Mike Braeuer, a real estate entrepreneur, used RVshare for the first time in order to sell his $8,800 Jayco Jay Flight trailer. Rather, he rented out his RV for $50,000 over the course of two years. Find out how he uses an RV to generate passive income in 2018.
In 2018, Mike Braeuer, a real estate entrepreneur, used RVshare for the first time in order to sell his $8,800 Jayco Jay Flight trailer.
He was unprepared for the tremendous demand for his caravan, which resulted in him and his spouse, Christin, earning $3,600 in the first ninety days of business—nearly half the amount of the unit he planned to sell.
After renting four units instead of just one in the past two and a half years, Braeuer has more than 100 reservations for families of all sizes looking for an unforgettable and reasonably priced vacation.
Though making thousands of dollars a month isn't too bad either, Braeuer's true perk is getting to share his passion of the wide road with others.
How RVshare Helped Mike Braeuer Make $50,000 in Just Two Years
Braeuer, his wife, and their four children are a large family, so they're constantly looking for methods to reduce their spending. In fact, it was on an RV trip to Disney World that they discovered the financial advantages of living in an RV. What they discovered was that the trip would have cost roughly 80% less than $10,000.
Braeuer wasn't interested in renting out his RV at first. His intention was to sell it. He ended up renting the RV with RVshare after conducting research to see where would be the ideal spot to sell his RV. Braeuer set out to let others explore the great outdoors at a fraction of the cost after learning that RV rental could be a lucrative side gig. He carefully considers their investing options in order to do that.
Braeuer purchases less expensive RVs in place of Class A vehicles, making quick payments on them in order to make a profit.
He suggests that you look into four important factors before buying a new or expensive RV: the models that people prefer to rent, the frequency and cost of those rentals, and the price range at which you could buy that particular model.
Examine the market and provide competitive pricing when listing your RV. It is up to you to determine what you will charge, although you don't want to go too high or too low.
5 Ways to Use RVShare to Rent an RV and Make the Most Money
Keep these suggestions in mind when you decide if the side gig of renting out RVs is worth your money.
1. Master the art of letting go
You might not want to rent out your home if you can't handle the idea of strangers in your bathroom or on your bed, even after a cleaning service.
According to Braeuer, "having people in your space is probably the biggest hurdle RV owners need to get over." In the end, nevertheless, there are remedies like bed linens, cleaning services, and new mattresses, if necessary.
The fact that things will break is another harsh reality, and you should learn to be patient when this happens. Rather than losing your cool, replace or mend the damaged things as soon as possible, or negotiate with your insurance provider.
Only four "semi-major" insurance claims have been made by Braeuer after 112 reservations; the most expensive one, at $12,000, was made after a renter drove his 15-foot RV under a 14-and-a-half-foot bridge, scuffing the AC unit off the roof.
Even though it was annoying, Braeuer soon got a $12,800 insurance check to pay for the damage.
After nearly three years, he has a different perspective: "People who are doing RVing for the first time won't even know to ask [a certain] question, so early on, we would have been more sensitive to those RV nuances that we've gotten used to."
While it's easy to point the finger at a renter for not knowing how to operate the water heater or stove, inexperienced renters often struggle with these chores.
Braeuer advises having open lines of communication right away and directing people to useful resources, such as guidelines or instructional films, in order to empower your tenants and prevent any tiny (or large) snags.
2. Secure the right insurance coverage
Despite the fact that Braeuer needed to submit an insurance claim at the time of his second reservation, RVshare's efficiency during the procedure convinced him to continue renting.
In addition to their expertise, Mike was pleased with their willingness to support easy communication between all parties and their help with documentation. All Braeuer needed to do was submit the claim—everything else was taken care of.
While not all repairs necessitate filing a claim, use RVshare Rental Insurance when they do:
- Through MBA Insurance, it offers up to $1 million in liability protection as well as $200,000 in comprehensive and collision coverage.
- Once your RV is listed and reserved, rental coverage is triggered at no cost.
- Once your RV is listed and reserved, rental coverage is triggered at no cost.
- Your booking quote will automatically include basic coverage if your RV is covered by RVshare's insurance.
- Only liability coverage is available to you if your RV is older than fifteen years.
Rates differ according to the RV model, but Braeuer said RVshare helped him find the right policy by negotiating a reasonable fee.
If you choose not to use RVshare's insurance, you are free to obtain your own. However, you are unable to use them both simultaneously.
Additionally, since RVshare's insurance cannot be used to offset gaps in your policy, make sure to select the provider that offers the best and most comprehensive coverage to ensure your safety and the safety of your renters in all circumstances.
3. Hold up your end of the bargain: Continue providing excellent client service.
RVshare's platform is a virtual haven for owners seeking passive income, with features including roadside assistance, no upfront fees, and comprehensive transaction documentation and client verification.
The success of your rental business, however easy it may seem, depends on providing prompt customer service. As Braeuer does, you still need to be accessible to address queries and worries. He makes sure to address tenants' worries and encourages them to pursue their ideal RV vacation.
Additionally, be sure to reply right away. Braeuer cautions, "If you don't reply to someone when they click the 'book now' button, you won't get that reservation."
Effective customer service benefits both parties: tenants will value your consideration, and it's a smart strategy to outperform your rival.
4. Prepare for these expenses and find inventive ways to reduce them.
Even though Braeuer now has four units to maintain, he claims that "most of the residential aspects [of RVs] aren't too costly to maintain."
A few YouTube tutorials and a trip to the hardware store are all that's needed for many easy fixes. According to Braeuer, each reservation costs him between $30 and $50 in repairs. And he might have to buy a $100 part every fourth or fifth trip.
When Braeuer had fewer units, he saved money by cleaning them personally instead of paying $60 for every reservation. He also stores his units on a tiny lot that he was formerly employed at. RV storage lots become less expensive as a result.
By rising the costs of the maintenance work himself, Braeuer has been able to pay off an RV, buy more, and take paid vacations despite escalating costs.
Take Braeuer’s path if you want the same outcome. Be willing to get your hands filthy and open to learning new talents that don't require as much assistance from others. By performing maintenance tasks yourself or bartering with people in your network, you can reduce costs.
Prioritising maintenance costs in your budget may also be helpful. Set aside some of your monthly income for them before you pay yourself.
5. Note the highs and lows of seasons
In the city of Austin, Texas, Braeuer typically receives between $1,500 and $2,000 per unit each month. The three most well-liked seasons are summer, autumn, and spring.
He actually had his best months to date recently, making around $20,000 in May, $26,000 in June, and $28,000 in July after purchasing his fourth unit.
However, Braeuer has more goals in mind than money.
Their first winter lull reminded him and his wife, though it was startling at first, that slow months allow them to use their own RV.
Consider every option before purchasing an RV to rent out. Yes, you may get wealthy instantly, just like Braeuer. However, it could also take some time to make a profit, particularly if you're not in a well-known place like Austin.
Enjoy the outcome of the procedure in either case. It doesn't hurt to know that all you really need to do to go on vacation is load up and hit the road.
RV Rentals: A Side Business You Should Consider
According to Braeuer, life is a series of experiments, and he only waits to see what works.
RV sharing is undoubtedly effective. In the end, he made $7,700 from the sale of his Jayco Jay Flight RV trailer. He was in possession of more money than the unit was worth when he added the money he got from renting it.
Braeuer's trip with RVshare has been full of wonderful encounters in addition to financial rewards. He enjoys introducing newcomers to the world of recreational vehicle travel, and he finds it fulfilling to assist others while running a profitable side business.
Renting an RV is a terrific side gig that may help pay for your holidays and put some additional cash in your pocket, but you can't quit your job to do it.
