Storage Unit Auctions
Our Side Hustles Breakdown
We recommend storage unit auctions for those with a keen eye for value and the thrill of treasure hunting. By bidding on abandoned storage units, you can discover valuable items to resell. Key concern: Not every unit is a goldmine; understanding how to value a unit’s potential is crucial.
- Risk of Loss: Not every unit will contain valuable items, leading to potential losses.
- Storage & Transport: Acquired items need a place for storage and means of transportation.
- Time Consuming: Research, bidding, sorting, and selling can be a time-intensive process.
- Treasure Hunting Thrill: Experience the excitement of discovering hidden gems.
- Diverse Finds: Units can contain a wide range of valuable items.
- High Profit Potential: Some units may hold items worth significantly more than the bid amount.
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Do you love storage unit auctions? Are you good at telling which unit contains valuable items?
Well, you can turn this hobby into a money-making side hustle right now!
This article will answer all your questions about scoring inventory and reselling those valuable goodies as a side hustle.
An Overview of Storage Unit Auctions: A Primer
People don’t like throwing away items they’re not using, especially when they’re of great value, but what happens when you run out of space at home? Well, that’s when storage auctions come in handy.
For a reasonable rent, people can have extra space for all of the stuff they don’t use.
Unfortunately, the renter might stop paying the rent for many reasons, and when that happens, the facility typically sends multiple warnings to them. The warnings inform the renter that their storage unit will be sold if they don’t pay.
If they still default on the monthly rent, the unit goes up for sale in storage unit auctions.
The thing is, you don’t get to check everything inside the unit before the auction. Instead, you’re only allowed a quick peek through the door, which is mostly not enough.
After winning the auction, you’ll have access to the unit, and it’s time to explore all the items inside. You can resell those items to make some extra money.
The unit might be full of junk at first glance, but you might end up finding a certain item that you can sell for a fortune.
How Much Can Storage Unit Auctions Earn You?
The amount of money you stand to make can be anything from a few hundred to thousands of dollars. If you’re lucky enough, you can end up finding a treasure inside that makes you a lot of money.
You never know what you may find inside a storage unit. Some people pass away, leaving their most valuable items locked inside their units.
Your profit also depends on other factors, like how much the unit costs you and how you’ll be selling the items. You’ll have to do tons of research to sell any item for the highest possible profit.
Since many factors affect your profit, it’s almost impossible to tell how much money you can make. So, you have to take a leap of faith in this side hustle.
How Much Does It Cost to Start a Side Hustle Doing Storage Unit Auctions?
Doing storage unit auctions won’t cost you anything to start, but you’ll need some money for the bidding. To win a unit in the auction, you might have to spend anywhere from $100 to $1000.
Aside from the bidding amount, you typically have around 24 to 72 hours to clean out the storage unit and haul away all the items inside, depending on the facility.
That’s why having a truck can be a great idea to help you clean out the unit faster. If you don’t have one, you might need to rent a truck.
Renting a truck can cost you between $20 and $100, depending on the truck size and the company. In most cases, you won’t spend more than $60.
Unfortunately, some items take longer to sell than others. If you end up with too many unsold items, you might need to rent a storage unit yourself, but make sure to pay the rent on time!
Where Can You Find Storage Unit Auctions?
Finding auctions is simple, as you just need to contact storage facilities in your area. Most facilities advertise the dates of auctions to spread the word.
You can check out the local newspaper, as well as Facebook Marketplace and Craigslist to find storage unit auctions near you.
According to StorageAuctions, around 800 units have an auction each month, so you’ll have a lot of opportunities to make money with online auctions.
Why You Should Consider Storage Unit Auctions as a Side Hustle
Storage unit auctions can be fun, but is it a good side hustle?
Here’s why you should consider storage unit auctions as a side hustle:
- You won’t get bored: You get to participate in a bidding battle, and if you win, you’ll have a lot of fun excavating the treasures!
- You might find something you like: You don’t have to sell everything. You’ll end up finding many items that you can keep for yourself.
- Low startup costs: You don’t need any special equipment to start this side hustle. You only need enough money for the bidding.
Problems With Storage Unit Auctions
Unfortunately, making money from storage auctions isn’t as simple as it may sound.
There are many things you need to consider before starting this side hustle, and here are some of them:
- It’s a gamble:: You might find nothing valuable inside the unit and end up paying for junk removal. Online auctions can even be riskier since you don’t get to take a look inside the unit before bidding.
- The income isn’t stable: You can’t rely on this side hustle for a stable income. Reselling items can take time, not to mention how you might fail to score a unit in the auction in the first place.
- Reselling is a hassle: Every item you find will require a lot of research to price it right. Then, you’ll need to place an online ad for every item. Not only that, but you’ll also have to reply to tons of messages and calls from potential buyers.
Frequently Asked Questions
Where is the best place to find storage unit auctions?
Online auctions allow you to attend many auctions around the country, which might save you a lot of time. Alternatively, you can find auctions happening every once in a while at your local storage unit facility.
Is storage unit auctioning a competitive industry?
Yes! Bidding on storage units can get competitive, especially in online auctions. Some people travel hours just to attend an auction in another state. Nonetheless, you won’t face any competition when reselling the items you acquire.
Storage unit auctions are a great way to make extra money. Oftentimes, they are a great way to buy large amounts of used stuff at a low price. However, be careful, as it takes experience to know what you're doing. While anybody can find and participate in an auction, it takes a skilled operator to understand what they are buying and what the auction is worth.