What do we know about buying abandoned storage units at auction?

[Rick Lee]

I guess I had always heard about this, but ran across someone today who does it. This guy had so much schit stacked up in the front yard of his trailer and inside, I knew he could not have collected it all himself. He was only 45. I asked if he was selling any guns or musical instruments. He said he was keeping those. He told me he had paid $200 for a unit and found inside an original, first print edition of Peter Pan. He showed me the book and it was in pretty good shape, he said it had appraised for $8000.

How does this stuff work? If I win one at auction, can I just leave it after I've picked through it? Or do I have to clear it all out? I have to think there are plenty with guns, jewelry, music gear, car parts or even cars, plenty of other valuables. I have time on my hands and like this kind of stuff. How to get started?

[fintstone]

I worked at a storage facility at one time. We put an additional lock on units where money as owed (until it was paid). Most of the time, the amount owed was more than what the contents were worth. After a couple months, we ran an ad in the classified announcing that we would sell the contents of the unit if not paid. After that, we cut the owner's locks and sorta did an inventory (from the doorway). Then we had an auction. Many were clearly all junk and the boss just had me empty them and put the stuff in a dumpster (so we could get it rented again). An artificial Christmas tree and some boxes of old clothes or a bicycle. Sometimes I would laugh looking at how someone had paid $100 a month for many years and only had a few pieces of junk inside. A few times, it was a business storage and there was quite a bit of some junk product, brochures, etc.

If you bought it, you had to empty everything out.

[SCadaddle]

Originally Posted by fintstone

I worked at a storage facility at one time. We put an additional lock on units where money as owed (until it was paid). Most of the time, the amount owed was more than what the contents were worth. After a couple months, we ran an ad in the classified announcing that we would sell the contents of the unit if not paid. After that, we cut the owner's locks and sorta did an inventory (from the doorway). Then we had an auction. Many were clearly all junk and the boss just had me empty them and put the stuff in a dumpster (so we could get it rented again). An artificial Christmas tree and some boxes of old clothes or a bicycle. Sometimes I would laugh looking at how someone had paid $100 a month for many years and only had a few pieces of junk inside. A few times, it was a business storage and there was quite a bit of some junk product, brochures, etc.

If you bought it, you had to empty everything out.

I decided years ago that the storage facility business was the best business model on the planet. You rent a place to stash stuff you don't want around the house and it's so much easier just writing a check each month instead of dealing with getting rid of the stuff.

[Dantilla]

Originally Posted by Rick Lee

I have to think there are plenty with guns, jewelry, music gear, car parts or even cars, plenty of other valuables.

Nope.
Close relative is in the business. Says nothing of value is left before someone quits paying.
You bought it- Now you're responsible to haul it all to the dump.

[Heel n Toe]

Rick, have you ever watched "Storage Wars" on A&E?

[Bill Douglas]

Don't go buying any abandoned storage units in New Zealand - we have murdered people in them.

https://www.stuff.co.nz/national/crime/129628068/bodies-in-suitcases-how-did-two-children-remain-undiscovered-in-a-storage-unit-for-years

[zelrik911]

Ongoing case in New Zealand, someone bought the contents of a storage unit.
Two suitcases were included, but when the new owners opened them they each had a child's body inside.

Police have tracked the children's mother to somewhere in South Korea a few years ago.
Also reported that the father had died before the children died, very suspicious.

[GH85Carrera]

At one of the places I worked at, a storage facility was built behind our building. To get to the back of our building, we had to go through their gate. Our dumpster was shared with the storage place.

We would see them near the first of the month cutting off locks, and looking at what was inside for delinquent renters. Often is was total trash. Sometimes they found a little sports car, or office equipment. I saw that I did not want to ever get into the junk buying business. We walk in the neighborhood west of ours and regularly see the driveway with 75K of cars sitting outside, and 100 bucks of trash in the garage. I simply do not understand it. I am a bit of a horder, but I have limits. Crap is not allowed in my garage except for very short term projects.

[Rick Lee]

Ok, what do these things go for in the US

[masraum]

I think I've heard that once you "buy" a unit, you've usually got until the end of the day to have it completely empty. That sounds like a huge pain in the rear. I suspect like a lot of things, you'd need a big trailer, and then you'd have to sift through a ton (literally) of junk to find the occasional "needle" that wasn't junk. Then you've got to have a way to dump the junk after you've sifted. I think that's often also not free. If you include the price of the unit and then your time, I suspect you don't break even.

But I've never done it, so maybe I'm wrong.

My guess is that some/a few folks make a little money at it, and a bunch of folks lose money as they are probably gamblers looking for the next big score.

[2.7RS]

It just sounds terrible and not worth it.

I'll keep hunting for empty 5c cans and redeem them

[URY914]

I hear the new thing is buying retuned boxes from Amazon distribution centers. The boxes are wrapped on a pallet and you buy the pallet. Could be anything inside. Amazon says it's too costly to sort and restock them.

[masraum]

Originally Posted by URY914

I hear the new thing is buying retuned boxes from Amazon distribution centers. The boxes are wrapped on a pallet and you buy the pallet. Could be anything inside. Amazon says it's too costly to sort and restock them.

I think Home Depot has the same for power tools. I hadn't heard about Amazon. If you've got the time and energy, i guess it could be a way to make some money.

[pwd72s]

LOL! Fint's post = reality

TV's storage wars...a TV show promoted by storage unit owners to lure others into tossing the junk away for them.

[MBAtarga]

I went to two different auctions - back about 20 years ago - before that Storage Wars show. Saw the same group of bidders at each location - even though the auctions were about 2 weeks apart. I was observing to learn only at that time. The doors are opened, but you can't enter - just look inside only. I recall one unit that had 2 tool boxes in it. Bidder that won had bid up the price expecting tools in those toolboxes. Ended up being gay porn magazines! It's like a box of chocolates....

From those 2 experiences and the class of folks that were showing up, I just decided there couldn't be too much money in that business.

[juanbenae]

I went to one locally about a year ago and it was interesting and fun. did not bid or buy anything, but kinda went down a rabbit hole with it looking for other scheduled events. Also found an online auction site that you could bid on units with pictures of the unit from outside. pretty interesting concept. and they had a ton of lockers listed.

[herr_oberst]

I just had an idea. I'll start throwing the junk I want to get rid of in plastic storage bins, offer them up to the highest bidder, hint that there might be some good stuff that I couldn't be bothered to sift through. Like one of those Grab Bags that used to be advertised in comic books when I was a kid.

After watching storage wars, I bet this would actually work. You'd take the lid off the bin and let the bidders see the top layer. Look, don't touch!

[Arizona_928]

Originally Posted by Rick Lee

I guess I had always heard about this, but ran across someone today who does it. This guy had so much schit stacked up in the front yard of his trailer and inside, I knew he could not have collected it all himself. He was only 45. I asked if he was selling any guns or musical instruments. He said he was keeping those. He told me he had paid $200 for a unit and found inside an original, first print edition of Peter Pan. He showed me the book and it was in pretty good shape, he said it had appraised for $8000.

How does this stuff work? If I win one at auction, can I just leave it after I've picked through it? Or do I have to clear it all out? I have to think there are plenty with guns, jewelry, music gear, car parts or even cars, plenty of other valuables. I have time on my hands and like this kind of stuff. How to get started?

I've been to one. What a PITA. gotta clean out the whole unit. Take the trash to the dump. Be prepared to pay wholesale for the schit that you can see from the front door.

Wasn't worth it for me. Rather pan for gold (for the exercise)...

[Arizona_928]

Originally Posted by MBAtarga

I went to two different auctions - back about 20 years ago - before that Storage Wars show. Saw the same group of bidders at each location - even though the auctions were about 2 weeks apart. I was observing to learn only at that time. The doors are opened, but you can't enter - just look inside only. I recall one unit that had 2 tool boxes in it. Bidder that won had bid up the price expecting tools in those toolboxes. Ended up being gay porn magazines! It's like a box of chocolates....

From those 2 experiences and the class of folks that were showing up, I just decided there couldn't be too much money in that business.

Now that's taboo for 20 years ago.

[dad911]

Storage Wars was faked.... they seeded the units with good stuff.