There are several pros and cons in buying storage units at auctions. It really depends on what your goals are. If your goal is to acquire a lot of nice things for yourself for pennies on the dollar, then you should give it a try. If your goal is to make some extra money buying then reselling merchandise, it can be a great business to be in. If your goal is to get rich quick, chances are it is not going to happen.
So, obviously, the pros are you can acquire a lot of great stuff for yourself at a low price and you can resell merchandise and make a profit. Another pro is that you will meet a lot interesting people & possibly make new friends. Last but not least, if you choose to make this a business, you choose the days and hours you want to work; no more punching the time clock!
The Cons: It's a lot of work. I used to spend about 40-50 hours per week attending self storage auctions. You have to inspect a lot of units before one comes across that has the merchandise you want and at the same time sells at price that you can make money on it.
Once you buy a storage unit, you have to excavate it. This can actually be a lot of fun if you bought the right unit, but if you have been digging through boxes for an hour and you still don't see the return on your investment, this could definitely be a con.
Now you have to move everything. Some buyers only buy storage units that they can fit into their car. Others have pickups, trailers & moving trucks, so size isn't really an issue for them.
Make sure that you have someone lined up to help you move the contents of the storage unit. Most storage units contain furniture or appliances that can be difficult to move. Some units aren't packed well or contain lots of trash, this can be time consuming trying to organize the contents of this type of unit.
You have to deal with people. This can be a pro or con, depending on your personality. You will have to deal with people in person when you are selling your merchandise. You will receive lots of phone calls, lots of tire kickers and people who don't show up for their appointment, but, I guess that is the same in every business.
Ever since the new storage auction shows premiered, there has been a migration of new buyers attending storage auctions in Texas and throughout the United States. Because of this, prices for storage units have risen at some storage auctions. That's why is is so important to get off the beaten path and attend the auctions that typically have fewer people in attendance. There are still days; however, that there are multiple storage auctions taking place at the same time. These are good days to go out because the crowds are thinned and you have a better chance of getting a good deal.
In my opinion, the greatest reward from being a storage auction buyer is that you can acquire some incredible things for yourself for free, after you sell the other items in the storage unit. All in all, if you are willing to work at it, and pay your dues learning this business, it can be quite rewarding.