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It is so easy to get addicted to bidding on abandoned storage units.  The thrill of the chase, the excitement of the close, and then finally, the moment you rummage through the spoils of your bid.  It can be like Christmas morning.

Then reality sets in and you get an idea what you’ve bought, what the possible value might be, and how much work it will take turning your newly purchased "trash into treasure".

If you’re not too careful when placing your bids, you may just wind up with "trash" rather than "treasure". It is worth remembering, most storage units are auctioned on the back of owners no longer paying the storage rent. 

But to win it, you must be in it… And just as there are duds, there are also the money makers.

When talking about storage auctions, we always refer to the TV shows “Storage Wars” and “Auction Hunters”, and while they are made for TV and sometimes bend the truth, they do highlight what it takes to make money from buying abandoned storage units.

Here’s what we can learn from the TV shows…

• They always take a good look at what is inside the unit
• They always do their sums, and calculate the perceived resale value
• They often own pawn shops, and it might take a while for them to sell particular items
• They sometimes buy a dud
• The big wins might be 1 in every 20 they buy
• They have people who help them pack and cart away the items 
• They have trucks to move the items
• They also get stuck with throwing out all the junk

With all this being said, it is a great way to earn a second income, or to make money by working for yourself.

Advice for the novice buyer would include the following…

• Get to know buyers of furniture, antiquities and precious metals
• Get a truck, ute or trailer
• Get a second pair of hands
• Sell on Gumtree, E-Bay and even Cash Converters
• Clean and restore before you sell

So, as long as you choose wisely, there is money to be made, so go forth and source your treasure.

HUNT >> FIND >> BID >> SCORE