I would surely rent it out, Brock. This equipment isn't a hobby or collector's item - it is part of your business plan for earning a living. Don't get emotionally attached to it, remember what it is. It is a means to an end, the ability to feed your family. It is a real plus that your friend Billy is going to be running it for the most part for the week - but even so, keep your head right about this. The skid steer either earns you a profit or you should sell it away and put the dough into something else that will. Take care and God Bless.
You are a brave man. I would not rent out my equipment unless I'm sitting in the seat. I have good friends, but many of them don't operate equipment and I don't want them to learn on my machine. I understand the need to cover payments and sometimes it requires making rough decisions. Good luck and I hope it all works out for you.
6:10 Obviously you have to do what you think is best and this is just my opinion, but the true costs of renting equipment out go much further than that. At the BEST, you are simply not accounting for the 20-30% loss in revenue from taxation if you are doing things legitimately, and at worst it doesn't factor in the costs of wear and tear and breakdowns, which most rental customers expect to be taken care of under the umbrella of whatever protection plan they can purchase. If you are Sunbelt renting thousands of pieces of equipment you can offer a low priced protection plan. If you are renting your only tractor you can't. Also if something breaks on your tractor you are likely paying dealer markup prices on the repair parts (forget it if you aren't doing your own labor), which further eats into potential profits.
I 💯 agree ! I would even go as far as renting it for what ever the rental yard charges plus tax and protection plan and I BE THE OPERATOR for free before I would rent it out unsupervised. If dude ain't generating money with it then at least he can learn and develop more contacts generating more business so he don't have to rent it out. I'm always learning different things with my skid steer DAILY! The more I know about what people are paying for - The more likely I can get more work..
Best of luck to you. Hopefully you can skirt by with just renting to friends and close associates. Most people treat rented equipment like they stole it and treat the machine as is it’s lifespan is only for the duration of their job.
Renting the equipment out is better than having to sell it. At least you're getting it back after a week. And don't worry too much about damage to your machine, people who do rent machines generally are somewhat knowledgeable when it comes to operating equipment, and if they want to rent it again, they're going to take care of your machine while it is in their hands.
Look at the good side, I think you still have a John Deere warranty on that machine. I would video after you drop it off, verify any possible damage when you pick it back up. DON'T WORRY BE HAPPY. You did the right decision.
I let a friend use my chain saw. When it came back needed a new chain and bar. Not sure what he was trying to cut but had to be more than just wood. I let people use my tractor but I actually run it and try to do what they want. On the other hand my nephew has a rental business. Seems to be doing OK. Has had some damage to his equipment but sofar not that bad.
I wouldn’t have a problem renting it out to people who you know how to use it. Things can happen even when you use it. I have my 16 year old son operate my skid steer all the time. You should be able to know who you can trust.
Your a better man than I have a Cat289d and don’t think that I could ever rent my baby out. Had several offers but couldn’t bring myself to let her go. Hope all goes well keep up great work!
That is a difficult road to go down. I understand your position and respect that you're doing whatever you need to to provide for your family. At the end of the day that's all that matters. I personally feel ok renting something like a log splitter or a smaller gas engine that has a simple function. My tractor unfortunately has way too many things that could go wrong or be absued by. I guess I'm too attached myslef. The saving grace is your friend will be the main one operating it so I'm sure it will be fine. Best of luck and I hope you do a follow up video.
Tough decision, Brock. I had a bucket truck and a JD tractor. When I had employees, my corporate insurer would not cover any liability or damage unless each employee that used it took a training course and was certified. I mentioned this to a few contractors (who did work for me) and friends who wanted to rent my equipment. I told them that I would rent it to them if their insurance company would cover any liability or damage and make me a co-insured. They said they understood ... and no one ever bothered to. I did not want to be sued and lose my business, home etc. - if they got hurt or damaged someone else's property. This prevented any hurt feelings or resentment and relieved me of the anxiety of renting out my equipment.
Every time I’ve ever lent a tool whether it’s a hammer, a socket wrench, a pressure washer, a lawnmower, a van, a trailer, even a tarp……. It’s never been returned in the same condition. Only time anything leaves my possession, if it’s sold. 😮
A local hardware store started renting out a compact Kubota tractor about six years ago. The store still rents out that same tractor. Last year they added two brand new mini-excavators. The excavators are gone nearly every time I drive by there. The tractor is gone about 80 percent of the time. The store added small tillers, etc. renting equipment must be profitable or they would not have added two new excavators.
While Im not prone to lease my equipment, Im not going to second guess your decision. You are smart enough to figure out ways to have the machine pay for itself. You understand the insurance risks. You've got the right idea of only renting it to people who know what they are doing, and that you trust completely.
I would only rent out my tractor to someone I knew and knew they know how to operate it properly. However, I understand you have to do what you have to do. Thanks for the video.
Brock, you are making the right decision for sure! You bought the unit to be a profit center period! And unless it’s a regular Maintence issue/ Item the customer will be responsible for any and all damage to the machine. You may want to identify what task the potential customer will be performing with the unit and decline to rent to them based on how they will be using it. Like it the wanted to handle stone Rip Rap for 40 hours. That tears up the bucket and tracks as an example. Other than that as long as it is an acceptable use and task. I stay rent it and be happy with the income stream. Again if they tear it up they pay to fix it. I would also require a deposit to hold until you inspect the unit upon return. Carry on!! 👍👍
I know how you feel brother. If it’s cold hard cash or your baby, it’s a hard choice. Heck I won’t even let my 33 year old son sit in my tractor little lone let him start it. So I am feelin from the heart for ya. Know just how you’re feelin. I’m sure Billy will respect it. Best wishes. Keep up you vids. I love the diversity of them and you don’t go all “Joe pro” on everything. You’re like the rest of us
My tractor is older and has problems, so I generally hesitate letting anyone else run it (even when I'm around). If I had a newer machine and knew whoever was running it is a decent operator (and has some common sense), I don't think I would mind... You've got a pretty good scenario for this rental.
I had to come back a see where you rented the CTL, after you commented on digging out the OK dirt on the trenching video,. i read a few comments here, I’m set almost identical to you, I have JD 3320 and a Cat 236D (wheel) skid, And also a Barreto stump grinder, I’ve turned down tree guys asking to rent my grinder, but I think I would let someone rent my skidsteer, especially at market rates with knowing the operator and in your case you have a “following” so If they abuse or break it, and neglect the trust you give them, it wouldn’t be very good for them. I would say grapple work is even more strenuous work, so in that case I might “up charge” a bit versus bucket work.
That's exactly why we bought a new machine instead of continuing to rent. I can make a monthly payment on a machine and it's the same as one weeks rental rate. And as BONUS we can use the machine for the other 3 weeks on projects we couldn't otherwise justify using a rental.
You are absolutely correct to be nervous about renting your equipment out. However, there’s no question for me. I would rent my machine out in a heartbeat. The numbers are there to make the money and that money will pay the note and then some. Honestly that would be my main goal is renting. As you said the rental companies have done the math. The money you’ll make renting in my personal opinion will out weigh what potential repairs could cost in the long run. I try to discipline myself to have no emotional attachment to any piece of equipment, as hard as that is sometimes because of all the hard work you put into getting it. I completely understand the feeling that you have with that. At the end of the day the more people that use that machine the more money you make. Scary concept but true.
I wouldn’t rent my tractor out, but I bought it simply for me to use, not for work to earn money. And I’m currently fortunate enough to be able to afford to make payments on it without it needing to bring in income. If I needed to, though, it’s a great way to at least make payments on the equipment, especially in your case where you know the person/people renting it. On a side note I just rented a CAT 308 excavator and had my friend run it to expand my range. We of course treated it properly and made sure everything was perfect both before and after the job was done. Not sure everyone does that. Anyway, cost me $2k for a 2 day rental including pickup and delivery.
I have a dumpster rental business and have explored getting a skid steer to rent out. You should have a good contract and insurance specific to the rental. A contract can be found on rental forums.
Used to own another skidsteer that I rented out...6 out of the 7 times I rented it out, they damaged it....and didnt tell me. After the 6th repair I sold it...
I rented out my tractor for a week it was good money and we needed it,everything worked out okay so for us it was good,$1700 pays for a few things to get you through,I understand your worries but sometimes you gotta do what you gotta do good luck love your channel
This bet sounds good but in the future i would recommend canvasing rental companies and how they really mitigate risk. I bet there is a good insurance that will help you sleep at night while renting. If there is pass it on in the rental price. Maybe concider a cleaning fee if needed, a deductible charge if needed. I'm not sure how the millions of rental companies do it. I'm seeking the same answers right now, let us know what you learn. I think there are more rental places than McDonald's so there is a profitable model out there. Would probably be a good idea to try and romance a person in the rental business. People love to be mentors when flattered by asking. Good Luck!!!
Maybe a dash cam fitted on the machine that records how it’s used would be of value when renting out a machine. If there is a dispute on the condition of the machine on its return the footage could help settle it. I’d probably not rent out my tractor but I’ve got no way to move it. I’d be happy to rent out a log splitter as long as it’s a strong one that won’t break splitting tough wood.
Good luck with your decisions and the business Brock. I hope your renter / operator is capable and respectful with the equipment. As for me, I'm a very fussy type A personality so no. I wouldn't rent my equipment out but to each his own.
I definitely understand the struggle in the decision. I’m very attached to my equipment and the loss of control would drive me crazy. I think if you’re able to be discerning with who’s renting it you’re in good shape. Intellectually it’s a good call. These are tools to make money + accomplish your own work, and they can break on anyone. I’m in the middle of a similar situation, but in the RV side, not with my equipment. Just got a great deal on a small class C, and decided to keep our like-new travel trailer that’s paid for. Likely will rent it out and charge a premium to set it up on site and bring it back since I have the time and means to do it. The more you’re able to do with your assets, the more earnings and the more diversified you make the earnings. That yields more financial stability. Good luck!
I feel your pain. I’d consider renting out my equipment but would be very cautious. Recently I rented a small dump truck for a crew to operate it. While I was out of pocket they returned it. Turns out they broke a mirror costing me $1700. They never owned up to it. I fired the “contractor” for all of his shenanigans. A couple of weeks ago I bought a compact tractor. I’d be very hesitant to ent out right now. But after I’ve done the stack of projects I will consider renting out. But I will definitely protect myself from Darwinians.
To answer your question on renting my tractor to make payment on it. Nope never would do that... even for someone I know. Just too many risks. I wouldnt buy the tractor if i couldnt make the payments on it regardless. Sometimes it's a lot tougher to actually get enough jobs to actually pay for a tractor. My tractor and I have an understanding, I know what it can and can't do.. it knows that I know what I'm doing. That goes out the window with anyone else; even a close friend. Having the experience with the tractor, with my own tractor is key.
That's why you have to have insurance to cover any damages which the contract should state that the individual will pay any damages done to the equipment to have it repaired
I would personally only rent it in the same scenario that you are if it's someone you know and trust or would prefer to be the one using the machine myself and billing them for the hours to do the work that they want done. There are too many out there that will just rent something and use it like they stole it.
I feel your pain. I have been looking at a lot of different websites and apps that serve as the "middle man" for a fee. Curious to know what others have experienced.
Not to dissuade you, but keep in mind that rental yards have the law of large numbers to their advantage. If they lose money on damage to one unit, they have revenue from dozens of other units to offset the loss. Meaning they take on less risk than you or I would when renting out a single unit.
I have tools and a couple of small covered tow trailer that i want to rent out. However, i have no idea the type of insurance i need to cover not only possible damage to the item but to cover someone getting hurt while using my trailers or tools. Could you share the type of insurance coverage you carry and what it covers, please? And, any other pertinent info, please. I am now the caregiver to my sister with special needs and need to use things i already have to make some money to live on.
2 things I want to say. 1 never ever rent your equipment out unless you trust the person. 2 never drive your skid steer on trailer. Always back it on. You never want to experience a backwards roll over. I own a tractor and skid steer. I have not ever rented my equipment. If I can't run it I don't rent it. I will work at a lower rate for a friend. Have a great day be safe.
Im actually doing this with my Kubota excavator, I have two guy that want to rent it from me and I do trust both of them so I feel confident that nothing to drastic will happen. I’m not sure if I’d do it without knowing the person.
My simple answer is No, I only say that because I know how I use rented equipment..lol.. I have pushed rented equipment to its limits in the past. But again I understand the need to get the payment made. Hope it works out and everything is returned in the same shape. I agree that would be a tough decision, I even feel uneasy when I let a friend use my tractor with me standing rt there watching. It's my baby..lol..
Rental company’s make money on the sale. I worked for a big rental company. It’s about getting the machine at the lowest rate, and being able to pay the machine off asap so you can sell it at a very strong price which is your profit. You start making money when you have lots of overlapping equipment. Sunbelt and united do this. Most machine they finance, rent to covers the payment and repairs, then after their mathematical amount of time they sell the machine and that sales price is pure profit. Some machines like lifts cna go 9 years rented making profit then still have a huge sale price.
When it comes to financial decision making I would rent it.I personally don't rent out my bigger equipment,but i do rent out,plate tamper,splitter,earth auger all smaller items.If it comes to making bigger payments,and you somewhat know the renters,send it out.Once you become established,you can determine who and if you want to rent out your equipment.I think rental centers here take on average of 2.5 yrs to pay off a machine.
I lended my JD tractor a few times. The first time, he unhooked the backhoe, and didnt reconnect the hose. It burned up the hydraulic pump. $700 repair. The last time I lent it out, The guy decided to auger next to a pine tree, and broke the auger gear head right off. He also weakened the back end of the 3 point hitch on the tractor. Almost 2K later I am almost able to use my auger again. Unless they have proper insurance or able to pay for repairs, don’t do it.
Sounds a little suspect they could find that size of machine. Sounds like they have had a issue with local rental companies and they are not allowed to rent.
Former owner of excavation company here AND I personally own equipment. Dude, you have no guarantee your friend will be the one putting the hours on your CTL. Rental places make money because they do most repairs in-house and they keep them in a state of semi disrepair, with super high hours. You took a financial risk by not paying cash for your machine and now you are experiencing the stress that comes along with it. That's how it goes. No, I will not rent out my machines. Additionally, you should be backing that machine onto trailers. Good luck.
I have loaned / let use my equipment before in the past. I won't now. If I can't go to do the operation it doesn't go. People just assume that since it's used whatever damage they inflict its ok and no one will notice. I get mad at myself when I cause damage to my equipment. In your case I feel like you will be ok. You know who will be operating it and he will watch it like a hawk to make sure nothing to the best of his ability will let anything happen and will take care of it in the event that something dose happen.
I'm thinking about renting out my mini excavator and you're right it don't feel great, I think just getting really good insurance is the way to go and making sure you have a contract with the customer if you breaks it he fixes it. But still it's hard to do.
Exactly why financing is a bad idea unless you know for sure you have the work. I just paid 80k for my skid steer and it was difficult to save that much money and I had to do without and yes parting with that much money also was difficult because of the times that we are in, But I am not a rental company and I would rather discount my labor rate so that I could operate my machine than rent it to someone who wont care for it like I would, when people rent things they just dont care. they dont care about what fuel they put in, what situations they get in, how they run the machine etc. But I understand your decision and if its a matter of struggling to make a payment or not, then you have to do what you have to do. May want to consider getting rid of the tractor and paying down that skid steer as the skid steer is 10xs the machine a tractor will ever be. Use the lull in business to focus on target marketing strategies
I feel like those machines are made to run. They usually go upwards of 2k hours with employees romping on them. They can last. For me, I no longer rent my stuff. I rented my redmax 8500 for a good friend and somehow he total broke the pull chord and now it won’t start. So I’m done with that
Hard decision. But, if you have someone you can trust to not abuse the machine, you should be ok. Personally, I would not be able to let any of my machines out to be used by someone else...I would have to be part of the deal. Wishing you the best.. Let us know in a video how it goes.
I understand the concern, but I'll say that I (for one) wouldn't be too worried about renting out my personal machine (in my case a 2025R tractor) under the circumstances that you've laid out (ie good friend is primary operator, money is tight, etc). Rental yards rent out machines like yours every day to complete rando's off the street with no indication of operator skill or even motivation to take care of it..and yet the machines typically are fine. They are built tough. It'll be fine. At the end of the day, you bought the machine to bring in revenue and, at the minimum, pay for itself. This seems like a reasonable move.
Personally, I would not rent my tractor. Not because I worry about the tractor, but because I have no way of knowing how proficient the renters are. It's easy to hurt or kill yourself if you don't know how to use the equipment properly. I would worry too much about the operator. If pressed, I would take the rental fee, but offer myself as the operator for no additional charge. But I would have to be desperate. Even talking about it makes me uncomfortable. I can tell you are, too. Hard call. You may get used to it after a while, but it would be hard.
Would I rent my mini-ex, sure, it comes with the operator......ME! My tractor, maybe (bought it used, the mini-ex was new and still not scratched up, tractor had some "wear" when I got it). But I didn't buy my mini-ex for to make money, I bought it to make my life easier/more enjoyable with what I want to do. Had I bought it to run a business and make money, likely would have started with a used machine that would be "more profitable" to start with and then would be more likely to rent it out to someone I know (not just some one off the street, they can go to the rental yard). Hope it goes well for you and can understand the reasoning and apprehension. Hard to argue with 1 week to more than cover the payment for the month though, it is just a "tool"....... Have a good one!!
Morning brock, I personally think it's the right decision you know the individual and unlike a rental company they don't know the individuals and you happen to know this guy so I think I think it's a great great decision be safe and look forward to seeing some more skid work down the road
I don’t make payments on anything I just buy it outright if it’s for me. With that I mind I also take good care of my stuff and would never rent it out. If I was going to get into the rental business I’d buy the equipment under the business with the intent of renting it out to be abused. If you have payments and are having a tough time making them then sure go ahead it’s better than losing the thing and defaulting.
Its a heavy duty machine the operator will have to be almost purposely abusing it to do real damage to it. Dont be to upset though if it comes back with a couple new blemishes.
I understand being hesitant to rent it, but in my honest opinion you should definitely rent it when you have the option, the machines are meant to run, letting it sit is a waste. renting it out won't cause as much damage as your brain thinks it will
I coudlnt do it, too many moving parts on my excavator. If Im not in the seat, Im not renting it out. if I needed the money that bad, Id just sell it. Now Id be open to renting out the attachments.
NOPE. Bought what I got for personal use, and that only. A “friend” in need? Absolutely, I am there with my equipment. But, we all make our own decisions. No judgment here. Heck I’d rent from ya😂
The only way I would rent it is if I was the operator. One split second and they tear it up and it will eat up that $1500 and then some. It would be rent machine and operator only. Just because he is suppose to be the main operator doesn't mean that's how it always goes. Honestly in 40 years of equipment ownership and usage. I don't buy something and stretch myself so thin as it can cause a financial burden wise with me that I have to rent it out all the time. If I buy something and I make money with it fine as the operator but if it sits under shelter it doesn't financially hurt me either.
Also rental companies make money because they aren't dependant on one machine. While they may have a repair bill on one machine and they lost money on it but they have dozens more that they are making money on.
Renting out your machine is a bad ideal . You can’t compare personal machines to rental companies. Rental companies have a high maintenance cost to keep them running and replace the machines on a timely manner, where as the home owners trend to keep their machines longer.Hope you don’t get costly damage wear from renting that will effect the life of Your machine…
I am completely in the camp of not loaning or renting my equipment. You limited your exposure by knowing the person you are renting. Much like any other business, it takes time for the word to spread about your work. I am sure with a machine like that it is just a matter of time until you are turning down business.
check out this weigh safe video to see why I like their products so much
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I would surely rent it out, Brock. This equipment isn't a hobby or collector's item - it is part of your business plan for earning a living. Don't get emotionally attached to it, remember what it is. It is a means to an end, the ability to feed your family.
It is a real plus that your friend Billy is going to be running it for the most part for the week - but even so, keep your head right about this. The skid steer either earns you a profit or you should sell it away and put the dough into something else that will.
Take care and God Bless.
You are a brave man. I would not rent out my equipment unless I'm sitting in the seat. I have good friends, but many of them don't operate equipment and I don't want them to learn on my machine. I understand the need to cover payments and sometimes it requires making rough decisions. Good luck and I hope it all works out for you.
6:10 Obviously you have to do what you think is best and this is just my opinion, but the true costs of renting equipment out go much further than that. At the BEST, you are simply not accounting for the 20-30% loss in revenue from taxation if you are doing things legitimately, and at worst it doesn't factor in the costs of wear and tear and breakdowns, which most rental customers expect to be taken care of under the umbrella of whatever protection plan they can purchase. If you are Sunbelt renting thousands of pieces of equipment you can offer a low priced protection plan. If you are renting your only tractor you can't. Also if something breaks on your tractor you are likely paying dealer markup prices on the repair parts (forget it if you aren't doing your own labor), which further eats into potential profits.
I 💯 agree ! I would even go as far as renting it for what ever the rental yard charges plus tax and protection plan and
I BE THE OPERATOR for free before I would rent it out unsupervised. If dude ain't generating money with it then at least he can learn and develop more contacts generating more business so he don't have to rent it out. I'm always learning different things with my skid steer DAILY! The more I know about what people are paying for - The more likely I can get more work..
Best of luck to you. Hopefully you can skirt by with just renting to friends and close associates. Most people treat rented equipment like they stole it and treat the machine as is it’s lifespan is only for the duration of their job.
It’s not easy to break these machines. I think as long as they are getting the required maintenance they are not gonna break.
Renting the equipment out is better than having to sell it. At least you're getting it back after a week. And don't worry too much about damage to your machine, people who do rent machines generally are somewhat knowledgeable when it comes to operating equipment, and if they want to rent it again, they're going to take care of your machine while it is in their hands.
Look at the good side, I think you still have a John Deere warranty on that machine. I would video after you drop it off, verify any possible damage when you pick it back up. DON'T WORRY BE HAPPY. You did the right decision.
💥 Nope, don’t think I’d do it. However if it was someone I knew maybe.
*Keep on tractoring!*
“I’m doing it.”-Best part of the video.
It good money to rent but don’t be surprised when the machine comes back we a new dent or scratch
I let a friend use my chain saw. When it came back needed a new chain and bar. Not sure what he was trying to cut but had to be more than just wood. I let people use my tractor but I actually run it and try to do what they want.
On the other hand my nephew has a rental business. Seems to be doing OK. Has had some damage to his equipment but sofar not that bad.
I think it’s worth the gamble especially since you know the operator. I am usually harder on my machines than anyone else would be so go for it. 😎
I wouldn’t have a problem renting it out to people who you know how to use it. Things can happen even when you use it. I have my 16 year old son operate my skid steer all the time. You should be able to know who you can trust.
Nope, nope, nope! Good luck to you though.
NEVER!!! Bad idea.
If they want it, bid the job with you as the operator.
Your a better man than I have a Cat289d and don’t think that I could ever rent my baby out. Had several offers but couldn’t bring myself to let her go. Hope all goes well keep up great work!
now i don't know where exactly you are, but they usually charge a delivery fee. Your Business, Your decisions.
Yup, I paid around a $200 delivery fee years ago for a 8k lb mini ex. Maybe 20 miles each way.
That is a difficult road to go down. I understand your position and respect that you're doing whatever you need to to provide for your family. At the end of the day that's all that matters.
I personally feel ok renting something like a log splitter or a smaller gas engine that has a simple function. My tractor unfortunately has way too many things that could go wrong or be absued by. I guess I'm too attached myslef.
The saving grace is your friend will be the main one operating it so I'm sure it will be fine. Best of luck and I hope you do a follow up video.
Tough decision, Brock. I had a bucket truck and a JD tractor. When I had employees, my corporate insurer would not cover any liability or damage unless each employee that used it took a training course and was certified. I mentioned this to a few contractors (who did work for me) and friends who wanted to rent my equipment. I told them that I would rent it to them if their insurance company would cover any liability or damage and make me a co-insured. They said they understood ... and no one ever bothered to. I did not want to be sued and lose my business, home etc. - if they got hurt or damaged someone else's property. This prevented any hurt feelings or resentment and relieved me of the anxiety of renting out my equipment.
Every time I’ve ever lent a tool whether it’s a hammer, a socket wrench, a pressure washer, a lawnmower, a van, a trailer, even a tarp……. It’s never been returned in the same condition. Only time anything leaves my possession, if it’s sold. 😮
A local hardware store started renting out a compact Kubota tractor about six years ago. The store still rents out that same tractor. Last year they added two brand new mini-excavators. The excavators are gone nearly every time I drive by there. The tractor is gone about 80 percent of the time. The store added small tillers, etc. renting equipment must be profitable or they would not have added two new excavators.
While Im not prone to lease my equipment, Im not going to second guess your decision. You are smart enough to figure out ways to have the machine pay for itself. You understand the insurance risks. You've got the right idea of only renting it to people who know what they are doing, and that you trust completely.
I would absolutely do it.
My goal is renting my Ventrac 5 days out of each month
I would only rent out my tractor to someone I knew and knew they know how to operate it properly. However, I understand you have to do what you have to do.
Thanks for the video.
Brock, you are making the right decision for sure! You bought the unit to be a profit center period! And unless it’s a regular Maintence issue/ Item the customer will be responsible for any and all damage to the machine. You may want to identify what task the potential customer will be performing with the unit and decline to rent to them based on how they will be using it. Like it the wanted to handle stone Rip Rap for 40 hours. That tears up the bucket and tracks as an example. Other than that as long as it is an acceptable use and task. I stay rent it and be happy with the income stream. Again if they tear it up they pay to fix it. I would also require a deposit to hold until you inspect the unit upon return. Carry on!! 👍👍
I know how you feel brother. If it’s cold hard cash or your baby, it’s a hard choice. Heck I won’t even let my 33 year old son sit in my tractor little lone let him start it. So I am feelin from the heart for ya. Know just how you’re feelin. I’m sure Billy will respect it. Best wishes. Keep up you vids. I love the diversity of them and you don’t go all “Joe pro” on everything. You’re like the rest of us
Thank you sir
My tractor is older and has problems, so I generally hesitate letting anyone else run it (even when I'm around). If I had a newer machine and knew whoever was running it is a decent operator (and has some common sense), I don't think I would mind... You've got a pretty good scenario for this rental.
I had to come back a see where you rented the CTL, after you commented on digging out the OK dirt on the trenching video,. i read a few comments here, I’m set almost identical to you, I have JD 3320 and a Cat 236D (wheel) skid, And also a Barreto stump grinder, I’ve turned down tree guys asking to rent my grinder, but I think I would let someone rent my skidsteer, especially at market rates with knowing the operator and in your case you have a “following” so
If they abuse or break it, and neglect the trust you give them, it wouldn’t be very good for them.
I would say grapple work is even more strenuous work, so in that case I might “up charge” a bit versus bucket work.
That's exactly why we bought a new machine instead of continuing to rent. I can make a monthly payment on a machine and it's the same as one weeks rental rate. And as BONUS we can use the machine for the other 3 weeks on projects we couldn't otherwise justify using a rental.
Sounds right.
Thanks for checking in
You are absolutely correct to be nervous about renting your equipment out. However, there’s no question for me. I would rent my machine out in a heartbeat. The numbers are there to make the money and that money will pay the note and then some. Honestly that would be my main goal is renting. As you said the rental companies have done the math. The money you’ll make renting in my personal opinion will out weigh what potential repairs could cost in the long run. I try to discipline myself to have no emotional attachment to any piece of equipment, as hard as that is sometimes because of all the hard work you put into getting it. I completely understand the feeling that you have with that. At the end of the day the more people that use that machine the more money you make. Scary concept but true.
I wouldn’t rent my tractor out, but I bought it simply for me to use, not for work to earn money. And I’m currently fortunate enough to be able to afford to make payments on it without it needing to bring in income. If I needed to, though, it’s a great way to at least make payments on the equipment, especially in your case where you know the person/people renting it.
On a side note I just rented a CAT 308 excavator and had my friend run it to expand my range. We of course treated it properly and made sure everything was perfect both before and after the job was done. Not sure everyone does that. Anyway, cost me $2k for a 2 day rental including pickup and delivery.
I have a dumpster rental business and have explored getting a skid steer to rent out. You should have a good contract and insurance specific to the rental. A contract can be found on rental forums.
Used to own another skidsteer that I rented out...6 out of the 7 times I rented it out, they damaged it....and didnt tell me. After the 6th repair I sold it...
I rented out my tractor for a week it was good money and we needed it,everything worked out okay so for us it was good,$1700 pays for a few things to get you through,I understand your worries but sometimes you gotta do what you gotta do good luck love your channel
This bet sounds good but in the future i would recommend canvasing rental companies and how they really mitigate risk. I bet there is a good insurance that will help you sleep at night while renting. If there is pass it on in the rental price. Maybe concider a cleaning fee if needed, a deductible charge if needed. I'm not sure how the millions of rental companies do it. I'm seeking the same answers right now, let us know what you learn. I think there are more rental places than McDonald's so there is a profitable model out there. Would probably be a good idea to try and romance a person in the rental business. People love to be mentors when flattered by asking. Good Luck!!!
Maybe a dash cam fitted on the machine that records how it’s used would be of value when renting out a machine. If there is a dispute on the condition of the machine on its return the footage could help settle it.
I’d probably not rent out my tractor but I’ve got no way to move it. I’d be happy to rent out a log splitter as long as it’s a strong one that won’t break splitting tough wood.
Good luck with your decisions and the business Brock. I hope your renter / operator is capable and respectful with the equipment. As for me, I'm a very fussy type A personality so no. I wouldn't rent my equipment out but to each his own.
I definitely understand the struggle in the decision. I’m very attached to my equipment and the loss of control would drive me crazy. I think if you’re able to be discerning with who’s renting it you’re in good shape. Intellectually it’s a good call. These are tools to make money + accomplish your own work, and they can break on anyone. I’m in the middle of a similar situation, but in the RV side, not with my equipment. Just got a great deal on a small class C, and decided to keep our like-new travel trailer that’s paid for. Likely will rent it out and charge a premium to set it up on site and bring it back since I have the time and means to do it. The more you’re able to do with your assets, the more earnings and the more diversified you make the earnings. That yields more financial stability. Good luck!
I feel your pain. I’d consider renting out my equipment but would be very cautious.
Recently I rented a small dump truck for a crew to operate it. While I was out of pocket they returned it. Turns out they broke a mirror costing me $1700. They never owned up to it. I fired the “contractor” for all of his shenanigans. A couple of weeks ago I bought a compact tractor. I’d be very hesitant to ent out right now. But after I’ve done the stack of projects I will consider renting out. But I will definitely protect myself from Darwinians.
To answer your question on renting my tractor to make payment on it. Nope never would do that... even for someone I know. Just too many risks. I wouldnt buy the tractor if i couldnt make the payments on it regardless. Sometimes it's a lot tougher to actually get enough jobs to actually pay for a tractor. My tractor and I have an understanding, I know what it can and can't do.. it knows that I know what I'm doing. That goes out the window with anyone else; even a close friend. Having the experience with the tractor, with my own tractor is key.
That's why you have to have insurance to cover any damages which the contract should state that the individual will pay any damages done to the equipment to have it repaired
I would personally only rent it in the same scenario that you are if it's someone you know and trust or would prefer to be the one using the machine myself and billing them for the hours to do the work that they want done. There are too many out there that will just rent something and use it like they stole it.
Yep rent yourself out on your own equipment. NO worries. But even a close friend does not have the experience with your own machine.
Did you added outside insurance to rent it out or just left the insurance it came with if it did come with any
I feel your pain. I have been looking at a lot of different websites and apps that serve as the "middle man" for a fee. Curious to know what others have experienced.
Hey. you are smart to get some income from it as a rental! It is a tough machine and it will be fine, Press on! Enjoy your videos!
Thanks. I actually picked it up today from the rental, and it seems
Knowing that person will have a easier way to do what you got to do. 😊
Not to dissuade you, but keep in mind that rental yards have the law of large numbers to their advantage. If they lose money on damage to one unit, they have revenue from dozens of other units to offset the loss. Meaning they take on less risk than you or I would when renting out a single unit.
Tough decision but at least Billy will be keeping an eye on it.
Nobody I would rather rent to
I have tools and a couple of small covered tow trailer that i want to rent out. However, i have no idea the type of insurance i need to cover not only possible damage to the item but to cover someone getting hurt while using my trailers or tools. Could you share the type of insurance coverage you carry and what it covers, please? And, any other pertinent info, please. I am now the caregiver to my sister with special needs and need to use things i already have to make some money to live on.
It is difficult but some time we have to
2 things I want to say. 1 never ever rent your equipment out unless you trust the person. 2 never drive your skid steer on trailer. Always back it on. You never want to experience a backwards roll over. I own a tractor and skid steer. I have not ever rented my equipment. If I can't run it I don't rent it. I will work at a lower rate for a friend. Have a great day be safe.
Im actually doing this with my Kubota excavator, I have two guy that want to rent it from me and I do trust both of them so I feel confident that nothing to drastic will happen. I’m not sure if I’d do it without knowing the person.
Well… it’s a difficult thing to do.
But it does help on the money end of it.
Billy sure seems to be a good person so hopefully all goes well.
First world problems! If feel the same way, but I’d do it.
My simple answer is No, I only say that because I know how I use rented equipment..lol.. I have pushed rented equipment to its limits in the past. But again I understand the need to get the payment made. Hope it works out and everything is returned in the same shape. I agree that would be a tough decision, I even feel uneasy when I let a friend use my tractor with me standing rt there watching. It's my baby..lol..
These machines are meant to be used by employees. Most employees don’t baby the equipment. That’s why they’re built heavy.
You gotta do what you gotta do! I would if I had too, if you know the guy then I think you’ll be alright!
Rental company’s make money on the sale. I worked for a big rental company. It’s about getting the machine at the lowest rate, and being able to pay the machine off asap so you can sell it at a very strong price which is your profit. You start making money when you have lots of overlapping equipment.
Sunbelt and united do this. Most machine they finance, rent to covers the payment and repairs, then after their mathematical amount of time they sell the machine and that sales price is pure profit. Some machines like lifts cna go 9 years rented making profit then still have a huge sale price.
What end up being wrong with your truck?
When it comes to financial decision making I would rent it.I personally don't rent out my bigger equipment,but i do rent out,plate tamper,splitter,earth auger all smaller items.If it comes to making bigger payments,and you somewhat know the renters,send it out.Once you become established,you can determine who and if you want to rent out your equipment.I think rental centers here take on average of 2.5 yrs to pay off a machine.
Im planning on buying a 335g are you writing up contracts are you a small business can you give out any tips.
Good luck with that
Absolutely not. They do not care they will abuse it friend or not!
Yes I think raining your tractor to make a profit is a good thing is a piece of equipment just like renting out a dumpster
I lended my JD tractor a few times. The first time, he unhooked the backhoe, and didnt reconnect the hose. It burned up the hydraulic pump. $700 repair. The last time I lent it out, The guy decided to auger next to a pine tree, and broke the auger gear head right off. He also weakened the back end of the 3 point hitch on the tractor. Almost 2K later I am almost able to use my auger again. Unless they have proper insurance or able to pay for repairs, don’t do it.
That sucks. Thanks for sharing
Sounds a little suspect they could find that size of machine. Sounds like they have had a issue with local rental companies and they are not allowed to rent.
Former owner of excavation company here AND I personally own equipment.
Dude, you have no guarantee your friend will be the one putting the hours on your CTL. Rental places make money because they do most repairs in-house and they keep them in a state of semi disrepair, with super high hours.
You took a financial risk by not paying cash for your machine and now you are experiencing the stress that comes along with it. That's how it goes.
No, I will not rent out my machines. Additionally, you should be backing that machine onto trailers. Good luck.
I'm curious why are you so anti rental? I own 13 pieces of rental equipment they are all paid for I haven't had a super negative experience
I have loaned / let use my equipment before in the past. I won't now. If I can't go to do the operation it doesn't go. People just assume that since it's used whatever damage they inflict its ok and no one will notice. I get mad at myself when I cause damage to my equipment.
In your case I feel like you will be ok. You know who will be operating it and he will watch it like a hawk to make sure nothing to the best of his ability will let anything happen and will take care of it in the event that something dose happen.
I would have bid the job out with myself as operator first. Than maybe think about renting it out.
I'm thinking about renting out my mini excavator and you're right it don't feel great, I think just getting really good insurance is the way to go and making sure you have a contract with the customer if you breaks it he fixes it. But still it's hard to do.
Exactly why financing is a bad idea unless you know for sure you have the work. I just paid 80k for my skid steer and it was difficult to save that much money and I had to do without and yes parting with that much money also was difficult because of the times that we are in, But I am not a rental company and I would rather discount my labor rate so that I could operate my machine than rent it to someone who wont care for it like I would, when people rent things they just dont care. they dont care about what fuel they put in, what situations they get in, how they run the machine etc. But I understand your decision and if its a matter of struggling to make a payment or not, then you have to do what you have to do. May want to consider getting rid of the tractor and paying down that skid steer as the skid steer is 10xs the machine a tractor will ever be. Use the lull in business to focus on target marketing strategies
I own five tractors 40 years ago I loaned out my tractor came back with the rod through the block haven't loaned out a tractor since
How could that be from a rental? they ran it at Max RPM okay? What else could they have done
I feel like those machines are made to run. They usually go upwards of 2k hours with employees romping on them. They can last.
For me, I no longer rent my stuff. I rented my redmax 8500 for a good friend and somehow he total broke the pull chord and now it won’t start. So I’m done with that
Interesting. As a sole proprietor in this sue happy world I would not dare take the risk. If I could hide behind a corporation maybe.
Have you made this much money operating it for a week?
Hard decision. But, if you have someone you can trust to not abuse the machine, you should be ok. Personally, I would not be able to let any of my machines out to be used by someone else...I would have to be part of the deal. Wishing you the best.. Let us know in a video how it goes.
I would rent the machine with me as the operator
Nothing wrong with renting it out. These machines are designed to be used.
I’ll bet this is the only time you rent it out and hopefully it’s not big time down when you get it back…
I understand the concern, but I'll say that I (for one) wouldn't be too worried about renting out my personal machine (in my case a 2025R tractor) under the circumstances that you've laid out (ie good friend is primary operator, money is tight, etc). Rental yards rent out machines like yours every day to complete rando's off the street with no indication of operator skill or even motivation to take care of it..and yet the machines typically are fine. They are built tough. It'll be fine. At the end of the day, you bought the machine to bring in revenue and, at the minimum, pay for itself. This seems like a reasonable move.
Personally, I would not rent my tractor. Not because I worry about the tractor, but because I have no way of knowing how proficient the renters are. It's easy to hurt or kill yourself if you don't know how to use the equipment properly. I would worry too much about the operator. If pressed, I would take the rental fee, but offer myself as the operator for no additional charge. But I would have to be desperate. Even talking about it makes me uncomfortable. I can tell you are, too. Hard call. You may get used to it after a while, but it would be hard.
Of course
Would I rent my mini-ex, sure, it comes with the operator......ME! My tractor, maybe (bought it used, the mini-ex was new and still not scratched up, tractor had some "wear" when I got it). But I didn't buy my mini-ex for to make money, I bought it to make my life easier/more enjoyable with what I want to do. Had I bought it to run a business and make money, likely would have started with a used machine that would be "more profitable" to start with and then would be more likely to rent it out to someone I know (not just some one off the street, they can go to the rental yard). Hope it goes well for you and can understand the reasoning and apprehension. Hard to argue with 1 week to more than cover the payment for the month though, it is just a "tool"....... Have a good one!!
It will be ok when u get her back . Is he using it to build a 😮Kwanzaa hut? Lol
Yeah I would. Especially to a friend
No.
5 children? And you have insurance. Yeah I'd rent it out. Y'all got to eat.
Morning brock, I personally think it's the right decision you know the individual and unlike a rental company they don't know the individuals and you happen to know this guy so I think I think it's a great great decision be safe and look forward to seeing some more skid work down the road
I don’t make payments on anything I just buy it outright if it’s for me. With that I mind I also take good care of my stuff and would never rent it out. If I was going to get into the rental business I’d buy the equipment under the business with the intent of renting it out to be abused. If you have payments and are having a tough time making them then sure go ahead it’s better than losing the thing and defaulting.
How Often do you guys think my Bobcat would be out if I started to Rent it ? I’m in Inland Empire
Its a heavy duty machine the operator will have to be almost purposely abusing it to do real damage to it. Dont be to upset though if it comes back with a couple new blemishes.
No, definitely not
I understand being hesitant to rent it, but in my honest opinion you should definitely rent it when you have the option, the machines are meant to run, letting it sit is a waste. renting it out won't cause as much damage as your brain thinks it will
I coudlnt do it, too many moving parts on my excavator. If Im not in the seat, Im not renting it out. if I needed the money that bad, Id just sell it. Now Id be open to renting out the attachments.
Nope, I wouldn't rent out any of my machines,
Why
NOPE. Bought what I got for personal use, and that only. A “friend” in need? Absolutely, I am there with my equipment. But, we all make our own decisions. No judgment here. Heck I’d rent from ya😂
I have found out it is a lot better off not to let anyone use your stuff. It always comes back, abused and tore up. They don’t care it’s not theirs.
The only way I would rent it is if I was the operator. One split second and they tear it up and it will eat up that $1500 and then some. It would be rent machine and operator only. Just because he is suppose to be the main operator doesn't mean that's how it always goes. Honestly in 40 years of equipment ownership and usage. I don't buy something and stretch myself so thin as it can cause a financial burden wise with me that I have to rent it out all the time. If I buy something and I make money with it fine as the operator but if it sits under shelter it doesn't financially hurt me either.
Also rental companies make money because they aren't dependant on one machine. While they may have a repair bill on one machine and they lost money on it but they have dozens more that they are making money on.
Renting out your machine is a bad ideal . You can’t compare personal machines to rental companies. Rental companies have a high maintenance cost to keep them running and replace the machines on a timely manner, where as the home owners trend to keep their machines longer.Hope you don’t get costly damage wear from renting that will effect the life of Your machine…
I am completely in the camp of not loaning or renting my equipment. You limited your exposure by knowing the person you are renting. Much like any other business, it takes time for the word to spread about your work. I am sure with a machine like that it is just a matter of time until you are turning down business.
Thanks
Can't be emotionally attached