How to start a rental car company using Turo. That's Turo, TURO.com. Boy, do I have a secret
to share with you. Did you know that I make more money on some of my rental cars than I
do on some of my rental properties? Yeah, it's true. I make more money on some of my cars than
I do some of my houses. And in fact, I even have a student, KJ Steer who is going to share with you
how he started his own rental car company using Turo and how he makes hundreds of thousands of
dollars in the process. And more importantly though, how you can do it too. Let's go.
This is so exciting. So, let's first start off. KJ, tell us what is Turo.
-That's a great question. So, Turo (t-u-r-o) is a car platform where you can list your car
similar to Airbnb. As I said, you list your car for whatever price you like.
And people get to rent your cars drive your nice cars as you can see behind us all these beautiful
cars where really you rent them they come pick it up. You can deliver it. You have so many options
to make your car payment and then some is one of the easiest businesses to get into
even cheaper to get into than Airbnb as it comes with all of these restrictions. Nope. You can
even start with your personal car. If it's just a car that you have or you have an extra car,
go ahead and list it and start making money with that car. -So, tell us KJ, how did you get started
with this rental car business using Turo? -That's great. So, Noelle, I really had two Airbnbs. I
got them early when we first started coaching to really start to generate income. And as I really
do love cars, I've been a car person since I was really young. It's just been a great way to find
cars that people want to drive especially being in the Orlando area. People come the theme parks
and all that things. So, I actually started with one SUV. You know, get the bigger cars. You know,
I didn't have to put too much down especially as you learn to build business credit. You can even
buy them with business credit. Swipe of a credit card. And it was just such an easy way to get
these cars out there to the public so I can start making money especially you can pair them with
your Airbnbs. -Okay. Okay. So ,this is what I feel like I'm hearing. You started with the Airbnb. So,
let's just even talk about that. Before we even got into the cars, you were doing Airbnb. So,
tell us about that and then how that then shifted to renting cars. -So, yeah. So,
as I started in Virginia, you know, I was unemployed. It was terrible where my unemployment
checks going to daycare just to put my son somewhere as my wife was working 14-hour shifts.
And so, I took a leap of faith. You know that's where I moved to Orlando. You know, I
got with you to really change who I was. I was tired of being in corporate America where at
first I thought this was the most money I was ever making. To realize they don't really care about
you as they make it seem. And so, when I got here, I really took a leap of faith. You know,
believed in myself that I could become you know similar to you. Make the money that I wanted to.
And so, I got the first 2 Airbnbs. I got 2 little apartment units where I was able to rent them,
start seeing that I can make money doing this. -Yeah. -And then I was like, "What if I could
do another passion of mine? Get cars?" -Yeah. -That people would want to drive. And then start
creating packages for people to just come down and really get to enjoy having a luxurious apartment
or you know Airbnb with a nice car to drive. -With a nice car. I mean, that is brilliant. This is why
I absolutely feel like I just love younger people. You know, you're younger than me and you guys have
these brilliant ideas with all of the technology and these websites that are out there. So,
let's go to the next thing. How did you find out about Turo and get this whole business started?
-So, Turo actually came about when I was just scrolling on Instagram crazy enough. I know, just
scrolling... -Young people, Instagram. -And so, I was just scrolling Instagram and it just popped
up. And I was like, "What is this?" And so, I started looking into it more and I was like, "Oh,
my God. Someone created another platform that you can use your personal properties and your assets
to make more money." And so, I really looked at it and what type of cars were being listed. And so,
I saw everything from a Toyota Camry to Lambos and all the nicer cars. And I was like,
"Wow!" -Yeah. -I just couldn't believe it. So, I really again, took another leap of faith. I used
my business as I was building business credit and starting to have those trade lines to,
"Let's go get a car." -Yeah. -Without really having to... You know not crazy many mileages.
And then even crazy enough and Hertz. If you know during Hertz, that time Hertz was going
out of business I was like, "Wait a minute. I could go get.. I can get a car under value
and make money off of it?" It was too perfect. iI was just an opportunity that just presented itself
that I somehow manifested because I wanted cars. I really did. And so, I took advantage
of another business going under to go get cars. -That's crazy. -And that's one of the things that
you learn as an entrepreneur. Pay attention to the news. Pay attention to other companies because you
can do it too. These companies become advantages for you. -Okay. So, say that part again. Because
I don't think people are getting what opportunity you're talking about. What happened with Hertz and
how was that an opportunity for you? -Sure. And so, with the pandemic, you know, people weren't
going anywhere. It was just crazy. Everyone's stuck in the house. And so, these car rental
companies started to see the negative effects of having all of these cars, these giant fleets
with nobody renting them. And so, unfortunately Hertz debts started to rack up. And then they
had to start selling off their inventory. And so, they put it out to the public. "Hey, we're going
to go through a..." You know, they're going to go bankrupt. They're going to follow chapter 11. And
so, they started listing all of their cars under market value. And so, these... All of these cars,
just all of these cars were available 10-12 thousand cheaper than what you would have went
and bought it at a dealership. -Wow. That's crazy. Whoa! KJ just made a great point there and I'm
going to tell you a super secret step on how you can make even more money with Turo and with your
rental car company. So, one of the first things that you can do of course is finance some cars
like KJ did. But the second thing that you want to do is start getting some cash cars. Meaning cars
that you can buy for cash for like 2,000 or 3,000 dollars. You can make a ton of money on those
type of cheap cars. And you can use them on other sites besides just Turo. Sites like hyrecar.com.
These type of cars will make you a ton of money. You don't have a payment on them
and people can do unlimited mileage on them so you can have an array of different types of cars
in your rental car portfolio that you're making money off of. I absolutely love cash cars. Now,
back to this episode. Okay. So, this is the fun part. We are going to tell you how to do this. KJ,
answer this question. KJ, how did you get started with your rental car company using Turo? Step 1.
-That's a great question, Noelle. So, first thing I did was I had my 2 Airbnbs cash flowing where
they were making enough money so I can go buy a car. As my business was not over 2 years, I took
the first car, my 2019 Grand Cherokee, I got that in my personal name. And so, once I got this car,
I instantly listed it on Turo. Remember, I found Turo on Instagram as an ad. Crazy enough. And so,
once I listed this car and crazy, that car is so popular with everybody. I don't even have it.
I know. -So, wait a minute, let's go. How did you decide on the Jeep Grand Cherokee because
I think... I feel like you knew it would do well. And that's why it's not even here. It
stays booked. -Yeah. And that's crazy. The reason why I knew it was gonna do so well is because
that's jeep's luxury jeep. And I knew it seats 5 people. It has enough space, looks beautiful,
catches people's attention and I knew everybody who was coming to Orlando was going to love it.
-Yeah. Okay. So, step one, you got a car in your personal name. That's very easy. You put it on
Turo.com, did you put it on any other website? -So, no. I did not list my 2019 Grand Cherokee on
any other site but Turo. However, as I started to gain more capital, I came across hyrecar.com.
And this is another way you can list your cars especially the cheaper end cars where people get
to rent it and take it and do like Uber eats and things like that and you still get paid. -Wow.
Okay. So, I see that this business is really big. So, step one, you get a car, you put it in your
business's name. I'm sorry. You put it in your personal name. You weren't able to put it in your
business name because it was your first car. Have you been able to put cars in your business's name?
-Yeah. I actually have. And as you can see, my 2020 Jeep Wrangler. I was actually able to get
this one in my business's name. So, the crazier part, I didn't have to put a dime down. Literally
all business credit. And so, I was able to just swipe a credit card and come home with this
beautiful car. And now, know if you can slide just a little bit, as you can see, I actually did some
very cheap modifications under $300 just to give my car some pop because Grand Cherokees
are customizable that you want it to be yours. You don't want it to just be the off the lot. No.
Take just a small bit of money, make it look nice and then everybody's going to want it. And you can
even increase your price over your competitors because yours looks nicer than theirs because
it catches everybody's eye. -Okay. So, you're customizing your cars, you're making them your
own. You're making more money. Talk about how much money you make with Turo on your cars and what you
do when your cars are booked. Like how do you get around then? -That's a great question. And so,
because all of our cars are so loved, once my cars are all booked, I actually still drive my
first car that I bought. My 1999 Toyota Camry. It looks a little old but it's still... It works. It
gets me from point A to point B. And you can still keep your lower-end cars to drive around
as your nicer cars get rented out. And so, for cash flow, I actually ease them. I almost double
all of my car payments and utilities including insurance. And the car washing fees that I
pay. I make just enough money where they're cash flowing by themselves. And I can easily
get another car if I wanted to. -Wow. Okay. So, now that you're making money, you have your cars.
How many cars do you have? We have 5 here. But how many cars do you have, KJ in your rental car
business? And how much money do you make with those cars? -And so, as you can see the 5 cars,
I actually have 7 cars in total. There's another car on the way. Can't wait for everybody to see
it. We'll put a picture up. Because we know it's coming and he's already put the deposit on it. So,
send me a picture and we're gonna... You probably are looking at a picture right now of KJ's latest
car. A Tesla Model S. -And so, it was just a great addition. I had to go get it because I knew
the model X was doing so well. I had to get the luxury sedan. And again, I didn't have to put much
down for this especially using business credit. So, first up is the 2020 Jeep Wrangler Sahara.
This rents for about 120 a day during the week and about 127 on the weekends. Great addition. Very
customizable. Can even take the top off. Everybody loves this especially going to the beach. Next up
is the Porsche Panorama. This actually is a fun car to drive. Very sporty. This goes for about
155 a day during the week and about 168 on the weekends. Lovely car. Beautiful red interior.
Love to drive this car. Makes everybody want to say, "Who's in that car?" Oh, man. I can't wait to
tell you guys about this one. Now, this blacked out range goes for about 310 during the week.
About 330 on the weekends. Just blacked out all the... Everything you could ask for. Makes you
want to drive this. Makes you feel like you're an artist coming out of a music video. I mean, who
wouldn't want to drive this. This Audi makes you feel like the luxury business person that you are.
Makes you want to just drive this. This actually goes for about just under 100 a day during the
week and about 105 on the weekends. Luxury makes you want to feel nice and rides uber smooth.
I mean Elon might be onto something with these model Xs. They're just super futuristic. This
is actually goes for about just under 300 a day. Everybody wants this. Kids love it. Has games.
You want to drive this. And then on the weekends, it goes up about 305. I mean, who wouldn't want
to drive this lovely car? -So, if you want to learn more and start your own rental car company
the same way that KJ did, I have an amazing offer. We created a course that you can get
at expressbizbuilder.com. This course will teach you expressway to start your business from scratch
so that you can have a legitimate business that can make money and start doing things for you.
I want to make sure that you have a business that makes you money each time, that is legitimate,
that gets you tax deductions. A real business that you can scale and grow the same way that KJ did.
This is an affordable business that will teach you how to set your business up, how to maximize it so
that you can get business credit and business funding the same way that KJ did. You want to
make sure that you get this course because it is super affordable and it teaches you exactly what
you need. Again. Go to expressbizbuilder.com and get your course today so you can start
your own business. I just want to make sure that you have all of the resources, all of the tools,
and all of the knowledge that you need to be successful. This is Noelle. To your success.