Round Table | Breaking Down Renting Vehicles as a Passive Income Option

If you want to start or add a passive income stream this year, why not check if a car rental business can work for you? After all, people are always traveling, and many need a vehicle while on the road. That means a car rental business has steady demand and can be very lucrative. However, you’ll have to work hard and be patient as you start this business.

Learn as much as you can about the car rental space as you listen to Russ, two Financial Freedom Coaches, and a car rental expert discuss the following:

What do I need to know when I get into the car rental business?
What does it take to run or operate the business?
What do I need to do to make a profit?

And more!

Explore the World's Largest Car-Sharing Marketplace:
https://turo.com/

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00:09 - Why should I listen to this podcast?
04:17 - Why is it important for us to break down renting cars as a passive income option?
11:26 - As a starting point, did you do market analysis or start slow like Russ?
12:40 - What do the startup costs look like? What do I need to expect to get going on this platform?
14:35 - How did you choose your first car rental property?
15:38 - Do I need to incorporate the business? How am I going to buy these cars? Do I have to buy them in my name? Is there a way to get business credit for it? Where do I go for insurance coverage?
20:33 - What is the best way to buy a car?
25:50 - What's your strategy for managing the logistics of a car rental business?
28:11 - What kind of buffer do you build in between rents?
29:03 - Are you doing everything by yourself? You've got ten cars now. How busy is that keeping you?
30:22 - Who do you need on your team to make this successful? Can you share some keys to success since you started and as you continue to grow?
33:23 - Have you had a situation where your car was supposed to be back but wasn't available? How did you handle it?
34:37 - How do renters get access to the car?
36:40 - You said about 40% of your cars are off-platforms. Do you handle those separately from the Turo cars?
38:35 - How do I calculate the profit?
40:29 - What upsell opportunities exist to make revenue on top of the daily rate?
42:07 - What's the protocol for additional drivers? Can you make money there or not?
43:01 - How do you figure out the car's lifespan to keep you profitable?
44:10 - Have you thought about scalability when you started? What are you thinking now?
46:10 - What are your final thoughts?

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www.wealthwithoutwallstreet.com/podcast/round-table-breaking-down-renting-vehicles-as-a-passive-income-option

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