As I have mentioned in the past that there are only two ways to have more money, making money and saving money. So today I want to give you an idea for a small home based side business you can implement quickly, easily and cheaply. So the object of today’s lesson is to supplement your income with a side business that only takes a small amount of time each week, very little overhead and investment, and that can produce a few hundred dollars (perhaps) per month. I have personally used this system to generate some extra cash on the side.
Storage Auction Sales
Yep, that’s right. It’s not selling oxygen and water on Mars, it’s simple. Buy low, sell high. Easy huh? Well that is what everyone will lead you to believe. But this system actually is pretty easy. Are you going to have to work? Yes. Will it be worth it? Yes. Here’s the idea:
When a person rents a storage unit, and then later cannot pay for it, many times they will abandon their belongings. When this happens, the storage unit will advertise an auction of the delinquent customer’s items to cover back rent and other fees on the unit. They are required to advertise the auction time and place in the local newspaper, generally under the “Notices and Legal” section. This is where you come in.
All you need to do is show up for the auction with cash money, and bid on the unit. I recommend having a couple hundred bucks on you, just in case there are some really good auctions. From my experience, the majority of the time the storage business wants to sell the entire unit all at once. There have been times when they have just auctioned off individual items, but they usually want to sell the whole unit of belongings, as it is just much easier for them to do it that way.
A Quick Rundown of the Auction Day
On the day of the auction, make sure to show up a few minutes early. Talk to the clerk about the auction, and find out what their procedures are for administering the sale. Often, you will be allowed to “peak” into the contents of the unit, but not allowed to go in and thumb through individual items. But just being able to look in should give you a pretty good indication of the type of person/stuff they might have in the unit. Then determine your top price for purchasing the unit. Buy the unit, and get your truck ready to clean it out. Usually the storage unit will give you a deadline to get the unit cleaned out.
Continue to Small Home Based Side Business Part II…