Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
I just listened to the most recent BP podcast feat. Jesse Vasquez. I LOVED his advice on offering a rental car to MTR tenants.
Renting out my car is not a new venture for me. I did it for a little over 2 months through Turo while my husband was deployed. It worked out very well.
We're now in need of a larger car because we're having twins in June. My plan was to keep my old car to rent out and mitigate or eliminate the new car payment. Jesse's idea to market to my MTR tenants is perfect. We are launching our first MTR May 1st.
Here's my only concern--If the tenant doesn't want it, or we don't have a tenant at that time, I want to make the car available to the general public via Turo. I'm going to run into a situation where a tenant is coming on a Wednesday and needs the car, but it's already rented via Turo through Friday. Any suggestions on coordinating the rentals?
Hey Nicole! I rented out my spare vehicle for 2+ years on Turo, glad to see you're trying to maximize your income streams as well!
Once you lock in a MTR lease, I would offer the car rental option for a certain number of days (5 for example) following the signing. If after 5 days they don't request the car rental, then you should feel comfortable posting it on Turo for the general public to book. You can always inform your tenants of vacancies so they can book the car between public bookings. I would just recommend that you only allow tenants to book via Turo to ensure you have the proper insurance coverage.
Hey Nicole! I rented out my spare vehicle for 2+ years on Turo, glad to see you're trying to maximize your income streams as well!
Once you lock in a MTR lease, I would offer the car rental option for a certain number of days (5 for example) following the signing. If after 5 days they don't request the car rental, then you should feel comfortable posting it on Turo for the general public to book. You can always inform your tenants of vacancies so they can book the car between public bookings. I would just recommend that you only allow tenants to book via Turo to ensure you have the proper insurance coverage.
@Nicole Heasley Beitenman it comes down to calendar management. If you current tenant doesn't want the car and is there for a month, open the calendar on turo, but keep it blocked for after that time and only open it after you hear whether your next tenant wants it. You can keep the car at the location of your MTR and have turo renters pick and drop off from there.
I rented my car on turo for a few years back in 2016 but found it to be a hassle. You would have to either live close by for easy check in and out or try to find an semi automated way to do it. I have rented turos where they required that we returned it washed and vacuumed, so the owner didn't have to do it. There are creative ways to make it work.
@Nicole Heasley Beitenman it comes down to calendar management. If you current tenant doesn't want the car and is there for a month, open the calendar on turo, but keep it blocked for after that time and only open it after you hear whether your next tenant wants it. You can keep the car at the location of your MTR and have turo renters pick and drop off from there.
I rented my car on turo for a few years back in 2016 but found it to be a hassle. You would have to either live close by for easy check in and out or try to find an semi automated way to do it. I have rented turos where they required that we returned it washed and vacuumed, so the owner didn't have to do it. There are creative ways to make it work.
Great suggestions! My PM (who also happens to be my father) is willing to manage the car rental in addition to the MTR. He lives on the same street as the MTR, so if they don't want it, he can keep it at his place and take care of the car rental from there.
Hey Nicole! I rented out my spare vehicle for 2+ years on Turo, glad to see you're trying to maximize your income streams as well!
Once you lock in a MTR lease, I would offer the car rental option for a certain number of days (5 for example) following the signing. If after 5 days they don't request the car rental, then you should feel comfortable posting it on Turo for the general public to book. You can always inform your tenants of vacancies so they can book the car between public bookings. I would just recommend that you only allow tenants to book via Turo to ensure you have the proper insurance coverage.
Hey Nicole! what we did is we actually got our cleaners involved in this as one of their tasks. We promoted an individual cleaner to be specifically in charge of cleaning, filling with gas, and managing the calendar. Calendar management is important but thankfully since these guests or staying so long it makes things quite easy. If you were operating on the short term side, this would be somewhat difficult to maneuver.
I suggest using Turo! But as you build in the space, you may want to get an umbrella coverage as Touro charges 30% or more for insurance coverage.