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How to Turn your Vehicles into Assets

Jeremy:
Have you ever thought about turning your vehicles into assets instead of liabilities? One of the really cool things about the way that our current internet economy is structured with sort of the sharing economy, is that it’s possible to take the things in your life like your house, we’ve talked about that to podcasts on that, and turn them into assets so that you’re generating some income. One of the reasons why we talk about this, and why we’re excited about it is because, for a lot of dads with young families, you’re constantly trying to balance how in the world am I going to bring in enough income in a way that’s going to help me spend more time with my family? Is there ways for me to take some of the things that some of the assets that we are generating in this early stages of the family, turn those into assets that can produce income? And then, create more freedom for the family, more integration, and so Jeff has been experiencing are experimenting with Turo?

Jeff:
Yeah.

Jeremy:
Where you can like post your car, like car sharing. Talk to us about that experience.

Jeff:
Yeah. It’s basically like Airbnb, but for your cars, where you’d basically personally list your car and then people can rent it, just like a rental car company, there’s insurance and all. It’s a great platform from a professional side. There’s insurance, they have great service, great customer service. And yeah, they’re disrupting the car rental industry where I think they’re pushing back against all the annoying stuff people hate about rental car companies, right? Where there’s not all these hidden fees, the price that it is as the price that it is. It’s super convenient, way more seamless than getting on a shuttle and doing all this paperwork and it’s digital and easy and native, and it’s just way more seamless. So, yeah.

And then, on Maui, granted, we live in a place that is really great for it and we have a lifestyle that’s great for it. We work from home, but we have two cars. And so, for us, it was just kind of a might as well. Let’s just toss it out. Because you’re in control, too. You can like do one, you can put it up a little, put it up a lot, make the price really high, make the price really low. You’re just in control of every little setting. And so, I just put them all up, all of our cars and, and they start doing really well. Right?

And I think, again, because partly on Maui, and so for me, it’s really changed my thinking of like, man … Because I actually hate cars. I hate them. I can’t stand how they’re just … They are a waste of time. They’re a waste of energy. They’re a waste of money. You just sink money into them. I absolutely hate spending that amount of money on something that’s just going to depreciate, depreciate, depreciate. It almost makes me angry if I start thinking about it. I just wish we didn’t have that. But that’s the world we live in.

So, to me, I really liked that I was able to hack it, you know? Where it actually flipped it on its head where now, yeah, our cars actually make us money. Right? To the point where we even got another one because, just to put in the rotation of like making it so it’s not inconvenient…

Jeremy:
A third car?

Jeff:
Yeah, because it was like, why would we … Because now basically it puts it … Because at some level, when you have some and then you’re renting them out, then it’s like, “Oh, it’s a little inconvenient if we need to go somewhere.” So we’re like, “Oh, let’s get one more car in the rotation so that we’re kind of less without one car, or less likely to be with that one car.” And then, wow, also put that in the rental rotation. So, it’s really sweet. [crosstalk 00:00:03:04].

Jeremy:
So, people just show up at your house and pick up your car? Is that how it works?

Jeff:
Yeah. Well, I don’t do my house so, sorry guys. Hey, if you are listening by the way, and you guys are visiting Maui, hey, rent one of the cars. I come with … And to me, this is another side note too, by the way, I’ve loved it, too. There’s things that have been unexpected blessings. Like one of them is I really love the hospitality side of it and the humanizing side of it. Even one small thing of I’ve noticed that people bring the cars back really clean in general. Some people have not taken care of them, but in general, most people have brought him back almost spanking clean. You know what I mean? They vacuumed it or they wiped it down or all these other things.

And I’m like, “Man, I wonder if that’s because it’s a personalized transaction,” right? When they know that they’re taking the car from me and then also going to meet me and give me back the keys right in front of me, knowing that it’s our personal car, you treat it differently. Right? And so I’ve even loved the humanizing side of it. I’ve loved that side, where I, everyone who rents from us gets a little shave ice gift card, water, a handwritten note from us.

And then, I’ve totally tapped in all the kids. So, the kids, every time we have to wash the car, it’s all of us do it. Every time we have to go drop it off at the airport, we all go together. It’s just this kind of fun … Again, we’ve hacked it where it’s like, how can we hack it, make it an asset? How can we make it as a family team, little activity? It’s super easy to give a bunch of little tasks and stuff to the kids to make it feel like, “Oh, we’re doing this. Not just dad’s doing this.” The kids love it. They think it’s funny.

And, yeah. And basically that’s it. I set the pickup location, like down the street from our house. I just go there and give people the keys, or if they check the airport, I go to the airport. It’s super fun and super easy. And so, yeah, that’s what I would say guys is like …

And then, there was another guy who messaged me, too, when I started talking about it on social media who … Because it depends on your city. It depends on where you’re at, and some cities might not work. You can check, but Teslas do really well, in general, anywhere you’re at. Right? And so this guy, what he did is he just financed a Tesla, which was really expensive, but then just started renting it out for 250 or 300 bucks a day. Only had to rent it out a couple of days a month.

And then, way he did is, he didn’t want a Tesla. He wanted a big truck. So, he basically got the Tesla, he rented it out for a year, sold the Tesla back and then had all the profit to buy the truck. So, he basically like used the Tesla to generate the income because that does better on Turo than a truck to buy his truck. Right? So, there’s different ways to think about it, just always being creative, always thinking outside of the box. But guys, tap into the resources you have leverage them for your family, for your team, and get creative. I think we’re in a world that allows that more than anything.

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