I've had this video open in a browser window for days now and finally watched it. I'm glad I did. Very interesting and thorough overview. Thank you very much! I appreciate it.
Thanks for watching. We have since noticed a slow down in the market. I'm thinking the market may be getting oversaturated. I wouldn't recommend that someone not do it, just wouldn't say you could rely on it for guarantied income. We have a good amount of repeat renters and a lot of word of mouth which is helping us out this summer.
Nah. When you set a standard what is required for you to get out of the deal for it to be worth your time, stick to it. Breaking your own rules is how you end up getting caught chasing every dollar, which is a great way to loose money in business
Thanks for the summary. My wife and I are considering renting our trailer out and your video answered a lot of questions. To reduce the number of calls while the RV is out, we would make short videos covering the setup and trouble shooting. We are in California so we would make it available all year long. Regarding your comment about “couples RV”, many people convert the bunk area to a walk in closet. The extra storage would be great.
Been wanting to get a camper for a couple of years but with my car payment my only real option is: wait 4 more years until its paid off... Kind of considering this to accelerate my quest to acquire one without realizing at least most of the financial consequences 🤔
That is the primary reason we started doing this and it's worked out so far. I always suggest having that RV payment in your budget when starting as it may take a while to get renters and build up your customer base.
Sounds like you have arrived at a good balance with your rentals this year. You made some money but didn’t over extend. Enjoy the journey as they say 😊
In the summer our RV is out almost every weekend. I have another yearly recap coming out soon. I'll share our booking calendar that shows those details.
There isn't a way to automatically sync the calendars, so I use Outlook to manage the bookings. As soon as a booking comes in we block those dates off on the other platform and enter it into Outlook.
Here's the question you have to ask yourself: Are you paying the depreciation premium on your owned trailer so you can enjoy the trailer with your family, OR are you simply owning a trailer for someone else to pay the depreciation? If you barely get to use the trailer (mostly non-peak season) because others are enjoying it, you are only owning it so others can enjoy it. The money you are earning truly only covers the depreciation of the trailer as an asset (as these things do lose value over time and wear and tear, in which renting greatly accelerates this). It calculates to be almost only a break even, so no truly realized profits in the end when you look at whole life-cycle cost against the rental earnings. Maybe you can resale a trailer for about what you paid given the high inflation period we are in, but this is just nominal $$s and the costs for everything else we buy with those dollars are much higher everywhere else due to that same inflation. So it's not truly a win, maybe breaking even. My point there is that the $$s earned from rental streams need to be much higher to offset inflation! So, in the end, is $3300 net profits truly worth this effort of watching a lot of strangers enjoy your trailer and accelerate its depreciation? That's the question everyone should answer for themselves. Disclosure: I am also in the trailer renting sphere, so i have a vested interested in the success of these efforts. But thinking through it all, the question really is this worth it at small scales. Even with a fleet with larger rental earnings, these questions need to be asked.
You make some good points. We do make sure our own RV usage is priority and rent it out around our own camping schedule. We started doing this as a way to just supplement the cost of owning an RV and from that perspective it's been great as we haven't used a dime of our own money to own/use a nice travel trailer. The big question is, is the extra time/effort/risk worth it? So far it is has been, but I see how a few bad rentals could change someone's perspective too. Thanks for input.
A couple of things I think you are forgetting are: 1) The $3,300 is net profit. So the payments on the camper (asset) are being made by the renters when it would otherwise be taking up space in the driveway. 2) If they didn't have this camper (being paid for by being renters) they would have to rent a camper themselves a couple times a year which isn't cheap. So there is a definite savings to renting out their camper that isn't quantified on the spreadsheet. 3) Many things they are purchasing I doubt they would if not renting it out. Which offer a nicer camping experience, they would miss out on thwse "upgrades" if not renting it. I'm unsure of how they file their taxes, but many of these upgrades may be a tax right off for them. Just a couple considerations I thought were relevant.
I have been toying with the rv renting plan. I have a 36' 5th Wheel here on the space coast of Florida. Since you have been doing this for almost 5 years now, what supplimental insurance do you carry on top of what rvshare/outdoorsy offers?
We have an umbrella policy with our homeowners/auto insurance company and for the RV we use Roamly as they are the only insurance company that officially allows/supports RV rental. Here is our referral link for a quick quote. Thanks outdoorsyinc.go2cloud.org/aff_c?offer_id=28&aff_id=1746 Best of luck!
Hello Drive North , Im thinking of doing this with my pull type camper as well , Whats the longest distance you let your rentals go away from , Thank you in advance !
Is there a software platform that monitors multiple sites (Outdoorsy, RV Share, etc) to make sure you don't get double booked? Or you just have to pay close attention and block out dates on other sites when one books?
I have not done an official market analysis, but I know from experience that there are a lot of couples renting. Lot's of retired folks. We just bought a Flagstaff 21DS which is a non bunk couple's camper. We'll put it to the test this summer and I'll do some updates on how it's going.
Awesome content! This is a super helpful video. Do you do deliverers too or are most people picking up the RVs themselves? Do you do any kind of qualifying clients that are going to be towing themselves to make sure they have hauled travel trailers before?
Thank you. We don't even offer delivery. I don't have the extra time and don't like the extra miles on the truck and extra hassle. We state in our ad that we require towing experience and have always confirm it after they book.
I’m also looking at renting out or TT, what do you think about delivering the trailer to camp site instead of letting them pick it up at my location? my worries is that something bad happens during the rental period. Thanks
A lot of owners have that as an extra paid for option. I don't do it as my work schedule isn't that flexible. Plus, unless you are charging a crazy amount, I'm not sure it's worth it. We did it once for $150 (20 miles away) and wish I would have charged more...it was a pain.
What are the RV share Fee's? I see it says typically 25% but when I received a booking of $43.33 per night for 3 nights, so $129.99 & it said my share was $34??? That doesn't seem right???
I'm retired in N Central Florida and considering purchase of a small used Class A motorhome. To purchase it I would need to supplement my income through rentals. I would be happy to rent 1 week a month. What age and what quality level of class A might be most cost effective? I'm considering a 4 to 7 year old. I was considering a short Newmar for $65k or a short Itasca/Winnebago for $20k less, same size same year. I live in an area where I would market to retired couples, retired single, or young couple or small family of 3. What suggestions do you have regarding these scenarios? On another web site someone claimed the Florida rental market is saturated. I don't know how much of a red flag that might be.
Good questions. We considered getting a motorhome at one time, but decided to just keep it simple. A lot to go wrong with a motorhome, but potentially a larger customer base. If it were me, I'd start out with a mid range unit like an Itasca vs a more upscale Newmar. Best of luck!
I work for a dealership.. I wouldnt recommed putting a propride on your trailer.. yea they are great hitches.. if youre the only one towing it. unless you're experienced with them they are very frusterating to get lined up. especially if you're swapping it from vehicle to vehicle. the height difference and angle different vehicles sit on would make it extremely tough on your renters! food for though. either stick with the one youve got or go user friendly and throw a BlueOx Sway pro on it
You make some good points, and for those reasons we didn't get one for the new camper we just bought. Stuck with the Andersen system would works pretty good.
While the RV is being rented out, the renters have their own insurance through the rental platform, so technically that is true, Roamly does not cover renters. The biggest selling point with Roamly is that they are totally ok with you renting out your rig, some insurance companies can cancel you for doing so. I also like Roamly cause they specialize in RV insurance and have options to cover water damage, bugs, etc.
Thank you! Not sure I would have changed much as we needed a bit of a breather for 2022. We probably should have upped our rates as we left them the same as 2021 (135/night). We ended up being on the lower end of whats out there even though we had high demand. We are now at 150/night.
25% It's a lot, but for the most part it's worth it as they cover the advertising, booking, insurance etc. For past customers we do offer to rent off platform. I'll be talking more about that in an upcoming recap video.
Yes, novices are more concerning. That is why I put together some how to videos that we send out in advance. That being said, the vast majority of our renters have prior experience.
We just started renting out our camper with RV Share but want to do Outdoorsy as well. How do you manage double bookings using both platforms, if that makes sense?
We rent out our 27ft bh currently and have been surprised by how busy it stays rented. I was thinking of grabbing another unit. Would you suggest getting the same one, or maybe go with a smaller trailer to offer some variety?
If I had to get a unit that was strictly for rentals, I'd get a 22' bunkhouse without a slide. Cheap and light that can be towed by both full size trucks and mid sized SUVS, really opens up the customer base.
I finally found RVers in Minnesota. I have so many questions to ask if you don't mind. I'm looking to buy my first RV, but Minnesota doesn't appear to be full-time friendly. So, one of my questions is, where is a nice affordable place to put your RV doing the winter months?
As far as sales tax goes, that is handled by the platforms. Your payout is considered income and you need to track and report it, they do not send out any tax forms. I've found that with expenses and depreciation, it balances out and I pay hardly anything extra in taxes.
Thank you for these informational videos as they have been a huge help as we start our first Season renting out our RV in RVshare and Outdoorsy. Did you every offer delivery? If so, what were your pros and cons of it? We have a pretty open day schedule as my husband and I primarily work from home and can make this work for us. I'm a bit confused in how the two platforms show or don't show delivery in the platform as I am assuming it shows up after the rental period is over.
We don't offer delivery as an option as my schedule isn't that flexible. However, we did deliver once as someone specifically asked and the timing worked out. Delivery is nice as you don't have to worry about someone towing your rig and it opens up more potential renters, but it is a time sucker and puts extra miles on your truck. Our one delivery was 20 miles away and we charged $150 for drop off and pickup. In hindsight, I would have charged more.
@@DriveNorth I think since its considered a second home that you use for an STR, you qualify for "Bonus deprecation" Look it up on YT. You'll be able to take the full depreciation the first year. I checked with my CPA it said it'll qualify
@@christopherjacob6209however the qualifications for bonus depreciation require a cost segregation report done by a firm…at least in a rental house. Do you know if the requirements are different in this type of situation? It wouldn’t be worth the cost of the cost seg. Review on a rig unless that rig is over $150k. (I think)
I've had this video open in a browser window for days now and finally watched it. I'm glad I did. Very interesting and thorough overview. Thank you very much! I appreciate it.
Glad it was helpful!
We have a Cougar 22MLS couples camper and we love it! There's a rally in Indiana in June, only for owners of our model camper.
That is a great rig!
Thanks for this info. I'm gonna buy a campervan. The bedding idea was great. Thanks :)
Glad it was helpful!
Excellent video! Thank you for the information! God bless 🙏🏽
Nice share on your experience renting out the RV
Thanks for watching!
Glad I found this. We’re thinking about doing the same thing.
Thanks for watching. We have since noticed a slow down in the market. I'm thinking the market may be getting oversaturated. I wouldn't recommend that someone not do it, just wouldn't say you could rely on it for guarantied income. We have a good amount of repeat renters and a lot of word of mouth which is helping us out this summer.
I’ve got the pro pride and we love it. Well worth the money
It is the top dog hitch!
I rent 2 campers on lots for 1900 and 2100 plus utilities and they go up 300 each in the summer
That a great way to do it. What state?
Wow is that the going rate nowadays? I really don't know
5:24. 😮 no. Cause we dont have to? Dang. I would def listen to the customer and work with their needs. Idk
Perhaps
Nah. When you set a standard what is required for you to get out of the deal for it to be worth your time, stick to it. Breaking your own rules is how you end up getting caught chasing every dollar, which is a great way to loose money in business
We only offer Delivery and set up for our rentals... we charge $100 for 50 mile radius from our house
Not a bad option if you have the time to do it. We did it once as an exception and it worked out well.
Thanks for the summary. My wife and I are considering renting our trailer out and your video answered a lot of questions. To reduce the number of calls while the RV is out, we would make short videos covering the setup and trouble shooting. We are in California so we would make it available all year long. Regarding your comment about “couples RV”, many people convert the bunk area to a walk in closet. The extra storage would be great.
Best of luck! Part of me wishes we could do this year round, but it's also nice to have that break every year too.
Very informative video.
Thanks!
Glad it was helpful!
@@DriveNorth I’m in Indiana and thinking of buying teardrop to rent.
@@ostromadventures Best of luck!
Very informative, thank you!
Glad it was helpful!
Been wanting to get a camper for a couple of years but with my car payment my only real option is: wait 4 more years until its paid off... Kind of considering this to accelerate my quest to acquire one without realizing at least most of the financial consequences 🤔
That is the primary reason we started doing this and it's worked out so far. I always suggest having that RV payment in your budget when starting as it may take a while to get renters and build up your customer base.
Could you do a video that talks about how taxes are handled when using an RV as a rental as well as personal use?
That's a great idea, I will add that to my "to do" video list
No personal use.. “business trip” it’s better when doing taxes. 😉
Sounds like you have arrived at a good balance with your rentals this year. You made some money but didn’t over extend.
Enjoy the journey as they say 😊
It was the season we needed for this stage of life, although I'm already started to to think about two rigs again.
Have a great week!
How often do they get rented out?
In the summer our RV is out almost every weekend. I have another yearly recap coming out soon. I'll share our booking calendar that shows those details.
thanks for the breakdown!
You bet!
What did you use to sync both calendars to avoid double booking?
There isn't a way to automatically sync the calendars, so I use Outlook to manage the bookings. As soon as a booking comes in we block those dates off on the other platform and enter it into Outlook.
Here's the question you have to ask yourself:
Are you paying the depreciation premium on your owned trailer so you can enjoy the trailer with your family, OR are you simply owning a trailer for someone else to pay the depreciation?
If you barely get to use the trailer (mostly non-peak season) because others are enjoying it, you are only owning it so others can enjoy it. The money you are earning truly only covers the depreciation of the trailer as an asset (as these things do lose value over time and wear and tear, in which renting greatly accelerates this). It calculates to be almost only a break even, so no truly realized profits in the end when you look at whole life-cycle cost against the rental earnings. Maybe you can resale a trailer for about what you paid given the high inflation period we are in, but this is just nominal $$s and the costs for everything else we buy with those dollars are much higher everywhere else due to that same inflation. So it's not truly a win, maybe breaking even. My point there is that the $$s earned from rental streams need to be much higher to offset inflation!
So, in the end, is $3300 net profits truly worth this effort of watching a lot of strangers enjoy your trailer and accelerate its depreciation? That's the question everyone should answer for themselves.
Disclosure: I am also in the trailer renting sphere, so i have a vested interested in the success of these efforts. But thinking through it all, the question really is this worth it at small scales. Even with a fleet with larger rental earnings, these questions need to be asked.
You make some good points. We do make sure our own RV usage is priority and rent it out around our own camping schedule. We started doing this as a way to just supplement the cost of owning an RV and from that perspective it's been great as we haven't used a dime of our own money to own/use a nice travel trailer. The big question is, is the extra time/effort/risk worth it? So far it is has been, but I see how a few bad rentals could change someone's perspective too. Thanks for input.
amazing breakdown, thank you!
A couple of things I think you are forgetting are:
1) The $3,300 is net profit. So the payments on the camper (asset) are being made by the renters when it would otherwise be taking up space in the driveway.
2) If they didn't have this camper (being paid for by being renters) they would have to rent a camper themselves a couple times a year which isn't cheap. So there is a definite savings to renting out their camper that isn't quantified on the spreadsheet.
3) Many things they are purchasing I doubt they would if not renting it out. Which offer a nicer camping experience, they would miss out on thwse "upgrades" if not renting it. I'm unsure of how they file their taxes, but many of these upgrades may be a tax right off for them.
Just a couple considerations I thought were relevant.
Hello, I may have missed it, but can you share your google sheets? This is brilly btw. Your channel is very helpful, practical and awesome!
TY. If you reach out via the contact box on my website, I'll e-mail you a link. drivenorthrv.com
I have been toying with the rv renting plan. I have a 36' 5th Wheel here on the space coast of Florida.
Since you have been doing this for almost 5 years now, what supplimental insurance do you carry on top of what rvshare/outdoorsy offers?
We have an umbrella policy with our homeowners/auto insurance company and for the RV we use Roamly as they are the only insurance company that officially allows/supports RV rental. Here is our referral link for a quick quote. Thanks
outdoorsyinc.go2cloud.org/aff_c?offer_id=28&aff_id=1746 Best of luck!
Hello Drive North , Im thinking of doing this with my pull type camper as well , Whats the longest distance you let your rentals go away from , Thank you in advance !
We used to have a 100/mile a day limit, but we've changed that as it rarely came into play. We had our rigs go on a few 2K miles trips.
Is there a software platform that monitors multiple sites (Outdoorsy, RV Share, etc) to make sure you don't get double booked? Or you just have to pay close attention and block out dates on other sites when one books?
We just use an outlook calendar and color code each appointment to match each RV. So far that's worked fine.
Hey - thanks for the information! Have you done a market analysis on popularity and potential rental market for couples campers?
I have not done an official market analysis, but I know from experience that there are a lot of couples renting. Lot's of retired folks. We just bought a Flagstaff 21DS which is a non bunk couple's camper. We'll put it to the test this summer and I'll do some updates on how it's going.
Awesome content! This is a super helpful video. Do you do deliverers too or are most people picking up the RVs themselves? Do you do any kind of qualifying clients that are going to be towing themselves to make sure they have hauled travel trailers before?
Thank you. We don't even offer delivery. I don't have the extra time and don't like the extra miles on the truck and extra hassle. We state in our ad that we require towing experience and have always confirm it after they book.
I’m also looking at renting out or TT, what do you think about delivering the trailer to camp site instead of letting them pick it up at my location? my worries is that something bad happens during the rental period. Thanks
A lot of owners have that as an extra paid for option. I don't do it as my work schedule isn't that flexible. Plus, unless you are charging a crazy amount, I'm not sure it's worth it. We did it once for $150 (20 miles away) and wish I would have charged more...it was a pain.
What are the RV share Fee's? I see it says typically 25% but when I received a booking of $43.33 per night for 3 nights, so $129.99 & it said my share was $34???
That doesn't seem right???
Yes, that doesn't seem right. Should be 25%. I'm assuming by now you've reached out to them? What did they say?
I'm retired in N Central Florida and considering purchase of a small used Class A motorhome. To purchase it I would need to supplement my income through rentals. I would be happy to rent 1 week a month.
What age and what quality level of class A might be most cost effective? I'm considering a 4 to 7 year old. I was considering a short Newmar for $65k or a short Itasca/Winnebago for $20k less, same size same year.
I live in an area where I would market to retired couples, retired single, or young couple or small family of 3.
What suggestions do you have regarding these scenarios? On another web site someone claimed the Florida rental market is saturated. I don't know how much of a red flag that might be.
Good questions. We considered getting a motorhome at one time, but decided to just keep it simple. A lot to go wrong with a motorhome, but potentially a larger customer base. If it were me, I'd start out with a mid range unit like an Itasca vs a more upscale Newmar. Best of luck!
I work for a dealership.. I wouldnt recommed putting a propride on your trailer.. yea they are great hitches.. if youre the only one towing it.
unless you're experienced with them they are very frusterating to get lined up. especially if you're swapping it from vehicle to vehicle. the height difference and angle different vehicles sit on would make it extremely tough on your renters!
food for though. either stick with the one youve got or go user friendly and throw a BlueOx Sway pro on it
You make some good points, and for those reasons we didn't get one for the new camper we just bought. Stuck with the Andersen system would works pretty good.
Ive heard from another youtuber that Roamly does not cover Renters? Did they change since this Video?
While the RV is being rented out, the renters have their own insurance through the rental platform, so technically that is true, Roamly does not cover renters. The biggest selling point with Roamly is that they are totally ok with you renting out your rig, some insurance companies can cancel you for doing so. I also like Roamly cause they specialize in RV insurance and have options to cover water damage, bugs, etc.
Thank you for this video!
You bet!
Thanks for the video! Looking back from this year what would you have done differently? Open up more?
Thank you! Not sure I would have changed much as we needed a bit of a breather for 2022. We probably should have upped our rates as we left them the same as 2021 (135/night). We ended up being on the lower end of whats out there even though we had high demand. We are now at 150/night.
What GPS tracking system do you use?
Track-4.
Are you doing turn overs on Sunday only? wondering if Monday would work?
We don't have any restrictions on what day to pick up or drop off.
We are new to renting our camper and need to know the proper paperwork to have at delivery
What platform are you using?
Been thinking about getting an rv and doing this as well. what percentage does Outdoorsy and RentRV take?
25% It's a lot, but for the most part it's worth it as they cover the advertising, booking, insurance etc. For past customers we do offer to rent off platform. I'll be talking more about that in an upcoming recap video.
Do you worry about people not knowing what they are doing and ruining the rv?
Yes, novices are more concerning. That is why I put together some how to videos that we send out in advance. That being said, the vast majority of our renters have prior experience.
what do the platforms charge you as a fee? What is their cut?
20-25%
Yes, 20-25%. Thanks D.N.!
We just started renting out our camper with RV Share but want to do Outdoorsy as well. How do you manage double bookings using both platforms, if that makes sense?
I put all bookings in my Outlook calendar. As soon as one booking comes in, we go block off those dates in the other platform.
Doesn’t the platform provide insurance for the renters? Either way you wouldn’t go through your own insurance if something happened. So why pay twice?
Yes, the platform does provide insurance that the renter pays for. We have our own personal insurance too.
What type of GPS tracker do you use?
Track-4
We rent out our 27ft bh currently and have been surprised by how busy it stays rented. I was thinking of grabbing another unit. Would you suggest getting the same one, or maybe go with a smaller trailer to offer some variety?
If I had to get a unit that was strictly for rentals, I'd get a 22' bunkhouse without a slide. Cheap and light that can be towed by both full size trucks and mid sized SUVS, really opens up the customer base.
I finally found RVers in Minnesota. I have so many questions to ask if you don't mind. I'm looking to buy my first RV, but Minnesota doesn't appear to be full-time friendly. So, one of my questions is, where is a nice affordable place to put your RV doing the winter months?
Hello fellow MN RVer! There are a lot of places that offer winter storage, not sure on the rates though as I store mine in the back yard!
Hello how do the taxes work on this?
As far as sales tax goes, that is handled by the platforms. Your payout is considered income and you need to track and report it, they do not send out any tax forms. I've found that with expenses and depreciation, it balances out and I pay hardly anything extra in taxes.
Did you include your insurance in the expenses?
Yes, that is included
Which GPS tracker do you use ?
Trak-4
Thank you for the information you’re a huge help! Subscribed + Liked.
Awesome, thank you!
Thank you for these informational videos as they have been a huge help as we start our first Season renting out our RV in RVshare and Outdoorsy. Did you every offer delivery? If so, what were your pros and cons of it? We have a pretty open day schedule as my husband and I primarily work from home and can make this work for us. I'm a bit confused in how the two platforms show or don't show delivery in the platform as I am assuming it shows up after the rental period is over.
We don't offer delivery as an option as my schedule isn't that flexible. However, we did deliver once as someone specifically asked and the timing worked out. Delivery is nice as you don't have to worry about someone towing your rig and it opens up more potential renters, but it is a time sucker and puts extra miles on your truck. Our one delivery was 20 miles away and we charged $150 for drop off and pickup. In hindsight, I would have charged more.
Do you regret selling the other camper?
Not really, we needed a breather. I would be open to getting a second one in the future though.
Are the costs associated with your RV tax deductible seeing as it’s a business?
Yes, we deduct every possible expense, really brings the tax burden down.
How did or do you track the miles the rv travels? Do you have the client tell you where its going?
Yes, as soon as the booking is made the first two questions are about their destination and their tow vehicle. I then track it in Google Sheets.
What if my RV isn’t paid off and I have a loan for it can I still rent it out?
Yes, no problem at all. We have a loan on ours and it's no issue. Good luck!
Awesome! Ty
You bet!
What where the Payments? Was that cost of of business? Or the cost of on loan of RV?
15 year loan with $230/mo payments. Although we do make extra principal payments. We upgraded to Roamly insurance which is about $600/year.
You trust people to pull your trailer?
It's a little nerve racking at times, but no risk no reward.
Do you take depreciation on your campers? If so, can you take it all in one year?
I'm not sure if you can take all the depreciation in one year. Our accountant has them on a 10yr depreciation schedule.
@@DriveNorth I think since its considered a second home that you use for an STR, you qualify for "Bonus deprecation" Look it up on YT. You'll be able to take the full depreciation the first year. I checked with my CPA it said it'll qualify
@@christopherjacob6209however the qualifications for bonus depreciation require a cost segregation report done by a firm…at least in a rental house. Do you know if the requirements are different in this type of situation? It wouldn’t be worth the cost of the cost seg. Review on a rig unless that rig is over $150k. (I think)
How much did these plateforms charge you?
They take about 25%
@@DriveNorth WoW! That is a lot! Places like Airbnb etc.. only take 3-6% Thanks for getting back to me!