NOW YOU HAVE TO DECIDE IF IT'S ALL FOR YOU

Okay, you have by now attended a few auctions in your area. Now you must decide if this is for you or not. If you're going for the route of buying storage units there are a lot of choices to be made. The best way to put this in prospective for you is simple, if you ever rented a Uhaul and moved yourself, you must think back to that and ask yourself, how easy or how hard was it. If you had friends helping you move you must take them out of the equation and put the move totally on your shoulders. If you can say it wasn't bad, then good, if you remember it as a sore back and  pure pain to sit, stand or move then it may be time to run from this venture. It is simple, every unit you buy has to be removed in a 24 hour period and a small household can fit in a 10X10 if packed right. The next thing you have to consider is where are you going to take the items. Many of you, most likely will not have trailers, moving trucks or the equipment needed to move heavy/large items from the get go, so you will have to rent a truck (and things like hand-trucks and blankets) and return them in 24 hours or pay more. If you don't have room at home or you're not allowed to store at home due to HOA rules you have to factor in the cost of getting a storage unit. Which in many states can be as much as a car payment. You will have to make sure you have disposable income go to and buy at storage auctions. The TV shows will show you the clean end of the business and not the hard work that these buyers go through day in and day out. Other things you as a buyer must remember:  You buy it all, you can't use the property's dumpster and you CAN NOT leave things you don't want behind. This means dump and landfill fees. Which again can cost alot and cut your profit to a loss quickly. Also, remember all hazardous items are yours as well, and many if not all, have special disposal requirements and that too becomes yours to deal with. This sounds like an interesting and profitable venture, and at times it can be, but the expenses involved can take some if not all profit out of units purchased if you are not careful.  After all this said, the next blog will deal with your legal options, after all you're starting a business that requires licenses and taxes be paid. With all the TV shows coming out UNCLE SAM, who has not up til now not taken an interest in this money making venture is going to start cracking down on it and you had better be dealing with it properly or you can get your self into real trouble.  The last thing you want to do is jeopardise your belongings and home when the tax guy wants his. Check in next week for the blog on the things I learned over the last 15 years in this area.

FIRST THINGS FIRST ON AUCTION BUYING

Before you decide you want to go into this business you need to attend two to four auctions in the area you are intrested in. You can find auctions on goggle or your local newspaper's legal ads. Many newspapers will have an auction section in the classifieds whether it is for storage locker sales, or live estate auctions.  Actually, I suggest picking all types of auctions. I have made money from both storage liens and live sales. You need to just simply attend a few sales and watch what is happening. Don't get involved just yet. Just see what items go for and decide if you would, on any day of the week, have paid that much or more to get the item you saw sell. I say a few  auctions for the simple fact that you will not get the true feel of what really happens at one auction. Especially if you choose the increasingly popular "storage lien sale". I can tell you for sure that if you choose the storage lien sale route you will soon and quickly see what I meant in my first blog. How you will be sized up and explored by the seasoned buyers. Like I said before the last thing these buyers want to see are new buyers. It drives up their costs and lowers their profits. You will be asked all types of questions. They are searching for your tells just like a Texas hold-em player. They want to know what makes you tick! This is not so they can add you to their guest list at their next party. They simply want to know what it will take to take you out of the game. Here you must keep your wits about yourself. Tell them little and leave them guessing. There's a term you will hear on the new TV shows that are coming out. "Drop it on them." This simple put means they want to cause you to overbid and they will let you buy it so you lose all of your cash. What I love to do is turn the tables on them. I bid like I have no end in site and then drop it on them. I can't tell you how many times I have gotten the look that kills from a buyer who thought they knew me. Never discuss the source of your funds or the amount of your funds with anyone! Not even the trusted auctioneer "LOL". In fact one of the best ways to get into this business is to pool 5 or 6 tried and true friends into the venture. Pool the cash and see them dash. Even the most seasoned buyer can not compete with 5 people pooling $4000 each for a total of $20,000, if they only have a $4000 cash reserve themselves.  Also, with a group you would be able to attend more locations at one time, maximizing your resources. I leave you with a popular industry phrase, "it only takes one," which is true. One right purchase could pay for the farm. It's out there you just need to be smart on how to get to it before the funds run dry.

WHAT TO KNOW BEFORE YOU START

Many auction goers will tell you many things you should know before buying at auction. The main thing to know is that person sharing their insite is a competitor, "the enemy" if you will. You will come to find out that buying at auctions will not gain you any true friends. It is the total opposite. The people who attend auctions want one thing, the deal of  the day, so they can turn around and make money. They don't want you there! They don't need to know your story. They want one thing, for the auctioneer to yell sold and be pointing in their direction without you bidding them up. They will tell you all types of tales to try to trip you up and cause you financial harm. I have been in the auction business for 15 years and have never received as much as a Christmas card or a invite to a burger and soda from any buyer, seller, or client. This is not the business for the faint of heart or the person who likes to enjoy true conversations with others. This business is like a poker game, the other buyers and the auctioneer are doing one thing, reading you for all of your tells and watching how far and deep they can strike to get you to go away!  In this blog I will tell you the truth about what you need, what you will want to watch out for, and who you can trust if anyone. I will blog at least once a week on new topics and insites into the world of the modern day treasure hunt for Cash!!!