There are almost 50,000 self-storage facilities scattered across the country right now. There are actually more of these facilities in the U.S. than there are McDonald’s restaurants (and it’s not even close!).
People use these facilities to store all kinds of things. From clothing and appliances to furniture and artwork, you’ll find a little bit of everything sitting inside the average storage unit.
This could potentially present you with an interesting investment opportunity. There are more and more people buying storage units when they’re abandoned and selling the things stored inside of them to turn a profit.
This has turned into a very big business. Just look at the popularity of the hit reality TV show, Storage Wars, for proof of that.
Would you like to get in on the action? Before you do, it’s important for you to know exactly what you’re doing. Check out how to make money buying storage units below.
Familiarize Yourself With Storage Facilities in Your Area
As we just mentioned, there are tens of thousands of storage facilities located in the U.S. This means that there are probably at least a few in your general area.
Write down a list of all the storage facilities in your city or town and, if possible, find out how many storage units are in each of them. This will give you some idea of whether or not buying storage units is even a viable option for you.
It’ll also provide you with a great starting point for finding storage unit auctions in your area.
Find out When These Storage Facilities Hold Storage Unit Auctions
Once you have a long list of storage facilities in your area, get in touch with as many of them as you can and ask them when they hold storage unit auctions. Most facilities hold one about once every month to sell off the contents of abandoned storage units.
People abandon storage units at storage facilities for lots of different reasons. Some do it because they can’t afford to pay their storage fees, while others do it because they simply don’t want what’s inside their storage units anymore.
Whatever the reason, you can benefit from getting your hands on abandoned storage units in a big way. But you’re not going to be able to do it without attending storage unit auctions in your area and outbidding those who are trying to do the same thing as you are.
See How Much Things Kept in Storage Facilities Could Be Worth
It’s impossible to predict what’s going to be inside of abandoned storage units when they’re opened up. One might contain an entire living room furniture set, while another might contain garbage bags filled with old baby clothes.
Your job when buying storage units is to know approximately how much some of the things inside of storage units will be worth on the open market. This can help you figure out how much to bid on these units in the middle of an auction.
Do your research and look around at how much you can expect to get for things like clothing, furniture, sports equipment, appliances, and so much more. It’ll allow you to make the most reasonable bids when you attend storage unit auctions.
Determine How You’re Going to Sell Things Found in Abandoned Storage Units
How are you going to sell the items that you find after buying storage units that have been abandoned? Are you going to:
- Hold garage sales outside your home?
- Sell them in a store that you have set up?
- Post them for sale online?
It’s essential for you to have a plan in place as far as how you’re going to sell things that you find in storage units. You could miss out on making a lot of money by not having any kind of plan in mind for selling storage unit finds.
Think about which option will work best for you based on how many storage units you plan to buy and what specific items you plan to look for when investing in storage units.
Equip Yourself With Everything You’ll Need While Attending Storage Unit Auctions
When you show up at storage unit auctions, you need to come prepared. There are a number of things you will need to have on hand if you plan on buying storage units.
The first thing is obviously money. Cash is king when it comes to storage unit auctions, so you should bring plenty of it along with you.
The second thing is a truck. You’re going to be hauling away all kinds of things after buying storage units, so make sure you have a vehicle large enough to carry them all.
And the third and fourth things are a flashlight and some heavy-duty gloves. You’re going to be doing a lot of digging around in storage units after you place winning bids for them. You want to have the right tools to get the job done.
Create a System for Going Through the Storage Units You Buy
You don’t have all day to spend picking through storage units when you win them at auctions. You need to put a system into place that will allow you to go through units quickly so that you can start selling things right away.
It’s good to get into the habit of making different piles for items found in abandoned storage units. One pile can be for things you plan to sell, another pile can be for things you plan to throw out, and you can also make a third pile for things you need to research further before making a final decision on what you want to do with them.
You might want to form a relationship with a local appraiser, too. They can help you determine the price of certain items that you might not be all that familiar with.
Start Buying Storage Units and Making Money on Them Today
Buying storage units and selling the things found inside of them has turned into a career for many people. It’s also a great side hustle for those who are looking to generate a little bit more income every month.
No matter which approach you choose to take, keep the tips found here in mind to maximize your profits. You can start making money in no time when you purchase the right abandoned storage units.
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