Have you been bitten by the make money with mini storage unit auction bug? Perhaps you saw some of the reality shows or friends have been talking about all of the money you can make and you want to give it a try. If so you may be wondering just exactly what is involved and how much you can expect to make.
The process is you bid on self storage units at public auction and if you have the winning bid you offer the merchandise for sale at a profit. There is a bit of risk involved. Usually you don't get a close look at what you are bidding on so on some level it is a crap shoot and yet you can make big profits by using some sense about it.
Yes, But How Much Money Can I Make?
The amount you can make with mini storage auctions depends on a lot of factors. How much will you spend, if you expect to sell at a profit you must control your expenses and this starts at the auctions. You will have some idea of what is in the unit but you won't know exactly. If you notice major appliances or antiques then you know the unit is a good one. Still you must, through practice, know how to bid. As Kenny Rodgers sang, "You've got to know when to hold up, know when to fold up, know when to walk away, and know when to run." With time and a few auctions under your belt you will do fine. But remember, as you start, it is OK to lose them, it doesn't cost anything.
The amount you make then depends on what you bid vs what is in the unit. You will find a wide range of items in these units. If you are lucky you will find the entire contents of a home. Antiques, jewelry, household appliances, and so forth. Small items, like jewelry are usually packed away in boxes, so on your quick look into the unit be sure to take note of the labels written on the boxes for a clue about what may be there.
When you win an auction you must decide what the pieces are worth before you resell them. To maximise your profit do research before deciding. Google can be your best friend here as you go online and learn what similar items are selling for. Don't shirk this part of the task. It is where a lot of money is made and lost every day. You may find something like an old vase in a box and think it's worth maybe $5 on a good day. An online search might reveal that it is actually worth more like $500. Don't sell yourself or your merchandise short.
By carefully bidding on storage units and pricing your merchandise big profits are possible. Due diligence is the watch word and you can do very well.
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