Storage unit Auctions|
Storage unit auctions can be a real crap shoot in some areas and
some states depending on the auction laws and if the storage companies follow
those laws. In most cases if the renter becomes over due on rent up to three
months or more the units are locked by the company and the renter is sent a
notice of sale at a specific time if the rent is not caught up. I have saw rent
paid just before a auction began to save their valuables. The rental companies
usually hold auctions every two or three months depending on the size of the
company and how many units are past due.
Once the auction is set and the unit has been opened the person cannot claim
their items unless they are willing to bid on them and in some states they are
not allowed to even do this.
Where do I find out about storage units?
Storage auctions can be a treasure throve for the person who does
their homework and spends time working up a routine for attending these
auctions. I always keep a list of phone numbers of the local rental places and
keep track of when they will be holding auctions. Usually they are held every
three months in this area and there will be at least one each weekend or on a
weekday evening. You have to watch the local newspapers for the smaller rental
companies and then the ad will be a two or three line ad hard to find unless a
auction company has the contract to work the auction and then the ads might be
How does the storage unit auction work?
Try to be at the location of the auction at least thirty minutes
early to make sure you are signed in and have a bidders number assigned by the
auction company. Remember the renter still have an opportunity to pay up past
due rent up to the start of the auction so there may less than advertised units
to be auctioned. The units are normally auctioned off on at a time to the
highest bidder. The larger the unit the higher the high bid depending on the
contents. Each unit is opened and the bidders are allowed a few minutes to view
the contents. Always keep a flashlight with fresh batteries whenever you take in
a storage auction. The units are always dark inside and if you attend an evening
auction there will be even less light available to view the contents. In some
states the bidders will be allowed to step inside the units to inspect the
contents but generally the bidders are not permitted inside and must make a
quick inspect from the front of the unit. After you have made the high bid and
won the unit the rental company usually requires the unit to be emptied within
twenty-four hours and broom sweep clean. Everything must be removed from the
storage property including all garbage. Always work with the storage company
leaving clean empty units and this might help in getting longer times to remove
the contents at later auctions. Of course you can rent the unit yourself on a
monthly basis so always make sure you have a spare lock with you just in case
you luck upon a large well filled unit you can't empty within the required time.
What can I find in storage units?
Storage units are usually rented by individual people for their
personal belongings and of course there are businesses that rent the units for
overstock and older equipment. You never know what is actually inside of the
unit as you are only allowed to view the very front of the unit. The unit may be
full of stacked boxes at the front so there is no way of knowing what is in the
back of the unit. I have found complete households in the larger units and
sometimes I find boxes of junk I have no choice but to pay to get rid of at a
local dump. While making the initial inspection along with the other bidders
look for certain signs that will let you know if the unit is worth bidding on.
Are the contents stacked in a neat orderly fashion. Are the boxes taped and
labeled. Has the large furniture been covered to prevent damage. Finding money,
antiques, furniture, collectibles is not unusual and in some cases with complete
households personal collections of odd sorts. I have found collections of
knifes, beer cans, star wars and other collections. You never know what can be
found in these units and this is what makes it so interesting. I once bought a
complete photography shop with all the developing equipment plus cameras and
film for less than three hundred dollars. Units full of garbage bags filled with
what appears to be wearing apparel along with other boxes and items is not a
good investment unless the unit sells really cheap.
Disposing of unit contents.
Sometimes the bidders fever can get you into real trouble when
you bid on a unit full of furniture and you have no way of disposing of the
larger items such as washer and dryer and other large furniture pieces. Always
make sure you have an outlet for furniture before you bid, paying storage fees
on what you buy eats up profit real fast. I move the larger pieces through
fleamaket vendors at a reduced price to them. This allows me to buy the larger
units and still get the collectibles and other pieces I can sell on eBay.
Links that may help
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