Storage Facility Auctions

The Gazette’s Legal Announcements page and the Frederick News Post’s Public Notices page are full of valuable information. Public Notices and Legal Advertising in newspapers perform the function of announcing impending government action or legal obligations on businesses or citizens. Notices of upcoming trustee sales, real estate foreclosure auctions, invitations to bid, and storage-facility auctions (among other things) are updated weekly on both sites. You need some upfront cash (and research time) to capitalize on many of these (particularly those involving real estate), but the rewards can be great.

Storage-facility auctions are the easiest (and least risky) type of legally-announced public auction in which to participate. When you attend a storage-facility auction, the padlock is cut the day of the sale. You’re allowed to view the items that are out in the open, but you may not open boxes or move things around. When you win the contents of a unit, you will probably be required to take everything with you the day of the sale, though you may be able to work out other arrangements with the manager of the facility. You do not have to pay back rent for the unit.

I recently spoke with the manager of Fort Knox Self Storage, and he told me that he’s had units go for as little as $5 and as much as $800. He said he does everything he can to prevent holding these sales, and generally only has them if, after repeated attempts, he cannot contact the person who rented the unit.

To make money from these sales, sell some of it on eBay, consign some of it, and sell some of it at auction—either in box lots or as individual items.

Share

The insider's guide to saving time and money in Frederick, Maryland