Have you recently learned that you can make money with mini storage auctions? If so, you may be wondering how the process works and, better yet, how much you can make.
To make money with self-storage auctions, you must buy merchandise for sale at an auction and then resell it for a profit. There is some risk involved. Rarely do you get to see up close or inspect what you are bidding on. With that said, there is always the possibility of making a profit.
As for how much money you can make with mini storage auctions, it depends on a number of different factors. Start with how much you spend. When reselling for a profit, you need to limit your business expenses. This starts at the self-storage auction. If you see a storage unit filled with antique furniture, it is a good buy. You may have to bid high to walk away the winner, but never bid more than you need to. The less money you spend, the more you will make after your expenses have been deducted.
It also depends on the merchandise you walk away with. Why there is the potential to make money is because a wide range of items can be found in self-storage units. As previously stated, it is common to find furniture stored in them. When two households are consolidated into one, a storage unit is often rented. You may get lucky and find an auction where the whole contents of a home are up for bid. Toys, books, movies, and clothes can also be found.
In keeping with the merchandise you walk away with, you want to get items that you can profit from. To make the most money, look for valuables. These include antiques and jewelry. Unfortunately, jewelry is usually packed away in boxes. That is why you may want to look for written labels on boxes. Furniture, which is easy to spot, is usually resellable. Furniture and other similar items, like household appliances, clothes, and toys will always resell as they are in need, but they may not garner the highest profit.
Speaking of which, you can still “strike it rich,” with items that are small in size or low in value. The trick is to purchase more items. Say, you win a storage unit at a mini storage auction that contains five boxes of clothing, with 200 pieces total, and pay $25 for it. At yard sales, clothing tends to sell at around $1 a piece. Provided you get this much, you make $200 while only spending $25 in expenses. So, even if you don’t walk away from a mini storage auction with valuable jewelry or antiques, you can still make money.
Speaking of valuable jewelry and antiques, you need to know what you have. Never resell anything that looks valuable, older, or antique without first researching is value online. An easy way to do so is to perform a completed listing search on eBay.com. Say you find a box that contains a rare limited edition vase. That vase may be valued at $500 or more. But, if you don’t know its value, you may sell it for only $5 at a yard sale.
Unless you buy a storage unit at an auction that contains nothing more than family photographs and personal documents, which can happen but is rare, you should walk away making a profit.