Ep 18: Lessons learned renting my RV for supplemental incomeAug 09, 2022
In this episode, I talk about what it has been like to rent my RV for supplemental income. what's working, what I have learned, and what I will do differently.
In this episode you’ll learn:
- How to rent an RV on a site like RV Share.
- Things I did to get started.
- What I am learning to do (or not do).
- Things to consider if you plan to rent an RV for income.
Here’s what you can find in this episode:
[1:30] I share how we are renting our RV for supplemental income. Many people in my world want to RV, or are RVing now and have thought about renting out their RV. I wanted to share my experience in case it can help other folks.
[3:20] I started RVing in 2016. We had no idea what we were doing and learned how to RV at the same time as teaching ourselves to work online. We were on the road for 4 years, 44,000 miles, and 44 states. We covered a lot of ground emotionally, physically, and financially. I highly recommend it traveling this way if you can do it.
[4:30] We came off the road in 2020 and it was somewhat unplanned. Between Covid, campgrounds, and I was having health issues. So we took a break without knowing what they would be. It's almost as challenging coming off the road as it is getting on the road. We didn't anticipate what it would be like to own an RV and be in a home with new bills. With these payments, it led us to want to sell the RV, and ultimately decided to rent it out.
[7:50] We pivoted to renting but we didn't want to. Bryce and I are not the type of people who want to take care of things, repair people and deal with a turnover with rent. Now we are learning the pros and cons and that our RV can actually supplement income. Now I am expanding my horizons on what
[9:57] We started renting it on RV Share. It's a peer-to-peer platform. The site helps you get the RV rented and has some benefits to helping renters and people renting. To get on the platform I had to know a lot about my RV, I had to write it up and add photos and then learn how to optimize the post.
[11:15] It's important to learn how to be competitive on these platforms because everything is an algorithm. I researched other RVs in our area, the price point, and looked for good reviews. Then I narrowed it to the top listing and then underpriced mine about $20 below everyone just to get going. Then I made it really easy to rent my RV.
[14:00] I list out the things I did to make the RV competitive but it is risky. I did it to get a renter quicker so that I could get the listing active leading to more rentals. In the beginning, there was no activity which scared me. But I had to give it time. Then a guy who was desperate to rent and RV wanted to rent it that day.
[16:10] I like to say yes to most things while Bryce likes to reduce risk. I pitched Bryce the idea of renting the RV. He agreed, and I told the guy that it wasn't actually ready to rent. But the guy wanted it anyway.
[18:00] The guy was super nice and had been in RVs a lot so it put my mind at ease. The RV wasn't a disaster but it also didn't feel good to rent it in that state. He rented it for 6 days and brought in $1,100. It felt like really good money. It covered the costs of our loan, storage, and other fees. But there was some damage. His daughter accidentally put a hole in the door.
[20:20] Then we got another renter about 2-3 weeks later. We cleaned the RV and got it up to rent ready and put more supplies in the RV. I made it like an Air BnB. This helps with reviews.
[21:50] The next renter had 3 dogs and wanted us to deliver the RV. But it was in the Hollywood Hills and not an ideal place to deliver an RV. I asked him about any signs that prohibit an RV of our size and he tried to downplay this. So I told him that I couldn't jeopardize our insurance. Now I had to play the "bad cop" role.
[23:40] Then we drove the RV through Hollywood which is already a mess. And then this guy's street was too narrow with low trees. So he meets me (begrudgingly) and we walk him through everything. It is time intensive to walk people through an RV that you know well and have learned about. Bryce put together a very detailed checklist.
[25:40] Learning everything all at once is overwhelming for the renter. We will create videos in advance and put them on our YouTube channel. This can help the renter be more empowered with answers and help us get fewer questions. When they returned the R they didn't tell us that they had accidentally broken the frame on the slide. And there are a lot of new scratches on the outside of the RV.
[27:27] We are learning that even the best renter will still cause some issues and repairs to your RV. No one is going to take care of your RV like you. Even though there is a security deposit and insurance it's still your personal time. And this is where it stops being fun. So yes it can be a potential income stream but it comes at a cost.
[29:09] The last renter just rented it yesterday. They wanted us to drive it to even further than the last renter. So we said no. They came to pick it up and had a different driver than who rented it and that person had only driven an RV once before. Within hours of renting they were already texting us questions about basic stuff. Luckily they are renting it for longer.
[31:08] Lastly, I am learning to upsell on items that I can rent with the RV. Here is where my online business experience comes in handy. I can offer add-on things to help increase revenue. I thought about offering the items for free but have learned that everything costs time so I may as well charge for it.
[32:32] In summary we are learning that renting the RV can offset the costs and generate revenue. But there are drawbacks in our time or damages that need to be addressed. It's still worth it. But I think we want someone else to handle the renter, prep, and issues. We would make less money but it would save us time and not put us in a position to play good cop/bad cop.
In future episodes, I'll talk about things I'm learning related to earning supplemental income in new ways.
Click here to see my RV rental listing:
If you have any questions Click here to DM on Instagram.
Looking for more inspirational ideas? Sign up for my free training:
How To Get Remote Work Tp Have A Flexible Lifestyle (Without Running Out of Money), https://www.camilleattell.com/remote-training
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