HOW I MADE 60K WITH MY TURO BUSINESS/ Tips to start a Turo rental car business and make money!
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- Опубликовано: 12 сен 2024
- Thought about starting a turo business? Watch me break down how I was able to make over 60k my first year with this powerful business model!
Subscribe to my channel for Business-related videos as I document my journey through this crazy world!
/ @stefanmarquardt
My Music:
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My Equipment
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Bouncie GPS Locator/Accident notification
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Interested in asking some questions regarding starting or running a Turo business? Please use the link to book a 1-on-1 call with me.
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I want to start so bad ! I have 20k cash,12k in the bank and a 650 credit score but I don’t have a drivers license ! And I lost my job,Can I still get into the Turo business ???
0
@@tomcruise3250 is doing o
Thanks for this awesome video, Stefan. Do you have any tips on the best cars to buy for Turo?
Finally. Someone who doesn't have a car note who wants to own and rent regular cars. This is what I am interested in.
Same. I’m currently a truck driver looking to put some of this cash into a business.
Known this guy for some years. He’s the real deal when it comes to entrepreneurship and the Turo business. Great info!
🍎🍙🍙🍢🥮🍢🍘🍘🥜🎂🌰🌰🌰🍩🥜🌰🌰🍬🍬🥜cc d despite zxzw x. X xx dx
Well this guy really knows what he's doing👏
I am currently launching my journey into Posh Rental Services
His work ethic is crazy and he is motivating
I appreciate it
@@StefanMarquardt question are you on Instagram??? I’ll love to ask you a few questions I’m thinking about renting out some vehicles myself
You do more than you know for society by being successful & sharing your story. Keep it up.
Thank you, that's really good and reassuring to hear!!
Bro you dropped so many jewels and I appreciate you my brother. I think I found my entrepreneurial lane and you’ve helped me mentally feel less pressure on this. Salute my brother!
I appreciate that fam…best of luck on your journey 💪🏼
Dude, Thank you so much for making this video! I am quitting my job after the new year I’ve already told my friends and family about that. I didn’t really have a back up plan other than picking up extra shifts at my bartending job or Ubering. Then I thought about renting out my car hence coming to your channel after visiting several websites about Turo. I even used to work at Hertz Rent-A-Car so I know the business. I am going to start with one additional vehicle plus my own and do this. Tired of working for the man! Always have had the entrepreneur mindset.
That’s what’s up bro. How’s life treating you now? I’m planning to do same…
Brother! Can't tell you how much I appreciated your honesty & forthcoming! About as transparent as it gets! Even allowed us to look at your back office. I subscribed and liked and commented right after the video. You Got This!
Thank you!!! Glad to provide some value.
The video really starts at 14:55
You are the true star
This is great information, I have been trying to figure out what I can do, apart from working two jobs. Thank you
The demand is going up, and while big names like Hertz are going down, my fleet utilization is through the roof!
So needed this🙌🏾 I work on a cruise ship so I'm gone months at a time and have been thinking of just buying a car each time I finish a contract and renting them out on turo. At the end of next year I can go from no car to two so I'd love to have 3 streams of income (maybe more in the future)
Thank you for the advice. It makes me feel more secure either way to put my car on Turo or not. With your help it will be an informative decision. I was glad to hear about those whom you rented to who didn't have the credit or money to buy a car. That is the clientele I wanted to rent to, because I have been in that situation, and want to help others, while helping myself. Thank you for giving them an opportunity, while helping yourself, and trusting people. The best to you and yours!
Nice. Killed his first video.mGood job sir.
Thank you very much big hoomie! Really appreciate you for taking the time to inform us all of how Turo can be a very lucrative business. I've only now started thinking of doing this, and your video was the very first one I saw/watched on how to really do it. Keep grinding!
I appreciate it 🙏🏼 glad it was of value
Great video I want to try this rental car business first time I have ever heard of something like this
Much appreciated brotha, means more hearing and seeing a black entrepreneur 👌🏾
1 of the reasons I jumped in. Thank you
You have the same plan I put together last year never got a chance to actually achieve it but I’m very happy to see you achieved my goal and still striving thanks for the motivation and I hope you get further than you ever expected and start another business venture bless you brother 💪🏽💪🏽💪🏽
Thanks, much appreciated. What stopped you from achieving it exactly?
Does he buy his cars cash ? And if so how long to break even and start making profit ?
Ma Man! You dropping that Entrepreneur Knowledge....I appreciate you brother!
Thank you 🙏
Stefan, you've nailed the business man! Congratulations
For your first video, this has some great film quality
Thank you. I will admit I was using gear as an excuse to keep putting it off so in that time of denial I got a nice camera, lights, mic and set up. I also believe in making quality videos because those are the one that hold my attention and keep me coming back for more.
@@StefanMarquardt If I start my business with a new LLC, will there be a limit on how many vehicles that I'm allowed to purchase, and how will it affect my debt to income, thanks in advance
How are you purchasing the vehicles? Debt to income doesn't really apply to business more of a mortgage criteria.
@@StefanMarquardtOk Im in realestate ,so I'm looking at it from that perspective, I do know that business credit is different than personal, and the credit limits are typically larger amounts granted, however if your a new entity, how do the banks and finance companies gage your limits , when purchasing under your llc?
@@MrDmacc1 it would be easier to get a car financed thru the business but what I did was just got a business loan. They did not ask what I was doing specifically with the funds buy I had to personally guarantee the loan. This is the best route to go imo.
If Ice Cube Son can do it, so can I
😂😂😂 thats a first but you right.
Straight up
Lmao
Appreciate the video man !!! Thinking about getting a car but don’t want the note that comes with it…. So thinking of renting it out to make some extra cash to help it pay for itself 💯
Yea then save the excess and get a cash car. I like the 3 cash cars to 1 financed car ratio.
Thanks for this video. I just started Turo in Sept 2021. I started with 6 vehicles where I’m leveraging my credit to finance them. So far I’m getting rentals. I appreciate the tips here. They help me to understand the importance of reinvesting the profits back into the business
Glad this was valuable for you. Congrats on your progress 👏
Update? Still going well? What market are you in? I’m in Colorado so I’m thinking of sticking with only all wheel/4 wheel drive vehicles since the demand is so high all year round for those here
This video just motivated me. I’m getting in ASAP.
I seen plenty of videos over the night. I got tired of working for people who don’t appreciate my work so I decided to become my own boss. THIS, is the video everyone should see if they want to get the real information theyre looking for
Very nice!! What do you do?
Thank you so much :.)
These are my notes
Turo:
Keep an air tag and gps on it incase it gets stolen
Have the best insurance
Never lease a car for turo
Auctions are the best place to get cars!
Search up which cars are the most reliable and low maintence
Customers that keep the car long periods of time are the best
Keep in mind that you will constantly be cleaning the car taking it for maintenance always check tires
Great notes!!
Thanks a million. Just listed my 1st car on Turo. Planning to list another in a month. Hoping all goes well. Your content was very informative!
You know your stuff man. Many good ideas here.
Thank you 🙏🏼
Thanks alot this is very informative info.....thanks again
Thanks for watching 🙏🏼
You did a really nice job on this video, especially for it to be your first. Congrats 😊
Thank you, champ. Starting my fleet.
Best of luck on you venture!
How’s it coming?
I love turo. Also yes the FORDS gosh such great first vehicles for a business. I have a single vehicle on turo right now. I'm buying two more this December on my birthday haha conveniently to make for 3 vehicles on turo.
It's such a great business to start if you're looking for a legit passive income with minimum upkeep.
Thank you Stefan for sharing this video! Very clear and great audio!! I too have been looking into getting into car rental with Turo in the ATL market. This was great info and much needed to help make a decision on where to start. I’m planning to get my first car within the next week
Or two and begin my business within them.
Very nice, congratz. Also, watch my latest video about checking for open recalls. I had to get rid of a couple cars last year due to this. Good luck!
straight and to the point! nice vid bro ... try blinking a bit more
🤣😂😆 New to recording myself but Iam working on it. Thanks for the tip
Just ran across your very first video. This is great for your first video. 👏
Thank you!!!🙏🏼😁
Great video Stefan. It's good that you bought your cars for cash so that you don't have the additional cost and risk of covering finance payments in the current pandemic. I'm thinking of doing this in the UK. I guess accidents happen more often than if it was your own car? That seems like one of the major risks. How many accidents has your fleet had and how many miles has your fleet racked up?
20k miles a year is fair, can go up to 30k miles per year. Ive had 8 total loss accidents in the 2 years but Ive had too many fender benders to count. I can sleep good at night knowing that I will be paid more than my purchase price in case of an accident.
Great video! I just got my first reservation through Turo so I am excited to see how the whole process works. I'm thinking about getting a slingshot mostly for my personal use but plan to rent it out to offset some costs. How do you find space for all 13 vehicles when they are not on rent?
Nice congrats. Slingshots are nice with the right location. I have a shop that I repair and sell cars from. When I started dabbling with Turo I just used some of the space that came with my shop.
Really helpful for someone trying to get into this game, thank you for a well thought out video
Thanks for watching 🙏🏼
This is a great video. Very concise and to the point, but still a lot of detail (without a whole lot of fat). Nicely done.
Thank you 🙏🏼
Getting ready to start in the Baltimore area. Thanks for all of the info.
Thanks for watching! Good luck 👍🏼
Yes I appreciate this video so much. It added on to my hope that I have being a host on Turo. I just added my second vehicle to Turo 2022. Even greater increase than just having one. I hope to gain more units. I also have regulars , they are definitely the Holy Grail. I allow people to rent through me personally as well. 😆 thanks again! I hope the best for you
You doing your thing then! Congrats!! What city?
@@StefanMarquardt Augusta Ga and yes I believe I am thank you!
This is good stuff. Thanks for sharing. Have been exploring options for making extra stream of income. Been thinking of doing this since I now work from home and have a luxury car sitting in my garage. Well put together video.
Thank you!!
It’s nice you have the advantage of dealer only auctions because the majority of us don’t and won’t have access to those opportunities to buy them apart from a standard dealer.
Yes it is a great advantage. I've been finding deals on Facebook too, people need money now more than ever. I also have guys that pay me a fee to purchase a vehicle for them with my license. All about making connections!
Stefan Marquardt the option of having you purchase a vehicle for someone at dealer pricing is excellent. The majority of us don’t have that option and have to do the usual boxing match at the dealer. The video is informative but I think you should be very clear with your subscribers that you have the purchase advantage that most of us don’t therefore giving you the opportunities to make more money upfront because you can buy your cars at lower prices. So what info can you provide for the regular folks without the dealers license hookup? That’s something we would want to know.
That makes perfect sense and I will make sure to do that.
Stefan Marquardt excellent... it’s good to be informative.
I have this exact same idea! Thank you! This was very informative. So 13 cars grossed you $60k after factoring all expenses? That’s not too bad at all! I am not a licensed de as Lee, so I don’t have access to cheap auctioned cars. But my plan is to start 1 car at a time and build a strong fleet over time.
Yea, check my other video out, I grossed 90k with 12-15 cars so just depends on your hustle. If you can't get access to the auction try to get access to the dealers. 1 at at time is the way to go, I just started with capital and kept reinvesting. Good luck!
Super helpful and informative! 🙌
Yes! Been looking forward to this video for a minute. Dope background too!
Thanks Justin, you've definitely been a great source of inspiration. Keep up the good work!
My man, this was a great video! can't believe this was your first vid on youtube! I'm flirting with the idea of getting a new car, occasionally drive it, but mainly use it to rent. Im wondering if I could apply for a loan and have the car pay itself
The advantage of Turo is I'm a landlord and need to pick up appliances and lumber every once in a while, and for $59 per day for a pickup truck is an excellent price. Also, I had a fellow Landlord that he makes more money renting out cars than renting houses. He rents out a BMW I8 and a Jeep Wrangler. There are no annual property taxes on a vehicle!
All very interesting facts. The only way I would be a landlord is by using the BRRRR method. The biggest advantage in real estate, beside taxes advantage, is appreciation. These cars can never appreciate but I can still sell for same price after renting if purchased right.
Authentic my guy can't say enough 👍
Thank you for this brother. I pray everything is going your way.
This made the most sense !!!!!!!
Thanks big Dawg.....
Thank you for the info on this video
Thinking about starting this business
My self in NY
My guy in NJ is killing it with his small fleet!
Thanks Bratha needed that help
Just received a Honda HR - V 2022 0 Mileage on it! The total I own on it is $24,300…. I am working on getting tracking for the car and then putting it on Turo! Go is to have the car pay for itself!
Congrats on your first video!!
Thank you 🙏
Awesome! Your story is extremely compelling and has motivated me to move forward. Thank you😊
Thanks bro!! These are the best comments for real.
Love that you did this video.... your awesome..... I will continue to watch so I'm always informed.... as I'm try to start this business NOW!
Thank you 🙏
Thanks for this.I am a lyft driver/teacher and am seriously thinkingabout using my daughter's car anddoing this.
Nice!! What kind of car is it?
OMG Stefan.
I apologise,
I am new to all of this commenting stuff. So after seeing your video, I just got excited over the fact that I could comment and ask questions at least I thought. So I ended up looking over the fact that you had posted, that if we had questions to contact you for a consultation. Well I am sorry for not paying attention. I will slow my roll down next time. That's not a good habit to have, getting excited over something and not paying attention to everything.😊
I keep rewatching your videos. I'm loving your videos, the vide, and how you conduct yourself
Thanks for the support 🙏🏼 it definitely helps with it comes to content creation.
Man this is amazing! Very thorough and very helpful!!! Keep it up.
Thank you 🙏🏼
Sr. Thank you for this video. Also like you said when you see Customers needs to can tell what they actually needs are. Really thank you
Great information I have been renting cars from turo for the past few years and always liked the concept. I've just recently came into some good money from our land deeds back home and been looking what to invest in, thanks great information.
Starting capital puts you way ahead in this business. Where's back home?
Thank you for some light to this Business I’m looking to get into . I’ll will looking for more videos
Very informative information! Can't wait to get started.
I really want to jump in tha Water on dis thing I appreciate tha free game I just want tha blueprint to do it right & be successful I'm definitely subscribing to ur channel keep up tha good work...
Thank you for watching and supporting!
this the most 4k video i ever seen like this camera is so crisp oh ma god bro
Thanks it’s the Sony a6400
Love it ! Your a pretty smart man thank you so much for sharing your info towards us looking forward to your future videos keep it up 🤙🏽
Thanks for that....sometimes thats the biggest motivation.
Excellent video! Ty for speaking your truth and showing us your journey. New subscriber!
Thanks brother 🙏🏼
Valuable content thank you for sharing. Where do you store your cars? How much do you pay in rent for that space? A follow up video with the break down on expenses would be dope!
Great Idea
Thx for the great content brother!
Love this video ! Can’t wait to get into Turo !
Great content! I worked in Atlanta, now in Houston. Looking to get my first whip and jump in. I will look at getting my dealer license this week and a business loan. Bless you bro, thanks for this info!!
Houston is a great market. Good luck on your ventures!
Same here! tryna start it in Houston
Great video my friend!!!
Nice job!
😁👍🏼👍🏼👍🏼
Thanks for watching 🙏🏼
Thanks for the info. Keep it comming.One
This is the first of your videos I’ve seen. It’s honestly the best Turo video I’ve seen. I’m starting with one car. You gave me perspective about how to expand when I’m ready. Thank you 🙏🏾
Much appreciated 🙏🏼 good luck on the journey
Excellent video. However being a car dealer myself. Turo is less hassle than the used car business.
I agree, guest on Turo rentals are sometimes looking to purchase a vehicle so Turo can be a great lead magnet.
There are other reasons someone might rent a car for months at a time. My cousin is a welder and his company sends them all over the country to big construction projects, most of them drive, but if you flew in, you'd need transportation and these guys make like $40 per hour minimum and get 60-80 hours per week, they can afford a monthly rental for the weeks or months it takes for the project to finish up. If you're a big project manager, if they fly you to another state to run a big construction or remodel project, or get a factory line up and running or something like that, you will need a car that whole time and it doesn't make sense to buy one for you, so they rent you a car for months, or tell you to rent a car and send them the bill. Or in some cases they just give you per diem and tell you to take care of your renting whatever place you want to stay and car you want in that envelope, and if they do a monthly rental on something like turo they probably pay less than renting from a name brand car rental service, so they get to pocket the difference. Same thing for airbnb vs a hotel. Say they give you 180 per day in per diem, but it costs you 700 to rent a car on turo and 1200 to rent a house on airbnb. In a month you would pocket 3500, because they base your per diem on average cost of a hotel and average cost of a rental from a national car rental chain.
Makes sense
Looking forward to the channel just subscribed up, thanks for the info. just for my personal preference in this feedback I don't think you need the background music. Either way I'll be looking forward to future videos.
Thanks for the feedback Wayne, Iam new to RUclips and the whole filming process. I will give it a shot.I have a lot of Turo related videos coming out and the feedback is motivating.
I'm considering starting on Turo so your videos could be extremely helpful. I want a Tesla and just use turo to offset the car note
@@learnedits5341 I see alot of people killing it with Tesla, and ofcourse everyone wants to ride in one. The down side is that people go over the charge limit so you would want to proce high enough to scare off the careless and reckless crowd. Let me know if/when you make this move.
@@StefanMarquardt Thanks so much for the tip and heads up. Tesla has their battery day coming in September so I don't know if I should wait. I'm going to wait just in case there's an announcement that would benefit me.
@Learn Edits just stepping in on this convo. Did you ever start up with the Tesla? I have been looking at Turo vids for the last day or so. It is good to see both ends of the spectrum, I was going with Stefan's plan with a twist earlier but I had no storage space for the vehicles. I am on the Tesla track myself now with the model 3 and X in a smaller market. I want to just soak up every vid I can before I do my first run. Great info Stefan.
I respect your grind. You got me so inspired
That's what I want the most from my channel: to motivate and inspire others.
Thank you brother, appreciate you sharing your work, it’s a blessing
Glad it was valuable! Thanks for watching 🙏🏼
AWESOME VIDEO, VERY EDUCATIONAL.
KEEP UP THE GOOD WORK.
Thank you!!
Love it bro keep spreading the light
Appreciate that
Thank you!!! Good luck to you!!!
🙏🏼
Soon start my turo bussiness thanks for the info
Voice is so soothing, I can't concentrate, this feels motivating lol
😇🥰😍
How do you find customers? Or do they find you?
HAVEN'T QUITE GOT THERE YET, BUT I'M LOOKING AT YOUR BUSINESS MODEL. KEEP THE VIDEOS COMING. I'm also thinking of getting an SBA loan. I've achieved my 8-hour certificate of education on getting my dealer license. I WANT TO BUY MY CARS TOO AT DEALERS AUCTION. GREAT VIDEOS.
Love the interest on those EIDL loans too. I started with a traditional business loan and it helps get things rolling faster. Good luck!
@@StefanMarquardt Cool I'll consider that food for thought
So I have 762 credit score. Just opened my LLC and went with Wells Fargo business account got a 15k business credit card and waiting on a 100k potential line of credit to be approved. If I get something like 50k-100k I will buy a benz or a bmw and see if I can find a Tesla start with 2 or three cars. And I would only have to pay the line of credit back. I have the funds to fund this business on my own but I wanna leverage the entire thing because it should be able to manage itself for a while before I plan on seeing any profit from it. Because I have a job and I’m not needed income from the business at all for the next few years.
Thanks for the great info man! I’m in Atlanta too so it’s awesome to see the potential in our area!
Lots of it
Just subscribed. Like the first video !
Thank you so much.
Cool video, man. Would you be able to share your turo profile?
Too many Stalkers but I'll try to find a way to conceal my info.
Extremely informative! Appreciate it man!
Thank you!
man u high as hell but u know what youre doing - what a vibe!
Thanks for the insight bro
Thanks for the content brother! I appreciate your hustle and tips!!
Appreciate you watching
Really valuable info here for sure. When someone rents for multiple months, how do things like oil changes and scheduled maintenance go? Were miles unlimited and can you maintain the cars yourself generally speaking or does Turo require documentation on things like brake changes for safety of the customers. I’m looking to get into it because I can turn a wrench so that’s a heap of overhead off the list so could be a great opportunity. Would be incredible to work my way up to Porsches and Benzes to utilize as assets rather than depreciating liabilities. Really a dream come true for car enthusiasts to make money doing what they love. Respect to your hustle, liked and subbed.
Did you ever get an answer to this?
@@kallmehh No I’m assuming the renter reports to the owner if there’s issues and there’s probably some agreement on which places to go for oil changes tire rotations etc
Sorry for the slow response, but I usually have the renter come back for an oil change every 2 months or so. You could also have them go to a reputable shop. That expense is on the owner. I use this time to check on the car and see how the customer is treating it and to look for new damages etc.
Thanks for the video bro...great info. Keep it up!💪👍💯
Thanks for watching!
good first video, liked and subscribed
Much appreciated.
I'm also a car dealer looking to get into this market. I currently live in NC, but my 3 year plan is to stack some cash and move to Vegas. Would love to pick your brain because I have an ace mechanic that is willing to move with me and my family, potentially look for a repair shop to rent and run a shop and use the shop to maintain/wash the Turo fleet.