All hail the almighty and all knowing Television…!
I think making a quick switch to buying storage units for a living is the way to go this year. Call it whatever you want to call it but all it took was a few weeks of continuous TV to finally see it.
Yes, I’ve been a couch potato for a couple of weeks now, but… it was during this time that I finally got the guts to fully go back to an idea I had 8 years ago!
Buying and reselling used stuff.
This was just about the time I got married. I was also getting into selling secondhand clothes and books on sites like eBay.
Thinking back, I can’t believe I spent $37 for something that my TV would have taught me for free.
I mean, I succumbed to an infomercial and bought some crappy eBook that claimed to have the secret source for valuable merchandise that could be sold on eBay.
These small auctions carried out by storage unit owners was one of the ideas from the eBook. It was actually the only idea that made the most sense to me!
However, I never did anything about it until recently when I finally saw it happen practically on my new favorite TV show, Storage Wars.
Well, there are a couple more other shows that got into my favorite list during my TV marathon and some of them were Cash Dome, Auction Hunters, and Pawn Stars.
Let me share some TV knowledge and show you why this is a great money making idea…
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Storage Unit Auctions: What Are They?
Storage units are big business, especially in big populous cities or towns. People rent them to store stuff they can’t fit in their homes or elsewhere.
This is charged on a monthly basis and they can get their stuff back after whatever period it takes to get their issues sorted out…as long as they keep paying the monthly storage fee.
Sometimes people default on these payments and the storage unit owners have to make their money back in some way…right?
Please note that storage unit owners are only interested in recovering the amount due to them (for storage…), and maybe making a little profit while at it, but its not their business to appraise individual stored items and selling them for profit, that’s reserved for you and me!
So what do they do? They just get rid of the entire collection hidden behind the storage unit in “wholesale”…thus, the auctions.
How Do Storage Unit Auctions Work?
They are pretty simple and straightforward really…But here’s the fun twist, they’re a bit of a gamble.
Not the kind where you stand to lose 100% of your investment, but still, serious loses can be made. So why do I insist on getting into the business then…?
Storage unit owners will usually go through their records and pick out the units whose rent is overdue and announce for public auctions.
Bidders who show up basically try to outbid each other for the contents of the unit and get this… all this time… without knowledge of what’s inside!
You could very well pay $1,000 for a used toothbrush!! But this has never happened though. The winner of course gets to open the storage unit and uncover the “stashed gold”.
Normally this is in terms of personal items like appliances, tools, electronics, bikes (including motorbikes…), jewelry, clothes, furniture, instruments, machine parts… anything.
How Do You Make Money?
And now to the fun part; sometimes you find very valuable stuff like antiques and some other cool old stuff that you could re-package or refurbish and re-sell for good money.
Sometimes they’re good enough to sell “as-is” after a bit of dusting.
I remember this one episode where one of the investors pays $1, 700 for a storage unit and ends up with a beat-up diesel generator, some garden tools, 3 old tyres, a box of novels and old children books, and a few other items.
But get this…somewhere covered near the end of the unit he uncovers a genuine Civil War canon!
And it gets even better, they test the damn thing, and it blows the target to smithereens!
Now this was a gem, and he was able to clean it up and flip it for $3, 400…cool right?
The other stuff amounted to about $760 combined. That’s a profit of $2, 460 from one single deal.
My Take on Storage Unit Auctions
Whichever way you look at it, this is good business. Of course you can run into a few loses now and then but there’s at least some comfort in knowing that you’ll always get something back for your investment.
Unless you can manage to break the record by making zero sales…!
It all depends on the passion you have for buying and selling things people think they don’t need. Maybe its your time to uncover the diamond covered in storage unit dust…
So there you have it. Buying storage units for a living is a very lucrative business idea which can be done part-time or full time.
I was going to wait for your comments and use your views to decide whether or not to jump into storage auction sales but guess what…?
See you at the next auction!
Thank you oh wise TV…