The storage facility seizes the unit and its contents when someone fails to pay rent for three months in a row.Storage facilities simply auction the abandoned units off to random buyers since it takes a lot of time to sort and sell items in an abandoned unit.Live auctions can be found in your area, or you can bid online through one of the popular auction sites.While you may be able to make a lot of money on some of the units you buy, many of them will cost you money if the items inside are worthless.
Step 1: Call storage facilities in your area to find out when they host auctions.
You can find storage facilities in your area.When they host abandoned unit auctions, call each facility one by one.Ask how many units are being auctioned off after they give you the date and time.Pick some auctions to attend if you know the dates and times of each auction.If a lot of units are auctioned off, you will have a better chance of finding a deal.Pick the auction with the highest number of available units.Facilities wait until there are at least 10 abandoned units to host auctions.Smaller facilities wait 4-5 months to host auctions, while larger facilities host them every 3-6 months.When the storage facility runs out of units, it's the exception.Larger auctions may require a small entry fee.
Step 2: Bring some cash and set aside 3-4 hours for an auction.
Blocks off 3-4 hours on your calendar for auctions because they take some time.You can spend as much cash as you want at the auction.You should only take the cash that you are willing to spend because the price of abandoned units can be very high.Even if the storage facility accepts credit cards or checks, it is still a good idea to only bid cash.It is easy to get carried away when people start bidding and you get caught up in the moment, but sticking with a budget will ensure that you don't overspend.The prices for storage units are determined by what people are willing to gamble on.Sometimes the prices can go over $5,000.When a unit appears to contain rare collectibles or expensive electronics, this happens.
Step 3: You should take a flashlight and phone with you for appraisal.
You can't touch the contents of an abandoned storage unit.You will need to rely on visual inspections from the edge of the doorway.If you want to see the items at the back more clearly, take a flashlight.If you need to look up the price of items in the unit before the bidding starts, bring a phone with you.If there is a box labeled "Beanie Babies 1994," you can perform a quick online search with your phone to get an estimate for what the box is worth.You can get a hint about what may be in the box and decide if it is worth the risk.You should also bring some padlocks with you.If you decide to buy a storage unit, you will need to lock it up.
Step 4: Show up on time and listen to the instructions.
Ask where the auction is being held at the facility's main desk.The instructions regarding the format of the auction and the general rules should be heard after everyone has shown up.Don't make illegal bids because these are different from facility to facility.The fees and cleaning deposit instructions are important.Fees are usually charged on top of the final price.A $50-100 cleaning deposit is required by most facilities to ensure that the unit is clean after you remove the items.After you clean the units you buy, the deposit is returned.
Step 5: You can sign up for one of the popular storage auction sites online.
Storage Auctions and Storage Treasures are two major auction sites for abandoned storage units.You can sign up for a buyer's account by entering your name, address, and credit card information.The sites are free to join.To pay the auction site's fees, you have to enter a credit card number.The fees are usually $10-15 a unit.Storage Auctions and Storage Treasures are websites that you can visit.
Step 6: You can use the site's search function to find units in your area.
You can enter your location into the search bar at the top of each site.This will show you a map of units being auctioned off.Even though you can buy the unit online, you still need to show up to the facility to pay for it and collect it, so start looking at the auctions closest to where you live.Any auction that is currently taking place will have a large timer on it.
Step 7: If you are looking for something specific, sort your search.
While nobody knows what the entire contents of a storage unit are, the facility usually lists the type of goods that appear to be in the unit.If you want to buy or sell a particular item, you should use the filter function on your search.You will only be able to find items that are obvious from the doorway of the unit.Furniture, power tools, and bags of clothes are obvious items just from a glance.
Step 8: To assess the contents, inspect each unit.
A small unit with a few boxes isn't necessarily worthless, even if it has lots of items.Carefully look at the photos online.Once the auctioneer opens the door, use your flashlight to check each section of the unit.To assess the shape of bags and boxes, look for labels on boxes.Old TVs, broken furniture, and clothes are not worth buying.You don't have much to do online since there are only a few photos for each auction.Look for clues in the images.
Step 9: If you attend an auction in person, pay attention to the smell of the room.
From the doorway, take a strong whiff of the unit.The items may need to be thrown out if the room smells bad.Even if the goods in the unit are expensive, you won't be able to sell anything that has a permanent odor.A room with no odor is more likely to have sellable goods inside, because it has been well taken care of.If you are bidding online, you will not be able to do this.Live auctions tend to be more competitive than online ones.
Step 10: Keep in mind the value of the room.
You should make an educated guess about what the contents of a room are worth once you inspect them.If there is at least $100 worth of goods in the room, and you think you can make $75 selling them, set your estimate at $50.As you try to set a limit for yourself, keep this number in the back of your mind.If you think a room can get you $75 in resale, don't place another bid.Give up on the unit and try again.It can be difficult to do this if the photos are not good.
Step 11: Look for units that are well-kept.
The previous owner of the unit may have already taken everything valuable and left the rest to be auctioned, if there are ripped bags thrown all over the place.The unit is more likely to have expensive items in it if boxes are nicely organized, bags are neatly stacked, and everything looks like it was handled with care.
Step 12: If you don't want to participate in the bidding, buy the unit.
Once everyone has inspected the unit, bidding opens up.Tell the auctioneer the price you are willing to pay for the unit.The auctioneer will ask for the next bid level after you're outbid.Continue bidding until you decide that the unit is no longer worth the asking price.Press the "place bid" button to place your bid.You should only bid on units that you are willing to purchase.Don't bid for the sake of bidding.You might end up buying something you don't want.If this is your first time doing this, bid conservatively and study how other people bid to get a sense for the process.If a unit looks worthless, it is fine to not bid on it.
Step 13: You can collect your goods by paying for the units you buy.
As soon as the auction ends, you will pay the auctioneer.You can pay the clerk behind the desk at the storage facility if you won the auction online.You can either receive the keys or lock it yourself.You can return the unit to the facility if you collect the items in it.A 1-2 day grace period is when you can collect your things.If you don't have a truck, this is a real pain.Renting a moving truck will allow you to take your new items with you.If you want to get your cleaning deposit back, you need to sweep and clean the unit.When it comes to larger storage units, it is common practice for the winning bidder to rent the unit to give themselves time to find storage space or unload some of the goods.
Step 14: You should sort through the goods after you purchase the unit.
Go through every box, purse, and container to see if there are items inside.Set it aside if you want to keep it.Throw out damaged or worthless items if you are going to sell them.This will give you a better idea of how you are going to make money.For example, if you have a garage sale, a scrap yard, and a pile of goods that you are going to sell individually online, you may have one pile for each of them.
Step 15: You should have a place to store your goods while you sell them.
Many people that buy abandoned units for a living rent a warehouse or large storage unit to store their goods.While you work out where to sell the items, you can keep the goods in your home, basement, or garage.If you want, you can keep some of the things you buy from the unit.
Step 16: A garage sale is a great way to get rid of stuff.
A garage sale is one of the easiest ways to get rid of things.It's a good idea to wash the clothes, wipe down furniture, and clean other objects.The location and date of the sale are listed on the signs.This information should be posted on social media as well.You can sell your goods in front of your home or in the garage on the day of the sale.If you want to get rid of items that people use frequently but don't have a high resale price, this is the best option.This includes clothing, cookware, exercise equipment, and holiday decorations.
Step 17: There are larger items for sale online.
Selling online is the best way to make money on items that may fetch a higher price, like power tools, cameras, furniture, and sporting equipment.List your goods on eBay and other websites with high-quality photos.Wait for interested parties to contact you and then meet with them to sell your goods.
Step 18: Specialty items can be found at shops that buy them.
If you have unique items, collectibles, or jewelry, you can take them to a shop that sells them.If you have a box of vinyl records, take them to a music shop.Video games and comic books can be purchased at game stores.Before selling jewelry, take it to get an appraisal.You don't know if you have something special on your hands.
Step 19: If you want to sell broken or worthless items, throw them out.
For a small profit, broken washing machines or bed frames can be turned into scrap metal at a scrap yard.You can sell your stuff at a scrap yard for a few bucks.The broken or worthless items are going to take up a lot of space.Donate what you can and throw the rest away.A lot of the items you get from storage units are not worth anything.Don't waste your time trying to sell these items because they are only going to take up space in your storage area.