist you in any manner possible, they also do not like the idea of auctioning off the unit/locker.
But you could find treasure also I have.
Last note, you will have to take items to the dump, so remember that in your auctioning prices for added cost.

Was just going to add that.

I Have a Friend who Lost a locker to an auction.

A lifetime of Family Pictures Went with it.

Luckly The Buyer was able to track one of the daughters down

 

[Lowbatts]

As Jeff and Drywall said, use judgement in determining what is treasure to you and what is treasure lost to the prior owner. If you don't want something, try to return it along with those precious goodies that have intrinsic value to someone else.

Anact of benevolence might just bring more leads to your attention, if not at least a good feeling.

 

[EDDE]

keep in mind the items that you cant sell or give to friends or family
sell at a yard /garage sale
50 cents for everything(per item) makes people want to buy(even a quarter)
do the math

 

[P.B. and Dylan]

Thanks all,
I have every intention of attempting to return any personal/sentimental items
to the owner since it's the proper thing to do.
No matter how bad things get there are more important things then money.

All the advise is greatly appreciated.

Thanks,
Paul

 

[Midnightrider08]

Participate in these all the time ... It's really hit or miss if your not sure what your looking for or doing ...

I bought 3 one time .. sight unseen ... I got a $2500 + lionel L mickey Mouse disney figure 8 train from early 1900's and a bunch of Buddy L trucks ... was an entire locker of collectibles basically ... The second one had a families worth of just furniture and the third was aluminum cans and plstic food containers that I had to take to the dump ...

I normally bid no more then $50-$100 each even on the best of ones and some can be had much much cheaper. If you get in good with the seller or owner of the facility you may be able to convince them to not even conduct auctions and sell directly to you for an agreed upon amount per container ... they really don't want to deal with it ... they just want them empty asap so they can rent them again...

Not sure I've ever lost money at it ...

 

[fmerg]

i have a close friend who does this all the time....
he looks at the lockers from the outside
if the locker is full of plastic bags walk away
if it has boxes that are neatly sealed thats a good sign the person who owned it took care of their stuff
look for any items you would want for your self figure out how much you would pay for that item
that gives you a ball park figure has to how high to bid
you can also re-rent a locker this gives you an area to sort the stuff out
items can be donated to a local charity and a tax write off (just make sure that the charity is for your locale community not all are)
my friend has one yard sale a year and it has become a major event in our town (the news parper reports about it)