How to ensure you’ll walk away with more money than you came with.
It’s important to remind yourself, before you attend a storage auction, that it’s very easy to get caught up in the excitement of the auction and the inevitable bidding wars that will occur. However, the key to making storage auctions profitable for yourself is to decide ahead of time exactly how much money you’re willing to budget for investing into storage units you think contain valuables.
If you set your investment budget ahead of time, and only bring that much cash with you , you won’t be tempted to overbid beyond your means or comfort level, because you simply won’t have the extra cash on hand. Sometimes, competitive bidders will try to find your pain threshold by continually bidding a unit up until you either quit or pay a lot more than you originally planned to.
Start out small in the beginning. Bring a few hundred bucks and try for small units. The exciting thing about storage auctions is that you really never know which units are going to be worth the most – sometimes the tiniest units can conceal breathtaking gems or other valuables, whereas the most densely packed drive-up units might contain nothing beyond a few hundred pounds of someone else’s smelly clothes.