Pros And Cons Of Using Mini Storage Auctions For Profit
Pros and Cons of Using Mini Storage Auctions for Profit
Are you interested in making money with mini storage auctions? If so, you are not alone. Many individuals are finding the buying and reselling of goods bought at these auctions to be a relatively easy way to make money. But, is it the right opportunity for you?
Mini storage auctions are increasing in frequency. This has a lot do with the economy today. Many are forced to leave their big homes and relocate to a smaller home or an apartment. This often results in the renting of a storage unit. Unfortunately, the economy is also making it harder for renters to stay up-to-date on their bills. As sad as this is, it does mean more self-storage auctions for you to profit from. Depending on where you reside, you may be able to attend a different public storage auction every weekend!
It is, however, important to state that there is some risk involved with mini storage auctions. Why? Because you don’t always get to see what you are bidding on. Many times, you just get to peek inside the unit from outside the door. That is why it is recommended that you bring a flashlight. Yes, you may walk away with valuable jewelry or antique furniture that you can resell for a profit, but you may also walk away with family mementos.
Despite the possibility of a risk, there is a good chance that you can make a profit. Many make around $1,000 for each storage unit that they purchase. Remember that your goal is to make a profit, so even if you make only $200, you still made money. On that same note, some lucky bidders have seen profits as high as $50,000 or more. So, how do you become one of those lucky bidders? Through trial and error.
As previously stated, mini storage auctions can be risky, as you don’t always get to see or inspect what you are bidding on. You can, however, use your best judgment and look for telltale signs. Bring a flashlight with you and look inside real quick. You may only have a few seconds to do so, but look for items that are large in size, like furniture or household appliances. These items can almost always be resold. Look for boxes with moving company names or logos.
Another pro or plus side to using self-storage auctions to make a profit is the reselling options that you have. You can list your items for sale on an online classified website, like Craigslist.org, sell on an online bidding site, like eBay.com, rent a table a flea market, or host your own hard sale. As for what option is the best, it depends on what you have to sell. Large items, such as furniture and home appliances, can be costly and difficult to ship, so you may see the best luck selling them locally.
If you have never attended a mini storage auction before, you may want to see what one is like. Even if you don’t plan on bidding, be sure to have cash on hand. While watching the action, you may spot an antique out of the corner of your eye that no one else seems to notice. Attending a self-storage auction just as a bystander can give the needed confidence to start bidding at the next auction.
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