How Much I Made My First Year On My Turo Car Rental Business | Full Recap - Earnings, Trips & Claims
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- Опубликовано: 12 сен 2024
- In this video we want to give you a recap of our entire first year as Turo Host.
Total Trips, Trips Cancelled, Reviews, Earnings, Trips, Damage Claims, Reimbursements (tolls, gas, cleaning, smoking, tickets, etc.) Self Repo
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Sharing my car sharing journey for those that want to join but don’t know where to start or how it works.
Let's goo! Happy for your success! Excited to see real estate videos!
Congrats! Your videos are very informative and I’m finding them extremely helpful. Could you also discuss commercial insurance for your fleet and how easy/difficult it was for you to obtain? Thank you!
I have GMI/US Choice. It was $1,000 to sign up and $79 a month I believe. There is other choices like LULA (I’ve never used so I can’t recommend) that are a similar price with no sign up fee.
Nice! Good info too.
Congrats !!
Great video,
How did you get the charts about the utilization percentage?
Website carsync.io
Congrats on your 1 year and wishing you guys much success. ..im on my 3rd month mainly with getaround started with turo but i like gt better as is less of contact with guests
Thank you!!
We’ve noticed Get Around pays out a higher daily rate for our two vehicles vs Turo.
@@CarSharingJhoThat’s awesome….congrats! Are all your cars currently paid in full? When you grow your fleet will you finance or pay cash?
At what point as a Turo host will you need to hire a CPA? Thanks!
@@CarSharingJho are you a full time Turo host?
All our cars are paid for cash (average price about $5k). We do have 3 cars pre-ordered (2 Ford Mavericks and 1 Fisker Peach) that we will finance. We hired a CPA this past year.
No, I have a full time 9-5 job. Using Turo as a second source of income and as a stepping stone into other business ventures. Most likely looking into Airbnbs next.
How many labor hours do you think were committed to earn that revenue? Just curious. I’m a host myself in Seattle
Actual Turo work (check in/check outs, cleaning car, messaging) probably about an hour a day on average. Sometimes we can go days without any turo work since our guests keep the cars an average of 7+ days. We do zero deliveries and only contactless pick ups so that helps also.
For us, the most time consuming part is probably doing the maintenance ourselves. Which I know we don’t have to do ourselves, but since we have the ability and know-how, we do it to save a lot of money. That can prob be 1-2 hours a day depending on the car’s needs.
Where do you keep your fleet of cars? At home?
My cars stay rented out the vast majority of the time so they are almost never parked. Very rare to have more than 1 or 2 cars sitting for more than 24 hours. So if your cars are priced right you don't really need as much parking as you would think. But yes, I park them at home when they are not rented.
For you net income, you didn’t mention the monthly payment on the car, what about depreciation?
Cars were bought cash with Turo earnings so no monthly payments. As for depreciation, they are much older vehicles so they are already near the bottom of the depreciation curve. And the way things have been lately, they've actually held their value for the most part.
A lot of hidden inventory on turo and Airbnb
What does that mean exactly? -James
@@CarSharingJho 16 million homes on Airbnb. I know way too many personally that not only own multiple Airbnbs, scaling quickly, but also rent additional housing, in order to sub rent. Shadow inventory, none of these big tech companies existed in the last recession.
People purchasing cars for turo might make a slight profit the first couple years, but still have a majority of the principle to cover while the value drops considerably due to high mileage, and more the usual wear tear from renters rather than owners. It’s all short money that exists in inflationary economies due to low interest rates that are no longer available.
@@davidhamilton9871 Yeah some Turo Hosts mistake cash flow for profit while their new vehicle's value nuke because of depreciation. Our business model for Turo is to buy cheap cash cars that are already at the bottom of the depreciation curve. We didn't want to enter this business leveraged because we weren't sure if it was feasible. Luckily we found what works for us and have not had to use any credit yet.
@@CarSharingJhothanks for the response, sorry this was meant to be for a short video on housing inventory but i had it on pop up and you on home.
You’re absolutely right, thanks again for your time.