Buying self storage units at auction in the hopes of making extra cash is a great idea for a part-time business. It does not come easily and does require a little work. A person needs to know when and where the auctions are being held. They must also have a good idea of what to look in order to make a profit.

The first thing for a person to do before jumping into the business is to have their own garage sale. Doing this is going to give them an idea of the value of second hand items. They will have a clearer understanding of how much and what to bid on. It is also going to earn cash to help get started with buying the units.

To find where an auction is being held, check the newspaper, websites, and auction sites. Also, contact the storage companies and ask for dates or a listing. There will always be a legal notice for each auction, so check there also. When dates and locations have been found, still call the day before the auction is scheduled to find out if it has been cancelled.

There are a few official and unofficial rules to go by. The buyer should get there at least fifteen minutes early to sign in and to read and sign the companies rules, which may vary from storage company to company so do not take it for granted that they are all the same. Cash is the only accepted form of payment, so bring what you are willing to spend. Also, sales tax is included in the amount unless the buyer has a valid resale license.

The bids are usually verbal, rarely is it by sealed bid. Once the unit is opened, each person is allowed to walk pass and view what is inside. No one is allowed to enter the unit to see what it contains. The winning buyer will have 24-48 hours to clean out the unit. That time period can also vary from company to company so check before going.

Going into this business is a gamble. A person needs to know what to look for in the unit in order to make profitable buys. Successful business people are conservative on what they buy. Experience has taught them that the treasure finds are few and far between.

A person can find money, jewelry, antiques, and collectibles inside the units. However, most of the profits are going to come from household items, appliances, tools, clothing, and furniture. Usually all that can be seen clearly inside a unit are stacked boxes, garbage bags filled with something, clothing, tools, and furniture. Experience and common sense is going to be the best guide on bidding. Remember the goal is to make money not to get caught up in a bidding war and spend too much.

A few more things to remember when buying self storage units are to take along a flashlight to help get a better look at what is inside. Bring more than one padlock for your unit because you may be able to buy more than one. Find out if a deposit is required until the unit is cleaned out.

Standard size and custom size storage units available at our storage London Ontario facilities. Some of them can accommodate cars, boats, RV and more. Migson Public Storage 2356 Gerrard Street E, Toronto, ON M4E 2E1 (416) 691-8111 866-691-8111 ‎

Standard size and custom size storage units available at our storage facilities. Some of them can accommodate cars, boats, RV and more.
http://www.migsonstorage.com

Author Bio: Standard size and custom size storage units available at our storage London Ontario facilities. Some of them can accommodate cars, boats, RV and more. Migson Public Storage 2356 Gerrard Street E, Toronto, ON M4E 2E1 (416) 691-8111 866-691-8111 ‎

Category: Business
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