Joe bought this beautiful queen set at an estate auction. Once we had set it up I looked into one of the drawers and found a sock. Inside, was $500, two gold chains and a Rolex!
Even though I didn’t go trick or treating it was definitely a happy Halloween for me last year.
I had heard stories of people buying trash units for $25 dollars and finding $3000 in a trash bag. I heard of another lady who bought a small unit for $50 and found $2500 worth of silver coins.
Finding treasure for pennies is what the storage unit shows made their money on. Striking GOLD! Is all stories, until it happens to you.
The rest of the story
But what is the whole story? Joe has been and auction hunter for 3 years. Buying and selling, buying and selling. When we first started we made little profit. When didn’t have the esoteric knowledge of our market place inefficiencies. In short we didn’t know what to look for. We lost money on some units. As time went on we gained experience and started making smarter buys.
Storage units is NOT a get rich quick scheme and it’s definitely not what it used to be before the show. Hell, now a lot of storage unit auctions happen online! Times have changed.
What stays true is that the harder you work the luckier you get.
Even without the golden sock, Joe made a great buy for big profit. He made the buy on experience and esoteric knowledge.
The sock was luck.
1. The auction movers didn’t go through the drawers when they moved the Queen bed set from one location to another.
2. Nobody in the auction noticed it. There are people who go to auction just to STEAL and nobody bothered to grab the sock and look inside.
3. When Joe loaded the set into the trailer, it didn’t fall out during the long ride home.
The crazy thing is that Joe had seen the sock before but didn’t think much of it. I had seen it the day before but didn’t think much of it. The reason I grabbed it was because, now that the bed was set in the store floor, I went through the drawers to clean it out!
Storage Units is not eazy
Can you find GOLD, yes.
Can you make money, yes.
Will you put in the work?
Do you have a truck and trailer to really capitalize and be efficient?
Do you have a partner to help you carry big heavy items?
The guy who bought the trash bag unit for $25, did so because $25 was all had.
He got lucky.
Do you want to base your business on luck or a process?
Play the Guessing Game or gain Esoteric Knowledge
Another problem I have with the shows is that they buy a product for $X. Then they look into the camera and say “Oh yea i’m going to get $XXX for this item.”?
Really? Says who? They are counting their chickens before they hatch. The market is always changing and with that comes the fluctuating prices of items.
What people on TV say don’t matter because chances are, their market place, is different from your market place.
The only way to know if your fridge, couch, bed, will sell for $XXX is to test it in your own market place.
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