Rental properties versus rental cars. Oh, this is getting good. As a long-time real estate investor
and someone that has made millions in real estate, are rental properties or rental cars
a better business? Which one makes more? We're going to talk about which one is better. Let's go.
I'm going to explain to you the difference between rental properties versus rental cars and give
you the pros and cons of both. I'm going to share with you a surprising secret about rental houses.
And I am going to share with you my biggest secret on how to get a rental house or a rental car
with little to no money. So, let's talk about rental houses. There are so many benefits to
rental houses. And I want to tell you all of the difference because I like starting with the good.
Like I said, I'm Noelle Randall. Real estate millionaire, entrepreneur,
mentor and mom of 5. And I have made a ton of money in real estate. So, rental properties
is definitely something that I know very well and how I created so much of my wealth. So,
let me tell you about the benefits of them because there are so many. There's definitely some cons.
And we're going to get into that a little bit later. But let me tell you how rental
properties are awesome. Because there really are some amazing things that I have done to change
my whole financial situation. Rental houses have so many benefits. Like I said, long-term income,
cash flow coming in each month. Rental properties actually increase your net worth. So, as you are
building your net worth and you're getting more rental properties whether you have equity in
them or not, it is increasing your net worth. Because if you had even a little bit of equity,
a rental property is an asset. And the more assets you have and a higher your net worth is,
the more people will lend to you or to your business. I have created so much wealth for
myself, my family, my children through rental properties. Like I said, when I was getting many
of these rental properties, I had enough money to quit a job, a 6-figure job. You can have rental
properties that you keep and bring you money in each month whereas the tenant is paying the rent
and you are paying down your mortgage. And so, you have 2 benefits right there. You have the
money coming in from the tenants. So, you can pay your mortgage. But then also, each time
you pay your mortgage, you are paying down that balance and creating more equity for yourself. So,
even if you only keep your rental property 2 or 3 years the way that I do most of mine... And we'll
get into the strategy a little bit later. But if you only keep your rental property for example 2,
3, 4 years (that's usually about as long as I will keep mine) and you have the tenant paying down the
rent, usually when I sell my rental properties, I walk away with a large check --50,000; 75,000.
Hundreds of thousands of dollars in some cases. But usually at least 75 or 100 thousand dollars
after just having it a few years. So, again, not only did I have that money coming in, as you sell
your properties off, you get those large lump sums of cash that really boost up your wealth. And then
we'll even get into some tax deductions and 1031 exchanges and all these awesome things that you
can do to really preserve your wealth. So, let's get to the next point about rental cars. So, when
this wonderful year that we are in, there is so much opportunity to not just do rental houses. You
can have rental cars. In fact, you can almost have your own rental car business. Now, when I started
investing in real estate in 2010, you know, 2009, the correct way, I have been very successful
in real estate in these past 10, 11 years. I have made millions. But in the past 2 years,
something surprising has happened with rental cars. There are so many websites, new apps such as
Turo (T-U-R-O) and HYRECAR (H-Y-R-E-C-A-R). Where you can use your own car in rent it out to other
people and make money when you're not driving your car. This has completely changed when it comes to
rental cars and how you can make money. Literally, instead of having a fleet or a portfolio
of rental houses, you can have a few rental cars and make a lot of money. I literally have students
that made 6, 8 thousand dollars a month of a few rental cars, not rental houses. And one of the
benefits of rental cars, getting a car is a lot easier in most cases than it is getting a house.
It's a lot faster, you can get a car in just couple of hours even if you're financing it.
No long process of getting a mortgage or contracts and all these things. I've literally have bought
2 and 3 cars at a time in one day. And you can do the exact same thing too. Cars are really easy to
get. The credit doesn't need to be as good to get financed for a car. In fact, you can have terrible
credit and still get 2 or 3 cars. Additionally, cars are much cheaper each month. Obviously having
a rental property, you're going to have to pay the electricity bill and the taxes and the insurance.
All of the expenses that goes along with keeping up real estate which can be one of cons that
will get to a little bit later with all of the maintenance required for a rental property versus
maintaining a car. Maintaining cars are much cheaper, much easier, much easier to get done and
requires a whole lot less capital. So, you don't need as much money. And it's easier to do. And let
me tell you a surprise right now. So, let me tell you a big surprise because this is crazy. And I
(again) just found this out in the past couple of years as I have been doing rental cars and rental
properties. I literally have cars that I make more money on than some of my rental propetie.
Yeah, yeah. You heard that right. Let me say it again. I have cars that I make more money on
renting them out to people on a daily basis versus my properties. Properties that I have furnished,
put towels and furniture and all this beautiful.. The Airbnb that I am in now is mine. And you see
all of these beautiful things in here, I literally have a car that makes more money
than a house. Yes. So, let me get into how you get that part done. So, before we get into all
of that, let me tell you the bad. Because this is not a fluffies. Like I said, I'm going to give it
to you and give you the truth. Rental houses and rental cars have things that are bad about them,
okay? There are pros and cons to everything. So, let me be real with you like Noelle always does
and tell you the cons of rental houses. . Rental houses have cons. I have done rental properties
and been a landlord, manage properties and done that for over 10 years. Like I said,
I have over 40 single-family homes at one point and I replaced a 6-figure income as a VP at a bank
with just some rental properties. And some of them are not very nice, I assure you. So, rental houses
is a great way to make money. It's a great way to build your wealth. But let's be honest and let me
tell you some of the bad things. Obviously, you have a higher expense rate with houses.
You know, you could lose hundreds of thousands of dollars if you buy a home incorrectly.
Or if something happens to that home and you're not properly insured. Just using for example. If
you have a fire in the home and you forgot, you let the insurance lapse. There's things
that can really happen to a house that can really take you down. Secondly, evictions. Like I said,
I have been doing rental properties and been a landlord for many years. And for like 3 years,
I managed all of my properties kind of by myself for the ones that run the area that I lived in.
And I can tell you, there were definitely some headaches. I had tenants that would not
leave after the lease was over. We had to call sheriffs and things like that to get them out.
I have had tenants try to destroy the property. Now, this doesn't happen to me as much because
if you look at my playlist, I have an entire playlist on YouTube that teaches you how to manage
your properties and how to some of the things the correct way so you don't make the mistakes that I
did. But evictions, eventually as a landlord, you are going to have to do an eviction. And this is
a big con. Usually, you are evicting someone for non-payment. Meaning they have not paid you and
you still have a mortgage. So, that is definitely one of the cons with rental properties is that you
still usually have a mortgage regardless to whether the tenant is paying or not and you
are going to be responsible to come up with that money so you usually have to have more money in
reserves, in credit cards, or line of credits or just straight-up savings that you can cover the
mortgage. This can get very stressful, you know, depending on how many rental properties you have,
making sure that you have enough reserves kept to the side that you just leave and you don't touch
available for your rental properties. And even if you don't do long-term tenants, you will still
have cons. Like I said, now I don't do long-term tenants where I rent out properties that are
unfurnished and vacant and I rent them out on a monthly basis. Now, I do short-term rentals,
Airbnbs. And I have a nice portfolio of those. And there are cons to Airbnb as well. You may
have guests thay have parties. You may have guests that smoke in your property. You may have guests
that steal TVs. Literally, I've had guests steal TVs. So, there are definitely things that go along
with Airbnb that are definite cons. But obviously, the money that I have made has outweighed all of
those cons. But I need you to know there are some. Let me tell you the cons of rental cars.
So, now let's talk about all of the cons and the bad thing that have to do with rental cars. So,
like I said, rental houses have appreciation. Usually, houses go up in value over time. So,
when you sell them after 3 or 4 years, you have gone up in value and you make even more money
on them. That is not the case with cars. Because usually cars are considered depreciating assets,
real estate and homes are usually considered appreciating assets. Meaning, they are going
up in value over time. But cars lose value or go down in value over time and as you use them.
Not the same with real estate. So, those are 2 major differences between a rental properties
and rental cars. Rental cars lose value. If you drive a car and have lots of miles on it,
it is depriciating. It is going down and down. So, if you keep a car 3-4 years, you are not
going to sell it usually for more money than you paid it for. Just being really honest with you.
Until you get into some higher-level stuff that I am going to teach you if you watch the video
on how to start a rental car company using Turo. I've made an entire video teaching you that and
the strategy so that you don't lose money on your cars. But that is a big con of rental cars.
They go down in value. And when you sell them, you usually are not getting very much for them because
of the mileage. So, you have to be very strategic on how you buy them and how many miles you let
get driven on your car. That's the first thing. The second thing. And this is a major con on
rental cars. They are easy to crash. Yes. They are very easy to crash or damaged. And scuffed up the
tires, flat tires. Someone scuffed up the rims on my car. You know, driving it too close. So, it is
very easy to damage a car much more so than it is to damage a rental property. Like people have to
be very deliberate and malicious to break couches and steal TVs. They are really trying to do that.
But oftentimes when someone's just driving your car, doing a really good drive trying to do their
best, they can still damage your car or get into a car accident. And so, there's more of that with
rental cars. And you really have to be prepared and have a little bit more reserves or people
that are available to fix your cars fast because it happens very often. So, that is a big con.
But again, I'm going to tell you the conclusion to this because it's very important so you know
which one is best for you. So, like I said, I do rental houses and rental cars right now. So,
the bottom line to this is you should probably do both. Yes, rental houses and rental cars have
pros and cons. But I've told you all of the pros and cons of both. And rental properties and rental
cars have some amazing benefits. And they can make you up a lot of money if you do it as a
business. So, let me kind of give you some tips on you really turn this into a business
and make a lot more money with this. I was able to quit my 6 figure job with rental properties. So,
it's always going to be my suggestion that you do rental properties, you do real estate in some way,
shape, or form. It's still the number 1 way to wealth. Just being honest with you,
if you look this stat up, you will see that 89% of all millionaires were created so
through real estate. That was true over 100 years ago. And still true to this day. So, I would never
in a million years tell you that you should just do rental cars or that rental cars could ever beat
rental properties. With rental properties, there's definitely some headache. But you can grow
as you grow. So, my story, I was able to quit my job with just some rental properties. Just regular
houses and different suburban-type neighborhoods. Nothing too crazy. Apartments, condos. You know,
nothing too crazy. No mansions, no beautiful luxury, anything. So, I was able to just take
regular types of houses and make money off of it. When I got into the rental cars, I started
with newer cars. And you could do the exact same thing. You can get zero and 2% and 3% interest
on cars that are brand new or just a couple of years old. In fact, I suggest that you get cars
that are a couple years old if you're going to do a rental car business because that's what
you can do now. You're not Hertz or Enterprise or National or any of these large rental companies.
You are your own business. So, you can just buy a car that's a couple of years old just like I
bought some rinky-dink rental properties and start making money on them. You really can do both.
You just want to make sure again that you get your business license, that you get your EIN, that you
get your professional phone number, and all of the things that I teach you when you're starting
a business. If you don't know what to do, please check out my link to the playlist where I teach
you how to start a business. It's all absolutely free on YouTube. So, I have created an entire
course where I am teaching you all of this and more. I teach you my exact formula to investing,
how I got started with little to no money and without risking a lot. And you can do the exact
same thing. I have this free training. Please go to noellesfreetraining.com. That's Noelle
(N-O-E-L-L-E with an S), NOELLESfreeTraining.com. There is an entire couse, it's about an hour long,
just a little bit too long for me to teach here. But it will break down my exact steps and exactly
what you can do too. 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.