Watched this video 10 months ago, a day later I put my Volkswagen Passat on Turo. Now I have 4 cars ..with a 5th cash car on the way next . Leveraged both credit and cash to get multiple cars. This changed my life
Did you set up a LLC for turo , or did you do it under your personal . I’m talking the way you receive your turo income ., does it go to your personal bank account or Business account?
@@gasquirewell yea but won’t it be taxed differently at the end of the year . If you have a business I’m assuming you can write of cost of ownership / gas / washes / . I don’t know maybe I’m just complicated it , and I need to just list my Jeep and get my feet wet .
I remember the last car I bought LOL - the dealership saw a young woman but he ain't know I did plenty research beforehand. He offered me car loan thru their "preferred lender" with a 10% interest rate. Long story short, I left with a car through my credit union: approx. 6 % interest rate, - $4999 off the sticker price, AND had the DEALERSHIP pay for my tax, tag, and title LOL. The same way car salesmen pick out their customers is the same way I'll wait to pick out my dealer lolol - I got the youngest person in there (presumably less experience + ways to negotiate). I also went at the end of the day when I knew they'd be ready to go home and would possibly be more interested in tallying gross vehicles sold than getting down to nitty gritty profit details. Plus it was Q4 so they wanted to get more cars off the lot. And I printed out comps (comparable car models) so I had more room to negotiate just like they do in the housing market! If 1 dealer says no, don't let them waste your time - SOMEBODY gone say yes! Now it was only a Chevy Cruze, but my point still stands 😂
I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full amount of cash. I'm working on my credit to get better with *850 CREDIT RESTORATION* , Love the knowledge keep it up
VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but *850 CREDIT RESTORATION* info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well
At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month! 🥳 It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Graham, fyi my emergency fund is also a done deal! by *850 Credit Restoration* team lol, i didn't made it myself
This blessed me immensely . I was supposed to be picking somebodys brain whos in the Turo game told me they couldn’t give me the playbook . Me being me I said I can figure this out and I’ve learned so much in this hour . Thank you
It sucks but unless you’re really cool with someone, nobody is just going to hand you the blueprint to making money. Maybe SOME people MIGHT, however, most people wouldn’t even think of it. Only time I’ve ever gotten real game from people was my FRIENDS who got into something and put me on with every single bit of their knowledge. Don’t worry though, fix your circle, go out and meet people with money, businesses, etc… You can learn a lot from people who have the financial side of life figured out. Y
Just started turo as my second business. In 4 days i made enough booking for 3 months of payments. I bought a ford escape and looking into a porsche carrera turbo in Denver CO.
@@zaejohnson3414 7 months later and I now have 5 cars. The escape was my first. I added a ford flex, ford Edge ST. Also a 2014 Panamera 4 and a 2016 Macan turbo. I have learned a lot in 7 months. Dont ever buy a German car without a warranty. My macan engine blew while I was driving it. 6 weeks down and it should be done in 3 days. Cost me 18K installed for a used engine. If I was to start all over I wouldnt have bought the Panamera because it doesnt rent great in winter in Colorado. I would have got a great warranty for the Macan and I wouldnt have bought a turbo one. Would get a base model everything because the higher trims codt more money but they dont really bring more money on Turo. I also wouldnt but fords as I have learned their depreciation sucks. I would buy Toyotas and Jeeps because they have really good depreciation. I will buy more cars but they will be brand new so I dont have to pay extra for a warranty and you get a better interest rate with new cars. If you want some advice feel free to email me. Drew@fosterspwc.com Cheers!
Hello, my name is Tony from Louisville, KY. I'm the top Turo host in my city, I just started a year ago and now have over 1,200 trips, 17 cars fleet, and make over $300,000 a year! I would love to do a video with you and talk business!
Peep this: I've listened to alot of audios & watched alot of videos for turo,... he's the best detailed I've heard. Great story to teach with. Yes sirrr! 💯
This information is seriously a game changer. I didn’t think to use business credit card to finance car under business and pay it off quicker. Jewels 💎 dropped forreal!!!
Man, can't tell you how much I love watching this program. My mind is on fire! The 21 Savage reference was hilarious! " How many questions you got, a lot"...lol
The key is buy cash cars $5k range. Draft a detailed contract. I express to carry the car on their insurance but I added them to my insurance and they have not stopped taking my money and I have 7 vehicles on it. Only used them to tow when 1 vehicle went down. No questions asked. I have each vehicle on year long contracts and they pay once a month.
@@ntrogers32 I detail the terms such as who is responsible for what. Regular maintenance I pay for. Any damages they are responsible for. Excessive dirtiness and any smoke smell. Worn tires I replace but if damaged they are responsible. I ask them to cover with their insurance but I also cover just in case they miss a payment and it lapses.
I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did n+ot use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *850CREDIT RESTORATION* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!
People be sleeping on us being The Most High chosen people and when you following his laws stuated and commandments he will must definitely make sure he bless you with whatever he sees fit for you ( Keep That Sabbath)
I love how Matty J really breaks the game down. Great educational style, & easy to learn from. I could listen to his voice and teachings for a long time out of the day, and that’s unusual. Lol we appreciate you King.
At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month! 🥳 It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Graham, fyi my emergency fund is also a done deal! by *850 Credit Restoration* team lol, i didn't made it myself
I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did n+ot use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *850CREDIT RESTORATION* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!
I love it too but some dealerships was trying to force me to finance through them in order to get a better deal. I had to walk away a couple of times. Smh
That’s why you tell them to pull your credit once and tell them exactly how you want it pulled to not encounter all of those inquiries but inquiries are easy to remove just by making one phone call.
Thanks for all the great info!!! Just an FYI - NEVER NEVER NEVER admit your boy is getting business steered to him by police officers. Police officers using their job to steer business to their friends is a felony and a police officer I know went to prison for doing so. If this guy is your friend, you should edit that part out and let him know!
Mr.Ceo Matty Jj , i was surfing youtube going through grieving n came across a video with u so i was watching alot im from socali n My Homie u r a Hustler n im not mad at u 🦋🙏🏻n i would like to say i hope the lord keeps u stacking !!! my stack just was used to buried my lil homie n this morning watching u n hearing u has got me to get back on prayer to ask jehovah to help me get my stack back ! but u really do impress me somewhat lol god bless u my brother Lil Linda
Some info.. If you buy your car for you business name you will need commercial auto insurance, also if your car in your business name (commercial) the car can't be used for uber (ridesharing) due the registration...also you will need to find a dealer who will take more than certain amount on a business card... #all experience or things not mentioned in this video
I was told that if I get into Turo, anything that I use for the business, including the vehicle I use, I can write off for tax purposes. For instance, if my car payment is $400/mo, and I put 10,000 miles on the car that year, but 5,000 were miles put on the car by my Turo guests, then I can write off $200/mo, because I used the car half the time for personal use and half the time for business (and same applies for fuel, maintenance, etc). Is this accurate, or am I just hearing nonsense in the wind?
You can only write off car payments if your car is leased. If it's owned or financed you can write off half of expenses and you would use depreciation or mileage deductions instead of writing off car payments. Either way speak to a professional or CPA to confirm everything.
What do you need to know? When your car is rented the platform covers your vehicle. I had a renter on hyercar who did Uber in it and they killed the Uber passenger and Uber cover the lawsuit and if it wasn't a Uber ride, the rideshare platform will be liable. That goes into the percentage they take.
I moved from Illinois, to Hampton, Ga and I learned the rental agencies were at the airport I was done. Thankfully, Turo has cars in Jonesboro, Ga. I noticed to pick me up was a $40.00 charge.
Hello, my name is Tony in Louisville, Ky. I'm the top Turo host in my city, I have over 1,200 trips, I currently have 17 cars fleet and make over $300,000 a year, I'm trying to get on the show and do an interview!
What Matty J is describing in how he got 33 cars in one month is called credit stacking - taking out numerous loans before new credit is reported to the credit bureau. It's usually a type of fraud, but Matty J used it to rapidly ramp up his business. Very risky, but it sounds like it worked out in this case!
This is not a bad business. There are a lot of other equipment rental businesses to get into as well. However, I think the goal should be to start your own business and not work with Turo long-term as they take a big cut and their prices are low...
I'VE BEEN SEEING POST EVERYWHERE ABOUT FOREX TRADING AND CRYPTO CURRENCY, A LOT OF PEOPLE KEEP SAYING THINGS ABOUT THIS TRADING PLATFORMS PLEASE CAN SOMEONE LINK ME TO SOMEBODY WHO CAN PUT ME THROUGH..?
Here's what I'm not seeing. Say Turo covers the insurance during the rental period but someone wrecks the car. Turo pays for it but what if it's totaled? How do you explain to your insurance company that someone else wrecked the vehicle while under another company's insurance? Also, where does the bank come into play if this happens? Seems like this would likely put you in a position to lose future insurance coverage from your own insurance company and potentially lose trust with banks and lending companies if this happens 2 or 3 times per year
@@watchwoman6957 yeah on that front, I know. I mean when you start. Like if someone starting from day 1, how are they affording commercial insurance or qualifying for it if there are minimum qualifications? I'm assuming if you're running those Navy Federal flips then you would use part of the money to pay for commercial insurance until your cars start renting out.
All of that is done through Turo. In Matty’s other interviews he explain how one of his cars was stolen and another was totaled out. He was fully paid out for those cars. That’s when he went and got 33 cars in two weeks. Any damage done to your car you file a claim with Turo.
It doesnt matter. If your insurance company doesnt pay the claim, they dont care what happened to the car. Simply cancel the policy when its done. You are not required to tell them anything if you arent filing a claim
I’ll repost my comment because apparently it vanished….I bought my 2021 Jeep with great credit. The dealer “said” I had to put $5,000 down or I wouldn’t be able to get it so I wasn’t able to get 33 cars like Matty 🤷🏾♀️ especially at that rate. My car note is almost $1,000 a month and I have the 60% Turo insurance plan which takes out the most so in case anything happens I’m fully covered. Turo takes most of the money tho - last week I compared my breakdown to the renters and they charged him $1,500 whereas I only got $600 and it doesn’t rent out much during the week. I mostly get enough to make the car note and sometimes I may have to put $100 towards the payment. What I make on turo doesn’t cover gas, personal insurance, mods (rock lights) to make it stand out over other Jeep’s, or car washes. But overall I’m a Jeep lover so luckily it does mostly cover the note but that’s it for sure.
Exactly you tell them Queen, I think you should make a video and detail your experience. Give some objective perspective to this thing so people aren’t blindly following others.
Thanks for sharing your experience. I wonder if there is a market that would use it during the week you can advertise to or network with people to reach?
There is a major flaw in this hustle; No Consumer should be using their Consumer Credit and Funds to do what he said in getting that many cars. He should have leveraged his personal credit to create a business and business credit that purchased vehicles via fleet. A lot of holes in this hustle. Taxes, liabilities and even tricking the lenders who would prefer for him to borrow as a business and tell them what he is going to do with the vehicles.
That’s right that is a major flaw. Not only that… buying used cars for that kind of business it’s a pain because cars break after 3, 4 years of constant use that’s why hertz, enterprise, Alamo renew their fleet every 2 years, depreciation with high mileages in used cars is really high, it’s smarter get into a 2 years contract , accidents with your personal insurance.. so much can go wrong . Great bussines for Turo not so good for the people
Where does the regular person have their pick up spot? And is there an issue of my personal address being attached to my car? And will the Turo insurance cover if the car gets stolen or a crime is committed (running lights and real crimes) in my car?
I have a LLC- in a business name and EIN..but I don’t actually do business under my business name… if that make sense.. how do I get business credit established ? Do I need to actually generate money under my business to get business credit ?
It makes better sense to build business credit and purchase a car under your business name (LLC) rather than tie up your personal credit. I don’t think leasing would be the best idea.
I got 250k in cash. 762 credit score and I have a 2020 slingshot R I wanna rent the slingshot for 250 a day on turo. I don’t hardly drive it got 2,000 miles on it but I need to learn the liability insurance aspect of it. I have always made good financial decisions but this one seems a little sketchy cause I got my vehicle is perfect no scratches heated/AC seats manual transmission and all that. Just need the insurance aspect explained more or I have to go research.
I have one more question. I am doing this i only have few cars. Doing it a year and half. My question is how do you do your taxes? Can you claim the mileage deduction your renter uses or just straight actual expenses deduction? I think i am doing it wrong. How do you do it?
You need to seek out a good tax person you can trust who is knowledgeable about the laws and loopholes that are legal and available to you as a business owner.
I wish I was in a bigger city. The numbers don’t make sense for smaller demographics. With insurance and car notes, you have to have a healthy amount of trips per month
I don’t understand. The bank don’t let you loan car on your personal credit if you tell them you intend to rent them out. The will see it as a commercial loan. How did he manage to get 33 cars and telling them that he’s going to rent them out and still be approved?
The dealership does not care what your doing with the car thry want the money. Now the bank that pays for the car you just never tell them your renting it out
Watched this video 10 months ago, a day later I put my Volkswagen Passat on Turo. Now I have 4 cars ..with a 5th cash car on the way next . Leveraged both credit and cash to get multiple cars. This changed my life
Did you set up a LLC for turo , or did you do it under your personal . I’m talking the way you receive your turo income ., does it go to your personal bank account or Business account?
@@BoxingWizard I have a completely separate account with Navy federal. Currently setting up an LLC but is not needed in order to get started
@@gasquirewell yea but won’t it be taxed differently at the end of the year . If you have a business I’m assuming you can write of cost of ownership / gas / washes / . I don’t know maybe I’m just complicated it , and I need to just list my Jeep and get my feet wet .
100
This is awesome, I’m seeing this a year later, how’s it going for you?
I remember the last car I bought LOL - the dealership saw a young woman but he ain't know I did plenty research beforehand. He offered me car loan thru their "preferred lender" with a 10% interest rate. Long story short, I left with a car through my credit union: approx. 6 % interest rate, - $4999 off the sticker price, AND had the DEALERSHIP pay for my tax, tag, and title LOL. The same way car salesmen pick out their customers is the same way I'll wait to pick out my dealer lolol - I got the youngest person in there (presumably less experience + ways to negotiate). I also went at the end of the day when I knew they'd be ready to go home and would possibly be more interested in tallying gross vehicles sold than getting down to nitty gritty profit details. Plus it was Q4 so they wanted to get more cars off the lot. And I printed out comps (comparable car models) so I had more room to negotiate just like they do in the housing market! If 1 dealer says no, don't let them waste your time - SOMEBODY gone say yes! Now it was only a Chevy Cruze, but my point still stands 😂
Smart move
Nice and Clever!
At that time what was your credit score ?
#SavvyConsumer is DEFINITELY IN THA HOUSE!!
how did you get the dealer to pay for tax, title, and tag?
I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full amount of cash. I'm working on my credit to get better with *850 CREDIT RESTORATION* , Love the knowledge keep it up
VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but *850 CREDIT RESTORATION* info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well
At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month! 🥳 It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Graham, fyi my emergency fund is also a done deal! by *850 Credit Restoration* team lol, i didn't made it myself
@Teena Brown mmm pop
He loc CV cdcnnl. I’m bout c
This blessed me immensely . I was supposed to be picking somebodys brain whos in the Turo game told me they couldn’t give me the playbook . Me being me I said I can figure this out and I’ve learned so much in this hour . Thank you
It sucks but unless you’re really cool with someone, nobody is just going to hand you the blueprint to making money. Maybe SOME people MIGHT, however, most people wouldn’t even think of it. Only time I’ve ever gotten real game from people was my FRIENDS who got into something and put me on with every single bit of their knowledge. Don’t worry though, fix your circle, go out and meet people with money, businesses, etc… You can learn a lot from people who have the financial side of life figured out. Y
Just started turo as my second business. In 4 days i made enough booking for 3 months of payments. I bought a ford escape and looking into a porsche carrera turbo in Denver CO.
Stop the Cap
What cars did you start with?
@@zaejohnson3414 7 months later and I now have 5 cars. The escape was my first. I added a ford flex, ford Edge ST. Also a 2014 Panamera 4 and a 2016 Macan turbo. I have learned a lot in 7 months. Dont ever buy a German car without a warranty. My macan engine blew while I was driving it. 6 weeks down and it should be done in 3 days. Cost me 18K installed for a used engine.
If I was to start all over I wouldnt have bought the Panamera because it doesnt rent great in winter in Colorado. I would have got a great warranty for the Macan and I wouldnt have bought a turbo one. Would get a base model everything because the higher trims codt more money but they dont really bring more money on Turo. I also wouldnt but fords as I have learned their depreciation sucks. I would buy Toyotas and Jeeps because they have really good depreciation. I will buy more cars but they will be brand new so I dont have to pay extra for a warranty and you get a better interest rate with new cars.
If you want some advice feel free to email me. Drew@fosterspwc.com
Cheers!
@@drewfoster1493 damn so for example a c63 amg would rent for more or less the same as a c300? could that be possible?
Hello, my name is Tony from Louisville, KY. I'm the top Turo host in my city, I just started a year ago and now have over 1,200 trips, 17 cars fleet, and make over $300,000 a year! I would love to do a video with you and talk business!
Oh you are encouraging me
Peep this: I've listened to alot of audios & watched alot of videos for turo,... he's the best detailed I've heard. Great story to teach with. Yes sirrr! 💯
This man gave us literally a money making formula
This information is seriously a game changer. I didn’t think to use business credit card to finance car under business and pay it off quicker. Jewels 💎 dropped forreal!!!
Fr im about to get started
shout out to y'all bruddas for putting game out there. blessings to y'all
Man, can't tell you how much I love watching this program. My mind is on fire! The 21 Savage reference was hilarious! " How many questions you got, a lot"...lol
The key is buy cash cars $5k range.
Draft a detailed contract.
I express to carry the car on their insurance but I added them to my insurance and they have not stopped taking my money and I have 7 vehicles on it. Only used them to tow when 1 vehicle went down. No questions asked. I have each vehicle on year long contracts and they pay once a month.
What's in your detailed contract?
You missing some specific details, who are the "their" you are referring to? A dealership?
@@stanleymays3824 their is the person I rent to. I don’t with individuals not companies.
@@ntrogers32 I detail the terms such as who is responsible for what. Regular maintenance I pay for. Any damages they are responsible for. Excessive dirtiness and any smoke smell. Worn tires I replace but if damaged they are responsible. I ask them to cover with their insurance but I also cover just in case they miss a payment and it lapses.
you should bless us with a template
I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did n+ot use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *850CREDIT RESTORATION* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!
Very informative my Bruthas preciate you guys using your platform to Empower Us✊🏾🖤💪🏾
4:22 don’t let that go over ya head .."Keep the Sabbath" on Saturday’s ! 💯
People be sleeping on us being The Most High chosen people and when you following his laws stuated and commandments he will must definitely make sure he bless you with whatever he sees fit for you ( Keep That Sabbath)
@@latishacalloway7056 He can’t even bless you to spell right. Bunch of bull.
So. Much. Value. How is this free? 🤯 Really enjoyed this one!
I love how Matty J really breaks the game down. Great educational style, & easy to learn from. I could listen to his voice and teachings for a long time out of the day, and that’s unusual. Lol we appreciate you King.
mans literally just dropped a gem on how to get a car for FREE. catch a dime spend a dime, definitely using this.
At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month! 🥳 It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Graham, fyi my emergency fund is also a done deal! by *850 Credit Restoration* team lol, i didn't made it myself
I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did n+ot use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *850CREDIT RESTORATION* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!
This young man hit it dead on when it comes to financing cars.
It’s crazy I came across this video I just started my Turo business the other day💯
Wishing you success
Amazing class. This video was jam-packed with a wealth of knowledge. Thank you.
Our modest fleet is doing pretty great, glad we made the move! Ready to learn more
Fa real what's in ya inventory?
Run the numbers for us
DAMN!!! Talk about dropping knowledge. I don't even LIKE cars but I love these business strategies and techniques.
I like going to the dealership with Pre-Approval from one of my Credit Unions. Don’t need all those inquiries from the dealership
I love it too but some dealerships was trying to force me to finance through them in order to get a better deal. I had to walk away a couple of times. Smh
That’s why you tell them to pull your credit once and tell them exactly how you want it pulled to not encounter all of those inquiries but inquiries are easy to remove just by making one phone call.
I work in Law Enforcement and I NEVER drive my personal car, especially on work days. I’m about to list my car and test the water on this
Do it !!! Easiest money I’ve ever made
ruclips.net/video/Nit4bKcv5_Y/видео.html
Hey officer don't do it with only one car and if you don't know how to work on cars
@@atnalta2 Why are you saying that? You gotta find if our like it or not, and you don’t need to know how work on cars. You can go to mechanic
@@SavageSanto that's a big expense if you take your car to a mechanic and if you only have one car you will be very frustrated
You’re one decision away from changing your future for the better. So always remember, that the choice is always yours. - Keyon Corniffe Sr.
Loved this and will apply, blessings and gratitude to all
Love you guys!! This channel is insane. I’m addicted. Thank you!!
My guy said Airbnb was like, you gotta move ALL these cars ,we know they're yours..😂😂🤣🤣🤣 #goals🎰🙏🏿
swap a lease has been around for over 10 years. very smart play.
Thanks for all the great info!!! Just an FYI - NEVER NEVER NEVER admit your boy is getting business steered to him by police officers. Police officers using their job to steer business to their friends is a felony and a police officer I know went to prison for doing so. If this guy is your friend, you should edit that part out and let him know!
I like this guy..... hustlers mindset
so much game....doesn't even make sense! shout out to you guys for getting Matty on here to share this knowledge.
It all comes down to, keeping it booked 90%. You can't make profit if it's only 2 weekends. It's tough to keep fully booked
I moved to LA and regret not moving here quicker,LA is the place to be!!!
If you want to start a business you cant avoid having good credit it could really hold you back.
Professor Kez been preaching this a couple of years.
Turo King CEO Matty J, Goated!!!!
I really look to Matty J as a mentor 🙌🏽 imma meet him one day a buss down a bag wit em 💯
Good info, and the brother knows he's a Israelite All praises to the Most High!
I am pulling the trigger this year on this IA
Wow I did the same thing with my car but not on a platform. This was encouraging to know I know how to manage well
I loved the brotha from the start because he was reppin a New Orleans Fitted…
Mr.Ceo Matty Jj , i was surfing youtube going through grieving n came across a video with u so i was watching alot im from socali n My Homie u r a Hustler n im not mad at u 🦋🙏🏻n i would like to say i hope the lord keeps u stacking !!! my stack just was used to buried my lil homie n this morning watching u n hearing u has got me to get back on prayer to ask jehovah to help me get my stack back ! but u really do impress me somewhat lol god bless u my brother Lil Linda
Some info..
If you buy your car for you business name you will need commercial auto insurance, also if your car in your business name (commercial) the car can't be used for uber (ridesharing) due the registration...also you will need to find a dealer who will take more than certain amount on a business card... #all experience or things not mentioned in this video
So what would be the point of putting in the business name?
If the business is a rideshare business, it can be used "like" an Uber, just not Uber. And, of course, that's contingent in the state.
Bro I live in Wilmington, DE. Not enough people here talking about how to get money.
I can take over
I was told that if I get into Turo, anything that I use for the business, including the vehicle I use, I can write off for tax purposes. For instance, if my car payment is $400/mo, and I put 10,000 miles on the car that year, but 5,000 were miles put on the car by my Turo guests, then I can write off $200/mo, because I used the car half the time for personal use and half the time for business (and same applies for fuel, maintenance, etc). Is this accurate, or am I just hearing nonsense in the wind?
True but I think it’s when you have a LLC
You can only write off car payments if your car is leased. If it's owned or financed you can write off half of expenses and you would use depreciation or mileage deductions instead of writing off car payments. Either way speak to a professional or CPA to confirm everything.
Please talk about the insurance on the Turo platform specifically. You steered away from the insurance topic and talked about other platforms.
Yes would like to more about insurance
What do you need to know? When your car is rented the platform covers your vehicle. I had a renter on hyercar who did Uber in it and they killed the Uber passenger and Uber cover the lawsuit and if it wasn't a Uber ride, the rideshare platform will be liable. That goes into the percentage they take.
@@orangeave8934 but there r different levels of coverage
@@livelife9935 there are different levels on the platforms
@@orangeave8934 They killed as in assault amd battery muder or a car accident?
I moved from Illinois, to Hampton, Ga and I learned the rental agencies were at the airport I was done. Thankfully, Turo has cars in Jonesboro, Ga. I noticed to pick me up was a $40.00 charge.
Hello, my name is Tony in Louisville, Ky. I'm the top Turo host in my city, I have over 1,200 trips, I currently have 17 cars fleet and make over $300,000 a year, I'm trying to get on the show and do an interview!
Amazing content. Just bought my first turo car
ruclips.net/video/Nit4bKcv5_Y/видео.html
Thanks for such great really real information. Info like this will drive a brave heart right out the trenches, Lhhbs…thanks yall
Mind. Blown. So much game dropped right here.
“I’m not the plug, I’m the extension cord!”
What Matty J is describing in how he got 33 cars in one month is called credit stacking - taking out numerous loans before new credit is reported to the credit bureau. It's usually a type of fraud, but Matty J used it to rapidly ramp up his business. Very risky, but it sounds like it worked out in this case!
Not illegal at all
This is not a bad business. There are a lot of other equipment rental businesses to get into as well. However, I think the goal should be to start your own business and not work with Turo long-term as they take a big cut and their prices are low...
Outstanding thanks for the game
What about the insurance companies? Is it a problem with the insurance companies when there are soo many different people driving your car?
What kind of insurance does the user need to have to rent on Turo?
Huge information love it. Peace and Love NYC...
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Thanks for so much insight, really looking forward to doing the course
Here's what I'm not seeing. Say Turo covers the insurance during the rental period but someone wrecks the car. Turo pays for it but what if it's totaled? How do you explain to your insurance company that someone else wrecked the vehicle while under another company's insurance? Also, where does the bank come into play if this happens?
Seems like this would likely put you in a position to lose future insurance coverage from your own insurance company and potentially lose trust with banks and lending companies if this happens 2 or 3 times per year
That's actually covered on the Turo site
Get commercial vehicle insurance. There is always a way.
@@watchwoman6957 yeah on that front, I know. I mean when you start. Like if someone starting from day 1, how are they affording commercial insurance or qualifying for it if there are minimum qualifications?
I'm assuming if you're running those Navy Federal flips then you would use part of the money to pay for commercial insurance until your cars start renting out.
All of that is done through Turo. In Matty’s other interviews he explain how one of his cars was stolen and another was totaled out. He was fully paid out for those cars. That’s when he went and got 33 cars in two weeks. Any damage done to your car you file a claim with Turo.
It doesnt matter. If your insurance company doesnt pay the claim, they dont care what happened to the car. Simply cancel the policy when its done. You are not required to tell them anything if you arent filing a claim
I love your podcast...... It's just a great fuel ....
S/o to this successful Sabbath keeper like ET The Hip Hop Preacher💯💪🏿
HEY DOES TURO HAVE A BROCHURE THAT I CAN READ HOW CAN I GET STARTED THANK YOU VERY MUCH 😃
AMAZING INFO!!! Thank you 🥇🙌🏾🔥💪🏾
I’ll repost my comment because apparently it vanished….I bought my 2021 Jeep with great credit. The dealer “said” I had to put $5,000 down or I wouldn’t be able to get it so I wasn’t able to get 33 cars like Matty 🤷🏾♀️ especially at that rate. My car note is almost $1,000 a month and I have the 60% Turo insurance plan which takes out the most so in case anything happens I’m fully covered. Turo takes most of the money tho - last week I compared my breakdown to the renters and they charged him $1,500 whereas I only got $600 and it doesn’t rent out much during the week. I mostly get enough to make the car note and sometimes I may have to put $100 towards the payment. What I make on turo doesn’t cover gas, personal insurance, mods (rock lights) to make it stand out over other Jeep’s, or car washes. But overall I’m a Jeep lover so luckily it does mostly cover the note but that’s it for sure.
Exactly you tell them Queen, I think you should make a video and detail your experience. Give some objective perspective to this thing so people aren’t blindly following others.
Drop a video and link to this one. We need well rounded perspective and not just a one-sided story.
would you say its worth it?
@@SuperYungap I can't see how it could be worth it. Cost 1000 per month and she getting 600.00?????
Thanks for sharing your experience. I wonder if there is a market that would use it during the week you can advertise to or network with people to reach?
Stay woke!!
There is a major flaw in this hustle; No Consumer should be using their Consumer Credit and Funds to do what he said in getting that many cars. He should have leveraged his personal credit to create a business and business credit that purchased vehicles via fleet. A lot of holes in this hustle. Taxes, liabilities and even tricking the lenders who would prefer for him to borrow as a business and tell them what he is going to do with the vehicles.
That’s right that is a major flaw. Not only that… buying used cars for that kind of business it’s a pain because cars break after 3, 4 years of constant use that’s why hertz, enterprise, Alamo renew their fleet every 2 years, depreciation with high mileages in used cars is really high, it’s smarter get into a 2 years contract , accidents with your personal insurance.. so much can go wrong . Great bussines for Turo not so good for the people
I knew it sounded too good to be true
Can you discuss Insurace requirements?
Turo has its own insurance, that works while the renter is in your car, and you use your own insurance when you are not renting it out
I'm Ready!
Where does the regular person have their pick up spot? And is there an issue of my personal address being attached to my car? And will the Turo insurance cover if the car gets stolen or a crime is committed (running lights and real crimes) in my car?
I have a LLC- in a business name and EIN..but I don’t actually do business under my business name… if that make sense.. how do I get business credit established ? Do I need to actually generate money under my business to get business credit ?
That your mechanic was a 💎
Be proud of your selves cus your ancestors for sure are 🏆🏆🏆
Excellent content!
I went to the website for the training but it doesn't state if we are getting 500 dollars off. It cost 1,000.
I'm wondering if I can take over a lease(s) under my llcs
You will be restricted to mileage and would have to any overage.
It makes better sense to build business credit and purchase a car under your business name (LLC) rather than tie up your personal credit. I don’t think leasing would be the best idea.
OK EYL, I See How You Gettin It In. ♥️🖤🖤💯💯💯
Dropped jewels on us
Righteous video.✌🏿
I got 250k in cash. 762 credit score and I have a 2020 slingshot R I wanna rent the slingshot for 250 a day on turo. I don’t hardly drive it got 2,000 miles on it but I need to learn the liability insurance aspect of it. I have always made good financial decisions but this one seems a little sketchy cause I got my vehicle is perfect no scratches heated/AC seats manual transmission and all that. Just need the insurance aspect explained more or I have to go research.
Best to research. In some areas Turo kick out slingshot rentals and don’t allow them.
My sister lives in Houston and told me about turo
Love this
I have one more question. I am doing this i only have few cars. Doing it a year and half. My question is how do you do your taxes? Can you claim the mileage deduction your renter uses or just straight actual expenses deduction? I think i am doing it wrong. How do you do it?
You need to seek out a good tax person you can trust who is knowledgeable about the laws and loopholes that are legal and available to you as a business owner.
Awww man y’all giving away free bands I’m bout to tap in I love cars
Wise words being spoken!!
I wish I was in a bigger city. The numbers don’t make sense for smaller demographics. With insurance and car notes, you have to have a healthy amount of trips per month
Do u keep your own insurance and use Turo insurance?
Thank you guys. Crazy value.🔥🔥🔥💯💯💯
ruclips.net/video/Nit4bKcv5_Y/видео.html
Why’d y’all skip it at 53:50!? He was about to say something serious!!
major gem right there
This was clutch 😂
I’m an engineer for Elon musk, Ima build my credit and get on this 💯
🔥 episode for sure.
I don’t understand. The bank don’t let you loan car on your personal credit if you tell them you intend to rent them out. The will see it as a commercial loan. How did he manage to get 33 cars and telling them that he’s going to rent them out and still be approved?
LLC
@@tyrangrainger5692 explain
Most dont disclose that and then you deal with any insurance claims through the Turo platform instead of using your own insurance
The dealership does not care what your doing with the car thry want the money. Now the bank that pays for the car you just never tell them your renting it out
My brother works for a Toyota dealership, the dealership couldn't care less about the car after it sells, they just care about the money tied to it
Half the people presented on this channel make more money selling courses than the presented "hustles". Be careful.
True 😂
Facts
Most people who don’t pay don’t pay attention
So so true
RIGHT!
I’ve been waiting on this shit for this longest
ruclips.net/video/Nit4bKcv5_Y/видео.html