How to Avoid Failure & Burn Out as a Turo Host
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- Опубліковано 25 лип 2024
- How to Avoid Failure & Burn Out as a Turo Host
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00:00 - Intro
What's up, you guys! In today's video, I will be breaking down comments and points of failure for Turo hosts and how you can avoid this. Let's get started!
00:57 - Turo is Too Time Consuming
04:37 - Traveling With Your Fleet
07:54 - Low Utilization
12:51 - Turo Claims Not Getting Approved
15:34 - Closing
I hope you guys enjoyed this video; make sure to hit the like, subscribe, and the notification bell, and I will see you guys in the next video.
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Disclaimer:
I am not a CPA, attorney, lender, or financial advisor. The content in these videos should not be construed as tax, legal, or financial advice...etc, and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a UA-cam video for entertainment purposes ONLY. IF stocks or companies are mentioned, Aubrey may have an ownership interest in them - Please do not make buying or selling decisions based on Aubrey’s videos. If you need advice, please contact a qualified professional.
#Turo #Failure #CarSharing
Aubrey - Thank you for the continuing stream of helpful hints. My wife and I started Turo as a Host in November of 2022 and we now have 10 cars and are looking for our 11th in the next few weeks. I have found that it is an almost fully passive side hustle. One car has been rented for 5 months via 2 separate 3 month rentals, one was an extension. Another car has been rented via weekly renewals now for 3 months and the guest will continue, he says, for another 2 months at least. Another Guest rents for 2 weeks at a time and has now renewed 3 times for a total of 2 months and says he will be renewing again this week. The rest of the cars probably average about 2 days of downtime per month between rentals and the average rental is about 2 weeks. We buy cars that cost between $5K and $7k, but they almost all cost $7K by the time minor (or major) repairs are required... each car seems to need about $1000 in terms of tires, brakes, alignments, seat repairs, headliner repairs, etc.
I watched a bunch of your videos, along with other Host videos, and it has been a great hustle. In fact, the return on investment is about 100% per year... by far the best investment I have come across due to the quick liquidity of selling vehicles if it is needed. Also, being careful to buy cars at the right price means that in most cases they are worth more after I fix them up that they are when I buy them.
I have had two major claims, both of which were approved, and both of which made me money above and beyond what the cost of repair was. I have had a claim denied but it was my fault for delaying to make the claim soon enough. I missed the 24 hour deadline by about 2 hours.
We now have enough cash flow from the rentals to add another car about every 5-6 weeks, but as we add cars that number should come down to and additional car every 3-4 weeks. We expect to have about 20-24 cars by next June.
Thank you again for all of your videos. Cheers.
Can I please have a small interview with you, will pay $60 for an hour! Thank you in advance!
Good morning Lee; two quick questions Where are you located (state) and how large is the city where you operate ? I am looking to purchase my first car next week and get started with Turo so my only real issue is can a market be over saturated . Thank you for your help, I looked up your channel and subscribed and will be watching your video ASAP
As far as vacations go you can go to Vehicles > Host settings > Pickup and return hours. There's a section for upcoming dates that you're unavailable. Someone can still book through that time, but they can't start or end their trip during that time.
What type box your used for the keys
Everything I needed. Thank you!
@abrey. I had a renter that broke my transmission and Turo denied my claimed because I quote “it was wear and tear” I had spend over 2k to fix it and to be honest my car was in great condition. 110k miles Infiniti Q50S. It’s sad that my car had over 4-5 months booked out and I lost all that money. I was discouraged but I will try again with lower end cars like Hyundais etc. love the videos and the information keep them coming. Hopefully I can grow my fleet to haft of your. Lol😂
Can you discuss the price difference in fixing/maintaining your Turo fleet cars yourself vs having to pay a mechanic
For some market that has a lot of airport traffic. Not offering delivery or even free airport delivery = no traffic from Turo
I have a question. I’m thinking of starting a Turo business in NY. I’m absolutely going to handle it through remote key exchange. Do you have your cars title/reg under an LLC?
When you say lock box, what exactly do you mean?
Turo been long gone here & seen some vehicles at Manheim Auctions but Carfax's on them not so good.
Stay away from Turo. Gave me a ban. Guest said I had low tread on my tires. I literally had a tire shop say I had the min 4/32. They didn't care. Since I argued they unlisted all my cars and cancelled all my reservations. I had 5 cars. Not fun
Not sure how you can still buy cars in the price range you reference. Also kind of disturbed to see that green car with body damage. Does that fly?
Aubrey you said in the past that you had a good and bad experience listing your Maserati on Turo. If you were going to add another luxury vehicle to your fleet, what would it be?
What do you mean with taking 100+ photos - I thought you were not doing key handovers so when do you take these pictures?
What about avoid failure as a sandwich shop owner? 😆
What is the cut off year for cars? How old can the car be for me to put it on Turo? If anyone know the answer please let me know so I can look some cars up.
Per Turo site:
Vehicle condition
Be no more than 12 years old, with exceptions for “specialty” vehicles
Have fewer than 130,000 miles
You must maintain your vehicle and continue to meet our maintenance and safety standards as your vehicle ages
Once listed, vehicles that reach or exceed 130,000 mi may remain listed if they’re in excellent condition, and continue to meet all legal, safety, and mechanical standards
Have fair market value of up to $200,000
Turo provides coverage for a vehicle’s actual cash value (ACV), up to $200,000
Turo uses third-party vendor to determine vehicle value at time of listing
Read more about vehicle coverage limits
New York only:
Have an inspection sticker valid through at least the following month
Hosts must complete Turo host orientation before vehicle listing can be published
Have a clean (e.g. not a “branded” or “salvage”) title
You’re responsible for knowing your vehicle’s title history
If you don’t, get a vehicle history report from Carfax before listing on Turo
Have never been declared a total loss