If I Started a Turo Business in 2024, I'd Do This
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- เผยแพร่เมื่อ 31 พ.ค. 2024
- The BIGGEST Mistake I Made Scaling My 25-Car Turo Fleet
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00:00 - Intro
What's up, you guys! In today's video, I will explain what I would do if I was starting a car-sharing business today.
01:22 - New Studio
01:48 - Rent Out Your Personal Car
03:18 - Set up an LLC
04:47 - Don't Cheap Out With the Important Stuff
06:54 - Roth IRA
09:08 - Listing Settings
11:23 - Pricing
13:09 - Cheap, Reliable and Economical Cars
14:15 - Timing of Buying Cars
15:56 - Closing
I hope you guys enjoyed this video; make sure to hit the like, subscribe, and the notification bell, and I will see you guys in the next video.
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Disclaimer:
I am not a CPA, attorney, lender, or financial advisor. The content in these videos should not be construed as tax, legal, or financial advice...etc, and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a TH-cam video for entertainment purposes ONLY. IF stocks or companies are mentioned, Aubrey may have an ownership interest in them - Please do not make buying or selling decisions based on Aubrey’s videos. If you need advice, please contact a qualified professional.
#Turo #SideHustle #NewBusiness
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It's been my experience as an entrepreneur that customers who are overly concerned with getting the cheapest price that they can get are not generally desirable customers.
I started a turo business in 2023 and have benefited greatly from Aubrey's many videos on the topic. Some particular advice/lessons that have been most helpful are: 1) Make every effort to never turn down a rental . i am using my newly purchased(March) used Honda so this often involves inconvenience but has been well worth it. I have 6 total trips but a majority of these have been extended and thus have been more lucrative. Also knowing your clientele and making every effort to make things easy for them leads to great reviews and repeat business.
I have three locations with a built in user base. Local area Fort Worth only. Turo gets the fees so I would not advertise the vehicles online.
So happy it's going well .😊
So you were able to cover a few months loan payments and turn a small profit?
Whenever you say the word “whenever” in the video (which was a lot), you should have just said “when”. E.g. “Whenever I started my Turo business in 2017” means you tried to start it many times in 2017, versus “when I started my Turo business in 2017” means you started it just once…
I thought it was just me! I tried to pay attention to her actual advice, but this error is too distracting. "Whenever" means "each time" or "every time".
Love the new studio thanks 😊
super helpful thank you
Super helpful. Thank you!
Fantastic videos thanks so much. Great insight!
Thanks for that value information
Great educational video! Thank you!
A brilliant tutorial, as usual.
Informative video. I agree.
Awesome video...Thank you for sharing your knowledge!!! Well done on your Turo success Queen :)
Thank you so much for a wonderful video and sharing all the knowledge you gleaned over the years. I just subscribe to your channel and look forward to seeing more of your videos. I think you explain everything wonderfully thank you again.
I’ve never hosted anything on Turo but I can tell this is great advice. Appreciate the help
Thanks for this content and for being real about your experience in the beginning it helps alot of who wanna start avoid those financial issues and trust me 😮 I been left behind half way with stuff like you experienced I know the feeling😬 thank you have a blessed day!
Great advice
wow.. this was good.. thank you
Congratulations girl.
Very good. Awesome video
Thank you so much for all of the amazing information!!! I’m fighting breast cancer and my current personal car lease is up in July. I’ve been mostly unable to work since last August and am highly considering starting a small Turo business while I’m going through treatment. Your videos are so informative & helpful!
Sending healing vibes and prayers your way ❤️❤️❤️
💪🏾🙏🏾
God bless you and I wish you the very best ❤
The Bitcoin man strikes again. this is a journey to bankruptcy,nothing more. Turo is a total scam!
Thank you so much, I’m just starting out, I’m buying 3 cars cash, and you answered so many questions I had!
Do you have an episode on insurance for fleet car? And taxes?
I'm no expert but an LLC is about 100$ in my state and takes about 5 minutes to get one. VERY Easy.
Easy to get one but even more important to make sure it’s set up right. I’ve seen so many people file their LLC wrong
@@Juveyel im sorry im new whats an LLC??
Thank you very much
Thank you
Thanks for this one as well... Appreciate your work in teaching us what to do...
Wait for the cops with the cuffs.
Hi Aubrey thanks for this great video , could you share which insurance company do you use or recommend please , Thanks !!!
Hi, thank you for all your videos. Can please tell the insurance company you use for your fleet. Thank you again
love you, love your channel
Awesome video :) you must be from Texas because I noticed you kept saying “whenever” instead of “when” 😝
Here in Florida I set up an LLC in 1 hour remotely for my kitchen business will use for Turo also, I am not computer savvy.
Hey Aubrey! Thanks for all that you share. Quick question: if we have the cash & found a good deal on a 2nd car to add to our fleet, would you recommend waiting until the LLC is established or go ahead and buy it while it’s a good deal?
"I'm playing catchup now that I'm 29." Wow. You're still just a baby. You're going to be just fine. It's rare to find someone who thinks about retirement until they're in their 40s!
With her energy and smarts she'll have the option to retire in her 40s. Maybe she's pissed she missed the opportunity to do that in 30s!!
She looks good, but older than 29. I think she's pushing it aliitle with the 29 part. sachysamo fools
@@Reverend-Race-Horsey She strikes me as someone with thick skin, which is good, because she literally stated that she's 29 in the video. Did you not see the quotation marks in the above post?
@@super8mate Someone would have to be damn lucky in life to retire in their 30s after having only worked 10 years in the adult world.
@@super8mate She can still retire in her (late?) 30s?! 🗓
Having a hard time figuring out how to insure a personal car that can be listed on the platform. I have not found an insurance company that allows this aside from switching over to commercial insurance which then doesn’t allow you to use the car for personal use.
I feel like every other trip at this point costs me double what the revenue was for the trip at this point. Every time I get the vehicle back with some kind of damage that I am paying out of pocket to fix.
set up plenty of llc... keep them generic. ie. holdings or enterpises. theyre not too expensive and that helps with establishing biz credit, etc! if you hate car sharing, next
Thank you for your videos! you have mentioned that you use carSync analytics for research. Unfortunately they no longer offer Turo platform.
Can you offer any other tool to research? I am trying to find a good City where I can start a Turo business. Thanks
29 isn't bad. Yes, the time can't be made up but you will still live well if you keep investing.
Also
Retirement isn't what it's made out to be. I just retired a couple months ago @ age 52. Yes... it's nice to sleep in and be a lazy sloth but after 2 months, it's not for me. This is how I came to watch you. Turo is something I will do. I will also get into RV rental too and Airbnb. I will see which one I like the most and run with it
Good Luck to you and I am happy to see a smart young lady like you are married. Don't forget to invest more time with your family over any business.
If I had a glass of wine in my hand, I'd say, "Here's to your success and your future "
Thats really good RV rental ? That sounds like a great success idea .😁
Thank for the great video!! A quick question, if I put my personal car in Turo, do I have to also keep my personal insurance, or would it be enough to only keep the insurance that Turo offer? Also is the insurance that Turo offer good enough? Thanks.
Love the video😊 but What about insurance 😅 please make video about insurance and should do commercial loan or personal loan?
Agreed!!
Nice to see common sense applied to business
You are such a good speaker... you speak fast and clearly... love that you are all business.
What do you think of buying cars from Enterprise/Hertz for Turo? Thanks
very informative. Could you share how much time you have to spend on this business when started (1st year) and now with 30 cars. Would it consume all of your time 24x7? How do you manage it when you go on vacation? Thanks for sharing.
What's your recommendation on accountant..around Dallas?
Hello,can I use my car to host in Turo with the temporary license plate? I just bought my car trough the dealership.
Hey I'm sorry for asking this question that I should have been able to find on Google. But i couldn't.
How much rust can a vehicle have if you want to rent it on Turo? In Canada vehicle has to be less than 12 years old, less than 200,000 km and pass our local legal laws to make it safe on roads. But when I look for most affordable cars that meet those requirements, a lot of them have rust. So I'm wondering how much rust is acceptable?
In regards to the ford. If you buy a 2011 prior to december does that mean it will still be able to used in 2024?
Which Toro platform did you use?
Best insurance for Turo? Full coverage? How much should I buy an economy car for? Under 10k?
Was thinking of putting my 2021 corvette stingray on turo...have any thoughts?
Any accountant recommendations for the LA area?
May be funny to say but honestly, I shoved all TH-camrs for you to get started. My aim is to get 5 - 4 by close of 2023. Am at No. 1 and still believe I will get there.
I have faith in you ! 🙏🏽
How many are you at now? How is it doing now?
Update?
I tend to think that cheap and economical cars are more liability prone to serious shady or abusive renters.
I think she's right on economy cars. Most of those renters are likely looking for an A to B car to take care of something that came up. I'd be more worried about listing a nicer / faster car on the market. I know if I rented a Corvette, first thing I would do is test the 0 to 100 time. In a Chevy Cruze, not so much 😊
@@republicandan I'd do it in a Cruze too. Hell I do it in my 12 sec Mirage 🕒
I speed tested a Kia Sportage a couple weeks ago 0 to 90 In 14 seconds
What about car insurance can you list 5 vehicles on a normal policy without an llc or do the cars even need insurance since Turo provides it
i liked your video
What CPA/accountant do you use?
Which accounting firm do you use?
I have the money and credit to go get a lambo as my first car but what do you think? should I get that as my first car to rent or no? why or why not? please if you see this let me know because I really need the advice and help right now because I want to start my rental company and expand on it quick but don't know where to start.
I have an llc for real estate. I’m thinking the llc needs to be different for a Turo business.
Does turo require insurance personal insurance or I have to get commercial?
Where do you park your cars ?
Where do you park so many cars?
Damn.. im about to be 40 and just now starting turo and no retirement... am i doomed from the start? 😬
When you had 5-6 cars, where did you keep your cars?
👍🏽 Agree wit rent personal 🚗 & get a beater & "penny wise, pound foolish" lessons. 5 cars n a year, easy 2 rent wit no parameters may not be feasible while working a full time job, 7-3, M-F 🙃
It's like you need to make a deal with your boss to work odd hours for a few months while you rent cheap and bag 5 star reviews then add parameters. Idk
What is your yearly income if I may ask like ballpark?
Where do you buy your cars?
I'd like to talk with you about setting up a Turo business but you master class link isn't working
I want to start Turo this year but I do not own a car but on the flip side I have no current payment.. Plus I don't need a car so hoping to start with used cars by saving money (my current as savings are stuck in stocks)..
Thank you so much for your information dear
How to I regeneration my car in Turo business please send me the link
What are some of the barriers we should remove
Do you get to a certain mileage then sell the car to maintain a newer fleet? Almost every car is a depreciating asset so buying cheap must be key. If I buy a car for 20k, Turo it for a year, but sell it for 10k, did I even turn a profit? Love the videos! Cheers
There is zero chance your car will depreciate a further 50% from when you buy it in 1 year.
She points out that you buy a car at an age at it's lower depreciation curve.
Hi Aubrey,
I have a fully paid off 2016 car. Instead of trading it in to buy a new car which may get me 7-8k, i was thinking to rent it out on Turo.
However, I do not stay near the airport and but in a proper residential location. I cannot deliver so how would i get customers? Do they have to come to my home and if so how will they comnute till my home? Should i choose a closest parking place like a grocery store to be anonymous? I am very confused how to begin.
I have always rented on Turo myself when i am going out of State. So not being close to airport haunts me to start this and not able to imagine what other demographic of customers are looking to rent.
Also, how much does Turo take away and do I have to buy insurance as a host as well?
Is it possible to give my car ro someone that can run this for me for a cut and the car will be mine? Are there middle players in this side hustle that maintain fleet of cars like you and wouldnt mind another car coming into their fleet?
Any tips/advise will be great !
What does setting up a Roth IRA have anything to do with starting a Turo business?
are there people managing car fleet ?
How has the recent loss of CarSync changed your business?
Hello
I'm New to turo and i would like to rent a car.
Who pays for the insurance during the rental?
Me or the person who owns the vehicle?
Where do you park all your cars? How do you rent out your cars remotely? I’m in Miami and I’ve been thinking and watching videos about this for a very long time but I haven’t done it yet. Your videos are definitely motivating me to give it a shot
I'm wondering about the remote access too. Like Zipcar you can remotely access the car so is there a solution for personal vehicles too. Having to be around to hand over a key and collect keys makes it harder as a side hustle.
@@manilli_ turo device
When I was in Denver and rented a car through Turo, the host had the key locked in a lock box that was sitting on top of one of the tires. The code was sent to me shortly before my rental started. I kept the lockbox in the car during the rental and then the key was placed in the lockbox when finished. Seems like it could be a practical way to do it.
whats a LLC ??
When you set up the LLC, were you still only renting your personal car or had you added others? Did you transfer your personal car to the LLC at some point?
Moderately unrelated- I have a business (before Turo) and I never put the car under mt biz name, it mainly matters that the insurance covers it properly, commercial auto. My accountant mentioned I don’t stand to benefit from transferring ownership
@@AltoTheGodI’m pretty sure you put it under business name for liability
Thanks for the information! After binging on several of your videos Monday, I changed my host settings as you suggested yesterday.
You see, I was offering free delivery to our local airport which would have been fine except my availability is limited as I work a full time job. My wife would help pick me up or drop me off so I can pick up the car but she’s a full time student AND full time teacher!
I have an llc already as I actually am diversifying from an RV rental business and adding the Turo car.
I am still concerned about getting bookings in my small town with no delivery options but my car will save me lots of commute money if it doesn’t rent so I still win. Thanks again!
Should you make your Turo profile under your LLC ?
Why would one need multiple LLCs?
what is a dollar amount in profits to strive for each month? I'm looking to finance a car and Idk if it makes sense to get a car if it only makes me an extra $200 a month. interest is high and so is my car insurance bc I'm 20. what should I do?
I’d say aim for at least 100% ROI on your monthly payments. If your payments are $300 a month aim for at least $300 profit .
If it's at all possible, buy a car with cash. Interest rates now are a killer.
Do the math with realistic, if not conservative, financials. Your car payment and repairs are just one side of the coin. Don't forget depreciation and tax asset/liability. And after you run your numbers, determine if it would be worth your time and allocation of resources to move forward.
$550+ month/car after ALL Fees + mechanicals!
For LLC, are you hiring someone for registered agent? I'm confused like for Turo business should we hire some outside services for registered agent
That's a good question 🤔
you can be your own R agent.....at least in Fl you can
Do you offer mentorship?
She has a turo master class program. She's mentioned it in her videos on occasion. It's likely a wise investment ( and tax deductible if you move forward with building a turo empire )
You talked as if 29 was 39 in referring to your early 20s. Everyone is different, but typically at your age If your making 6 figures you should be aggressively diversifying and taking more risks to build wealth quicker so u can live off the interest when your older vs worrying about a couple more bucks in a IRA. Take that money and get into developing real estate multifamily units, leap year stock options and build some real generational wealth. Your probably making more on YT than Turo now..
Stay away from Turo. Gave me a ban. Guest said I had low tread on my tires. I literally had a tire shop say I had the min 4/32. They didn't care. Since I argued the unlisted all my cars and cancelled all my reservations. I had 5 cars. Not fun
CARGUY TX here. Can you place a Turo car at a dedicated location? By that I'm thinking about leaving a vehicle at a business location 24/7. The business has a built in customer base for the vehicles.
Where do you buy cheap below market value cars in 2023?
You're in the states? Cars in Canada are so much more expensive than US. I can't wrap my head around how people can own a dozen or more vehicles?
Are you in CA? Why did you not use a lawyer to do the LLC?
Roth IRA's just tie up your money until you're 65 and retired.... Invest your money in something physical and tangible.
What about health insurance, disability insurance, life insurance and dental insurance. Don't those come before a roth ira?
If you don't have those things covered by a full time job, then yes. But Turo is a side hustle at first. You won't even be able to cover basic costs of living for a significant time. This isn't a way to get a big income right away.
Depends on your age and priorities. Health and dental insurance might be free or heavily subsidized if you are "low income.". Also, life insurance isn't for everyone. I am not a huge fan of this video because she makes several comments I disagree with. For one, traditional IRA is better than ROTH for people that don't expect higher income when they retire. Also, it grows tax free so the quantity is larger. Secondly, as a side hustle it is important to set the right boundaries and prevent it from interfering in your regular hustle. Getting fired from your job because you wanted to secure a $60 turo ride lacks a certain wisdom. Having a high priced CPA is nice, but most people can't afford that for a side hustle. You can't grow your fleet to 25 cars if you're paying LLC formation fees and costs, maximizing insurance, contributing to a ROTH from the early stages of any side hustle. She is potentially correct about income diversification. In reality we don't know how much of her income actually comes from turo and how much comes from TH-cam or her other income sources. Especially with the economy in tighter spots, it might be performing less than optimally at present. Then again, her economic car approach might be boosted by the difficult economy. Only a true peek into her true balance sheet would let us know.
RIP left ear
i want to start a rental business with you as a partner
When your personal car is a car from 2006
Under cutting is destroying the market turo has not focused on controlling price floors vehicle classes are colliding turning into Uber at this point
You should talk about other financial stuff not just turo
You had me until you said set up a Roth IRA. Set up an IUL instead. Tax free withdrawals. Liquidity. No 59 and a half rule. You never lose money in this type of account. No contribution limits. Has a death benefit for your loved ones
What’s a IUL