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How to Purchase at a Storage Unit Auction and Make Money

Don't pay someone money to find out about storage unit auctions. A few tips will get you on the way to being successful at finding and buying at a storage unit auction.

Things You'll Need

  • Phone book
  • Telephone
  • Internet access
  • Computer
  • Vehicle for hauling goods
  • Cash.
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Instructions

    • 1

      Get a truck. A pickup or U-haul type is best. A car might not work -- sometimes the items inside the unit are too large, and once you win an auction you must haul everything away, generally within 24 hours. Storage unit facilities will not let you use their trash bins.

    • 2

      Call storage facilities in your area. First determine how far you are willing to travel to visit and haul items, then call the manager and ask when the unit will have storage unit auctions. Most larger facilities have them once a month or every other month.

    • 3

      Keep a log of the storage unit facilities you called, and any relevant information on attending the auctions, including time, date, location and phone number. Ask how many units they are auctioning; this might help you determine whether it is worth driving to the auction or not.

    • 4

      Show up about 10 minutes early, and be sure to sign in at the front desk. Generally there might already be a few potential buyers around, and the storage facility staffers are friendly and helpful. Bring cash (some facilities might take a credit or debit card), a flashlight and several padlocks. You will be using the flashlight to look inside the unit; when you win an auction you are required to put your padlock on it immediately.

    • 5

      Give yourself an hour or two to go through the auction. It takes a few minutes at the beginning to round everyone up, then the auctioneer discusses some legal items, and you walk to each unit with the manager and auctioneer. Once you bid and win an auction, you will have 24 hours to get all the items out of the storage unit.

    • 6

      Look inside. Everyone will have a chance to look into the unit without actually stepping foot inside. Note the types of items you see -- it's kind of like detective work. Think about the type of person who had this unit. Are the boxes you see neat, orderly and stacked, or are they open, thrown around, junk everywhere, odors? Size up the contents quickly because bidding starts after everyone has seen the contents.

    • 7

      Understand the bidding process. If you have been to other types of auctions or auction houses, you understand how not to let everyone know you're really interested. Don't be the first to raise your hand. Generally two types of bidding could occur: One is an open bidding in which everyone hears the bidding; the other is a silent auction in which everyone writes down a price they are willing to pay.


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