I just put up a 3rd car...started in Dec. I'm going to be adding a bunch of finance cars hopefully starting in a few weeks once I get pre approval in place...it's shopping time. Plan is to get as many as possible...full leverage and then slowly offset that leverage with cash cars from the revenue. We should be friendly competition/motivation 🙂
What is your target car note for the cars that you are financing to put on TURO? I’m thinking you would have to have a certain number that you’re willing to make monthly payments on a vehicle to maintain profitability while renting them out on TURO. What city are you in?
Im slowly offsetting that bank leverage. The DIRECTION you go is more important than the speed. I’ll always clap for my peers & cheer from the sidelines cus theres So much success in the business for everyone to succeed 🙌🏼
Respects bro, congrats. One question i have is how are you able to rent the cars out if your financing even thru the banks or dealerships. Usually dealerships and banks only finance if its for PERSONAL use only. Don’t you get in trouble if they find out it’s for business usage ?
There are a few financial institutions that follow thru with “No Ridesharing or Peer-to-Peer car sharing” (example: Ally bank) But honestly most dealerships don’t really care to follow up as long as your making the payments on time 🤷🏻♂️
Thanks for the content, very interesting. Thinking of starting up with Turo, potentially making a full business around it. My wife and I are planning on possibly using our MBZ which is fully paid off to test the waters. How intensive is the cleaning, pickup/drop-off portion of this business?
Buddy tell me about what you think about a used f-pace 2020 for the business in Downtown market my secondary use might become uber black as well… do let me know what you think
HIii! I love ur vid!!! I wanted to start a car rental business but I found there are more than 15 hosts in 1miles around and they are all below 50trips...does that mean the market is saturated?... I'm super worried about financing a car but no one is booking it....
Thanks for watching! 🙏🏼 and Yes! Don’t be average! Allow yourself to be a beginner at things. No one starts off as excellent. I didn’t know much about the Turo business, but I started anyway & I’ve learned soon much 😎👍🏼
That answer is going to be different depending on everyone’s individual daily routine. If you work from home & find that 90% of the time you don’t use your vehicle, then test the waters. If you use your only vehicle to go to the gym everyday, head to work, run daily tasks, etc… then it might not be a good idea.
925/month would be my Net (not gross).. It would’ve been more had I not had my cars off the platform for 1/2 of Jan (probably a little over 1k/month NET). Keep in mind that driving Uber I would be exchanging ALL my time for money 👎🏼…. Although it’s less, but it was more passive as the cars were making me money during its rentals, while I was focusing on other aspects of my other businesses The goal here is to NOT work for money, BUT INSTEAD have money work for you 😎🤙🏼
@@Raf.Velasco I dont drive uber but i think this is really shitty use of capital you have 70k or more in capital to get 925 net and thats with you not counting the january payment
Depends on the vehicle & what market your in. That $50 car in some locations might go for more in others… & some markets might get more utilization. That’s why it’s important to know your market.
