Here is a quick video below showcasing the amazing find of Daryl Sheets from Storage Wars. He had a storage unit that was filled with art from a Chicano artist named Gutierrez. How much was it worth?? Watch the video now to discover for yourself. While buying storage units at auction may not be lucrative all the time or even most of the time, in this case it was a home run of monumental proportions. With that in mind, remember this is just one money making outlet. The more you have going in a variety of fields the better your change to knock it out of the park!
Buying storage units at auction has been a secret money maker for a select number of bidders and investors over the years. With the recent popularity of the storage auction tv show, Storage Wars, this money maker has come into plain view of the public. On the one hand that is good for those that seek to have more information on how to profit with buying storage units at auction. On the other hand, the increased popularity of this money maker has lead to increased competition. The deals are still out there but now they may cost you a bit more for some of them. That’s the positive and negative of Storage Wars.
I’ve got to admit that I’ve become a fan of the show over the last year or so. The show basically follows a group of bidders around as they try to outdo each other on bidding on storage units in which the previous owner for whatever reason has stopped paying their storage rental fees.
Essentially the way it works is that you as a bidder get a brief view of the contents (usually around 5 minutes in the tv show). Then the bidding starts. The winning bidder then sifts through the storage unit looking to uncover treasures that will not only repay them the amount they bid on, but hopefully for them, far more!
The Storage Wars show highlights the fact that buying storage units at auction can be filled with both danger and the potential for huge profits.
In one episode, Dave Hester, the bidder with a knack for hitting storage unit gold, bids on a unit that is filled with old newspapers. His hunch that the unit contained more than just a hoarder’s stash, paid off when it was discovered that it held multiple newspaper copies chronicling the death of Elvis. An appraiser told him that the papers he found had the potential to generate $45,000 to $90,000. This for a unit that he only paid about $700 for if I recall.
Storage Wars features a motley crew of bidders. There is the aforementioned evil foil, Dave Hester, who seems to enjoy bidding up other folks just for the fun of it. He explains that it is a technique to make sure that those he bids against have less cash when other storage units come up for auction. That is all well and good but he seems to take a little too much delight in it lol. Hester owns Newport Consignment Gallery in Costa Mesa, Ca.
Then there is the bickering young couple Jarrod Schultz and Brandi Passante. They own their own second hand store in Orange, Ca., called Now and Then Second Hand Store. They don’t have nearly as much money as Hester so are constantly engaged in a tug of war between spending or overspending for their storage units. They, though, have some impressive hits as well, including some near misses. In one episode, Jarrod buys a storage unit with a an old safe but when he opens it up finds nothing inside. Fellow auction buyer Darrel Sheets comes to the rescue and lets him know that the money in that storage unit will be found in the actual safe itself even though there is nothing in it. He notes that the safe is from the turn of the century and embossed with gold leaf and will probably fetch about $3000 – far more than what Jarrod invested in the storage unit.
The fun loving aging hipster BarryWeiss may be my favorite Storage Wars character. He seems to make fewer profits on the show but seems to have a great time at the auctions. He actually seems not to need the money and is just there to have a great time and that certainly comes across. If you get a chance check out Storage Wars on the A&E network.
Storage Auction Tips and Secrets
To make money buying storage units at auction the first thing you need to do is to locate the storage units in your local area and when and where the storage unit auctions are happening. I’ve found a couple of different websites which give local storage auction lists. To get acclimated to the process you might want to visit the auction. While there you can inspect the units to see what others are seeing and then make notes about what you see. Then when the bidding process starts you can watch the bidding and see what kind of storage units get the best and highest bids. This may or may not be an indicator of a profitable storage unit.
Check out the Storage Auction Lists for your local area at the free sites below:
And if you want advice from a guy that has been doing it for years check out the Storage Unit Video Course from Dave Espino. Worth checking out the page just to see some of the great deals that others have landed when they bought a storage unit!
Dave Espino’s Storage Auction Secrets
Buying storage units at auction is like anything else. In order to profit from it, you must become comfortable with the process, have some insider tips and secrets, and get familiar with how storage unit auctions work. Try going to a few storage unit auctions with no intention of buying. Do that and the pressure is off. Watch the Storage Wars tv show to get an idea of what some storage auctions are like. And, if you think you need more inside info, invest in a program from someone who has made money buying storage units. Good luck finding the treasure!