If you’re looking to get started buying at storage unit auctions, you might be asking yourself:
“Am I the right type of person to make money with storage auctions?”
You know, with the hit popularity of the TV shows “Storage Wars” and “Auction Hunters”, and all these other TV shows like “American Pickers” and “Pawn Stars” (all these shows that have to do with collectibles and antiques) a lot of people are getting excited about treasure hunting at storage auctions. If you consider yourself a treasure hunter, then there’s no better business, in my opinion, than the storage auction business for you.
If you like the idea of going to yard sales, garage sales, flea markets, (especially antique flea markets) where you see some of the cool old items and artifacts from days gone by…
If you like going to auctions, antique malls and antique stores…
If you like the thrill of the hunt…
If you’re a collector at heart…
If you like the idea of finding cool stuff in a room that you bought and suddenly you own, (and that you can turn into some quick money) then you’re the right kind of person for storage auction success.
Do you need a lot of money to get started in the Storage Auctions business?
Many people wonder if you need a lot of money to get started in storage auctions – and the truth is, you don’t. However, most of the TV shows profile the more costly units.
Now, ideally it would be great if you could just bring as much money as possible to a storage auction and that’s what I recommend, once you get up to speed and once you really get going at it.
But initially, when you first get started in the storage auctions business, you can literally get started for $50 or $100. That’s because often, the storage units that come up for auction are smaller units. They might be by 5’ by 5’, or they might be even smaller than that. I’ve seen little “cubbies” that are no bigger than 3’ by 5’ filled with stuff that you can win for $10, $20, or $30.
So, I just want to refute the misconception that you need to have a thousand dollars, two thousand dollars, three thousand dollars just to compete.
Well the truth is, storage auctions are not a competition; storage auctions are a business, and you’ve got to treat it that way.
The best way to do it is to just get started – get out there and look at some of these smaller units, and start bidding on these smaller units.
Then, take the profits from that and redirect those profits back into your business and start buying larger and larger units. That’s called pyramiding your profits – taking your profits, re-investing them and building them into a bigger business. Pretty soon you’ll be looking back at those days and laughing because you’re making so much money on some of the bigger units that you can now afford.
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