ProfitBrite

Can Self Storage Auctions Make You Money?

So, considering 'self-storage auctions' as a way to make money, let's break it down and look at it step by step.

1. Find local auctions. Storage facilities are not hard to find, in fact, you may pass 2 or 3 every day just going to work. Stop by or call and inquire about their next auction. If there are large storage companies in your area such as Public Storage or Atlantic Self Storage, visit their website and search for auction locations.

2. Attend the auctions. You may just want to be a spectator at a few auctions first just to get a feel of things and learn the specific rules and bidding procedures.

3. Participate. Jump in, throw some money around, and see what happens. Just kidding, you'll want to approach this as any business person would. Set a spending limit and do not exceed it. Do your best to appraise the items within the storage unit and estimate their value. Then use a simple calculation to determine your maximum bid. A good rule of thumb is 1/10 to 1/5. So for example, you determine the contents of the unit will fetch $500 in the market, 1/5th of $500 is $100, 1/10th is $50. So your initial bid is $50 and your max bid is $100.

4. Take possession of the items. Of course, you'll have up to 48 hours to clear out the storage unit and haul all of the stuff away. The main objective of the auction to the storage facility is to empty the unit, recoup some of their losses and move on.

5. Now it's time to cash-in the items you bought. There are many ways to do this. You can use online auction sites like eBay or online classified ad sites like Craig's list. There are also consignment stores or pawn shops. And you can sell at a flea market, yard sale or garage sale.

So, to sum it up, self storage auctions are a viable money making opportunity. The process is fairly simple but no promise of easy money is evident. Can you find a mint condition '67 corvette buried under boxes in a storage unit you purchase for a $100? Sure, it's possible, but it's better to start out with a more reasonable expectation and stick to a plan.

Does the idea of finding hidden treasures at storage unit auctions appeal to you? Arm yourself with information before you get started; you'll find enough free info at http://www.selfstorageauctioninfo.com to make you a formidable auction hunter.

Article Source: [http://EzineArticles.com/?Can-Self-Storage-Auctions-Make-You-Money?&id=5747012] Can Self Storage Auctions Make You Money?