Buying Abandoned Self-Storage Units: “One Man’s Trash is Another Man’s Treasure”
In this era of mass consumerism, many Americans have more stuff than they need or can possibly use! We’re on a treadmill of aquisition, measuring our success by our material possessions. When we run out of space in the garage or attic we pay for the privilege cramming the overflow into a self-storage locker.
There are forty to fifty thousand self-storage facilities (with sometimes hundreds of individual lockers in each facility) in the United States filled with unused belongings. Sometimes we just keep our off-season clothing, Christmas decorations, lawn and garden equipment and bicycles stored, but more often than not it’s just stuff we can’t bear to part with: old furniture, family heirlooms, books, baby stuff saved for the next bundle of joy, redundant household goods from previous marriages, the contents of grandma’s house after she has moved into a nursing home. All stuff that probably should have been donated to the thrift shop.
Many renters just get tired of paying every month to keep stuff they don’t really need and abandon the unit. Some renters can’t keep up with the monthly payment and the unit gets foreclosed by the owner of the self-storage facility. These units are often sold auction-style, and the winning bidder becomes the new owner of all the possessions the locker contains.
You never know what treasures you might find. An owner of a self-storage facility told me of a friend of his who bought a locker and found ten thousand dollars in cash inside!
If you plan to buy the contents to resell them, as I do, then you need to bid low enough to make a profit. It’s tricky, because you usually can’t see everything in there. Lots of stuff is in boxes or bags so it becomes a guessing game. You have to estimate what you might get for what you can see, and bid accordingly. Don’t get so caught up in the bidding that you lose your potential profit! If you are buying for your own use then you might go a little higher if there’s something there you really want.
It’s easy to find self-storage units that are up for auction. Just call any facility in your area and chances are that they hold auctions several times a year. If you love to make money with flea markets or yard sales, this is the best way to find a variety of merchandise to add to your inventory.
