Storage Wars (personal experiences)

[cujobyte]

I've got a "personel experience" for you.

 

I once "lost" about 15 long boxes of comics & rare 1st edition books, among other things, in a storage unit back in the late 1980's. It sucked.

 

I estimate the comics were worth around $50,000 at the time (1989 or so), and that's just the comics. Today the comics would be worth easily about 10x that amount.

 

Most of the better comics were nice runs of early Marvel SA (ASM, FF, TTA, TOS, JIM, AV, X-Men, DD), some nice SA DC, with a few GA books (about 100) thrown in there.

Also some esoteric items such as early Puck magazines, British comics, and the like.

 

It does happen, and worst of all I know who bought the storage unit, since I saw some of my comics for sale in their store, and a somewhat rare 78RPM record.

 

The employee who ran the storage unit (who could not tell me who purchased it, did tell me what they purchased them for) and did tell me it was two brothers (which narrowed it down to the ones that ran the comic store, which was only about 4 blocks away.

 

By the way, they purchased the whole storage unit for about $280.00.

 

That does suck. I think a lot of us have had to sell things in our lives for one reason or another. Hope you make a great find tho to make up for it!

[greenhoody]

People have 1 month to get there stuff out, they always get the good stuff before we overlock it.

 

This.

 

And if the contents owners don't get to it, the storage guys will.

 

No one ever enters the unit where I work. We have guys try to work out deals for us to check the unit out and see whats in it for them. The 2 people that worked at the site before me and I my friend started running the joint did that kinda thing all the time to make a little money on the side. Our jobs are to important to risk to make a few bucks on the side.

 

I'd say 80% of places get picked through by the people that work there long before the auction. Sooner or later they get caught. The pople that lost the unit are welcome to come bid on it and get there stuff back. But if they notice something is missing your screwed.

[bug33fouf]

About 10 years ago ,

When I was trying to make a dollar out of fifteen cents.

I bought a storage unit filled to the top.

I paid 100 bucks for it.

It furnished my first apartment.

It had two sofas, dining room table w/chairs

Two microwaves and a few end tables.

That was the best 100 dollars I spent.

I went bck to a few more auctions.

But, never bought anything again.

 

 

Always thought about doing it again

But don't have the time or SPACE for it.

 

 

[comicwiz]

With all the crazy attention this type of scheme has gotten in recent years, I don't know why either of the two haven't happened:

 

a) the storage companies haven't started offering online bidding, cleaning and/or storage rental services to out of town bidders.

 

b) a service offering to provide pictures and/or live video streaming, and/or bidding on site. Additional services like renting the locker, cleaning it out, and/or delivering valuables to the high bidder for a cut of the earnings.

 

I could build the technical aspect of such an offering in my sleep, the only thing I don't have access to is the manpower and presence in each state/city across the U.S.

 

Finding these storage auction events online and scheduling for upcoming auctions would be even easier.

 

On the back-end, if you explored option b on its own, you could set-up an online store on the exact same site you provide bidding and cleanup/caretaking services, so you're constantly moving merchandise and possibly double-selling to people who initially may have only been interested in the storage auction bidding.

[Pirate]

if you're not there, how are you going to clean it out?

[comicwiz]

if you're not there, how are you going to clean it out?

 

"Additional services like renting the locker, cleaning it out, and/or delivering valuables to the high bidder for a cut of the earnings."

[bug33fouf]

It would cut the profit i'n half

Maybe even more!!!

 

[Bonds25]

 

 

Thats show has everyone thinking there going to stike gold. Units sell for 4-6 times what they did before the show I'm told. Had a 10x10 full of nothing but trash bags sell for $600 2 weeks ago. WTF? People have 1 month to get there stuff out, they always get the good stuff before we overlock it. The only way your going to get something good is if they die or get deported.

 

They're, their, and you're. Not there, there and your.

[greenhoody]

 

 

Thats show has everyone thinking there going to stike gold. Units sell for 4-6 times what they did before the show I'm told. Had a 10x10 full of nothing but trash bags sell for $600 2 weeks ago. WTF? People have 1 month to get there stuff out, they always get the good stuff before we overlock it. The only way your going to get something good is if they die or get deported.

 

They're, their, and you're. Not there, there and your.

[mintcollector]

I have been to dozens of these sales held locally. You need to be able to identify what was possibly stored by the owner opposed to what was once the property of an evicted tennent. In MA it is law that a lanlord must flip the bill for 3 months for the moving and storage of an evicted tennent. Chance of the tennent abandoning anything of value in the vacated apartment is as rare if they even had anything of value to actually leave behind. Well when the auctioneer opens up the bin's door and you see a mattress and 15 trash bags stuffed with clothes and the unit sells for $350, your head will spin and you will go back to doing things that dont waste your time. Not me I go often and sure I have heard the wonderful stories, but the horror stories far outnumber the good. If you have a truck and a large facility to sort through it all, as well as a way to off the low end merchandise, plus an endless bankroll...Then go for it. You will eventually find something to talk about. The TV shows are all staged

 

The shows are NOT staged, but they are heavily edited. You don't see the misses.

 

This is very true! If you notice on the first and partial second season of both Storage Wars and Auction Hunters; they showed only lockers that contained a lot of great finds. It honestly made the business look very easy. This caused a massive spike of attendence at most storage auctions and people were coming away disappointed actually wondering why the televsion shows never showed any of the 'horrid' finds.

 

Now in the later seasons, both televsion shows have gotten a little better at showcasing 'horrid' finds (and losses) and at least hinting that you can lose a lot of money in ths business. If you watch season two of Auction Hunters a comment was made that they lost more money than they made in the previous year! The average television viewer also forgets that these 'actors' are paid a set salary. I know that Storage Wars used to pay each cast member around $8,000 an episode in season one (if I remember correctly). That being said, there really is no incentive to have to turn a profit. Dave Hester I believe; sells T-shirts out of his store and they all make a lot of money on merchandising as well. This is why these shows are really good for one thing only; entertainment value.

 

Unfortunately for 'newbies'; attendance is up three fold at most storage unit auctions. I can also tell you that most of these 'newbies' only learned how to bid by watching television. A lot get banned, don't pay, and leave a mess. You have to clean out the unit you buy or the auctioneer has a right to ban you from coming to any more auctions. A lot of 'newbies' learn quickly that what is shown on television and what happens in reality are two distinctly different things...they also bid units up past retail levels and then wonder why they don't make a profit.

 

'mint'

[catrick339]

When I was between houses some years back I rented a storage unit for a couple months, and one day when I was driving through I noticed a couple doors with two locks on them.

 

Being a nosy type I went to the office and chatted up Arlene the manager, and found out about folks not paying their rent and the lockers being sold.

 

COOL! I thought, and proceeded to bid on quite a few over the next few years.

 

Different situation hereabouts, you get to take a look between 11 am and 1 pm, and then submit a sealed bid, which is opened the next day. One shot, give your best offer, and it's win or lose.

 

I always made a profit, but the only big lick I had was the one with a bunch of junk up front, with all the nice antiques (including a grandfather clock!) buried in back. I bought the unit on the strength of a big ol' pile of 78's that were more-or-less buried but peeking out, won the auction for about $80 (Beating out the next bidder by three bucks, ) and cleared a couple thousand by the time all was said and done.

 

It's a LOT of work, but big fun digging through someone else's stuff looking for treasures.

 

But you have to have some place to haul all the stuff to, I can only bid on the full units when my garage is empty.

 

 

 

 

[mintcollector]

When I was between houses some years back I rented a storage unit for a couple months, and one day when I was driving through I noticed a couple doors with two locks on them.

 

Being a nosy type I went to the office and chatted up Arlene the manager, and found out about folks not paying their rent and the lockers being sold.

 

COOL! I thought, and proceeded to bid on quite a few over the next few years.

 

Different situation hereabouts, you get to take a look between 11 am and 1 pm, and then submit a sealed bid, which is opened the next day. One shot, give your best offer, and it's win or lose.

 

I always made a profit, but the only big lick I had was the one with a bunch of junk up front, with all the nice antiques (including a grandfather clock!) buried in back. I bought the unit on the strength of a big ol' pile of 78's that were more-or-less buried but peeking out, won the auction for about $80 (Beating out the next bidder by three bucks, ) and cleared a couple thousand by the time all was said and done.

 

It's a LOT of work, but big fun digging through someone else's stuff looking for treasures.

 

But you have to have some place to haul all the stuff to, I can only bid on the full units when my garage is empty.

 

 

 

 

You were very lucky to have the option of a sealed bid auction. Most are not. In the state of PA; it is very easy to get bid up by the competition. Personally, thanks to all the 'newbies' coming in, I only bid on what I know and see. This is actually good advice and I am happy you posted your experience. If you do have a chance to attend a 'sealed bid' auction of this nature, go for it. There is no real auction frenzy and someone like me will not be there bidding you up making sure you pay retail for a unit.

 

Thanks for sharing!

 

Kind Regards,

 

'mint'