Tuesday, January 31, 2012
Can you make money with buying storage units at auction?
I have a glorious history of acquiring things cheaply and then selling them for a profit. I have sold everything from furniture and electronics to algae (yes, algae). I have gotten stuff from every source imaginable, including dumpsters and things in people's front yards that may or may not have been meant for the trash. One thing I had never done though is buy a storage unit. Mainly because I didn't have anywhere to store the stuff, and they always tend to have the auctions during weekdays when I am at work.
I had the opportunity to go to one lately though, as it lined up with some days I had off work.
I went with a friend and we planned to split the cost and the profits. We went to a total of 3 different auctions, where a total of 21 units were being auctioned off.
We actually ended up buying 4 units. One contained only a washer and dryer, but my friend bought those by himself because he actually needed a set for a rental property his family just purchased.
The other 3 units went for a total of 530 dollars including tax.
We didn't find any guns, gold, safes or anything crazy, but we did get a lot of furniture and other items, including:
2 dressers with mirrors
2 nightstands with drawers
1 queen bed, frame, headboard, and bed set
1 twin bed with frame and headboard
1 small computer desk
5 large paintings
a bunch of clothes
$3.50 in cash
So while we aren't going to be rich, we should have no problem turning some sort of profit. I have already sold a bunch of the clothes, the folding table, and one of the dressers for a total of $189, so we are well on our way. we should be able to make $100 each I would say when all is said and done. Not the easiest way to make some money, but every bit counts!
-The Money Monk