The Ultimate Side Hustle | Turo business

what's up flip nation so this is my very first video where we're checking back in on a business that i previously advised to see if they're actually doing the things that i told them to do so about a year ago i met this guy named dave who was running his own turo fleet at the time he had a few cars he was hustling he was doing pretty good and you know we developed a little bit of a friendship he actually rented my tesla from me when i listed onturo well after that a few months later he wanted to get some advice on what he should do for his business i had him come back to the office and i gave him a lot of different tips and things that i would do if i were to start a turo business and today we are here at his office now to check in on him and see how he's doing so let's go see what's up bro what's up good to see you man hey good to see you again how are you so i'm good man you got a little co-work space going on i do i do i i don't like to call it little i like all that bitcoin there we go there we go no but this is great though i was able to come here i have a dedicated workspace workspace here and i have parking for all my cars yeah that was the one thing we talked about when um you know i was giving you the advice was i think you should get like an office space or something that's pretty close to the airport and man dude what are you like five minutes from the airport now yeah if that is really close maybe a mile or two away yeah well i love that you did a co-work space a lot of people don't know this but when i first started flipping houses this was back in 2015 i ended up getting a co-work space and i was paying like 300 bucks a month i had my own private office and you know i was able to get mail and have an official business address and everything was like well you would have told me that man it took me a long time to find this space i was working with realtors and everything and they're not yeah i should have probably told you that during the meeting but you know what sometimes as an entrepreneur you got to figure things out that's part of the game yeah but uh no this this place is great so you got your little um workspace over there right yep yep so i got my workspace over here and then we have common areas that we get to share so yeah my dedicated desk laptop computer everything yeah we have a board room we have a content studio so just a bunch of different places yeah let's check that stuff out before we talk about the turo business and the fleet because i think a lot of people watching this right now if you're an entrepreneur and you're like man i can't afford office space i can't afford all these amenities right i think a co-work space is huge i mean dude for a few hundred bucks a month you get access to all this stuff let's go see what you got definitely recommend it yeah and this is our content studio right here so if you want to do a podcast we have people that come in here and just do photo shoots video shoots we just come right in here yeah this is tight you know we just set up one of these i call them an infinity wall i don't even know what they're called but yeah this is really good for content you got a nice little chair and a light over there you've got the studio vibes like not bad right i've spent way more to build my studio you you got it for a couple hundred bucks a month right yeah so i pay about 550 a month total with my space and then the parking spots that i have for the car so yeah great deal like i'm definitely winning in this situation yeah so tell me about how many cars you have now so now i have 15 cars that are on the fleet and i have two other personal cars so i have 17 total wow and i have three pending deals that are coming in so three more cars that are on the way so you're going to have 20 in the fleet essentially yeah yeah i hadn't even thought about that but yeah it'd be 20. how many did you have when we first met i think i only had four or five cars yeah that's what i remember i was thinking about it and i was like man i want to say he was just getting started he had a few and you scaled it 5x 4x definitely and uh the main catalyst of that was when i left my job remember i had a job yeah i remember part time i told you to quit that yeah i'm the guy who always tells you to quit school quit your job you know whatever the worst advice right yeah but it worked out it worked out great yeah as soon as i did that like my back was against the wall yeah like and i had to really push and scale so i've scaled really aggressive over the past couple months yeah so tell me about like what you're doing to scale how have you been able to do it so when we previously spoke i think the last video we talked about how it's going to get funding for the car so yeah what i did was i actually got registered with the county as a car rental agency okay so when i did that i started building my business credit and i was approved for a rental car floor plan which they approved me for 150k in funding okay more cars so cool now i do have that funding available to me um but then i also started taking opc when i say opc i mean other people's cars you always hear opm right yeah i was like opc other people's cars i like that that's right instead of them investing casually they can just send a car to me that they already have maybe they need a little help you know with the payment or whatever they can send it to me i'll manage it inside my fleet wow so how many um other cars do you have that people own uh right now i have four so four of my fleet are owned by other people in a minute and how does the deal work with them on that like how does the split work who's who does what so i actually give them a profit split so right now i offer 60 40 split guys i'm getting started so i actually do it in their favor so they get 60 yeah i take 40. so that incentivizes me the more i make them the more i make yeah so it's a win-win but they're still responsible for like their insurance and car payment all that stuff correct it's just the turo revenue that you're splitting exactly yeah so everything all their expenses are still on on them and it comes out of their portion of the revenue split right right no that's super cool i mean like what are you seeing that these guys are making doing a split with you so i have kind of a range of those four cars i have a audi q5 i have a chevy malibu um i'm trying to think of the other ones right now uh four fiesta cars like so they range right yeah but on average they make about 900 to a thousand a month so they might make you know 600 right deal five to six hundred a month yeah you're talking a thousand bucks net cash flow oh right yeah yeah no i mean that's great for them i mean they make money they get to you know get their car paid down or paid off and like are they is it just like a second car for them are they not using it what's the deal so everyone that i'm working with now it's a second car that they have that was just sitting around yeah and they figured why not turn that liability into an asset yeah and make money with it yeah well i want to see some of the cars you got now because i remember when we first talked your dream car was to get a corvette right yeah and with my dream cars i do it in tears so the ca corvette was one of my dream cars i've always been in love with mid-engine sports cars yeah but then i have definitely have some above that definitely the lamborghini huracan yeah pagani is like the top-tier piece of art yeah you know i just filmed with my boy houston crossta and you know i'm curious to hear your thoughts too because he doesn't necessarily like turo because his business is you know exotic cars off of turo and so turo kind of eats into his business but yesterday he had a pagani he had like a bunch of lambos he had a nice yeah a kona sec i think is what it's called that's just unreal i mean the pagani is like three and a half mil right exactly it's crazy it's like rolling art yeah that's what i look at it like so yeah that's how he described it too yeah let me see what you got going on the fleet yep let's go all right so the parking lot's big man you can fit a lot of cars out here yeah definitely space was a big factor on why i chose this spot yeah no it looks good now i see a couple of cars going on here i see the beautiful corvette that i know you really wanted exactly and i wanted to have more cars for you guys but seeing that it's friday and we're in las vegas yeah they're all rented out right now so i keep my cars going yeah that's the way you want it it's funny because everybody that i've ever filmed with for turo says the same thing they're like man i don't have that many cars like they're out if you're doing it right you should never have issues with parking yeah the cars are just always in and out so tell me how does uh it work with like washing the cars and stuff here so we have a mobile detailer that comes in and he'll detail the cars on site i do uh do some of the cars myself too since i have the time back so as i'm scaling and growing more adding more revenue to the business i'm gonna completely outsource that yeah yeah dude bro yeah that's that's my next piece of advice you should not be washing cars dude i don't care how much time you have i know that is like the worst use of your time i know i wouldn't even cut my own grass i'm like my roi isn't there i want you to throw away any towels any hoses any cleaners throw them all away all right man all right so i actually got a couple towels right here in the and the front i think you call it yeah bro you can't be doing this you can't be doing this like this is just all right you can't do that all right it's done so let's talk about a couple of these cars just so the viewers can get an idea you know a year ago i rented a c8 and i almost bought one you know i was like dude the c8 is sick i love this i ended up going with the porsche tycon which i also love but like what would you think this thing will rent for um if i were to rent this it would rent for about 300 a day 300 a day vegas yeah okay it's different in different parts of the country yeah but actually keep this as my personal car yeah and i let my other cars pay for this car yeah so at 300 a day how many days a month would this thing get rented um about 10 to 15 days okay so not as much as like an economy car that's going like 25 days yeah but about 10 days is pretty conservative okay so let's say it made 3 000 a month right you know that's 36 000 a year you know how much did you pay for this uh 73k okay so i mean honestly in about two years that thing would have made enough revenue right to pay for itself yeah that's what i'm seeing with some of my finance cards now yeah about two years roughly is the where i get all the that's the goal in the back that's the goal with my cash cards it's actually a year where you're gonna make that money back faster right so tell me about this audi this is one of um the people you partnered with right correct yeah so this is opc other people's cars right here someone sent this car to me um because she got a newer suv yeah this was just sitting in the driveway so she decided to send it out to me and make money with it yeah sorry so tell me about what this audi rinse for yeah so this audi right now runs for about 60 to 75 a day but it seems low it is but keep in mind we're experiencing a slow down in some of the luxury cars okay this is also an older model so what year is this it's a 2012. okay oh okay so it's 10 years old yeah dang this looks good for 10 years old let me add this to the fleet yeah if this is only if this is 10 years old then you can rent it for 75 bucks a day like definitely that's good it make perfect uh perfect sense for the the person i'm managing it for yeah just cash flow yep nice so super cool to see everything that you're building i'm curious how it's it's numbers wise yeah yeah so right now while i'm scaling numbers are changing dramatically right um when we did our last video i think i was at about four to five k revenue per month yep um that scaled up to uh well this past month i did about 22k okay wow um which is a lot it's not a typical month i would say probably taper off about 15. okay so what do you see as like the net profit on those numbers um it's about a 40 net profit right now wow and that's because obviously i'm doing distributions for the other people cars that i'm managing yep uh and then i also have a few car payments and some of my fleet yeah so that's your take home right correct wow i mean dude to go make you know say 20 grand 40 8 grand a month net right you know running this business pretty remotely like how hard is it for you to run this you know i focus a lot on automating yeah so i've been doing things with turo like automating my messages before turo added that feature i had third-party apps that i was using or software to actually automate my messages so i took a lot of time out of it and i also do contactless check-ins where i don't have to be there to meet with every renter they can just pick up the cars and go right so average day i might spend three to four hours working on this that's a good gig yeah all right so for those watching that really are thinking about getting into turo and everything like what are some misconceptions or some pitfalls that they might go into because there's a lot of people who say turo's not legit right right yeah so the main thing is a lot of people don't think toro will pay you if you have a damage claim on your car so i see it a lot on like the facebook forums or the turtle pages and usually the people that say that are hosts that didn't follow the terms of service and then they fall into a bad situation where they get their claims denied you know but for me i don't get claims denied i get paid every single time that's like if someone has a fender bender and how often have you had to go through damage um not often not as often as you would think even though some of my most viral videos are the damage videos right yeah when my challenger got totaled you know that was a crazy viral video yeah but that's what draws attention people see that and that's what people gravitate to right but i would say it's every few months at the at the most right you have something anything with a damage clad yeah so why do you think that i mean i get that these people don't follow the rules and so turo doesn't pay out what are some other things they should keep in mind so the the main thing people should keep in mind is um because another thing is people believe turo takes too much money too much revenue from them right and i look at it opposite right so and that's because i look at all the benefits they're providing to me and to other tour hosts that most we don't think of so when you use a platform like turo they provide you know protection plans which is subbed out to their insurance company they provide customer service back-end support for your renters so you don't have to message with them about how to use the app things like that yeah so i use a lot of those benefits to my advantage right so if someone let's say has a flat tire on the side of the road most hosts will jump to the rescue and go out there drive down the highway find the rent figure out a plan right that's what most people do it's crazy it's crazy but i wouldn't do that because there's roadside assistance with touro as well so if they send me a message about it i just sent them the hey please contact roadside assistance through turo they handle the entire process for you yeah so if i were to take my cars off the platform now you got to do everything the marketer right i have to bring my own customers and renters i have to do my own customer service i have to do my own roadside assistance yeah where i just don't want to yeah and i think you know my buddy houston when we just filmed at his um shop you know he talks about how turo hosts don't have to do all those things you mentioned plus they don't have payroll taxes and huge expenses on a you know an office space like a big office space like he has like you guys get a lot of advantages doing it through turo exactly yeah i actually do have payroll taxes because i hired my wife there you go yeah to work on the business on the back end yeah nice dude so what would you say is like your plan going forward so my plan going forward is to continue to grow and expand on opc you know i mentioned that before other people's cars adding that to my fleet because to me it's a way for me to really help other people and grow my revenue with no overhead for myself right so it's a business model that just creates cash flow yeah i think that's awesome you were talking to me too about doing some kind of education you already got some ebooks out there for helping people do turo right yeah so you know i was one of those guys that would always say i won't get into the training or education side of it um but the thing is the demand is so high and once i did it on like an off scenario i saw how much it actually helped someone yeah and that's what changed my mind so i went in and i wrote the ebook and then i started doing some one-on-one consulting to help other people grow their fleet yeah i love it i mean i was the same way i never wanted to like coach in real estate and do all that stuff but you know finally i did it and it was the best thing i ever did you know and right you're gonna always deal with haters and other things but when you look at your students and the people that you've really helped like you know it's worth it yeah that's what changed my mind about it like as soon as i help someone yeah okay i see where this is going right people reach out to me dm me every day like i'm sure they do with you yep and then i just decide to do something about it okay so one year from now you know you got 20 right now what's the goal one year from now yeah yeah so one year from now i plan to have at least double the fleet at least 40 cars or more and to have a warehouse space where i can actually park the cars inside when i need to or at least some of the fleet once i start getting real high-end cars all right well i want you my goal for you is at least 50. at least 50 at least 50 dude like i think you can do it just doing the opc like you're talking about if you grow your social media and you you know advertise that you're doing this for people and right like i think you could literally get 50 cars tomorrow yeah and that's really where it took off i started doing more on social media making content and it's just yeah it explodes especially my tick tock and then people started reaching out to me from there and that's when i was like all right i'll take your card at first i was telling people no and i can't believe i was doing that because i was so tied to my job i was like i just don't have time i was telling people no and now i've started taking those yeah my revenue is going up yeah yeah i think with just that alone you can go get 30 cars literally in a month i really do right yeah see and i say you know 50 we say 50 it might go to 100. like that's what i'm saying i think you can do 100 but you know i'm telling you you said 40 i'm like at least 50. right all right dude you got any final thoughts for turo yeah definitely so i want to get some free game for anybody out there that's thinking about getting into tourell or you already have cars and want to grow is basically with insurance right everyone asks me what insurance should i get or should i start with and that's going to be different for different scenarios but my first advice is to get one with a low deductible or no deductible when you start and then as you start to grow i know a lot of people complain about turo taking a lot of your fees right if you're on 75 plan to get 25 as you start to grow you can minimize risk or take on more risk and up your levels to an 80 or 90 revenue take now your deductible is going to be higher but if you're operating a business you should already have that deductible saved as an emergency fund so that's the way where you can really increase your revenue and turo doesn't take as much from you i love it dude well guys if you want to see me do a follow-up with dave about a year from now to see if he can get that 50 to 100 car level definitely comment below show dave some love he's doing amazing things man hey i'm super proud of you bro appreciate it man yeah bro so flip nation make sure you subscribe to catch that update and we'll see you on the next one [Music]

Channel: Ryan Pineda

Views: 43,793

Keywords: turo, turo business, turo car rental business, turo car rental, how to make money on turo, renting cars on turo business, turo app, turo business 2022, renting cars on turo, car rental business, turo tips and tricks, hosting on turo, is turo worth it, turo rental business, how to start a turo business, turo rental car business, car rental business turo, can you rent your car on turo and make money, turo car rental business model, turo earnings

Id: v5kThmsUEVY

Length: 18min 50sec (1130 seconds)

Published: Wed Aug 17 2022