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Isaiah
Need insight from those in the rental game — what am I missing?
Been flipping cars, now I’m building an economy rental fleet for gig drivers (Uber, DoorDash, etc.).
Simple setup:
• My commercial auto insurance allows any mileage + cars up to 20 years old
• Got contracts, trackers, and basic systems (rentcentric) in place.What am I not thinking about?
Hit me with a quick lesson you learned the hard way — It could be about.
• Screening renters
• Sketchy situations
• Chargebacks / late pays
• Storage / legal stuff
• Tech or tools that saved your sanity
• Anything that drained your time or cash
• Legal gotchasLocated in the Minnesota Metro Area, let’s connect!
CalebCops calling you at 4AM because your tag was spotted driving away from a gas station robbery, and they need to know where you are because obv it’s you.
That’s the worst thing I had happened with people driving on tags that came back to me. I’d double tracker them too. Obv don’t use an AirTag, but you seem like you knew that.
How good is your contract? Actual lawyer reviewed, or some template/ChatGPT? (I ask because I use ChatGPT contracts, but I’ve read contracts forever so I know the basics, but I’d never ask someone to depend on one of my contracts).
PaulIn my area it’s really easy to get towed for “illegal parking” too close to the corner, blocking driveways etc. To get the car out of the auto pound requires about 1000 and that’s if you get it out within 24 hours, after that they tow it to a lot in the middle of nowhere.
DuyHow do you deal with the accident and damage?
– Your commercial insurance only cover the liability, right?
– do you ask the guest must have their own insurance for the trip? If yes, how do you verify that it will cover for the rental car? And of we can ask them to add our car into their policy to get the coverage, how can we make sure that they won’t remove our car out of their policy because it cost money to add other cars mostly.
– if the renter give the car to an unauthorized driver and get accidents, how do you get the coverage for the liability of accident and the damage on your car?RonNot a good pool of ppl to be renting to.
KazuyaThe gig economy is pretty much dead. This is going to be a high effort, low reward venture for you.
RandyChange those wheels for a cleaner look like a bando car.
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