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How To Make Money With Storage Auctions

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There are approximately 51,000 storage facilities located in the United States, and with each rental of a storage unit, there is the potential for an enterprising individual to make a profit. All over the country there are people who fail to pay the rent on their unit, allows the unit and all of it’s contents to be eligible for a storage unit auction. Everybody is eligible to participate in these auctions and you are just a little luck away from turning a hundred dollar investment into thousands of dollars.

Learn to Evaluate

One of the rules of these storage unit auctions is that you can’t enter the locker and look around before you bid on it. Usually you are allowed to look through the door to see what you can see. Those who can evaluate quickly and effectively will prosper in this industry. Much of the merchandise will be in boxes, but you can tell a lot about the potential pay off by noticing the organization of the contents. If the boxes you see are neatly stacked and packed with care, they are more likely to contain desirable clothes or goods. Also be aware of the smell of mold or other damage caused by water.

making money with storage auctions

Now you have won a storage unit auction, one of the factors that will determine if you make money or lose money is how much you can sell whatever goods you have won.

Learn By Observing

Before you jump into the storage auction game, you should visit a couple of auctions as an observer only. You will be able to observe a lot about the details of this endeavor. How much to the storage units auction off for? Who is doing the auctioning? How are things run? You can increase your chances of being successful in storage unit auctions by just watching how others approach the task. You wouldn’t start driving a car without a little practice, would you? The same idea applies to these auctions. The time you spend gathering information will pay you back again and again as you pick up experience without risking a lot of money.

Stick to A Budget

Once you do feel comfortable with the process of storage auctions, decide how much money you want to invest in your first auction and stick to it. Since most auctions are cash only affairs, this should be easy to do. Bring only as much cash as you want to spend, and when that money is gone, your day is done. Being disciplined will help you take the emotions out of the purchasing process as much as possible. When you become emotional you are not going to be thinking straight. Know what you want to spend and stick to it.

Know How To Sell Your Stuff

Now you have won a storage unit auction, one of the factors that will determine if you make money or lose money is how much you can sell whatever goods you have won. There are basically two choices here. First you can sell the stuff you won online. Using a website like EBay will allow you to reach a worldwide audience and if you have the right merchandise you can make some decent money. The second option is to sell your stuff through a yard sale or a garage sale. Even though you have a smaller market, often times a well placed yard sale can bring in a pretty big crowd.

Storage Auctions Are Here To Stay
Storage sales are going to be a part of our society for the foreseeable future. Developing a consistent system for approaching storage auctions can provide you with a nice chunk of extra income, and give you a great hobby that you will be able to participate in for years to come.


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