- And on-line auction sites like eBay cater for this, allowing us to share in the over-excitement of auction bidding in the privacy of our homes.
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- Once you understand the process, making money online becomes not only possible, but can also be profitable if done correctly.
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And while the show has produced some astounding discoveries, the truth is that making a living from abandoned storage units for sale requires planning, proper execution and a willingness to travel to multiple auctions every week. Bidding on abandoned storage units for sale is also challenging because a typical auction requires you to look at the contents from the door without touching anything inside.
This means you won't really know what's inside until you buy it and start digging through the contents. Making money in this business takes knowledge of how items will sell, as well as implementing smart bidding strategies. Many storage facilities hold auctions several times a month.
You can also check local classifieds and storage facility websites, or subscribe to an email newsletter that will notify you of future storage-unit auctions. Make sure you know the sales terms, which in most cases require you to pay cash and clear out the unit within 24 to 48 hours.
Explore Your Sales Avenues Before you buy storage units, you should know the ideal avenues to sell the things in those units. Online sales through auction websites such as eBay or advertising websites such as Craiglist are options regardless of where you live.
Making Money With Online Auctions – Money Instructor
Other options include selling at flea markets, garage sales or pawnshops. For heavier items, you the reality of making money online bidding better off selling locally to avoid large shipping costs that will make it more difficult for you to gain a profit.
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For example, many abandoned storage units for sale feature furniture, books, jewelry and household items. Knowing the range of prices for these items on auction websites can help you determine how to price the items you sell for profit.
Rent a Truck or Van Arrange for a truck or van to ensure that you can load all the items in the event that you win a bid on a large storage unit. Renting this vehicle in advance will save you time when you buy the abandoned storage unit. It will also help you avoid any possibility that you will run out of your allotted time the reality of making money online bidding load your goods.
Set a Spending Limit Before arriving at the auction, set a spending limit. However, a good rule of thumb is to estimate the value of a unit by assigning a dollar amount to each box.
2. Use existing websites
Arrive Early With Cash Get to the auction early to see who else may be bidding and to register for the auction. Make sure you have enough cash to cover your potential bid because most storage facilities require you to pay immediately or forfeit your win. Tip Get an appraisal done on potentially valuable pieces if you aren't sure how much they are worth.
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This ensures you are able to sell the piece for the maximum amount possible.