Many people are making money by going to a mini storage auction, winning the contents of the mini storage, and then reselling it. This is a great way to make a bit of cash, but you must understand the auction process and the risks as well as the profits that can be made.
Public storage auctions happen when someone has not paid their bill. Basically, they are behind a certain amount one on their mini storage payments, they’ve been notified that it’s going to be auctioned, and have not responded. At that point, the management of the mini storage units will then publicly announce the mini storage auction. It will have the time and place, and possibly the numbers of the mini storage units. That may be all that is advertised, any other information, you may have to find out yourself.
The idea behind the management of the many storage unit, is to auction off the complete contents of the unit itself to recoup the loss for nonpayment. There are auctions where a whole storage bay containing several different unit’s contents will be auctioned, and you want to know what you are bidding on.
Sometimes you’ll be allowed to peruse the contents before you make an auction bid, other times, you won’t have a clue what’s actually in the mini storage mini storage unit. Most people store a variety of different items in many storage units including furniture, books, clothing, heirlooms, jewelry, major household appliances, small household appliances, as well as old financial documents, and of course family photographs. You may not know exactly what’s in the unit, but you can almost bet that it was special to someone.
If you’re considering going to a mini storage auction, you may want to go to one first and not bid at all. But if you get caught up in the excitement and decide to bid, make sure you’ve decided before you arrived how much you’re willing to pay. You’ll also want to go early to the auction, this will allow you time to sign up for a bidding number or at least understand how the auction works. You also will get a chance to ask any questions, if you arrive too late, everyone’s going to be busy, and you’ll have no time for questions or answers.
If you do get a look inside the storage bay or in the mini storage unit, take a quick inventory for yourself and write it down. Then write the possible resale value of any items that you were able to confirm that were in the mini storage unit. This will give you an idea of the profits, and allow you to place a bid accordingly.