Can You Make Money With a Self Storage Unit Auction?

People have been buying abandoned storage units for a long time. There are several new television series that have made it more popular than ever. Reports are showing that more and more people are showing up at these auctions looking to make some money. In fact you can make money buying self storage units at auction but you need to know what you are doing so you do not lose all of your money.

You may wonder how does a storage auction work? When an individual who is renting space from a storage facility and stops making payments and gets behind for a period of three months the unit can be auctioned off. The owner of the facility benefits because they are able to regain some of their loss of the tenant who did not pay. The auctioneer is happy because they get a percentage of the total sale of the unit. And finally the winner of the storage unit is thrilled because they have new valuable items that they can sell.

The key to being successful when bidding and buying units is to have enough money to start with. There are many people who watch one of the popular storage shows and then decide they can go out and purchase one unit and they will be making money right away. It is not this simple because it is a numbers game. It may take you purchasing several units before you find one with real valuable items. The people who make a business out of this are the ones who can sell all the items they find in the unit.

Having limited resources can be the downside to this business. Not everyone has enough money to purchase many units before finding the ones that make a good profit. There is a "Wow" factor when you find something that is valuable and you only paid a small amount to acquire the storage unit. You want to realize that not all storage lockers that you buy are going to have this "Wow" factor in them.

Remember that the key to making money over the long term with self storage Greensboro is to have outlets to sell the merchandise to. If you find a bunch of cloths you need to have a contact who will buy those from you. Next you find several boxes of baseball cards so you need to have someone who can value them and buy them from you as well. The more people you have that can take items off your hand and put money in your pocket, the more successful you will be.