I think buying storage units at auction is a great way for anyone looking to make some extra money. On my blog I tell you how to become a seasoned storage unit auction veteran, on your very first day!
You really don’t need much to get started buying storage units, if you have under thousand bucks and you are looking to invest in a short term venture that can double or even triple your money over night, buying storage units at auction might be for you. It’s fun, you will find some interesting stuff and it’s very profitable!
When a storage unit has been abandoned, the storage facility has no choice but to auction off all the contents of the unit to recoup costs.
Here are the basic steps to buying and making money off of an auction storage unit:
- Find auctions for storage units in your local newspaper’s classifieds or other local publications. Storage facilities are required by law to publish public announcements of upcoming auctions and it’s absolutely free for you to attend the auction!
- Arrive at the time the storage unit auction is set to take place. Sometimes it’s not a bad idea to call before you arrive to confirm the auction is still taking place. **The person that owns the storage unit up for auction, has up to the time of the auction to bring the current overdue balance.
- The highest bidder will win the entire contents of the storage locker. (NO MATTER WHAT IS INSIDE) When you win it, you will lock it up and pay CASH.
- You must pay cash at the auction. (sometimes on the spot.)
- Most of the time – You will have about 24 hours to vacate the entire contents of the unit, unless another deal can be made with the storage manger. If you need more time to remove the contents most of the time this results in you renting the unit.
- Make literally thousands of dollars off the contents of the unit! You may have just bought the contents of a millionaire’s home at a budget price.
- Repeat the process… You can literally earn $5,000 – $10,000 per month buy buying these storage units at auction.
*if you want more information about buying storage units, you can surf my blog for more tips making money buying storage units.