Are you looking to buy abandoned storage units but don’t know where to start?
Well, storage auctions can be a great place to start. But if you are a buyer, you might find it challenging to buy the perfect storage unit that can easily cater to your needs, especially if you are not sure about the positive and negative elements of self-storage units.
But worry not; today we are going to ease the process for you so you can easily buy abandoned storage units without putting in much time and effort!
Read on to learn how to buy abandoned storage units.
What are Abandoned Storage Units?
Before we dive deep, it’s important to understand what exactly are abandoned storage units.
We all know that storage units are rented spaces where people store their belongings. In case, someone stops paying rent on their storage unit for a long period, then the storage facility tries to contact them so they can collect their overdue rent. But if the renter fails to pay the rent, then the management facility declares the unit abandoned. Now at this point, the contents of the storage unit are auctioned off to recover the lost rent.
Why Should You Buy Abandoned Storage Units?
Now the point is, why would someone want to buy an abandoned storage unit?
So here is the answer. Buyers pay a relatively small amount of money to buy the entire contents of the storage unit, and whatever they find inside is all theirs to keep, sell, or dispose of. Many people do this as a hobby, while others see it as a way to make extra money by selling valuable items they discover.
How to Buy Abandoned Storage Units?
Storage auctions are considered the best go-to place to get a storage unit. However, you need to learn how storage unit auctions operate so you can make the best of them. It’s probably the first step to finding the best storage unit at a reasonable price.
- Find Auctions:
To buy abandoned storage units, you’ll need to find auctions where these units are sold. Here’s how you can locate them:
- Online Auction Sites: Tons of platforms list upcoming storage unit auctions. You can search by location to find auctions near you.
- Newspaper Listings: Some auctions are still advertised in local newspapers, so it’s worth checking the classified section.
- Research the Rules and Terms
Before you attend an auction, it’s important to understand the rules and terms. Each auction may have different procedures, so it’s important to know what you’re getting into. Here are some common rules to be aware of:
- Payment Terms: Most auctions require payment in cash, so be prepared to pay on the spot if you win a bid.
- Bidding Process: Auctions can be either live or online. In a live auction, you’ll raise your hand or a bidding paddle to place a bid. Online auctions usually involve placing bids through the auction website.
- Unit Inspection: In most cases, you’ll only be allowed to view the unit from the doorway before bidding. You won’t be able to go inside or touch anything, so you’ll need to make your decision based on what you can see from the outside.
- Cleanout Time: After winning a unit, you’ll typically have a certain amount of time (usually 24 to 48 hours) to clean out the entire unit. Make sure you have a plan for removing and storing the contents.
- Set Your Budget and Stick to It
Many people get caught up in the excitement of an auction, but it’s important to set a budget before you start bidding. Decide in advance how much you’re willing to spend, and don’t go over that amount. Remember, there’s no guarantee that the unit will contain valuable items, so you should only bid what you’re comfortable potentially losing.
- Attend Your First Auction
Now that you’ve done your research, it’s time to attend your abandoned storage auctions. Here’s what to expect:
- Arrive Early: If you’re attending a live auction, arrive early to register and get a good spot. This will also give you a chance to chat with other bidders and get a feel for the process.
- Stay Calm and Focused: When the bidding starts, it can get a little chaotic. Stay calm and stick to your budget. Don’t let the excitement push you into bidding more than you planned.
- Pay Attention to Other Bidders: Experienced bidders often have a good sense of what a unit might be worth based on what they can see. Pay attention to who’s bidding and how high the bids are going. If seasoned bidders drop out early, it might be a sign that the unit isn’t worth much.
- Win the Bid and Pay
If you win the bid, congratulations! You’ll need to pay for the unit right away, so make sure you have cash on hand. The auctioneer or facility manager will give you instructions on how to access the unit and what your responsibilities are for cleaning it out.
Cedar Creek Capital can assist investors in navigating the complexities of buying abandoned storage units. With a deep understanding of the auction process, Cedar Creek Capital can guide you in identifying profitable opportunities by providing insights into the most promising online and local auctions.
Their team can help you analyze the rules and terms of each auction, ensuring you’re fully prepared to bid with confidence. Additionally, Cedar Creek Capital can assist in setting realistic budgets and strategies, so you maximize your potential returns while minimizing risks.
Significance of Abandoned Storage Unit Auctions:
Abandoned storage unit auctions offer investors a unique opportunity to acquire valuable items at a fraction of their market value. These auctions occur when tenants fail to pay their rent, and the storage facility auctions off the contents to recover the lost income.
While these auctions can be profitable, they require knowledge of bidding strategies and an understanding of the potential value of the items within. Cedar Creek Capital helps investors navigate these auctions by providing expert advice, helping assess the value of units, and offering guidance on profitable bidding strategies, ensuring that investors maximize their returns with minimal risk.
Can You Buy Abandoned Storage Units?
Yes, you can buy abandoned storage units through public auctions, typically held by storage facilities when tenants default on their rental payments. These auctions are open to the public, and bidders have the opportunity to purchase the entire contents of a unit, often without knowing exactly what is inside.
While buying abandoned storage units can be a profitable venture, it requires a keen eye for valuable items and a solid understanding of the auction process. It’s important to research local laws and auction procedures before participating, as rules can vary by location.
Where to Buy Abandoned Storage Units?
Many people search on Google, “How to buy abandoned storage units near me?”
Well, it’s simple. There are a few ways through which you can find and purchase abandoned storage units. These are units where the previous tenants have breached the existing contracts, and thus, the storage facility manager is willing to auction them with the content to recover their loss. Buying an abandoned storage unit is quite appealing because of the potential to find hidden treasures that the previous owners might have left behind.
Here we have mentioned key ways to locate abandoned storage units for sale:
- Look for in-person storage auctions.
- Contact storage facility owners
- Check online storage unit markets/auctions
- Look for In-person Storage Auctions
First, you need to find different storage auctions — whereby the contents of unpaid storage units are auctioned off to the highest bidder.
You can find these auctions advertised in local or national newspapers, by professional auctioneers, and online via social media. Do not forget to do some research for the chosen auction beforehand, as they may have different rules and regulations on what can be bought and sold.
- Contact Storage Facility Owners
If you have done the research correctly, then you may find some deals from storage facility owners who want to sell abandoned storage units.
You need to find some reputable sellers who can offer you some goods at fair prices and also describe what’s being sold.
Ensure you get as much information as you can about the storage unit from the seller. By doing this, you can protect yourself from potential scams or misleading offers. You can also talk to the experts of Cedar Creek Capital as they can help you buy abandoned storage units online as well as allow you to invest in the storage units so that you can achieve stable financial growth in no time.
- Check Online Storage Unit Markets/Auctions:
You can check the online markets dedicated to buying and selling abandoned storage units as this is also a good way for customers to buy from the comfort of their own homes by comparing prices across sellers in different locations. eBay is one of the Popular online storage unit auction platforms that may offer great results.
Make sure you read all the reviews carefully before investing in any online marketplaces so that you know exactly what you’re getting yourself into! Also, check out the investment strategy so that you have a complete idea before investing.
Wrapping Up: Whether You Should Buy or Invest in Storage Units?
Buying abandoned storage units was never been so easy. Different platforms and storage facilities especially Cedar Creek Capital have made things interesting and easy as they help investors find storage units based on their requirements. You can even check out the portfolio to get an idea about the previous projects.
Before engaging in any storage unit sale or auction, ensure you know the regulations for the area you’re buying in and the storage facility’s rules.
On the other side, investing in storage units is a smart choice for those looking to diversify their investment portfolio with a reliable, income-generating asset. Unlike traditional real estate, storage units typically offer lower maintenance costs, consistent demand, and resilience during economic downturns.
The ongoing need for storage space—from individuals downsizing or moving to businesses requiring additional storage—ensures a steady stream of tenants and revenue.
