With more and more mainlanders being struck by the storage auction bug, this money making pastime has started making a splash in the pacific, as Hawaii residents start attending more and more self storage auctions. Self storage facilities have provided essential public services, especially in Hawaii where large sections of the demographic are transient, and where moving your home and family to or from the middle of the ocean poses unique logistical challenges.
Are increased storage auctions in Hawaii the result of a depressed economy? Some folks seem to think so. Hawaii was especially hard hit by the global financial crisis as consumers all over the world tightened their belts and refrained from spending money on anything non-essential, like tourism. Deprived of one of it’s most crucial sources of income, Hawaii has seen deep and widespread impact on the health and sustainability of local economies. Forced out of business by a dried-up tourism industry and unable to find enough work to sustain their bills, many local businesspeople have had difficulty paying their bills.
With mortgages, utilities and food taking precedence, many monthly rent bills have piled up for Hawaii’s storage customers, leading to an increase in the frequency and breadth of self storage auctions. Residents with a little extra cash available are capitalizing on this trend, and storage auctions in Hawaii have become something of a miniature gold rush for locals that know how to spot valuable storage units and turn their contents into more cash. Hawaii’s self storage lien laws allow storage facilities to sell the contents of their non-paying customers’ storage units in order to recouperate some of the money lost on uncollected rent.
Making money off of storage auctions is as easy as keeping abreast of where and when they are happening, and showing up with some pocket money to buy defaulted storage units with. The winners of these storage auctions then go on to sell their winnings piece-by-piece in yard sales or on the internet. Placing items they’ve retrieved from storage auctions online is a way to sell them all over the world. Some auction winners use eBay while others have had success with local forums and other online marketplaces.