Looking for an easy way to make a little extra cash? Many of us have seen TV shows like “Storage Wars” and thought that it looks like a fun and easy way to boost the budget and there are people who make money buying storage units at auction but like most things on TV, it isn’t as easy as it looks.
Here at StoreRight Self Storage in Brooksville, Florida we usually have an auction once a month.This can a couple of small units to ten or more units the size of your average garage. So if you think this might be something you’d like to try, come on down!
But, first here are some tips from the experts:
Attend an auction but leave your wallet at home. Your first auction should be just to observe the process. Watch the other bidders and see the kind of things that you typically find in a storage unit. How would you turn these things into cash if you had been the winning bidder? You need a plan so you don’t wind up taking it all to the dump.
Find out what additional fees you may incur. There are auctioneer’s fees (generally a per percentage of the winning bid), sales tax and cleaning deposits you may need to pay. And most likely these will need to be paid in cash. Know the terms for retrieving your cleaning deposit. This will require removing everything from your unit within a set time frame.
Know how you are going to get everything out of the unit. This can be a physically demanding job so know your limits and who you can call on for help. Protect yourself during the cleaning process, you don’t know who owned these items but at the very least you are likely to be dealing with a lot of dust so gloves and dust masks are advisable. Do you have a truck or trailer to haul it away in? Where will you keep the items until you can sell them? Renting a truck and storage space can add quite a bit to your bottom line.
Finally, browse items on Craigslist , eBay and local flea markets to get a sense of what you could reasonably expect to sell your items for.
You’re not likely to find a Picasso tucked away between the old clothes and baby furniture but you never know!
