In my last post, I posted a unit that I purchased, and asked how much you would pay for the unit. So, here’s the reveal.
Yep, I paid $20 for that unit, but there is a caveat.. The unit actually cost me more than TRIPLE that amount! Why?
Well, first, let’s address how much it actually cost me.
That’s right, there was $58.15 in other expenses (not including the $100 cleaning deposit, that I got back) in order to purchase a $20 unit.
- Tax (a whole $1.15, because I failed to bring a copy of my resale cert. Fun tip, most places need a copy of the certificate, not just your number)
- Transport ($40 in fuel costs to get my truck out there and back)
- Tolls ($5 in tolls, not applicable to many, but for some maybe)
- Transport, Again ($12 because I don’t like to fuel my truck all around looking at auctions, I take my gas saver, then when I buy a unit, I can go get the truck)
- In addition to monetary expenses, it also took me about 12 hours of total time to find, sort, dump, clean, etc. the whole unit.
I’m not trying to be a negative Nancy, I’m just trying to point out that buying storage units costs more than just what the unit costs, and if you fail to budget for those costs, it could eat heavily into your profit potential. Is every unit going to cost three times as much as you paid for the room? Hell no.. but there are most certainly hidden costs to buying a storage locker.
Now for the goodies!
All in all, the unit was totally worth it. It looked like a trash heap at first, but I have a thing for trash heap units, so I bought it anyway.
There was a lot of stuff to go through despite it only being a 5X10 unit. Actually, I’m not really even sure why this gentleman paid to store a lot of this stuff. I should have documented it better, but there were some weird items in this locker.
But, after about an hour of sorting through all the junk, I had the unit cleaned up, my car full of clothing that I didn’t want to deal with, and my trunk entirely full of trash. So, I locked her back up and ran those to the Goodwill.
When I got back, I continued to go through the unit and sort out the junk from the sellable items and came across what I would consider to be the gems from this unit. The good news is, I found some gold. 🙂
I also found a cool Coach bag (which my wife almost stole) and some other fun little nick-knacks . All in all I’d say this was a pretty standard room. Remember, rarely do you “hit it big” on a storage unit. Most of your money will be made on $15-$50 items that you find. This turned out to be a good room. I’m actually still parting some of it out, but so far I’ve made more than triple my money on it, and THAT’S what you should be shooting for on every room. 🙂