U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Business
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-18-2017, 11:41 AM
 
9,959 posts, read 9,291,459 times
Reputation: 3815

Advertisements

I hqve watched this show on tv, Bidders buy a storage locker that has been abandoned. The hype about profits they make is bogus. I see them place high value on items that you can get for pennies on the dollar from the value they place on them.( i saw a $20.00 value placed on a portable beside toilet1 i HAVE PURCHASED THE SAME AT A GARAGE SALE FOR$2,00) The bidders take merchandise all over town and get it valued. They say nothing about their time involved, the distances they drive , the labor they pay for nor for the dumpster they have to have to put a good portion of in the trash. Nor do they mention their building costs to store the stuff or the monthly payment on the new truck they drive. etc.

I have many years experience in auction buying and never ever bid at one of these Storall auctions because just buying at an auction is a gamble let alone just rolling the dice as they do. Plus you may get some really good stuff but you still need o find a buyer for it. Everyday you own it your profit goes down. Often you won't even make minimum wage.

Buyer beware! You always have to pay your dues.

Last edited by Versatile; 11-18-2017 at 11:59 AM..
Reply With Quote Quick reply to this message

 
Old 11-18-2017, 03:06 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
26,298 posts, read 45,710,185 times
Reputation: 24316
It’s a tv show, meant for entertainment and interesting characters. I can’t imagine that many people would be silly enough to try it thinking they will get rich, but I suppose there’s some out there that need your warning,
Reply With Quote Quick reply to this message
 
Old 11-18-2017, 03:50 PM
 
9,959 posts, read 9,291,459 times
Reputation: 3815
You would be surprised as to how many fools grasp at this stuff. PT Barnum said there is a fool born every second. Many poorly educated persons think it must be true because i they it on tv.
Reply With Quote Quick reply to this message
 
Old 11-19-2017, 06:53 AM
 
Location: Wartrace,TN
5,059 posts, read 7,423,927 times
Reputation: 9876
I always figured that once storage auctions were shown on TV as a way to make money it would become overcrowded with new participants that would bid up prices beyond realistic levels.

I have seen the show a couple of times. Short of having died suddenly why would anyone leave something valuable in a storage locker and stop paying?
Reply With Quote Quick reply to this message
 
Old 11-19-2017, 07:22 AM
 
9,959 posts, read 9,291,459 times
Reputation: 3815
That would be a $64 question.
Reply With Quote Quick reply to this message
 
Old 11-19-2017, 08:06 AM
 
Location: North Idaho
18,936 posts, read 22,173,959 times
Reputation: 33089
It's hard for me to imagine that anyone would store the family silver, precious artwork, and valuable antiques, and then just walk away. No, those people pay their storage space rent and retrieve their stuff.

The people who walk away are the tenants who are getting evicted and need a place to put their worthless junk but don't actually have the money to pay space rent. They have stuff that wouldn't sell at a garage sale for more than a dollar.

Maybe if you could buy the storage unit for $25, you could make a profit, but those guys are paying high prices and getting worn out junk.
Reply With Quote Quick reply to this message
 
Old 11-19-2017, 08:21 AM
 
9,959 posts, read 9,291,459 times
Reputation: 3815
I agree smoke. Just saying an item is worth this or that means that is just an opinion. You still have to find a buyer for it. Been there and done that. I have made some very good money on items from freight salvage sales. I also threw an unaccounted amount of truck loads into a dumpster. I can guarantee you that when you bid and but random items then you better have a very large dumpster. You must specialize on what you bid on or you will wind up with all kids of NEAT things you cannot sell. You can make better money just going to garage sales on the afternoon of the last day. Quite often they will give you the heavy stuff.

One time i had 60 gallons of high dollar nail polish in 5 gallon cans worth about $500.00 each i was told and never found a buyer at $5.00 for 5 gallons.

One time i bid and won the bid on a 55 gallon drum of Amsoil for $3.00 and never sold it.
Reply With Quote Quick reply to this message
 
Old 11-19-2017, 05:20 PM
 
32,412 posts, read 18,559,621 times
Reputation: 8604
Quote:
Originally Posted by Wartrace View Post
I always figured that once storage auctions were shown on TV as a way to make money it would become overcrowded with new participants that would bid up prices beyond realistic levels.

I have seen the show a couple of times. Short of having died suddenly why would anyone leave something valuable in a storage locker and stop paying?

Storage unit rentals typically have a very short slack time of two months or less where stuff is auctioned for nonpayment. So someone living paycheck to paycheck could spend three months in a hospital and find their stuff auctioned by the time they get out. My expectation is that the average abandoned storage unit contains household junk.
Reply With Quote Quick reply to this message
 
Old 11-20-2017, 01:05 AM
 
155 posts, read 44,495 times
Reputation: 198
The show is mostly fiction but making money on storage auctions is real. It's a great source of merch for flea market sellers and they absolutely do hit homeruns on a regular basis. Of course you can bid too high.... just like every other auction held in the last couple thousand years. You have to take the good with the bad with these. Nobody makes money bidding on clearly visible items. It's the taped up boxes that say "dad's stuff" that make it all worth it.

Oregonwoodsmoke, you couldn't be more wrong. All types of people use storage units, including billionaires. All it takes is two missed payments to lose the unit. I've met plenty of people at their unit to buy items and saw insane collections inside....one $10k item after another. Not to mention the people who store cars, boats, and other large valuables. At least a third of the units in my experience are full of commercial items. After one month behind the storage company locks the door on you...now you can't get your welding or lawn maintenance equipment out...which means you can't do your job. Can't pawn anything because everything is in the unit. At 60 days, it's auction time.

I saw a documentary once where the baseball player Barry Bonds was putting all of his game used uniforms, bats, cleats, etc in a typical suburban storage unit. Literally millions of dollars worth of memorabilia. He made a fortune as a player but so did plenty of other pros who ultimately went bankrupt. Same for musicians. Professional or not, people use storage units specifically to stash valuables and keep them away from family, girlfriends, business partners, etc.

Lastly, a good percentage of the scores found in storage units come from items that the renter didn't even know was valuable. Have you ever heard of a highly collectible item being sold too cheap at a pawn shop, on Craigslist, at a garage sale, or given to a friend or family member? Or how about something shown on Antiques Roadshow that was worth 100x more than what the owners' thought? Why is it so hard to believe that such items wouldn't kept in a storage unit during a breakup, temporary move, or inheritance?
Reply With Quote Quick reply to this message
 
Old 11-20-2017, 08:00 AM
 
14,384 posts, read 7,770,546 times
Reputation: 12056
Quote:
Originally Posted by freemkt View Post
Storage unit rentals typically have a very short slack time of two months or less where stuff is auctioned for nonpayment. So someone living paycheck to paycheck could spend three months in a hospital and find their stuff auctioned by the time they get out. My expectation is that the average abandoned storage unit contains household junk.
The irony is killing me.......
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Business
Similar Threads

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top