A lot of newcomer storage auction hunters often ask me about the availability of vehicles being stored. Is it possible to win a delinquent tenant’s car at public storage auction? In short, yes it is! Plenty of auction hunters have had great success buying up the vehicles left by delinquent tenants at public auctions and re-selling them for big profits.
But what about boats? Even veteran storage auction attendees are guilty of overlooking a fantastic market with potential for serious profits. Especially in states and areas that have a high concentration of fisherman and leisure boaters, you may notice your local self storage facilities holding one or more boats in their outdoor covered or uncovered parking spots. In fact, boat storage accounts for a major portion of all outdoor parking stall occupancy in states like Hawaii, and Alaska, obviously, but boat storage is also popular along both the east and west coast.
Boat storage usually works a lot like outdoor vehicle storage. The tenant interested in boat storage first needs to ensure their vessel can fit within the facility’s outdoor spaces, unless they want to spring for a large drive-up unit to keep their watercraft in. However, with the recent economic downturn affecting the entire country, and especially tradespeople and fishermen, boat storage is actually becoming a larger factor in public self storage auctions.
Obviously, there are a couple of extra steps and complications with monetizing boat storage through auctions compared with simply selling the usual storage units and their contents. Just like with a car or truck, the storage company must ensure they can obtain a clean title, and that there is no “superior” interested party in the spoils of any particular boat storage that they are trying to send to auction.
Essentially this means that if a boat storage customer actually owes part of their boat to a bank or company, there may be legal difficulty in recouping the delinquent rent via a public auction. However, assuming that the storage company is able to determine the legal owner of the vessel (and it happens to be the late tenant!) then you could very well see a schooner or skiff up on the chopping block the next time you attend your local storage facility’s public auction.
Some bargain hunters wait out boat storage auctions just for the chance to obtain a good working sea-ready vessel at well below market rate, whereas others are interested in boat storage auctions so they can cash in on a sea-worthy vessel that will be worth even more to a second buyer.
If you happen to have any nautical knowledge on your side, you could be looking at one of the best ways to obtain a solid and good quality boat at a very cheap price. If the vessel was placed in indoor or even outdoor storage, there’s every reason to suspect it is sea-worthy and high quality, yet you can corner these particular boat storage auctions because very few bidders will be willing to put up the kind of cash necessary to get in on these great deals.