Luis and Jamie are best friends
Luis is an audio engineer, and Jamie works as a full-time real estate agent.
But on the side, they rent out their cars to perfect strangers using Turo.
“I just meet them outside and they take the keys,” said Luis.
Turo is a car rental service that takes out the middleman, giving owners full control of who takes their personal vehicle for how long, and how much.
Luis started out with just one car, but now he has three on the app. Jamie on the other hand, has 15 cars available on Turo. In 2021, Jamie said he made more than $45,000 on the app. Now, he’s on track to double his profits by the end of the year.
As expected, this side hustle comes with its fair share of risks.
Responding to your consumer needs and connecting you to your money.
“I have dealt with everything you could imagine as far as cars stolen, cars totaled… people not trying to return the car,” Jamie told NBC10 Boston, “
After someone tried to steal Jamie’s car, he started arming his fleet with individualized trackers that give him the ability to cut the engine right from his smartphone.
“It helps me sleep so much better at night,” said Jamie.
Personal injury attorney Michael Mahoney isn’t a big fan of renting out your personal property to anyone.
“My first suggestion is don’t do it. And if you’re going to do it, if you think that the money is worth it and you need the money….then make sure you speak with your insurance agent and make sure that you’re going to be covered,” said Mahoney.
We also spoke with Okella Wood, an IT Specialist at Harvard University. To make some extra cash, he drives around with an advertisement professional wrapped around his car and gets paid by Carvertise to do it.
With Carvertise, your monthly income is based on the campaign wrapped around your car and how many miles you drive it. Wood told us he drives about 15 miles a day and makes $100 a month, committing to a one-year contract. In addition, he can sign up to drive in what’s called “swarm” events at local venues, like Fenway Park and Gillette Stadium.
“People on the street get a kick out of it… just amazed to see a car driving around like a billboard,” Wood said.
In total, Wood makes about $1,500-$2,000 a year in extra income, and he said, it’s no work at all.
“I don’t have to change my driving habit… And lo and behold, I get paid for,” said Wood.
“If you’re not really a fan of the color of your car, spruce it up with a wrap. Get some extra cash in your pocket.”