Getting Rich From Other People's Hoarding
America is the land of hoarders. When hoarders run out of room in their houses, they often branch out into storage units.
Then comes the day when hoarders can't pay the storage fees. They might be so obsessed with hoarding that they don't pay attention to their financial affairs. After three months of not paying the storage fees, the units are no longer theirs and are auctioned off to the highest bidder.
That's the beginning of how a new breed of entrepreneur can get rich, reports Brian Moylan on Gawker.
A&E is depicting that emerging industry in its 'Storage Wars,' which first aired last Wednesday. Each episode of this series, produced by Original Productions, captures the risk-taking and tension of bidding on storage units. Beforehand, the bidders only get a quick peek at what is inside the units. You know the old cliche: One man's trash is another man's treasure.
Bidders have to assess if what's inside might be more trash or more treasure. If the latter, they can strike it rich, or at least earn a $17,000 profit. One player who won with a $2,000 bid wound up with restaurant appliances that sold for $19,000.
Should you enter the bidding wars? Yes, if you're good at determining the worth of whatever items could be in storage.