HOW I MADE 60K WITH MY TURO BUSINESS/ Tips to start a Turo rental car business and make money!

what's going on guys appreciate you guys joining me today thanks for tuning them to the video this is my very first youtube video and it's definitely something I've been wanting to do for a while so I'm both excited to make this video and also excited to share what you got is out there so a little backstory with myself before we jump into the video I am a full-time entrepreneur business owner hustler whatever it is you want to call it I quit my job about seven years ago through my first business and just never looked back since entrepreneurship has definitely got a rollercoaster ride a lot of highs a lot of lows a lot of people's doubting you a lot of self-doubt but to me it's a completely 100% worth it and as far as I'm concerned it's the best game to play so what can you guys expecting this channel well if this ain't didn't do it money investments credit self development business entrepreneurship leverage those four things that's what we're gonna be diving into I'm basically gonna be sharing with you guys why I do certain things I do in my businesses and also my thought process wanna make these decisions and also make sure you guys stick to the end of the video because I'll be showing you guys what my internal business is currently doing this year in 2020 and what my profits look like for the last three months into the year so far so what I further ado let's jump right in today's video and today we're here to talk about my thorough business so I'm pretty sure most of you guys already know what Turo is but for the ones that don't Turo is a ride share app or company and I see a lot of people compare it's Airbnb meaning if you go on the app and you're looking to rent a vehicle people write their vehicles on the app and you have option to rent directly from these people or these hosts and Thoreau is basically the facilitator or the middleman in the transaction now in this video am I going to be diving into the pros and cons of renting on Toro as opposed to a traditional rental company I'm gonna try to stick strictly to the numbers and pretty sure that's why you guys came here and that's what you guys want to see but if you guys want to see these topics covered in future videos please let me know in the comments and I'll be sure provided so how did I even hear about Toro well I want to business in the automotive space because I'm a licensed dealer myself so I interact with a lot of dealers and people involved in the automotive space whether they're leasing the vehicles or renting them so I've been something a couple people at the time about Toro and basically trying to pick their brains about their Toro businesses and I didn't initially start right when I heard about it it was a good two years before I decided to jump into the rental business so after doing some market research in my area and talking to these other hosts I was pretty sure that I could enter into this field and be able to successfully get a piece of this pie and if it didn't work out well I could at least still sell the car something I would normally do as a car dealer so my only conflict at this point how exactly I was going to start or get involved in this business now if you ever seen a total ad I'm pretty sure it goes something like this somebody pull them up with a Lamborghini or a Ferrari - looking really happy - taking a girl out on their date or something along those lines right well getting involved in thorough I decided that you know I wasn't ready for that kind of risky and I wasn't gonna go out and lease a Ferrari or get a car note on an expensive BMW but instead I figured I would get more everyday cars more affordable cars and I was basically target that kind of customers might look for everyday transportation as the pulsus am I looking for a supercar to rent on the weekend so I decide that instead of financing cars I would just buy the cars outright cash they'll be mine and I wouldn't have to worry about a car payment every single month I had been doing a lot of business with different banks in my area and one more than others this Chase Bank and they had been reaching out to me offer any different business loans and I'd already taken advantage of the credit card when the one point five percent interest but I had never gotten a business loan up to this point so I decided this was the perfect time to take advantage of this business and this is why I'm such a big advocate about good credit and good business credit is because it just makes things a whole lot easier like one getting some new businesses and you have the funding available because that's what a lot of people tell you that they don't have the necessary funds to get involved in a certain business but if you got good credit and you can build it up a good business credit disken definitely help you on the future especially when it comes to starting businesses and I'm not saying you guys have to go out there and get a business loan or start your business with thirty forty thousand dollars I'm just saying this the way I did it these were the pieces that I had available to me at the time and I decided to take advantage of it but there's nothing wrong with just getting one car and putting it on there or if you have an extra vehicle just sitting around not doing anything there's nothing wrong with putting that vehicle on Turo to make some extra money and building your fleet nut from there so with the forty five thousand dollars I secured and chase it was just a matter of purchasing the right vehicles so I decide to go to the dealer auction being a licensed dealer to get cars or basically undervalued vehicles and I decided these were the vehicles that I would be renting and as a big advantage from Princeton vehicles from the dealer auction because a lot of times like I mentioned the vehicle is undervalued meaning I could purchase a vehicle worth $7,000 I could get it for $5,000 at auction at $2,000 discount meaning that if anything was to happen to the vehicle and I has appropriate insurance coverage on it I will still get market value for this vehicle so it could be a win-win situation right after getting so out of that forty five thousand I decide I want to only use about thirty five thousand dollars of it towards purchasing my first vehicles for my fleet and these vehicles were a 2013 Ford Fusion a 2014 Ford Escape of 2014 Ford Focus a 2011 Infiniti g37 all in great condition all with reasonable mileage and out of those first four vehicles I initially bought I only have one of those vehicles currently still on my fleet which is a 2013 Ford Escape and this vehicle has been great very low maintenance people love it it's always out and I think up to this point right here the vehicle is paid off so from here on out I'm just in the green with this vehicle and I do have plans of selling this vehicle maybe around this time next year and as far as my expectations or numbers when as long as I can pay for the vehicle within a year then it made sense to rent that vehicle for that amount of price meaning if I had $5,000 into the vehicle and this vehicle brings in or is priced to bring in 500 hours a month after insurance then it still fits my criteria because in doing so I'll be able to pay the vehicle or have that money back that I paid to the vehicle in one year and I still have the asset I can either rent it out for another year or at that point I can just liquidate it for pretty much what I paid for an option is not a little bit more or sometimes a little bit less but all that will just be profit because the vehicle had already paid for itself so once my fleet started and getting bookings and getting rented I made a promise to myself that I wouldn't take any of this money out of my business instead I would use the income to purchase more units and really see how big I could make this thing grow and after renting vehicles out for a couple months I quickly realized that in my area there were a lot of people who just needed everyday vehicles to get around transportation wise as opposed to people who needed weekend cars to go out partying or to show off you know I had more customers who needed the vehicles so I started to build on that client cell-based you know the peeling of those customers getting the reliable cars at a cheap price cars that without any maintenance issues cars look good something that's not raggedy in other words and then I also realized that there were certain customers out there who would keep the vehicles for longer periods of time meaning keep them for months at a time now before against this business I never thought people rent cars for months I mean it doesn't make any sense to me why you paying all that money if you could just go finance vehicle over by a vehicle but then I realized that some of these people or these guests don't have a good credit and they don't have those options of low-interest car notes nor do they have the cash on hand just going pretty vehicles so if they're living paycheck to paycheck and they got to get around then a lot of times rental is their best option or they're only up so I decide that I will target these customers and every time I found one I call them the holy grail of rentals now these are people are gonna keep the car for months at a time and what's the long as I've had some I give one of my cars think about six months and this guests actually pay the vehicle off I got a great deal in this vehicle at the dealer auction and she was pretty much in the vehicle for six months when I got the vehicle back it was pretty much paid off at that time but I continue to rent it on thorough and as a matter of fact it still being rented till this day and it is currently on a trip right now as we speak so it was really a combination of not taking any profit on the business just rolling profits back in increase my fleet and also meet some of these long-term renters that allow me to break the sixty thousand dollar mark in 2019 enteral and if you take a look at my income graph on trail you can see how things just snowball and how every month pretty much my revenue just increase that was a result of taking the profit by more units not touching the money next month takes a profit by another unit and pretty much halfway through the year I got to a point where I can pretty much get or add a unit on to my fleet every single month and still not take any process business now one thing that attracted me to this business is a potential to turn into passive business now right now my current charl business is not a hundred percent passive but the trade-off compared to the work I'm doing versus the profit I make in Maine it's a great deal it's a no-brainer but eventually I do want to make this business one hundred percent passive is just not at that point right now so if you're trying to make these numbers and you don't have a team lined up or you don't have a certain structure set up prepare to do some work now is it like working a 40-hour work shift no it's not unless you have a fleet of fifty or hundred cars and you're doing it by yourself for whatever reason but if you're looking at my business model at this point right now I have a 13 units and I do between 5 to 10 hours worth work every week so max please sighs I've had up to this point most 13 vehicles and there's been plenty of times where all 13 vehicles are out on the street making money and I'm spending the weekend with my family or I'm doing other things that's not involved with Turo so those times do happen you're not always gonna be doing work eventually my plan for this business is to build my fleet up and hire somebody or maybe full-time to manage that and do a lot of the running around because most your time a lot of your time just gonna be involved with clean the vehicles taking to the tire shop or taking it for basic maintenance but if you have some kind of help or you have some kind of employees or if you have a structure set up to take some of the burden off you then yes this business can definitely a hundred percent be a passive business so for example for my own business I'm basically like a detail shop all I'm doing is when the vehicles come back I'm cleaning them out and getting it ready for the next trip it doesn't have a current trip book I'm still getting the vehicle ready so when somebody is write a book it they just come pick it up there's not much to do so I'm always committed vehicles or somebody else in my stuff is always doing the cleaning that is the majority of the work when it comes to Touro first tip is prepare your mindset this is a people's game like any other business when you're dealing with people sometimes it can be a headache let's keep it real so you got to prepare yourself for different situations that can happen so whether you're learning off this video you're getting tips off this video or you know smile is currently a host on Turo you want to be asking questions you want to find out different ways and things can go wrong and you want to prepare yourself for that more importantly prepare yourself mentally Tulane times everything is going good smooth sailing the money's coming in and then get you run into one little road bump and you're ready to call it quick this is not how we run successful businesses things always happen these are people you're dealing with and these are vehicles that you know things have as I promised at the beginning I'm gonna show you guys what I'm currently doing this year in 2020 with everything is going on the rentals have basically slowed down a lot however I still have regular customers who are hanging onto these vehicles and they do still need to get around so that's why I can't stress that no find you a regular that's mine who's gonna keep the vehicle and still pay you to use the vehicle these are the best customers hands down and they truly do make this business passive so diving right in I'm gonna show you guys what my number is looking like for this year so far 2020 all right so I'm gonna log in to my turtle count right there and you see I'm already logged in so I just want to point something off you guys and if you see over here this basically breaks down my profile and shows that join in October 2018 of my very first trip Montero also shows that I have six hundred fifty eight trips under my belt currently since I've started in October 18 they also showed my Raiden rider would suffice star rating so does it go tell you how seriously I take my reviews and my radians so gonna close the tab on earnings I want to also show you guys my performance and you can see that right there is just congratulating me on my all-star hold status think they review this quarterly so if you need the criterias you can get to all star host badge so just want to show you guys right areas of my performance and this is from july 2019 - currently and you can see it as gives you some stats that the guests can also see commitment rate response rate and septons rate five star ratings and complete a trip center that Dana mentioned so I'll just looks good on your profile if you got a lot of positive reviews and people just you know if they can know what to expect based on good reviews then it makes it easier to get bookings and guests keep the car longer and they get to experience the same customer service and it just keeps going so go to my earnings sure you got that 2018 October 2018 had my very first trip you see only made eight hundred seven two dollars this month a little better in the next month and the month after that 2019 is where I really saw a growth to start reinvest my money back to the business and the end of 2019 very optimistic doing my best numbers hit a grand mark in one month 20:20 kind of picked up where i left off in 20 1973 Adri and in March of 2020 is where I started feel the effect of the coronavirus endemic halfway through March all the stay-at-home orders start to kick in and people just weren't renting cars but like I mentioned earlier I still had some regulars and still currently do have some regularly that are holding onto the car so March no not looking that good compared to my previous month but definitely still grateful we make some income for sure so that's everything for right now and [Music] halfway through April I said hopefully I can still hit that six thousand dollar mark no but just can't wait till we get back to regular numbers and I'm very confident that I can hit six figures in this business in one year and I would just want to document the whole process here on my channel and I want you guys to be a part of that so if you guys like this kind of content definitely give me a like subscribe to the channel leave recommendations in the comments leave comments let's interact with each other let me know how I can improve these videos or what kind of content you haven't seen before and know I'm trying to spawn my shop goodbye so that's gonna be it for right now guys hope you guys appreciate the video hope you got a lot of value out of this if you did that's in consider subscribing to my channel I have a lot more content to push out and if you guys got any value out this video definitely she ate get me a like and don't forget to hit that notification bell so I post more available future you guys are alerted and you can swim in and definitely drop any comments do you guys have down on the comments section let me know what kind of videos you guys want to see in the future let me know if you guys have any questions about this business or if you're interested in my other businesses that I run I want to give you guys an inside look and all those things so I'm very excited to put out more content and I look forward to seeing you guys again [Music] you

Channel: Stefan Marquardt

Views: 113,080

Rating: 4.9513984 out of 5

Keywords: TURO, turo car rental, entrepreneurship motivation, renting cars on turo, turo car rental business, hosting on turo, turo app, car rental, turo 2020, how much i made on turo, turo reviews for owners, turo business 2020, how much can you make on turo, turo passive income, turo reviews car rental, renting cars on turo business, turo car rental business model, how to make money renting cars on turo, turo app car rental, stefan marquardt turo, stefan marquardt

Id: mfskDewjW4U

Length: 19min 44sec (1184 seconds)

Published: Sat Apr 18 2020