HOW TO START A CAR RENTAL BUSINESS WITH LITTLE UPFRONT COST ON TURO
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- เผยแพร่เมื่อ 18 มิ.ย. 2022
- How to start a car rental business with Turo. Imagine if you can drive your dream car for free. Better yet start a car rental business with little upfront investment. In today’s video I collaborated with Elvis and Moe which both leverage business credit to start multiple businesses including a Turo business. If you would like to learn more on how you can drive your dream car for free get in touch with them and they will help you out.
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Elvis - @elvissomoza
Moe - @moe.capital
Host: Greg Pimentel
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All of this depends on your location. Especially with the profits they are making.
Quoting gross revenues is not really very helpful IMO. Net revenues after depreciation, cleaning, maintenance, insurance etc is what I want to know.
Great video - appreciate the info!
Thanks for the info guys 💯
Cheers. 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 would never ever use an Apple Air Tag. I only use TILE trackers. The Apple Air Tag will notify the driver that they are being tracked and it can creep them out. I do inform my renters that there is a tracker on the car though.
You just gave me a life goal
This video is great insight for everyone wanting to get into Turo
P.S. dope office, I see my desk 😂
Thank you bro 🙌🏽
Didn’t see your links in the description. Would like to get more information about working with them. I’m in Chicago and I know Vegas has a better market.
Great video man, very informative
Thank you
This is dope bro
Wow! Many of your commenters are considering Turo. This is a sign of the economic times. As the economy slips lower and lower Turo will become more and more competitive.
Hey brothers thanks for the video
How can I great a rental website and how to verify customer id?
NY just recently got the greenlight to operate Turo so I'm a bit interested in starting out here. And it seems competiton is getting heavy.
Yikes. Maybe it would be smarter to have people come over to Jersey to rent the car?
Do you guys provide the service in the Miami area? Curious
Greg, Just a FYI, I can accept credit cards and put the title in your LLC if you wanted to start a Turo Fleet. "I will Purchase whatever car you want, get the Pink Slip and you can Purchase directly from me with your credit card if you like."
You a dealer
I love what you guys are doing, how would you guys go about doing the same in NY with this unpredictable weather?
BX STAND UP!!!
Starting a business with a credit card that is 19.99% interest rate is setting yourself up for failure. Not to mention that their business model is mostly based on the fact that cars are way overpriced nowadays and that you may be able to either sell it at a profit or break even.
Now what happen if you miscalculated the resale value or all of the maintenance that comes with renting a car? No one take care of a rented car, you know "drive it like it's a rental".
What happen if 6 months from now car accident happen and the insurance do not pay you what you paid for? Yes, it does happen especialy since now car are sold above their worth.
You can 100% make money on Turo, but trying to start a business with a credit card while having absolutely no income and nothing saved up is a recipe for disaster.
Sure you could make it work but you should save up real money for downpayment on a car instead of using debt to get into more debt in order to possibly make a profit.
- Calculate monthly payment
- Calculate insurance
- Calculate the expected day/month you would REALISTICALLY be able to rent the car (worst and best case scenario)
- Calcualte the expected mileage at the end of the first year and the possible resale value
- Calculate maintenance cost (not only oil change, but also tire, brakes + any unexpected repairs)
Don't just jump in willy nilly because you are young and can take more risk,
🙌🏿
Get an LLC
thanks for this!
Lol you are speaking facts… this stuff take time and planning…
@@noahzm_ getting an LLC isn't going to do much with the same problems this person mentioned. You as the owner are connected with the business and your personal info and credit will be linked. If worst case scenario you lose your business, it'll also affect you unless you have it set up under a trust or some sort of holding company. Regardless that's not the point, if anything get a line of credit or if you do get a business credit card make sure the rewards, fee, interest rate, etc... all make sense for your business and that it won't effect your business when you try to scale.
I usually use 18 month no interest credit cards to buy vehicles, then just transfer near the end of the no interest period for 3% to a new 18 month no interest card. You then get the title up front and own it, and your monthly payment is extremely low. Boom... you're welcome.
Could you elaborate a little more?
I’m curious too. I have two credit cards with $6000 limits.
@@jewelgoss8005 the trick is a new credit card that will give you 18 months no interest.
If you have poor credit don't try this. You'll mess yourself up. It's great for us people who get approved for 25k or more tho lol
Thank you guys
🙏🏽
Question about building a fleet.. what’s the best rout to go when you will need multi-Vehicle parking?
Probably an industrial shop that is also your brick and mortar place for people yo rent your vehicles
Great video 😁😁😁
how much do you charge to manage cars?
Dub vid 🔥
What about if the first renter crashes the car? Is it better to just get a car that wont be beat on?
This was super helpful! I will be signing up for Turo tomorrow, time to put my car to work. Thanks for this!
UPDATE: I didn’t do it. My freelance business really took off and so I made the decision to stay focused on it. I hit 2 financial milestones back to back and I’m now on a 4 week trip to Tokyo. I made the right decision. I wouldn’t be able to take this trip if I had to focus on being home to rent out my car. But if you do try Turo out, I most certainly wish you much success!
I hope u signed up and started renting cars already
How’s it been going for you?
We’re dying to know! Did you procrastinate or what!?!?
@@delontewilliams4090 I did not. My freelance business kept me busy, I hit a new monthly milestone with my earnings and decided not to do Turo and just focus on my current business
@@alexhotmale I ended up not doing it. My freelance business started to really take off and I hit a new monthly milestone so I decided to continue focusing on it instead
More knowledge 💕💕💕💕
Do you have any managing service in DFW area?
Sports Cars Accessories ⚡
When he said "As you can see, most of our cars are at the office right now." My mind instantly went to *So they're not making any money?*
Nice!! Just started my car rental journey my self !
Congrats!
How’s the journey going?
@@Alejfit it’s slow but also a lot of anxiety seeing the car go and come back.
@@whoisaugTGG Ayo bro I live in NJ near NYC and am looking to do the same. can you share how you started?
I wish Dallas had higher rates. I’m 2 weeks in and it’s hella slow.
Bring the cars to Vegas, my buddies will manage them for you.
So i do have a question for anyone um …
So if i open an LLC AND GET MY EIN since theres no credit history on my LLC is there a limit on how much i can apply for via my business credit ?
Great content 💪🏻
Appreciate it!
@@GREGPIMENTELwhere is the update video, you must interview them again.
BX STAND UP!!!
Una empresa confiable cuida de sus clientes, sean propietarios o clientes para alquilar coches, verifica las pruebas y documentación aportada cuando hay un problema, aplica precios y comisiones justas, y mantiene canales de comunicación como el email, el teléfono y el chat con humanos, para que sus clientes no se sientan abandonados a su suerte y dispongan de toda la información de sus comunicaciones.
TURO parece no tener mucho de esto.
I’m in the Atlanta market doing Turo, how do I partner up with these guys?
AirTags - you don’t get people complaining about tracking notifications? That they are being tracked?
Do they make shorts shorter?
Love the content bro! Game changing
🙌🏽
🙏🏽
@@GREGPIMENTELplease do an update video with the guys, they were the best.
BX STAND UP!!!
Any recommendations on how to find out what type of cars will rent in a certain market?
Market research on your market my boy
Great video. Do you guys wrap your cars with clear protection films to
Avoid scratches? Specially on the high en cars wondering becuase you do not
Want the expensive cars to
Have cosmetically defects. Any thoughts?
Make research about Smith Trust Bk, once you find the page you will definitely find their support e-mail address on top of the page. Reach out to them and tell them you want to learn the secret of seven figure earners.
Some misstatements to point out… If Turo is retaining 20-30% of the rental fee, then Turo is not advertising your car for free as stated. Misleading is not good for business.
Hey guys other than private insurance u guys used other to protect the vehicle
Credit is money…..and you can’t get credit without money history.
Peace
what's the difference in performance and costs between a tracker and an Apple Tag?
no monthly fees with a airtag, while not 100%, it is better than nothing... it is often shared with the renter
If you get your car loans through NAVY FEDERAL CREDIT UNION, they will lend you up to 125% of the car's Kelly Blue Book value! No down payment needed! They are super easy to work with, too.
Great video, this is helpful for sure. also, I can’t get over how stoopid dudes haircut looks.
Alot of these videos I been watching they always say "get a credit card with 10k limit for down payments" as if thats EASY to get tho.. My credit score over 730 and I still cant get credit card with over 2k limit... I think yall should specify you gotta be able to "report" like 50k yearly income before all these possibilities can even open up lol
The only way to get a credit cars limit like that is time. You’re not going to be 20,21,22 with credit like that unless your parents were helping you plan along the way. You have to use these cards and pay them down and ask for limit increases.
Bruh. My score was 580 7yrs ago. . Still was able to get a 2500$ credit card from chase ..
Report 50k yearly personal income or income from your business?
If you’re young ask a family member with good credit to co-sign you.
But better yet just apply for a business credit card.. your credit limit will be way higher..
If you don’t have these two options then I do agree it will be difficult to get 10k credit line. Last case senario.. cut down on living expenses and save up on 10k
Navy Federal
Thank You for All that you are doing for our Planet Earth.... Peace.. Shalom.. Salam.. Namaste .. 🙏🏻 😊 🌈 ✌ 🌷 ☮ ❤🕊
That math ain't mathing... 50k with a down-payment of 5k and insurance prepaid for 6mos at 2k (not 3k) equals 7k. You CANNOT start turning profits of 2-3k a month after 3 months. Stop the cap and give the real dets. Also, the marketing is not FREE they take 20-30% to cover that.
What if youre just starting out? Like 700 credit score and never had any car credit ? Should I just save up and buy a car outright and that way I have no note? Plus I'm thinking about financing/leasing a nissan versa and then buy a slightly older car and put that car on turo while I just use the versa as my daily and rent out the older car on turo. Just spitballing here. Some advice would be appreciated
If I were you I'd probably first start with my own car... Then when I now the ins and outs of the rental industry I would save up the the money that I make from the rental money and buy a second car(my opinion)
a ok FICO score does not secure much, you need an income to get loans... I have a 832 FICO score 8 and even I can be turned down without proof of income to back up a loan
Does caravana require paystubs ?
When bro said “ you need credit“ I knew I was fucked
Lol fix your credit bro. Having good credit will set you up for life…
I like guys like this. Even if they were %60/%40 true story vs bullshit it's still very appealing.
Guys like this get into a flow where they don't know where the bullshit ends and the reality kicks in. Hence they live on a totally different level for years. They make a ton of money because they are insulated from doubt and naysayers.
The flip side is the %99 of the people that watch the video that will "eeyore" themselves into staying broke their whole lives.
I'd rather surround myself with their kind of energy. At least life will be interesting. I just try to remember that there is risk but it's not a requirement to get hung up over it.
Yea his voice wasn’t confident the whole way throughout def sum bs
@@noahzm_ but did you get the point to go for it because you only live once?
@@towdoctor670 yes that’s why I said sum of it , I’ve been thinking about turo for about two days now I got a family friend selling a 2014 Honda Civic coupe I stay in Houston so I might buy it and test the waters with it .
@@noahzm_it's work like everything else. You can tell yourself whatever you have to. I run 3 business.
2 steady and the other is more side hustle. You get out of life what you put into it. People that put in very little have very little. One day they may realize they just floated along and lived a life not worth getting outta bed for.
Go for it. It might be the greatest thing you ever did.
@@towdoctor670 I agree with that 100% , if you don’t mind sharing what are the 2 business you run? Also I decided ima get a T. rex , the three wheelers . I know it will rent out more then a Honda
To a fellow pimentel I’m a poor ass pimentel. How can someone do this with no money, bad credit? I’m SOL 😢
What car is generating 2-3K per month after the car note?
They said the Corvettes were and I think the G Wagon
Turogp6, please!
Very interesting video, thanks
This was a very GOOD video to watch!!!👍🏾👍🏾
You mentioned about leasing is not the way go on Turo. I figured if I get a 3yr lease w/ maintenance plan put it on Turo make money and turn the car in after lease then repeat the process. What do you think?
I second this question !!
I would assume leases don’t work because they usually come with mileage limits, which wouldn’t work well in a rental business. Could be wrong. Also, it’s better to “own” the car because the renter is paying down the car note, which you’ll get to own payment free after the end of the term. Whereas, you don’t get to keep the car when you lease.
@@dylanfitzgerald1 Well that’s what I’m saying. At the end of the three year lease you refresh your fleet when it’s time to turn in the lease vehicle and get another one to replace it and put it on Turo. That way you’re always putting fresh brand new cars on the platform for your customers to rent out. It may attract more customers also. hopefully with your lease you get the highest mileage allowance plan possible so that you don’t come out of pocket as much or if any for mileage overage.
Why does Cali have no market for this? I’d think opposite
It does have a market for this
What's a G wagon
Seen many videos of people doing the same thing. They usually are making more or less than minimum wage
Lol no
When I bought my car they wouldn't let me use my credit card for a down payment.
Turn it into cash
That guys praying on people with bad credit. But I'll tell you one thing though when they change all of that how you going to make money. Obviously people with bad credit is the ones that rent cars and people stuck on La La Land renting exotic cars knowing that they can't afford it and they'll pay 1200 for a day that's That's crazy. So basically bad credit is your business people with bad credit and people that stuck on La La Land. If you get enough of those in one month your generate a lot of money in business will be going good. Hey a hustle is a hustle. I never knocked the hustle. It's all good. Go get it brother 💯😎💪🙏🏿
What software are you using for private rentals?
Turo. They said it
@@Jejjing read again buddy
@@luisleon1411 I read it? It’s one sentence moron. The software is an app called turo
I’m in Vegas to how can I become apart of your team
Looking to learn and make good decisions with a team
I mean, it would be nice to partner if you mentioned that these guys require “$5k” to allow them to manage the cars. Not including the 70/30 profit they are taking.
5k lifetime or 5k per certain amount of time?
@@tylerharmon3540 a year. I wouldn’t recommend them. The communication is terrible so I can imagine working with them.
@@marcusbazan625 yeah, I could imagine.
i own 8 cars and currently scaling
How many do you own now?
What is your monthly profit?
To start with 1 car do you need a LLC?
No. You can finance under your personal
Never heard of this car history to buy an expensive car🤔. As long as you have the money down they’ll give you the car. Also, you can just get approved through a bank or credit union and take that check to the dealership. Never finance a car through a dealership…
You got it right , one guy trick me on paying 21% on interest rate , and told me i can't refinance for 2 years, i was crazy, when i google that it was actually illegal for locking one to a fixed interest rate, can you imagine 21% ????
He's renting the Hyundai out for less than $40 a day and probably making $800 profit.
🎉
This guys are smoking rocks. A Civic for 90 bucks and rented all the time for 20 days. I want to smoke what they are smoking.
Lol right a civic now goes for $55 a day; and you only get $35-40 depending on your turo sttings.
They live in Vegas lol. A damn Centra goes for over 100 renting from a regular car company here in La. So its not like its a figure that’s out of this world.
haha you bet
dont use bank of america yall lol go to a credit union bank
Anytime you see guys using a stack of cash as a pretend phone you can rest assured it's a 100% scam lol
And people that think everything is a scam stay broke and continue living a miserable life.
@@GREGPIMENTEL facts what you think of hustlers university scam
why do you keep looking at the camera? this is so awkward
using a credit card to finance a no money startup is a path to failure... NEVER Do this...
Stay poor then
Does it still work in 2024?
No
ahah
First of all its a terrible time to start renting cars (prices are to high, and it's the slow season coming)... the next wave is February... 2nd of all your profits arent in line with any other host in Vegas.. I'm going to call BS on this video.
Guys guys are talking to people with money. You should change the title of this video, who can start buying corvette, I thought this video was going to be more realistic, to show you how to buy regular cars someone who's starting out can afford
He literally says the cheapest car makes more money but yet has a fleet of “feel good, look at Me” cars. 😂 jokers
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Same here, My portfolio has been going down the drain while I try trading,l just don't know what I do wrong
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade
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Here in Holland Expert Mr Nicholas carries out the both orientation and mentorship
potentials
Kinda red flag that all the cars are not rented and at the office lol
Dude are you serious? Do you have any common sense???
First of all, some of the cars get picked up in different times. Normally in the evenings. We filmed early. Second of all, my boys decided not to rent some of their cars to show them in the video. Why would I make a video about Turo without showing any cars?? Cmon, think before you talk 💩
@@GREGPIMENTEL For an entrepreneur you have very thin skin
@@GREGPIMENTEL niggas don’t like young entrepreneur
@@joseramirez2310 you got me weak asf lmao.
Lol. 10,000 credit card. What is this 1999? Privileged people. Nice plan but you have to be loaded. Maybe these guys got their w blood and sweat but that's impossible for %90 of the population. Cool buisness though.
These dudes get pay by carvana and Bank of America
The host of the show look so uninterested
What are you guys thoughts on "CarPutty" auto loans for Turo host only, its more like a line of credit.
BX STAND UP!!!
Omg there so cheap they can only afford airtags royalty has low jack on all his cars
I'm curious if you even watched the video? They said they have trackers and air tags. For when people remove the trackers, they still have a hidden air tag! Pretty smart!
Tryna email me and help me get going I got everything just need the knowledge from someone already doing it💯
hello