When people fail to pay their rent at a storage unit, their contents may be sold at an auction. What you get may be a mystery, however you can make hundreds and even thousands of dollars if something valuable resides in the unit. There are different things to look for when buying such a unit.
You may be able to see very little of the smaller items from a storage unit if they are encased in boxes. However the larger items such as furniture and appliances are often available for viewing. Take those into consideration and look for pieces that have a lot of value. Even something that does not look great may be valuable as an antique so you can brush up on this knowledge before you attend the auction. According to California Storage Auctions & News, you can even look up patent numbers beforehand to compare to the ones that you can see on the visible items. If something checks out as valuable then you may be more likely to buy it.
The neater the boxes are, the more likely they may contain something more valuable. The person may have more money and thus nicer items if they purchased the boxes from the storage company as compared to finding empty boxes around the house. You can especially look for the name of a moving company. Since those are expensive, it may indicate the presence of more valuable items. New boxes sealed with tape may indicate newer and more expensive items.
Some of the boxes may have addresses or other identifying information that can give a clue as to its worth. If the address indicates it came from the Hamptons you may be willing to pay more than if it came from a less expensive area.
Of course it is all a matter of how much the storage unit is worth versus how much the bidding is. A storage unit that does not look particularly promising may still be worthwhile if the bidding is so low that even a few small finds can be worthwhile. California Storage Auctions & News gave an example in which someone earned enough in spare change to make up for the space that no one else wanted. Ultimately you want to look for a space that seems more valuable than the bids reflect. Consider the selling value of each item on ebay, to pawn shops and to other outlets where you might sell it.
Buying a storage space at an auction can be a great way to quickly earn money. The above tips can help you find a lucrative space.