I used Turo to scale my business by renting out 6 'bread-and-butter' vehicles. Last year I made $72,000 and I earn money even when I'm not physically working.

Video how to make money with turo

How Turo Helped Me Scale My Business and Earn Passive Income

Introduction

Are you looking for a way to scale your business and earn money even when you’re not physically working? Look no further. In this article, we’ll dive into how Lavell Riddle, a 40-year-old Turo host from Detroit, used the car-sharing app Turo to make additional income and achieve financial freedom.

I’m a Big Car Fanatic and Drive for a Living

Lavell’s journey began in 2016 when he got laid off from his sales management job. To make ends meet, he started driving for Uber and Lyft. He quickly realized the potential of this gig economy and bought a vehicle solely dedicated to driving people. Lavell even started a small black-car service for airport and business event transportation.

It was during this time that Lavell’s friend introduced him to Turo. Lavell saw the financials and recognized the opportunity. After closing on his house, he decided to buy not one, but five vehicles to rent out on Turo. Using his personal credit as a personal guarantor for his business credit, Lavell obtained loans for the vehicles without putting any money down. He entered the car-sharing business with zero money out of his pocket.

Now, Lavell can have his assets working for him even when he’s sleeping, on vacation, or simply tired of working.

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Riddle owns six cars that he rents out to earn extra income.

I Had a Competitive Advantage Starting with So Many Cars

Lavell understood the importance of catering to the local market. In Detroit, people primarily use Turo for practical reasons rather than fancy rides. So, Lavell decided to focus on “bread-and-butter vehicles” – small SUVs and sedans that were new and equipped with all-wheel drive.

His strategy paid off. Lavell now owns six cars on Turo, including a Jeep Compass, Kia Sportage, and Honda HR-V. Having multiple vehicles gave him a competitive advantage in attracting customers.

On average, Lavell rents out his cars for three to four days, but sometimes for as long as three or four months. He has built a loyal customer base that frequently books his vehicles for longer periods.

In Michigan, Rates Follow the School Schedule

Lavell discovered an interesting trend in his local market. Rates on Turo in Michigan tend to follow the school schedule. During the slow season when kids go back to school, Lavell keeps his rates competitive at around $45 to $60 a day. But when the demand rises during the busiest season, his rates increase to approximately $55 to $75 during the week, with an additional $15 on the weekend.

Lavell didn’t just stumble upon a way to make extra money. He realized that he was solving problems for people in his community. With limited rental options and expensive car prices, Turo provides an affordable way for individuals to commute to work, get around, or enjoy their vacations.

Conclusion

Lavell’s success story shows that with a strategic approach and the right platform, anyone can scale their business and earn passive income. If you’re looking for financial freedom, consider leveraging your assets, like Lavell did with his cars on Turo. Start exploring the possibilities and take the first steps towards your own path to financial independence.

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To learn more personal finance tips and strategies for achieving financial freedom, visit Simple Money Tips – Steps To Financial Freedom.