Bill and his wife have lived on the Big Island of Hawaii for over a decade. While Bill’s usual 9 to 5 is installing air-conditioners, as well as diagnosing and servicing the heating and air-conditioning systems of his loyal clients, he has picked up a side hobby in the past few years that has recently started to pay him large dividends. What, you ask, could top a busy and well-trusted specialist’s usual salary? Well, buying and selling the proceeds of self storage auctions, of course!
Bill has been a regular fixture at many local self storage auctions over the past few months. He comes prepared with a few hundred bucks cash and a powerful hand-held flashlight that he uses to examine the contents of the storage units up on the chopping block. Many advanced storage auction buyers and sellers come prepared with similar hand-held flood lights so that they can get a better idea of the contents of a unit without violating the auction rules and stepping over the threshold of a unit.
Bill attended several auctions in the last few weeks in the Kailua-Kona area of Hawaii. He told me that his efforts had been paying off recently. One auction that he won a couple of months back was for a small 5×5 unit, which is usually considered undesirable by the untutored bidding masses. Common misconception runs that, if a unit is small, it is unlikely to be valuable. Quite to the contrary, Bill found his first pieces of gold and rare jewelry in this particular 5×5, which allowed him to make back his $150 cash outlay back in a matter of moments once he started selling the precious stones and metals he found within the auction unit.
Bill has said that, including all applicable storage fees, truck rentals, cash outlays and shipping fees, he is still up $14K for the last few months’ storage auction season. He has found a fun and exciting way to significantly supplement his usual income by making sensible and small cash investments in the potential value of defaulted storage units. Usually, one or two decent items that he finds inside immediately after purchasing his defaulted storage unit will cover the initial cash outlay he made to buy the entire unit itself. This means that everything else he finds inside the unit is easily converted into pure profit.