Making Money on Auctioned Storage Spaces

Like many ways of making money that is not job related, this one is risky. Entirely legal, but there is a risk involved. If you are interested in making a sure fire buck, this is not it. You have probably passed these places before while driving to work, or just going around. Storage spaces. People pay for a small to large space where they can store their extra things. However, and this happens rather frequently, the person is not able to pay for their space. When this happens the storage space goes up for auction.

How can you find out about these auctions? The newspapers will have a listing of all storage spaces available for sell, sometimes they offer a small tidbit of information regarding what is inside the space, and where to call for information.

Now, while it may seem a good idea to rush over, on the designated auction day, to a storage space lot, always call before going. People have until that day to pay for their space. So what might have been ten spaces may only be two up for sale.

Once you decided to go, and you found out how many are for sale, there are a few things you have to know. First, there is no credit cards. This is a cash transaction. Also, there is usually an auctioneer there. What does that mean? You have to pay an auctioneer's fee. So if you buy a space for $100 and his fee is 10%, you really have to pay $110.

Next, DO NOT BE INTIMIDATED! You may be lucky and be the only person who has caught onto how good a money opportunity this is, but don't count on it. Plenty of people make a full time income off buying spaces and selling contents, so be ready to encounter people with years of experience. If you cannot handle some pressure, whether it be from them knowing more or them willing to outbid you simply to assert authority, then don't bother going. You need to have a spine and be willing to stand up to this if you want to make any money.

Also, before going, research antiques. You don't want to buy a space for $200, thinking the table in the back will be worth more than that, just to find it's worth less than $50. Know your merchandise, your furniture, tools, etc so you can bid competently.

OK, with that out of the way, let's walk through the actual bidding. You, and all the others, will be told what space is up for auction and where to meet. When there, the door will be opened up and you can look in with flash lights. You cannot walk in, so make sure to be carrying a flash light with you.

After the auctioneer asks if everyone has seen the contents, he will begin bidding. This happens very quickly, so don't back down. If you think you see something bid for it, don't wait to see how the bidding goes.

You may lose for the first couple times, but after some persistence you will get a space. At this point you will be wondering, can you store this stuff yourself? Usually you are given a day or two to clear out the space, but you also can buy the space if that is not enough time. Be warned though, some places out the contents emptied by the end of the day, so be ready for that.

Get a car big enough to lug the things around, as most of these spaces are not super small.

After lugging all the things back, you can sort through what is truly worthless and what is worthwhile. You can use online guides, ebay selling records, books on antiques, etc to help sort.

After this stage is complete, you now need to start making profit. You can sell everything on ebay, but this takes a lot of time and effort, plus you need to ship everything. If you are ready for to give up this time, go for it.

A quicker method, though you may end up getting less in the end, is sending it to another auction place. This time the auction sells off anything. You can usually find these on Google. Many of them can appraise your items and sells for them for a deserved price. However, they take a large sum (20-25%) and if the item is not sold you have to lug it away (or be charged a fee for keeping it there).

Most of the full timers end up using the auction method, as they can make cash quick without the effort required for ebay.

If you can meet all these challenges, you may find that buying storage spaces and selling the contents can work for you. Though it takes less time than a normal job, it isn't easy, and you need to be prepared for long amounts of time with no luck and nothing to sell.