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We do a market analysis in every single area because it can change.
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But if we're looking at just the United States in general, what I've seen become the most profitable and how I've built my business, we're talking economy cars here that are older, higher miles, and we're trying to find them for about under $12,000 with everything said and done to have the car ready to go.
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Because these $10,000 to $12,000 cars are renting for the same amount of money as a $25,000 or $30,000 car.
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You don't win by following the playbook.
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You win by rewriting it.
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700 episodes deep with the people who actually built something real.
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No theory.
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No fluff.
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No shortcuts.
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This is Right About Now with Ryan Alford.
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Hello and welcome.
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It is right about now.
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This is Ryan Offord, your host.
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Hey, it's all about legendary people doing legendary things and legendary business advice.
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We cover things that you've heard of and legendary people doing something that you probably know what it is.
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And you're like, damn.
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How did they do that?
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And then there's stuff that you're like, I've heard of that.
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Seems like an interesting side thing.
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What the hell?
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We're talking to car rental coach.
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He is George Madden.
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What's up, George?
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Hey, how's it going?
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Great to be here.
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Hey, man, I'm curious.
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This is an interesting thing.
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If you've seen the app Turo, which I have.
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I always thought that was a brilliant idea.
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It was right when they first started.
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I was like, someone should have done this, where you've got your car, you're not using it, you're in a big city, or you got an extra car, hey, rent your car, do all that.
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It made a ton of sense to me.
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And then I noticed there was like these people that had multiple cars, fleet if you want,
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Okay, I see what's happening here.
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And then I got busy with the million other things that I'm doing.
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And that's about where I left off with it.
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I have rented a couple of Toros in big cities.
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But that's why we went to the expert here.
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George Madden's going to tell us all about it.
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George, talk to me.
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What the hell exactly is a car rental coach?
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Everybody knows that people beat the hell out of rental cars.
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Are you going to teach me how not to beat the hell out of one?
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What are you doing?
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Car rental coach, I ended up creating this business with my partner about two years ago.
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This was after I was already renting cars out for about five years.
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What happened one night, I was scrolling through Facebook and I saw my business partner's ad come up saying, hey, if you have a car and want to put it in our fleet, we rent them out at the airport.
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And he was taking on investors and growing his fleet.
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This was in the evening time.
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I may or may not have had a glass of wine or two.
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And I saw him and I thought, oh wow, there's more competition because at that time I was the largest in Pittsburgh.
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And now I finally saw somebody else.
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I'm like, okay, he can work an ad on Facebook.
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He might be somebody.
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Competition coming in.
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So I filled out his survey to see as if I were a client.
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He ends up calling me.
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We start talking about business.
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I was transparent.
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I let them know that I have a fleet.
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I wasn't spying too much.
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But I said, hey, come on down to our car lot one day and let's just meet and see what you're doing.
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So we both started talking about our goals with growing the rental car fleets.
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And we had two completely different clientele.
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So I didn't feel weird sharing information with him.
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He was dealing with airport guests.
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I deal with like 90 percent local people.
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I love competition, you know?
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Yeah, yeah, exactly.
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I'm always about working together.
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But then we started talking and I said, do you get messages from people all the time asking you how to start this business?
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Because at this point, I had family members, friends, and then, you know, random people from high school from 12 years ago that I barely talked to saying, how are you renting these cars?
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Because I was sharing the rental business on social media.
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I started helping a few people for free.
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He was doing the same thing.
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And at that time, are you familiar with Alex Hermosi?
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Yeah, I know Alex.
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Alex.
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I started reading his books and gym launch where he had a bunch of gyms.
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Then he decided to turn that into an educational business, teaching other people how to do it.
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We decided to follow a similar suit and we started car rental coach to help other people start and scale their car rental business while building ours.
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Because I've always been somebody heavily involved with mentorship.
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I've been to acquisition.com for their workshops.
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When I first started Turo, I paid a guy in Phoenix, Arizona that I still am in contact with now.
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And he mentored me.
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I saw a lot of value in that and what we do, we help everybody overcome mistakes.
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We help them get set up with the proper insurance.
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We make sure that they're picking the right cars.
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So we do a full market analysis.
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We do weekly coaching and group calls with our community so everybody can learn from each other.
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We give best insurance practices on how to handle a claim, how not to panic, how to make sure that you're receiving every single dollar you're owed.
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We set them up with the right tracking system, the right hardwired trackers in these cars.
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So when they're stolen,
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Because it's not if they're stolen, it's when they're stolen.
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We're able to get this car back as fast as possible and put it back on the road making money.
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Because time on the road being rented in this business is number one.
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We have to keep these cars consistently rented to keep the cash flow up.
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And we help with funding, financing, and anything our clients need, we're there for them.
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We have two lessons here that George is teaching the audience.
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Number one, he's created a business.
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He's learned things.
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And while he's going through it, he's documenting.
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So he's created a coaching platform because he's learned some best practices.
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And why not document what he's doing to create content that's valuable for social and otherwise, but also that can be used to be sold because it's useful information and he has learnings that can be shared.
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There's a lot of coaches out there that are bullshit, that aren't teaching things that are that valuable.
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That shit, you can get anywhere.
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This is actually teaching a new concept in business.
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And this is valuable information because it could be a side hustle.
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It could be something there's a lot of curiosity, a lot of questions on, and a lot of pitfalls.
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A lot of them, if you don't know what you're doing.
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So, George, I like this from two fronts.
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The process of you creating the content and documenting it and then creating the course.
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There's some learning just from that in a business standpoint.
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Anyone out there that's looking for something else.
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If you've got knowledge that's actually valuable for an industry like this that has a lot of things that people could slip slide and be in a real bad spot if they didn't know, you can't fake your way through this stuff.
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And then number two, the fact that it's actually a business that can be done effectively if you know the right way to do it.
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What we really like with Car Rental Coach 2, I'm a believer in courses.
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I love them.
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But we put out pretty much all that information for free on YouTube, what other people charge for in courses.
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And we specialize on one-on-one personalized training.
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So you're getting on calls with either me or one of our other coaches who have also built successful rental car fleets.
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And we're working together on a custom plan.
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We're getting on weekly calls.
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And no two people are alike.
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Everybody's at different starting points, has different goals.
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I've had NFL players that I've worked with where they're just doing this because there's such tax deductions on rental cars.
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And they're not worried about making a huge profit.
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They're happy about lowering their tax liability.
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Then I've worked with other people like husband and wife couples who quit their jobs to do this full time.
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Every situation is unique.
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And that's why we like the one-on-one training.
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If you're going to treat it as a business and you're going to buy a fleet of cars, or maybe you have a couple extra cars and you're going to start it.
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One, is there a way to wade your way in the waters of this thing versus, okay, I'm going all in.
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I'm going to go buy seven cars and I'm going to do it.
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What's the counsel there?
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Number two, I'm sure the fear is, okay, if I let somebody use my personal car, it's going to go to crap.
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They're going to take care of it.
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I'm sure there's like these common barriers that probably most people have.
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How would you sort of go, that's fear, not reality?
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I've had clients that have come to me.
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They've wanted to start with a couple million dollars and just buy hundreds of cars to start right off the bat.
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And I always like to realign expectations and tell them that's not a good idea.
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I want to see them scale.
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I want them to do well.
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But I always say start with under 50%.
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five cars.
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One to five cars really isn't that much different to manage, but don't buy a bunch of fixer uppers and not have any of them ready.
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And then they all sit there and not being rented.
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Get one car, put it on the road, learn the system, see if you like it, and then start to scale from there.
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That's good advice.
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I know it probably depends on the market.
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Yeah, I'm sure that does.
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Don't go buy Ferraris.
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If you're in Greenville, South Carolina, they're probably going to sit on the shelf.
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Greenville's up and coming, but it's not LA.
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I've always wondered what the sweet spot is.
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You want it to be practical, you want it to be affordable, but you want it to be reliable.
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But then those cars also want to get 30 or $40 a day.
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How do you find these sweet spots of what cars to get?
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We do a market analysis in every single area because it can change.
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But if we're looking at just the United States in general, what I've seen become the most profitable and how I've built my business, we're talking economy cars here that are older, higher miles.
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And we're trying to find them for about under $12,000 with everything said and done to have the car ready to go.
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Because these $10,000 to $12,000 cars are renting for the same amount of money as a $25,000 or $30,000 car.
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For example, a killer car for me last year, this car brought in over $15,000 in revenue.
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This was a 2017 Mitsubishi Outlander Sport that I got for $8,300.
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This episode is brought to you by High Level.
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Make sure to check out the link in the show notes to sign up for your 14-day free trial.
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If you run a business, you know leads rarely arrive when it's convenient.
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A call comes in while your team is helping another customer.
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If someone reaches out, but the follow-up gets delayed, an invoice sits unsent, or a promising lead gets stuck in the wrong stage of your pipeline.
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I've built enough businesses to know that growth has a way of exposing every gap in your systems.
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That's why High Levels Voice AI and managed AI agents caught my attention.
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When your team is busy, Voice AI can keep that conversation moving instead of letting a potential customer slip away.
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Then high levels managed AI agents can handle multi-step actions across your CRM.
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If you're ready to create better systems and get more from every opportunity, use the link in the show notes to sign up for your 14-day free trial.
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Hey, double what you paid for the car.
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Plus the tax write-off on it, too, because depreciation in this business is huge.
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So a lot of this can be, don't want to say tax-free.
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You have to speak with your CPA on that, and everybody's situation is different.
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But there are great inductions with this.
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Yeah, great deductions with depreciation.
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But besides that, so my fleet's built out of 2018 to 2022 Hyundai Elantra's, Mitsubishi Mirage's, Kia Soul's, all these cheaper economy cars.
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I'm hearing all the secondary cars.
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I'm not hearing Honda.
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I'm not hearing Ford.
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I'm not hearing Chevy.
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I'm not hearing Toyota because those carries too much value.
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I do have two Honda Accords, but I'll only buy them if I can buy them out of steel.
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Usually they're 30 to 40% more than an Elantra.
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And the thing is, they go for around the same amount of money.
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And I'm all just looking at return on investment because we're not putting these on there to rent for the next 10 years.
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Realistically, somebody is going to total this thing in the first three years of it being on the platform.
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And then you're going to get your money back.
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And then you're going to rinse and repeat as long as you bought it right by another car and keep it cash flowing.
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and sometimes profit off the difference from what you bought it and what insurance pays you.
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So if I was looking at them to say these cars are never going to get in an accident ever, sure, I might invest more into buying Honda Accords and Toyota Camrys and things like that, but the case is they're all going to be dead before the wear and tear actually matters.
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How do we insure these cars and protect ourselves when you're not the one driving it?
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And I know the insurance fires the car, not the person.
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I get all that.
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You know how it is, was this way with Airbnb and other things at first, like none of the industries liked this.
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No one embraced it.
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It was a very up and coming way to make money and do things, but none of the other industries cared for it because they didn't know who was liable.
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And so how do we get insurance?
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How do we get coverage?
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And how do we protect ourselves?
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Every state's going to be different with what insurance carriers actually allow this.
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When I started five years ago, there was only really one option.
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Now, there's several companies.
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There's three different companies that I've used myself and clients have that do commercial off-trip rental insurance.
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So this is insurance that covers the car when it's not being rented and it's sitting there and you're using it for business related activities or employees using it for business related activities.
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And there's three different companies depends on what type of cars you have and what state you're in for me to give the recommendation.
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But that insurance for full coverage usually comes to about $100 to $110 a month on each car.
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And then liability only is usually about $60 to $70.
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The way you said that, it screamed a little bit like loophole, but not necessarily like embraced.
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Is that an inaccurate statement of what I heard?
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It's completely legal commercial insurance.
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It's just newer products that have come to market in the last two years that never existed before.
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So if you were to try to do this on your personal insurance, which a lot of people come to me, they're not set up right, the car's not under an LLC, they're putting it on their personal insurance.
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If your personal insurance finds out about that, they're gonna probably cancel your policy or what they're gonna do, they're gonna let you keep paying for your policy and then when you wreck the car and have a claim, they're gonna say denied and they're gonna keep all the payments you gave them already because you breached contract.
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But thankfully, we do have this.
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I don't recommend people using their personal car and renting it on Turo half the time going back and forth.
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It's really just buy a car for this.
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Maybe if you want to test it out with one or two trips to see if it even works, use your personal.
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But really, you should have a separate car for this that you're not driving for anything personally related, and it should only be business.
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And that's how it's set up.
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And that's how 90% of our clients are at Car Rental Coach.
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They're doing this.
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A lot of them build a primary source of income and sometimes just a secondary.
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We have a lot of people that do well, doctors, lawyers.
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professionals that are looking for an income where they can even make an extra couple thousand dollars a month with minimum work.
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I'm just comparing because there's a nice comparison with the Airbnb thing a little bit.
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That becomes such an industry.
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You've got house cleaners and managers and all these one-offs that manage the whole thing for you and you still end up making money.
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It might make a little less, but they manage it all.
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With this, I'm thinking, okay, I've got a fleet of five cars.
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If I'm making it my primary, I probably can manage it all, but maybe I'm a lawyer, a dentist, or a doctor that's listening to this and going, well, I ain't washing five cars every week.
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Is this similar to the Airbnb thing?
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You find a manager and do you still make money?
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Talk to me about how you keep up with all this.
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If you were somebody that wanted to invest in car rentals and you wanted to have nothing to do with it and you didn't want to build out all the systems and employees yourself, we actually offer a service that's called co-hosting.
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What we do, we will match you with people in our car rental coach community that have built very large fleets.
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We have one partner we refer a lot of people to that have over 50 cars themselves and run a very, very tight ship in Tennessee.
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They're absolutely killing it.
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Some of the best numbers I've seen in the United States.
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People will ship their cars to them.
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They'll manage the whole thing, I believe, for about 25% of revenue.
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And then the person that invests just simply gets the check and the tax write-off for it.
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And they do every single thing for them.
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That's an option too.
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So just to give people listening, realistic math, one of these $10,000 cars can bring in about a thousand dollars a month revenue.
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Now let's say you pay them 25%.
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So let's just say two 50 insurance.
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That's a hundred.
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So now we're at three 50, just some wear and tear.
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Let's talk like one or 200 extra bucks.
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So maybe your bill with them is around 500.
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You're still getting maybe 400 to $500 a month on a $10,000 investment plus the tax write-off.
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So it,
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Makes a lot of sense.
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You'll hear a lot of these guys online.
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They're saying, oh, you can make $3,000 a month on an economy car.
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That's BS.
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You can bring in about $1,000 a month revenue.
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There's $30 to $40 price points.
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That's where we get at the end of the month, which is still great, great money when you're talking about something that costs this much.
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Do you help coach people on how you keep your costs low, but you keep your cars reliable?
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When it comes to expenses with these cars, there's two things that are going to always be expenses.
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That's going to be tires and oil changes.
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Obviously there's mechanical things that go wrong, but those are the consistent things.
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We'll look at discount tires around them.
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We'll look at used tire shops.
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It makes a lot of sense to buy used tires.
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People don't realize that sometimes you can buy them 80% life still, but 50% off.
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So we're always looking for a deal on that.
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A lot of people don't realize you can negotiate with some of these commercial chains when you look at a Meineke or something that you see in all the states.
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People think, oh, the price that Meineke gives me is final.
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But if you open up a commercial account with places like this, you can actually negotiate
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They can call and they have room on all of this stuff.
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Sometimes it's like 20% lower than what they quote you.
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They can't say that to you, but then they'll say, let me get approval from my manager and they'll take off 20% off the bill.
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So we teach them how to negotiate, how to shop around to get the right commercial accounts, and then how to find the right people in their area.
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George, where can everybody learn more about what you're doing if they want to hire you as a coach or learn about your content, et cetera?
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To apply to work with us, guys, you can go to carrentalcoach.com.
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We have a 60-second survey you can fill out on our site.
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That's going to see if you qualify to work with us or not.
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If you do work with us, you'll get set up with a call for our team where we will speak with you, see if it's a good fit.
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And if you are somebody that we 100% know we can help, we'll take you on and you'll join our community and work with us one-on-one.
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Appreciate you coming on the show.
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Appreciate your time, Ryan.
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Big fan of the podcast and love what you've been doing here.
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Appreciate it, brother.
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Hey, guys, you're going to find us, ryanisright.com.
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You'll find highlight clips, the full length of this episode.
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We appreciate you for listening.
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We'll see you next time on Right About Now.
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Here's the truth.
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Information doesn't change your life.
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Execution does.
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So don't just listen to this episode and move on.
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Take the idea.
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Make the call.
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Launch the thing.
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Fix the problem.
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Build what you keep talking about building.
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For more, follow Ryan Alford on Instagram, at Ryan Alford.
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And watch or listen to every episode at ryanisright.com.
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This is Right About Now.
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Now quit waiting.
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Go win.
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Go win.
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We do a market analysis in every single area because it can change.
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But if we're looking at just the United States in general, what I've seen become the most profitable and how I've built my business, we're talking economy cars here that are older, higher miles, and we're trying to find them for about under $12,000 with everything said and done to have the car ready to go.
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Because these $10,000 to $12,000 cars are renting for the same amount of money as a $25,000 or $30,000 car.
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You don't win by following the playbook.
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You win by rewriting it.
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700 episodes deep with the people who actually built something real.
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No theory.
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No fluff.
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No shortcuts.
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This is Right About Now with Ryan Alford.
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Hello and welcome.
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It is right about now.
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This is Ryan Offord, your host.
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Hey, it's all about legendary people doing legendary things and legendary business advice.
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We cover things that you've heard of and legendary people doing something that you probably know what it is.
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And you're like, damn.
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How did they do that?
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And then there's stuff that you're like, I've heard of that.
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Seems like an interesting side thing.
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What the hell?
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We're talking to car rental coach.
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He is George Madden.
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What's up, George?
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Hey, how's it going?
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Great to be here.
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Hey, man, I'm curious.
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This is an interesting thing.
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If you've seen the app Turo, which I have.
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I always thought that was a brilliant idea.
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It was right when they first started.
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I was like, someone should have done this, where you've got your car, you're not using it, you're in a big city, or you got an extra car, hey, rent your car, do all that.
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It made a ton of sense to me.
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And then I noticed there was like these people that had multiple cars, fleet if you want,
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Okay, I see what's happening here.
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And then I got busy with the million other things that I'm doing.
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And that's about where I left off with it.
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I have rented a couple of Toros in big cities.
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But that's why we went to the expert here.
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George Madden's going to tell us all about it.
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George, talk to me.
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What the hell exactly is a car rental coach?
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Everybody knows that people beat the hell out of rental cars.
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Are you going to teach me how not to beat the hell out of one?
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What are you doing?
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Car rental coach, I ended up creating this business with my partner about two years ago.
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This was after I was already renting cars out for about five years.
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What happened one night, I was scrolling through Facebook and I saw my business partner's ad come up saying, hey, if you have a car and want to put it in our fleet, we rent them out at the airport.
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And he was taking on investors and growing his fleet.
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This was in the evening time.
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I may or may not have had a glass of wine or two.
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And I saw him and I thought, oh wow, there's more competition because at that time I was the largest in Pittsburgh.
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And now I finally saw somebody else.
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I'm like, okay, he can work an ad on Facebook.
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He might be somebody.
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Competition coming in.
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So I filled out his survey to see as if I were a client.
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He ends up calling me.
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We start talking about business.
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I was transparent.
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I let them know that I have a fleet.
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I wasn't spying too much.
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But I said, hey, come on down to our car lot one day and let's just meet and see what you're doing.
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So we both started talking about our goals with growing the rental car fleets.
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And we had two completely different clientele.
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So I didn't feel weird sharing information with him.
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He was dealing with airport guests.
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I deal with like 90 percent local people.
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I love competition, you know?
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Yeah, yeah, exactly.
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I'm always about working together.
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But then we started talking and I said, do you get messages from people all the time asking you how to start this business?
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Because at this point, I had family members, friends, and then, you know, random people from high school from 12 years ago that I barely talked to saying, how are you renting these cars?
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Because I was sharing the rental business on social media.
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I started helping a few people for free.
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He was doing the same thing.
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And at that time, are you familiar with Alex Hermosi?
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Yeah, I know Alex.
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Alex.
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I started reading his books and gym launch where he had a bunch of gyms.
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Then he decided to turn that into an educational business, teaching other people how to do it.
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We decided to follow a similar suit and we started car rental coach to help other people start and scale their car rental business while building ours.
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Because I've always been somebody heavily involved with mentorship.
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I've been to acquisition.com for their workshops.
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When I first started Turo, I paid a guy in Phoenix, Arizona that I still am in contact with now.
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And he mentored me.
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I saw a lot of value in that and what we do, we help everybody overcome mistakes.
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We help them get set up with the proper insurance.
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We make sure that they're picking the right cars.
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So we do a full market analysis.
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We do weekly coaching and group calls with our community so everybody can learn from each other.
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We give best insurance practices on how to handle a claim, how not to panic, how to make sure that you're receiving every single dollar you're owed.
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We set them up with the right tracking system, the right hardwired trackers in these cars.
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So when they're stolen,
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Because it's not if they're stolen, it's when they're stolen.
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We're able to get this car back as fast as possible and put it back on the road making money.
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Because time on the road being rented in this business is number one.
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We have to keep these cars consistently rented to keep the cash flow up.
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And we help with funding, financing, and anything our clients need, we're there for them.
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We have two lessons here that George is teaching the audience.
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Number one, he's created a business.
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He's learned things.
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And while he's going through it, he's documenting.
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So he's created a coaching platform because he's learned some best practices.
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And why not document what he's doing to create content that's valuable for social and otherwise, but also that can be used to be sold because it's useful information and he has learnings that can be shared.
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There's a lot of coaches out there that are bullshit, that aren't teaching things that are that valuable.
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That shit, you can get anywhere.
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This is actually teaching a new concept in business.
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And this is valuable information because it could be a side hustle.
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It could be something there's a lot of curiosity, a lot of questions on, and a lot of pitfalls.
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A lot of them, if you don't know what you're doing.
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So, George, I like this from two fronts.
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The process of you creating the content and documenting it and then creating the course.
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There's some learning just from that in a business standpoint.
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Anyone out there that's looking for something else.
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If you've got knowledge that's actually valuable for an industry like this that has a lot of things that people could slip slide and be in a real bad spot if they didn't know, you can't fake your way through this stuff.
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And then number two, the fact that it's actually a business that can be done effectively if you know the right way to do it.
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What we really like with Car Rental Coach 2, I'm a believer in courses.
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I love them.
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But we put out pretty much all that information for free on YouTube, what other people charge for in courses.
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And we specialize on one-on-one personalized training.
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So you're getting on calls with either me or one of our other coaches who have also built successful rental car fleets.
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And we're working together on a custom plan.
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We're getting on weekly calls.
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And no two people are alike.
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Everybody's at different starting points, has different goals.
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I've had NFL players that I've worked with where they're just doing this because there's such tax deductions on rental cars.
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And they're not worried about making a huge profit.
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They're happy about lowering their tax liability.
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Then I've worked with other people like husband and wife couples who quit their jobs to do this full time.
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Every situation is unique.
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And that's why we like the one-on-one training.
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If you're going to treat it as a business and you're going to buy a fleet of cars, or maybe you have a couple extra cars and you're going to start it.
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One, is there a way to wade your way in the waters of this thing versus, okay, I'm going all in.
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I'm going to go buy seven cars and I'm going to do it.
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What's the counsel there?
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Number two, I'm sure the fear is, okay, if I let somebody use my personal car, it's going to go to crap.
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They're going to take care of it.
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I'm sure there's like these common barriers that probably most people have.
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How would you sort of go, that's fear, not reality?
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I've had clients that have come to me.
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They've wanted to start with a couple million dollars and just buy hundreds of cars to start right off the bat.
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And I always like to realign expectations and tell them that's not a good idea.
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I want to see them scale.
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I want them to do well.
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But I always say start with under 50%.
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five cars.
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One to five cars really isn't that much different to manage, but don't buy a bunch of fixer uppers and not have any of them ready.
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And then they all sit there and not being rented.
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Get one car, put it on the road, learn the system, see if you like it, and then start to scale from there.
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That's good advice.
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I know it probably depends on the market.
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Yeah, I'm sure that does.
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Don't go buy Ferraris.
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If you're in Greenville, South Carolina, they're probably going to sit on the shelf.
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Greenville's up and coming, but it's not LA.
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I've always wondered what the sweet spot is.
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You want it to be practical, you want it to be affordable, but you want it to be reliable.
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But then those cars also want to get 30 or $40 a day.
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How do you find these sweet spots of what cars to get?
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We do a market analysis in every single area because it can change.
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But if we're looking at just the United States in general, what I've seen become the most profitable and how I've built my business, we're talking economy cars here that are older, higher miles.
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And we're trying to find them for about under $12,000 with everything said and done to have the car ready to go.
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Because these $10,000 to $12,000 cars are renting for the same amount of money as a $25,000 or $30,000 car.
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For example, a killer car for me last year, this car brought in over $15,000 in revenue.
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This was a 2017 Mitsubishi Outlander Sport that I got for $8,300.
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This episode is brought to you by High Level.
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Make sure to check out the link in the show notes to sign up for your 14-day free trial.
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If you run a business, you know leads rarely arrive when it's convenient.
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A call comes in while your team is helping another customer.
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If someone reaches out, but the follow-up gets delayed, an invoice sits unsent, or a promising lead gets stuck in the wrong stage of your pipeline.
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Hey, double what you paid for the car.
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Plus the tax write-off on it, too, because depreciation in this business is huge.
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So a lot of this can be, don't want to say tax-free.
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You have to speak with your CPA on that, and everybody's situation is different.
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But there are great inductions with this.
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Yeah, great deductions with depreciation.
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But besides that, so my fleet's built out of 2018 to 2022 Hyundai Elantra's, Mitsubishi Mirage's, Kia Soul's, all these cheaper economy cars.
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I'm hearing all the secondary cars.
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I'm not hearing Honda.
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I'm not hearing Ford.
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I'm not hearing Chevy.
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I'm not hearing Toyota because those carries too much value.
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I do have two Honda Accords, but I'll only buy them if I can buy them out of steel.
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Usually they're 30 to 40% more than an Elantra.
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And the thing is, they go for around the same amount of money.
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And I'm all just looking at return on investment because we're not putting these on there to rent for the next 10 years.
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Realistically, somebody is going to total this thing in the first three years of it being on the platform.
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And then you're going to get your money back.
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And then you're going to rinse and repeat as long as you bought it right by another car and keep it cash flowing.
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and sometimes profit off the difference from what you bought it and what insurance pays you.
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So if I was looking at them to say these cars are never going to get in an accident ever, sure, I might invest more into buying Honda Accords and Toyota Camrys and things like that, but the case is they're all going to be dead before the wear and tear actually matters.
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How do we insure these cars and protect ourselves when you're not the one driving it?
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And I know the insurance fires the car, not the person.
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I get all that.
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You know how it is, was this way with Airbnb and other things at first, like none of the industries liked this.
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No one embraced it.
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It was a very up and coming way to make money and do things, but none of the other industries cared for it because they didn't know who was liable.
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And so how do we get insurance?
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How do we get coverage?
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And how do we protect ourselves?
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Every state's going to be different with what insurance carriers actually allow this.
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When I started five years ago, there was only really one option.
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Now, there's several companies.
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There's three different companies that I've used myself and clients have that do commercial off-trip rental insurance.
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So this is insurance that covers the car when it's not being rented and it's sitting there and you're using it for business related activities or employees using it for business related activities.
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And there's three different companies depends on what type of cars you have and what state you're in for me to give the recommendation.
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But that insurance for full coverage usually comes to about $100 to $110 a month on each car.
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And then liability only is usually about $60 to $70.
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The way you said that, it screamed a little bit like loophole, but not necessarily like embraced.
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Is that an inaccurate statement of what I heard?
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It's completely legal commercial insurance.
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It's just newer products that have come to market in the last two years that never existed before.
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So if you were to try to do this on your personal insurance, which a lot of people come to me, they're not set up right, the car's not under an LLC, they're putting it on their personal insurance.
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If your personal insurance finds out about that, they're gonna probably cancel your policy or what they're gonna do, they're gonna let you keep paying for your policy and then when you wreck the car and have a claim, they're gonna say denied and they're gonna keep all the payments you gave them already because you breached contract.
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But thankfully, we do have this.
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I don't recommend people using their personal car and renting it on Turo half the time going back and forth.
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It's really just buy a car for this.
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Maybe if you want to test it out with one or two trips to see if it even works, use your personal.
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But really, you should have a separate car for this that you're not driving for anything personally related, and it should only be business.
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And that's how it's set up.
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And that's how 90% of our clients are at Car Rental Coach.
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They're doing this.
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A lot of them build a primary source of income and sometimes just a secondary.
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We have a lot of people that do well, doctors, lawyers.
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professionals that are looking for an income where they can even make an extra couple thousand dollars a month with minimum work.
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I'm just comparing because there's a nice comparison with the Airbnb thing a little bit.
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That becomes such an industry.
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You've got house cleaners and managers and all these one-offs that manage the whole thing for you and you still end up making money.
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It might make a little less, but they manage it all.
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With this, I'm thinking, okay, I've got a fleet of five cars.
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If I'm making it my primary, I probably can manage it all, but maybe I'm a lawyer, a dentist, or a doctor that's listening to this and going, well, I ain't washing five cars every week.
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Is this similar to the Airbnb thing?
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You find a manager and do you still make money?
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Talk to me about how you keep up with all this.
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If you were somebody that wanted to invest in car rentals and you wanted to have nothing to do with it and you didn't want to build out all the systems and employees yourself, we actually offer a service that's called co-hosting.
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What we do, we will match you with people in our car rental coach community that have built very large fleets.
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We have one partner we refer a lot of people to that have over 50 cars themselves and run a very, very tight ship in Tennessee.
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They're absolutely killing it.
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Some of the best numbers I've seen in the United States.
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People will ship their cars to them.
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They'll manage the whole thing, I believe, for about 25% of revenue.
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And then the person that invests just simply gets the check and the tax write-off for it.
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And they do every single thing for them.
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That's an option too.
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So just to give people listening, realistic math, one of these $10,000 cars can bring in about a thousand dollars a month revenue.
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Now let's say you pay them 25%.
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So let's just say two 50 insurance.
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That's a hundred.
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So now we're at three 50, just some wear and tear.
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Let's talk like one or 200 extra bucks.
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So maybe your bill with them is around 500.
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You're still getting maybe 400 to $500 a month on a $10,000 investment plus the tax write-off.
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So it,
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Makes a lot of sense.
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You'll hear a lot of these guys online.
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They're saying, oh, you can make $3,000 a month on an economy car.
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That's BS.
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You can bring in about $1,000 a month revenue.
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There's $30 to $40 price points.
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That's where we get at the end of the month, which is still great, great money when you're talking about something that costs this much.
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Do you help coach people on how you keep your costs low, but you keep your cars reliable?
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When it comes to expenses with these cars, there's two things that are going to always be expenses.
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That's going to be tires and oil changes.
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Obviously there's mechanical things that go wrong, but those are the consistent things.
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We'll look at discount tires around them.
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We'll look at used tire shops.
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It makes a lot of sense to buy used tires.
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People don't realize that sometimes you can buy them 80% life still, but 50% off.
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So we're always looking for a deal on that.
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A lot of people don't realize you can negotiate with some of these commercial chains when you look at a Meineke or something that you see in all the states.
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People think, oh, the price that Meineke gives me is final.
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But if you open up a commercial account with places like this, you can actually negotiate
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They can call and they have room on all of this stuff.
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Sometimes it's like 20% lower than what they quote you.
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They can't say that to you, but then they'll say, let me get approval from my manager and they'll take off 20% off the bill.
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So we teach them how to negotiate, how to shop around to get the right commercial accounts, and then how to find the right people in their area.
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George, where can everybody learn more about what you're doing if they want to hire you as a coach or learn about your content, et cetera?
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To apply to work with us, guys, you can go to carrentalcoach.com.
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We have a 60-second survey you can fill out on our site.
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That's going to see if you qualify to work with us or not.
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If you do work with us, you'll get set up with a call for our team where we will speak with you, see if it's a good fit.
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And if you are somebody that we 100% know we can help, we'll take you on and you'll join our community and work with us one-on-one.
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Appreciate you coming on the show.
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Appreciate your time, Ryan.
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Big fan of the podcast and love what you've been doing here.
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Appreciate it, brother.
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Hey, guys, you're going to find us, ryanisright.com.
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You'll find highlight clips, the full length of this episode.
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We appreciate you for listening.
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We'll see you next time on Right About Now.
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Here's the truth.
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Information doesn't change your life.
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Execution does.
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So don't just listen to this episode and move on.
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Take the idea.
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Make the call.
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Launch the thing.
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Fix the problem.
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Build what you keep talking about building.
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For more, follow Ryan Alford on Instagram, at Ryan Alford.
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And watch or listen to every episode at ryanisright.com.
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This is Right About Now.
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Now quit waiting.
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Go win.
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Go win.
