Scotty Boy, I was at a storage unit auction in Las Vegas and I couldn’t believe what people were paying for the stuff. What is going on with this craziness?
James B., Las Vegas
James, I was in town for the storage unit auction last week you’re referring to and I agree that there is some craziness going on here. What I saw were a bunch of laptards, desperate for merchandise, willing to pay anything to give themselves work. That first storage unit auctioned off for $750 absolutely blew my mind. There’s no way, in my opinion that unit full of junk could have been a profitable purchase at that amount. In fact, everything sold at that particular auction was sold too high. As a professional buyer, I just watch and walk away from such situations. It appears, at least at the moment that the gig is up in the Las Vegas Storage Unit Auction game. So it’s time to move to plan B.
Plan B: There are still many buying opportunities out there that you can be looking at – it just takes more effort on your part to find them. Try looking over the collectibles for sale on craigslist. When you see something that strikes your fancy, check the completed listings on ebay. What you’re looking for is a high percentage of listed items closing and an average amount per sale. When you find something that looks like a winner on ebay, go back to craigslist and start making low-ball offers on the ads. If you’re persistent enough with this, you will get merchandise and be able to make a profit on ebay. Also, get back on a garage sale circuit. Stay away from the pro garage sale and stick with the people who just want to clear out stuff so that they can go buy more stuff. There are many fantastic bargains waiting for ebay sellers at garage sales. In time, the las vegas storage unit auction circuit will thin out. The laptards that are overpaying will go out of business and you can get sheds full of great stuff cheap perhaps. But you can’t put all your eggs in one basket so being in an opportunistic business, you have to go where the opportunities are.
Thanks for the great question – I hope this answer helps.