S1: E25: How You Can Make Over $10,000 As A Turo Host With Yuly Torres From Engineer Ur Life
Dec 3, 2023
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Yuly Torres, a computer engineer with a diverse professional background, shares insights on making over $10,000 as a Turo host. They discuss the financial opportunities of Turo hosting, listing requirements, service fees, tax benefits, and considerations for hosts. They also explore the flexibility of pick-up and drop-off options for guests.
Thoroughly research the Turo market before listing a car, using tools like Turo's calculator and a chrome plugin to gather information on demand and rates in specific areas.
Understand the insurance requirements for Turo rentals and explore commercial insurance options specifically designed for car sharing to ensure coverage during non-rental periods.
Utilize the convenience and benefits of using the Turo platform, such as vehicle vetting, guest communication, payment processing, and potential tax benefits.
Deep dives
Overview of Turo and Making Money with Car Rental
The podcast episode explores the platform called Turo, which allows people to rent out their cars and make money. The host shares that he has experience with other gig economy platforms like Uber and Lyft, but has never tried Turo. He introduces the guest, Yulee Torres, who has a YouTube channel dedicated to Turo and provides valuable insights. They discuss the requirements for listing a car on Turo, including age, mileage, and title restrictions. Insurance is a critical consideration, as personal insurance policies may not cover Turo rentals. The guest suggests looking into commercial insurance options specifically designed for car sharing. Delivery options for guests and upselling extras like car seats are also discussed, providing additional revenue opportunities for hosts.
Researching and Calculating ROI for Turo
The guest emphasizes the importance of thoroughly researching the Turo market before listing a car. They recommend using Turo's calculator and a chrome plugin that analyzes Turo data to gather information on the demand and rates in specific areas. They caution against simply picking a car based on personal preference and highlight the need to study the numbers and projections. The guest shares that the ROI varies depending on factors such as car type, location, and individual circumstances. Different hosts have different costs and strategies, which can affect their profitability. It is advised to take into account all these factors and make informed decisions when entering the Turo business.
Insurance and Safety Considerations for Turo
One crucial aspect of operating on Turo is understanding insurance requirements. The guest explains that personal insurance policies may not cover Turo rentals, and hosts can face serious consequences if they are involved in an accident during the off-rental period. They suggest exploring insurance options specifically designed for Turo, such as ABI, Lula, and GMI, which offer commercial policies to cover the car during non-rental periods. They also highlight the importance of maintaining the car properly and ensuring good tires for guest safety. Contactless options, like the 'Turo Go' feature for remote vehicle access, are discussed, offering convenience and flexibility for both hosts and guests.
Insurance policies for rideshare and car rental
The podcast discusses the evolving insurance policies for rideshare drivers and car rental platforms like Tyro. It highlights the importance of researching and finding rideshare policies to avoid potential issues with traditional insurance companies. The podcast also mentions the possibility of insurance companies catching up with the changing landscape and offering better solutions.
Benefits of using a platform like Tyro and tracking mileage
The podcast delves into the advantages of using a platform like Tyro for car rentals. It emphasizes the convenience of the platform handling tasks such as vehicle vetting, guest communication, and payment processing. The discussion also touches on the tax benefits of renting out cars and the importance of tracking mileage. The podcast mentions the potential development of an app to automate management tasks and track expenses more efficiently.
In this episode of The Side Hustler's Society podcast, Elijah Bilel will be talking with Yuly Torres from the youtube channel Enginner Ur Life about how to succeed as a Turo host. This includes answering questions like how do you get started with Turo and what a Turo host should know about puting their vehicle for rent on the platform.
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