Buying abandoned storage units might be the perfect opportunity if you’re looking for a way to make extra cash and have an entrepreneurial spirit. Of course, it takes a particular type of person to spot good deals while they’re still available, but if you can do it right, this is one way to make some serious money without investing much upfront. However, there are some things that you need to keep in mind before diving headfirst into this niche market.
How to find abandoned storage units
Most people find their way into the world of abandoned storage units in Australia by watching Storage Wars or doing a little online research. But more is needed to know the process to get the best items for your investment. You may be wondering where to find Storage in Brisbane for instance. There are lots of services online that offer this facility but I found that some are better than others. Look for one that allows you to filter by location and price to begin with, then contact them to see what they have.
You need to know how much inventory is in an abandoned storage unit and what condition the contents are in. That’s why it’s essential to research and speak with an expert who can help you navigate these waters.
Ask Your Storage Facility
A good place to start is to ask a local storage facility for help. I have noted some of the things to keep in mind:
- Ask your storage facility if they have a list of abandoned storage units. If not, it might be worth asking them to get one started.
- Find out how their auctions work and how long they take place. Ask if there are any restrictions on who can bid or whether they’re open to the public.
- Inquire about their policies regarding abandoned storage units and what happens with them after 90 days go by without payment from the renter.
- Ask about their policy on selling online auctions through websites like eBay and Gumtree; some facilities don’t let you do this because buyers aren’t guaranteed payment for purchases made through these platforms.
Check State Laws
You’ll should be aware of a few things if you’re considering buying abandoned storage units. First, check your state’s laws. Each state has regulations regarding abandoned property and its management; some forms have stringent rules, while others have more lax regulations.
For example, in Queensland, Australia, the owner of an abandoned unit must be notified within 14 days that their belongings have been deemed unclaimed or abandoned. Payment will be deducted from their account on the 15th day after informing them. In other states, such as New South Wales (NSW), Australia and Victoria (VIC), Australia, there is no time limit for notification. Security can automatically enter any vacant unit at any time without notice or consent from the tenant/owner as long as they give 24 hours notice before entering any occupied unit.
Choose Your Location Carefully
One of the most important things you can do when looking for abandoned storage units is to choose your location carefully. The key is finding a place with an abundance of abandoned storage units and a high turnover rate. This will help ensure that you can find one quickly and easily.
Many factors contribute to whether or not a particular area has many abandoned storage units:
- One factor is proximity to major cities: since people often move into new cities, having easy access to these large urban centres is a must.
- Another factor is overall population density. If more people live in an area than available homes or apartments, people will be renting self-storage facilities.
Keep Your Budget in Mind
As with any major purchase, it’s essential to set a budget. How much are you willing to spend on this venture? And how much profit do you want to make when reselling your purchases?
The answer may seem obvious: Just think about the maximum amount of money that would be reasonable for what you can afford. But we advise keeping those numbers in mind and being realistic about them.
If you’re buying storage units because they’re cheap and easy, remember that there are no guarantees when purchasing items from storage units. The items could need some work or cleaning up before they reach their full potential.
Give Yourself Plenty of Time to Research
Research is the most critical part of buying abandoned storage units. You need to know what you’re buying, what it’s worth and how much it’s selling for in your area.
You should also research the market value of items commonly sold from storage units. This will help you figure out what kind of items people want, how much they’re willing to pay for them, and whether or not there is enough demand in your area to make money selling those particular things.
Have a Plan for After You Win the Auction
You’ve won the auction! Now what?
The first thing to do is decide on your plan after winning. Here are some questions to consider:
- What will you do with the items? For example, will you keep them or sell them on eBay, Craigslist or at a garage sale?
- How do you get the items from the storage unit to your home? If their size and weight make them difficult for one person to transport safely in a vehicle, consider hiring a professional hauling company. They can transport your unit’s contents more safely and efficiently than by car or van.
- Do you have room in your home (and budget) for all this stuff? It may be necessary to hire an extra storage unit until it’s time to move into another house.
Bidding on abandoned storage units can be lucrative, but it takes plenty of preparation and research first
Before you bid on an abandoned storage unit, there are several things that you need to know:
- What are the laws in your state? In Australia, state laws vary wildly on how much time has passed since a unit was left unopened. For example, in Queensland and Western Australia, it’s only 30 days after abandonment, whereas, in New South Wales or Victoria, it’s three months before anyone else can bid on what’s inside. So you must understand these regulations so that your bid isn’t invalidated by mistake!
- Where is the store? You’ll need to know where the space is located so that you can get there quickly enough once you’ve won (so no one else snatches up what’s inside). Also, be sure not to underestimate how long driving might take; it could be quite far away!
There’s no guarantee that you’ll win the auction for your abandoned storage unit. But if you follow our tips and put in the work, you can ensure that when it comes time to bid, you’ve got all your bases covered.