The decision to buy your RV was a significant one. It most likely involved a great deal of thought, planning, and financial commitment.
You probably weighed the pros and cons of your purchase and decided in the end that the positives you would receive from purchasing an RV outweighed the negatives. Perhaps you decided that never having to rent a hotel on vacation, rent a car for a trip or live out of a tent when going on a road trip made the investment worthwhile.
But have you ever considered that you are sitting on a gold mine? Well not really gold, but the RV sitting in storage could be your ticket to both a secondary income and greater financial freedom.
Most RV owners do not buy their vehicle to make money but it is a perk! The RV rental business is booming and companies are always on the lookout for campers to rent to those who need one to travel but are not willing or ready to commit to purchasing.
As an RV owner, you are a hot commodity! After all, these companies cannot make money if there is no RV to rent. Although they do take a small portion of the fee that you charge, there is no upfront cost or hidden agenda. Together, you become a money making team.
If you’re still reading then you may be somewhat interested in the idea of renting your RV and may have questions about the benefits as well as protection from risks.
Of course, renting isn’t for everyone! If you live out of your RV, renting would be out of the question. But for everyone else, the thought of renting really should be deliberate on!
Below are 5 reasons why renting your RV to other travelers could be one of the best decisions you’ve ever made.
The most enticing part about renting your RV is cold, hard cash. Depending on the type, you could make a yearly income of $5,000 to $30,000 per year! The average renter makes around $10,000 and still has total control of their vehicle.
This money could be used to pay off your vehicle quicker, pay off personal debt or take more vacations yourself! Jesse, a member of the U.S. Army, started renting out his RV through rvshare.com as a way to make extra income and pay down his remaining balance owed on the RV. Within a few days of posting a rental advertisement, he began receiving inquiries and within no time made over two thousand dollars.
Joe, a recruiting director, had a similar story. He only used his RV a few times a year and could no longer justify the costs. He had tried selling, but when he could not find a buyer he began renting his RV. Within a few weeks he had made enough money to cover many of his expenses!
One of the major reasons RV owners shy away from renting their camper is the fear of damage or getting short changed on payment. The great thing about renting out your vehicle through a legitimate company like RVshare is that they take away so many of the risks!
Renters are required to pay a deposit so that the cost of any wear and tear damages does not have to be covered by you. Also, insurance (up to a million dollars) can be purchased to cover any serious damage or loss accrued during the rental.
Additionally, roadside assistance is provided at no additional cost in the event that the RV breaks down during a rental. This takes the stress off of the owner while still allowing them the opportunity to earn money.
Listing your RV for rent with a company like RVshare is always free for the owner and comes with some pretty cool perks. Most of the time you can use your RV rental venture as a tax write off. This is a surprise to many owners who do not realize that they can write off any depreciation or repair expenses directly related to renting the RV to other travelers.
Also, the rental company usually takes care of things like drafting contracts, collecting payments. and finding insurance and roadside service so that both the owner and the renter feel confident about the exchange.
A final motivation to lease out your vehicle is that you get total control! You choose when you rent, who you rent to, how many miles they can travel, and what price they pay to use your RV.
Because renters contact you directly, you have the option of refusing rental as well as negotiating contracts without a middleman.
If you don’t feel good about a particular client, decline. If you are uneasy about the number of miles a client is planning on traveling, negotiate.
When you feel that an offer is not high enough, talk to the renter yourself and see if you can come to an agreement. Your risk is lessened since renters do have to meet certain criteria, but you are still in control of the logistics and are the ultimate decision maker.
At the end of the day, it’s your vehicle and your choice, but with little to lose, renting is worth considering.
The Q&A section on rvshare.com is a good place to start. There you can find answers to any of your questions not covered in this article. What are you waiting on? By this time next year, you could be thousands of dollars richer!
For more information and to find out how you can rent your RV check out RVshare.com.
About the Author
Mark Jenney is CEO at RVshare, a lifelong student, focused on adding value, and passionate about taking things from zero to one.