Storage Unit Auctions Are Like A Box Of Chocolates

By Michael Jarrett

No matter where you are selling your goods, whether it is at your own garage sale, a flea market, eBay or second hand store, you can get some great deals at storage unit auctions. The thing is, buying one of these units is like opening a box of chocolates. You just never know what you are going to get.

For you work at home entrepreneurs who do not know about storage auctions, let me explain. When people who rent these storage units go into default for non payment of storage fees the storage facility owner has the right to sell the contents of the unit in order to recover rental fees that are past due. They do this by having a public auction.

Now when I say public auction it is not like they broadcast the event on tv or radio. Actually they do not make it real easy to find these auctions. About the only place you will find them listed is in the newspaper in the public announcement section. You know where I am talking about, it is the section at the end of the classifieds where they post legal notices.

Normally these storage facilities will wait until they have several units to dispose of before they hold an auction. I have seen them sell as many as ten to twelve units or as few as three. The manner in which these auctions are held is a little different than what you might expect.

When you arrive at the facility you will sign in at their office. You will be given a number as you would at any auction, and unless you have a tax ID number you will pay tax on any unit you purchase. If you are in the home employment field you probably have a tax ID. Be sure to use it. Once the sale is ready to begin you will be taken to each individual unit to bid on the contents. (I am telling you from my own experience, some places may do it differently)

Here is where it gets interesting. As I said, these are not your typical auctions. The contents of the units are still inside the unit and may be in boxes and containers or covered with a tarp, etc. You are not allowed to look in any boxes or containers. In fact you are not allowed to step inside the storage unit at all. Bidders must stay outside of the unit and make their bid based on what they can see from where they are standing.

Now you might ask why would I want to bid on something I cannot even see? Well usually there is something visible that sparks your interest to make a bid. You might see some furniture, perhaps antique! Or you might see appliances or electronic equipment. Something will catch your eye and the next thing you know you have bidding fever.

Another thing I need to mention is that normally you will be bidding on the entire contents of each unit, not individual items. On the rare occasion the facility will empty the units and place everything together for bidding per item, but that is the exception not the rule.

If you end up with the winning bid, most places will require you to remove the contents of the unit immediately after the auction is over. Some might even allow you until closing time to remove what you have purchased. You are also responsible for cleaning out the unit completely. Yes, that includes sweeping. An entrepreneur's work is never done!

I know this all might sound like a lot of work and even a little risky, but at the same time it can be thrilling when you find out you just bought a truck load of really nice stuff! To show you an example, I once bought a storage unit for five dollars. All that could be seen in the unit were two rocking chairs and a bunch of boxes. Well it turned out there was some great stuff in those boxes and I was able to resell everything in that unit for seven hundred and fifty dollars.

Not bad for a five dollar investment, was it! Not every unit that you purchase will turn out to be a big money maker. Some might be just a load of crap, but as a whole storage units are an excellent source for resale items. If you have never been to one of these auctions you should try one. Get your feet wet. At the very least you might have some fun!