How to start a rental car company using Turo.
That's Turo, TURO.com. Boy, do I have a secret to share with you. Did you know that I make
more money on some of my rental cars than I do on some of my rental properties? Yeah, it's
true. I make more money on some of my cars than I do some of my houses. And in fact, I even have
a student, KJ Steer who is going to share with you how he started his own rental car company using
Turo and how he makes hundreds of thousands of dollars in the process. And more importantly
though, how you can do it too. Let's go. This is so exciting. So, let's first
start off. KJ, tell us what is Turo. -That's a great question. So, Turo (t-u-r-o)
is a car platform where you can list your car similar to Airbnb. As I said, you list
your car for whatever price you like. And people get to rent your cars drive your nice
cars as you can see behind us all these beautiful cars where really you rent them they come pick it
up. You can deliver it. You have so many options to make your car payment and then some is
one of the easiest businesses to get into even cheaper to get into than Airbnb as it comes
with all of these restrictions. Nope. You can even start with your personal car. If it's just
a car that you have or you have an extra car, go ahead and list it and start making money with
that car. -So, tell us KJ, how did you get started with this rental car business using Turo? -That's
great. So, Noelle, I really had two Airbnbs. I got them early when we first started coaching to
really start to generate income. And as I really do love cars, I've been a car person since I was
really young. It's just been a great way to find cars that people want to drive especially being
in the Orlando area. People come the theme parks and all that things. So, I actually started with
one SUV. You know, get the bigger cars. You know, I didn't have to put too much down especially as
you learn to build business credit. You can even buy them with business credit. Swipe of a credit
card. And it was just such an easy way to get these cars out there to the public so I can start
making money especially you can pair them with your Airbnbs. -Okay. Okay. So ,this is what I feel
like I'm hearing. You started with the Airbnb. So, let's just even talk about that. Before we even
got into the cars, you were doing Airbnb. So, tell us about that and then how that then
shifted to renting cars. -So, yeah. So, as I started in Virginia, you know, I was
unemployed. It was terrible where my unemployment checks going to daycare just to put my son
somewhere as my wife was working 14-hour shifts. And so, I took a leap of faith. You know
that's where I moved to Orlando. You know, I got with you to really change who I was. I was
tired of being in corporate America where at first I thought this was the most money I was ever
making. To realize they don't really care about you as they make it seem. And so, when I got
here, I really took a leap of faith. You know, believed in myself that I could become you know
similar to you. Make the money that I wanted to. And so, I got the first 2 Airbnbs. I got 2 little
apartment units where I was able to rent them, start seeing that I can make money doing this.
-Yeah. -And then I was like, "What if I could do another passion of mine? Get cars?" -Yeah.
-That people would want to drive. And then start creating packages for people to just come down and
really get to enjoy having a luxurious apartment or you know Airbnb with a nice car to drive. -With
a nice car. I mean, that is brilliant. This is why I absolutely feel like I just love younger people.
You know, you're younger than me and you guys have these brilliant ideas with all of the technology
and these websites that are out there. So, let's go to the next thing. How did you find out
about Turo and get this whole business started? -So, Turo actually came about when I was just
scrolling on Instagram crazy enough. I know, just scrolling... -Young people, Instagram. -And so,
I was just scrolling Instagram and it just popped up. And I was like, "What is this?" And so, I
started looking into it more and I was like, "Oh, my God. Someone created another platform that you
can use your personal properties and your assets to make more money." And so, I really looked at it
and what type of cars were being listed. And so, I saw everything from a Toyota Camry to
Lambos and all the nicer cars. And I was like, "Wow!" -Yeah. -I just couldn't believe it. So, I
really again, took another leap of faith. I used my business as I was building business credit
and starting to have those trade lines to, "Let's go get a car." -Yeah. -Without really
having to... You know not crazy many mileages. And then even crazy enough and Hertz. If you
know during Hertz, that time Hertz was going out of business I was like, "Wait a minute.
I could go get.. I can get a car under value and make money off of it?" It was too perfect. iI
was just an opportunity that just presented itself that I somehow manifested because I wanted
cars. I really did. And so, I took advantage of another business going under to go get cars.
-That's crazy. -And that's one of the things that you learn as an entrepreneur. Pay attention to the
news. Pay attention to other companies because you can do it too. These companies become advantages
for you. -Okay. So, say that part again. Because I don't think people are getting what opportunity
you're talking about. What happened with Hertz and how was that an opportunity for you? -Sure. And
so, with the pandemic, you know, people weren't going anywhere. It was just crazy. Everyone's
stuck in the house. And so, these car rental companies started to see the negative effects
of having all of these cars, these giant fleets with nobody renting them. And so, unfortunately
Hertz debts started to rack up. And then they had to start selling off their inventory. And so,
they put it out to the public. "Hey, we're going to go through a..." You know, they're going to go
bankrupt. They're going to follow chapter 11. And so, they started listing all of their cars under
market value. And so, these... All of these cars, just all of these cars were available 10-12
thousand cheaper than what you would have went and bought it at a dealership. -Wow. That's crazy.
Whoa! KJ just made a great point there and I'm going to tell you a super secret step on how you
can make even more money with Turo and with your rental car company. So, one of the first things
that you can do of course is finance some cars like KJ did. But the second thing that you want to
do is start getting some cash cars. Meaning cars that you can buy for cash for like 2,000 or 3,000
dollars. You can make a ton of money on those type of cheap cars. And you can use them on other
sites besides just Turo. Sites like hyrecar.com. These type of cars will make you a ton of
money. You don't have a payment on them and people can do unlimited mileage on them so
you can have an array of different types of cars in your rental car portfolio that you're making
money off of. I absolutely love cash cars. Now, back to this episode. Okay. So, this is the fun
part. We are going to tell you how to do this. KJ, answer this question. KJ, how did you get started
with your rental car company using Turo? Step 1. -That's a great question, Noelle. So, first thing
I did was I had my 2 Airbnbs cash flowing where they were making enough money so I can go buy a
car. As my business was not over 2 years, I took the first car, my 2019 Grand Cherokee, I got that
in my personal name. And so, once I got this car, I instantly listed it on Turo. Remember, I found
Turo on Instagram as an ad. Crazy enough. And so, once I listed this car and crazy, that car is
so popular with everybody. I don't even have it. I know. -So, wait a minute, let's go. How did
you decide on the Jeep Grand Cherokee because I think... I feel like you knew it would do
well. And that's why it's not even here. It stays booked. -Yeah. And that's crazy. The reason
why I knew it was gonna do so well is because that's jeep's luxury jeep. And I knew it seats
5 people. It has enough space, looks beautiful, catches people's attention and I knew everybody
who was coming to Orlando was going to love it. -Yeah. Okay. So, step one, you got a car in your
personal name. That's very easy. You put it on Turo.com, did you put it on any other website?
-So, no. I did not list my 2019 Grand Cherokee on any other site but Turo. However, as I started
to gain more capital, I came across hyrecar.com. And this is another way you can list your cars
especially the cheaper end cars where people get to rent it and take it and do like Uber eats and
things like that and you still get paid. -Wow. Okay. So, I see that this business is really big.
So, step one, you get a car, you put it in your business's name. I'm sorry. You put it in your
personal name. You weren't able to put it in your business name because it was your first car. Have
you been able to put cars in your business's name? -Yeah. I actually have. And as you can see, my
2020 Jeep Wrangler. I was actually able to get this one in my business's name. So, the crazier
part, I didn't have to put a dime down. Literally all business credit. And so, I was able to just
swipe a credit card and come home with this beautiful car. And now, know if you can slide just
a little bit, as you can see, I actually did some very cheap modifications under $300 just to
give my car some pop because Grand Cherokees are customizable that you want it to be yours.
You don't want it to just be the off the lot. No. Take just a small bit of money, make it look nice
and then everybody's going to want it. And you can even increase your price over your competitors
because yours looks nicer than theirs because it catches everybody's eye. -Okay. So, you're
customizing your cars, you're making them your own. You're making more money. Talk about how much
money you make with Turo on your cars and what you do when your cars are booked. Like how do you get
around then? -That's a great question. And so, because all of our cars are so loved, once my
cars are all booked, I actually still drive my first car that I bought. My 1999 Toyota Camry. It
looks a little old but it's still... It works. It gets me from point A to point B. And you can
still keep your lower-end cars to drive around as your nicer cars get rented out. And so, for
cash flow, I actually ease them. I almost double all of my car payments and utilities including
insurance. And the car washing fees that I pay. I make just enough money where they're
cash flowing by themselves. And I can easily get another car if I wanted to. -Wow. Okay. So,
now that you're making money, you have your cars. How many cars do you have? We have 5 here. But
how many cars do you have, KJ in your rental car business? And how much money do you make with
those cars? -And so, as you can see the 5 cars, I actually have 7 cars in total. There's another
car on the way. Can't wait for everybody to see it. We'll put a picture up. Because we know it's
coming and he's already put the deposit on it. So, send me a picture and we're gonna... You probably
are looking at a picture right now of KJ's latest car. A Tesla Model S. -And so, it was just a
great addition. I had to go get it because I knew the model X was doing so well. I had to get the
luxury sedan. And again, I didn't have to put much down for this especially using business credit.
So, first up is the 2020 Jeep Wrangler Sahara. This rents for about 120 a day during the week and
about 127 on the weekends. Great addition. Very customizable. Can even take the top off. Everybody
loves this especially going to the beach. Next up is the Porsche Panorama. This actually is a fun
car to drive. Very sporty. This goes for about 155 a day during the week and about 168 on the
weekends. Lovely car. Beautiful red interior. Love to drive this car. Makes everybody want to
say, "Who's in that car?" Oh, man. I can't wait to tell you guys about this one. Now, this blacked
out range goes for about 310 during the week. About 330 on the weekends. Just blacked out all
the... Everything you could ask for. Makes you want to drive this. Makes you feel like you're an
artist coming out of a music video. I mean, who wouldn't want to drive this. This Audi makes you
feel like the luxury business person that you are. Makes you want to just drive this. This actually
goes for about just under 100 a day during the week and about 105 on the weekends. Luxury makes
you want to feel nice and rides uber smooth. I mean Elon might be onto something with these
model Xs. They're just super futuristic. This is actually goes for about just under 300 a day.
Everybody wants this. Kids love it. Has games. You want to drive this. And then on the weekends,
it goes up about 305. I mean, who wouldn't want to drive this lovely car? -So, if you want to
learn more and start your own rental car company the same way that KJ did, I have an amazing
offer. We created a course that you can get at expressbizbuilder.com. This course will teach
you expressway to start your business from scratch so that you can have a legitimate business that
can make money and start doing things for you. I want to make sure that you have a business that
makes you money each time, that is legitimate, that gets you tax deductions. A real business that
you can scale and grow the same way that KJ did. This is an affordable business that will teach you
how to set your business up, how to maximize it so that you can get business credit and business
funding the same way that KJ did. You want to make sure that you get this course because it is
super affordable and it teaches you exactly what you need. Again. Go to expressbizbuilder.com
and get your course today so you can start your own business. I just want to make sure that
you have all of the resources, all of the tools, and all of the knowledge that you need to be
successful. This is Noelle. To your success.
