Tips

Here are some quick and easy tips for buying storage units at auction, that will help you make even more money.

Random storage auction tips, that help you make more money at the auction:

  • Bring at least 2-3 pad-locks for the units you may buy. Always keep some extras in case you end up buying more than expected.
  • Bring a flash light so you have a better view of what is inside the storage unit.
  • Climate-controlled storage units often times have higher quality items inside them, items that might be sensitive to excessive heat or cold. So try to bid for climate-controlled units to maximize the profits on your bid.
  • Be prepared to sell all the household items you win at auction. Stockpile all your personal Christmas and other seasonal items to sell during the season and make even more money!
  • Call the day of the auction to confirm, because the owner of the unit has until the start of the auction to bring the current storage units.
  • Some storage facilities charge a deposit until the unit is cleaned out. Confirm the amount of this deposit before the auction. Most of the time this is $25.00-$100.00.
  • Be ready to remove all items from the unit. If you don’t have a truck, you might want to line up a rental truck.
  • Never overpay. Speculators often over-bid on units, pushing up the price. Beware when the bid goes too high and back out. Paying too much for a unit costs you money and time.

11 Responses to Tips

  • Carrie Quinn says:

    I would like to thank you for your advice and I am wanting to get into this business and rent a space here in Houston at a local Flea Market.. I was told I need a business license, Sales Tax ID, DBA and I am not sure what else I will need can you give me any advice and do you think there is still a profit to be made in this bussiness?? Thanks in Advance..

    Carrie Quinn

  • This maybe true. The IRS has been clamping down on these flea-markets. I would give it a try before you go diving in head first. The profit would be the same, the IRS just wants their cut of the action. This also might work in your favor a little, you can write off driving to auctions and tons of other expenses. The business licence – I think is overboard, but the city might feel like they are missing out too. I would try it first see how you like it, sell some stuff and see what happens. You can go along way without the flea market.

  • fran kabisch says:

    hey scott, have you ever done searches on the units owners before hand?

  • That is a very good question – No I have not. I was had no idea you could do this.

  • Hi Scott,

    We don’t want to have to deal with big items since we’re not really able to move them or store them. Are there usually good storage units without the big items? Or should we not rule out the big items? Is there any easy way to handle these items?

  • It is going to hard to pinpoint units with smaller items to accommodate your needs. I am not saying that it’s impossible, just you never know what is inside till they throw the door open. It is best to be ready for anything! Everything from Human remains to gold bars, you just don’t know what is inside till you go digging. Thanks for your question

  • Thanks for the quick answer! So what do you do with larger items like furniture if you don’t have a store of your own?

    I also wonder if you know how to find people to move the stuff for you, and are you liable should they hurt themselves?

  • If you have a garage you can store it in there or you may have to rent a storage unit to keep your purchases in if you have no other means. As far as hiring people to help you is a loss to a financial loss to you. Its money out of your pocket into to theirs. However, if you have no other choice but to utilize someone you may want to hire advertised movers or odd job seekers from craigslist or of the street. As far as liability of injuries, I am not a 100% who would be liable, I would assume you would be unless noted in an agreement of hiring.

  • If they are your employee; you are responsible for them. If you hire them as a sub-contractor, then injuries are on them.

    Also sub-contractors are responsible for paying their own taxes.

  • Brittany Rein says:

    I enjoy your blog a lot! It’s very informative. If you really have any questions about storage auctions or where to find them near you. storagetreasures.com is a great website. I use it all the time. Hope it helps you too :)

  • Pingback: 12 Tips to Buying at Auctions How to Get the Best Deal | Free 101 Articles

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