Forum Discussion
winnietrey
Nov 25, 2018Explorer
Places, like cruise America seem to make a very nice living in the RV rental business so I think it could be done.
However they are not emotionally attached to their rigs, they see them only as an income generator. That would be your first adjustment, if you are indeed attached to yours.
Second would be what is your expected income gain as opposed to your costs to maintain the rig? More wear and tear will accelerate depreciation, and people will break it. You can put aside a part of the rental income for those expenses. Because you can be sure someone, at some point is going to cause significant damage to it
Insurance would be another issue for me, I would not take the dealers word for it, as far as what it covers. For example what happens if a renter improperly hooks your trailer up. it comes loose on the highway and kills a family of 5?
If it breaks down 3k miles from home, who is responsible to see it gets fixed? Who compensates the renter for the time loss? who gets the trailer home?
I have been a landlord for over thirty years, and it has paid off quite well. But I would not rent my RV out, not because I am all that emotionally attached to it. But rather because I don't see any expected income being worth the risk, and the hassle. And don't forget if you do it above board the IRS is going to want their share
With all that said, end of the day, it could work out really great for you. You just have to do the math and calculate the risk, reward and hassle factor thing, for you and you alone
However they are not emotionally attached to their rigs, they see them only as an income generator. That would be your first adjustment, if you are indeed attached to yours.
Second would be what is your expected income gain as opposed to your costs to maintain the rig? More wear and tear will accelerate depreciation, and people will break it. You can put aside a part of the rental income for those expenses. Because you can be sure someone, at some point is going to cause significant damage to it
Insurance would be another issue for me, I would not take the dealers word for it, as far as what it covers. For example what happens if a renter improperly hooks your trailer up. it comes loose on the highway and kills a family of 5?
If it breaks down 3k miles from home, who is responsible to see it gets fixed? Who compensates the renter for the time loss? who gets the trailer home?
I have been a landlord for over thirty years, and it has paid off quite well. But I would not rent my RV out, not because I am all that emotionally attached to it. But rather because I don't see any expected income being worth the risk, and the hassle. And don't forget if you do it above board the IRS is going to want their share
With all that said, end of the day, it could work out really great for you. You just have to do the math and calculate the risk, reward and hassle factor thing, for you and you alone
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