Here’s how my car earns me $4K per month

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After being laid off at his job at Microsoft, Ryan Rea was in financial dire straits. A few years later, he moved to Miami and started a new job in the tech industry. Things were looking up. He just needed a car.

Rea wanted a Volvo SUV, but because of his subpar credit, he was forced to get an expensive auto loan, which cost around $800 per month. It was around then he saw the first ad for Turo on Facebook.

Billed as the Airbnb of cars, Turo is a peer-to-peer, car-sharing platform that helps car owners rent out their cars. While Turo has been around since 2010, it’s become even more popular during the pandemic: The company filed to go public in August.

“I started doing the math,” he said. “If I can rent this car out for $100 a day for just a week, I can make my loan payment.”

He made a Turo account and listed his car in September 2020. In just one day, the car was booked for two weeks. While Rea was happy to get the extra income, he had a new problem: He now didn’t have a car for work. He searched online and found a Volvo convertible in Texas for $15,000 and was able to secure a bank loan that “wasn’t as bad as before.” He flew to pick it up, driving it 1,500 miles back to Miami.

Curious if this car would rent as well, he listed it on the app — within a few days it was booked for the month.

“I was like, ‘I think I’m onto something,’” Rea said.

He was right. Within a year, Rea would amass a fleet of 15 rental cars, earning up to $4,000 a month — all on the side.

Turo takes the wheel

Turo allows you to rent out someone’s private vehicle for a day. While there are a number of car-sharing apps out there, Turo is one of the largest: It offers more than 450,000 vehicles, including 1,300 makes and models worldwide, according to a company spokesperson.

If you tried to rent a car this summer, you probably experienced sticker shock. Rental car prices skyrocketed last year, thanks to supply shortages and increased demand. Daily car rental rates during the Fourth of July have increased 86% compared to last Independence Day, topping out at $166, according to AAA’s Leisure Travel Index.

Many rental companies sold off their fleets at the beginning of the pandemic, only to have few cars to rent once travel picked back up. Turo helped fill the affordability gap — because it doesn’t own the vehicles, the company doesn’t need to purchase and maintain cars.

Not only that, but Turo gave workers a chance to monetize the car sitting in their driveway while they worked from home or make some extra income. For example, in Miami, the fourth largest Turo market and Rea’s home, the average host makes around $1,100 a month. In Los Angeles, Turo’s largest market, hosts make an average $6,700 a month.

Growing the car empire

Rea recognized that Turo could be a good side hustle, but he had spent all of his extra money buying the first two cars. He consulted his brother-in-law, an accountant, to “lay down the numbers.” They decided to purchase a third car together, which booked out solidly again.

“We saw a real opportunity for a business,” Rea said.

He got a small bonus at work and started looking for a fourth car, but by this point, the “car market was very, very hot.” Many shoppers turned online to find cars in new markets for better prices. By May 2021, Rea had found and bought his fourth car online, a 2013 Chevy Volt for $6,000, and his fifth car, a 2012 Chevy Volt for $8,000.

“I thought each new car would be the one I would be driving, but they would book out again!” He said. “Eventually, I had to work out a schedule where I always had a car.”

The next few cars Rea bought came from Twitter. He had been posting about his experience using Turo online for some time but decided to post a car listing he was interested in — a Fiat 500 — to see if anyone was interested in funding the $6,500 purchase for a cut of the profit.

“In 30 minutes, I had three people offer to send me a check,” he said.

This past summer, Rea’s family, who live in South Dakota, decided to join in on the action. He gave his 18-year-old brother Daniel one of the Chevy Volts to rent out. It soon got booked out for double the price it was renting for in Miami, around $120 a day. Rea’s parents bought a Ford F-150 King Ranch, renting out that and their Ford Escape. His brother-in-law also purchased another car for Rea to rent out.

Rea now manages a fleet of 15 cars. He owns six of them and manages the rest for family and investors, and isn’t planning on slowing down anytime soon. He said he’s meeting with investors to consider expanding into the luxury car rental market. He’s on track to manage 30 cars by the end of 2021.

“This all just a happy accident,” he said. “It’s been great for me.”

The business of car rentals

Turo makes money by taking a cut from both the host and the guest — according to a company spokesperson, hosts can earn up to 90% of the amount renters pay.

According to Turo’s website, the top hosts earn $90,000 per year on average, something Rea says is achievable. However, he sees Turo more as a side hustle than a full-time job. He still works in the tech industry and has no plans to quit his job anytime soon. Rea said he rents each car for around $60 to $80 per day, making between $3,000 and $4,000 per month. Rea said he’s earned back about 60% to 70% of what he’s put in. The rest has gone into buying more cars. Only one of his cars still has a loan on it.

But like renting out a home, renting out a car is more complicated than listing it online and waiting for the bookings to roll in. At the end of the day, it’s your car — and there are a number of logistical challenges that come with renting your car to a stranger. The first, and most obvious, is damage potential.

Your regular car insurance policy will not cover the driver renting your vehicle. Turo offers a protection plan to owners, with different “tiers” of coverage based on what percentage of the booking fee the host gets to keep. These percentages range from 60% to 90%.

Under the 60% plan, Turo will cover eligible damage costs with no deductible through its insurance provider, Liberty Mutual. On the 90% plan, you’re responsible for a $2,500 deductible before Turo covers you. Rea’s plan earn him about 75% of the booking fee, which comes with a $250 deductible on eligible damage.

“I’ve only had one fender bender,” he said. “The guest took pictures and Turo wrote me a check for everything minus the deductible. There are definitely horror stories, but 90% of them are because hosts didn’t follow the rules and policies.”

Guests are often responsible for expenses like gas and cleaning as “add-ons” for their trip. Rea also doesn’t have to pay parking expenses for his fleet — his street offers free parking.

If you’re considering building your own rental car empire, Rea recommends doing your research. Pick a car that’s right for your market, not just the car you want.

“Remember, it’s not just your car; it’s a way to make money,” he said.

Want more side hustle tips? Here’s how to turn your side hustle into a full-time job.

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50 ways to make an extra 100 bucks a day

 

Busy but kind of broke? Join the club.

 

The internet is full of lists about ways to make $100 a day in passive income, but if you’re not prepared to sell an organ or become a Wall Street wolf overnight, a lot of those lists won’t do you much good.

 

For those looking to make money online, on the bus to work, or even laid out on your couch, there is a slew of options at your disposal. And they don’t even involve you spamming your former high school classmates’ inbox desperately trying to sell overpriced hair products or yoga pants for dubious online companies.

 

From becoming a virtual assistant to teaching online and selling physical products to creating sponsored social shares, there are plenty of opportunities to make passive income every month.

 

Here’s a roundup of easy ways to earn a hundred dollars a day in your spare time without losing your dignity or kidneys.

 

Jcomp / istockphoto

 

 

DepositPhotos.com

 

Survey sites like Swagbucks will help you get paid if you already spend a lot of time online. Many Swagbucks users make $1 to $2 a day by taking surveys, shopping online, and watching videos. The app offers a myriad of ways to earn cash back through gift cards or PayPal.

 

 

Swagbucks

 

InboxDollars is another app that’ll pay you to play games, take surveys, watch videos, or do various other tasks. Next time you’re scrolling mindlessly through social media or watching a show, go to InboxDollars so you can get cash back on the side.

 

 

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Survey Junkie connects you with brands and companies looking to get your opinions on a variety of subjects. This app will pay you to take surveys or even join focus groups depending on your demographics and interests.

 

 

Survey Junkie

 

Survey Rewardz also partners with companies to survey users and provide them with valuable marketing information. These companies pass along a small cash back reward to those willing to answer survey questions.

 

 

Survey Rewardz

 

This group has been pairing companies with users for over 20 years. With millions of survey takers to date, the site will pay for your feedback. Its partner companies will then use the survey results to inform its marketing decisions. You could easily make a hundred dollars a day simply by giving your opinion in your spare time!

 

 

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Alliant Credit Union

 

Next time you go to the store, be sure you don’t skip on the receipt. Earn passive income by downloading the app, scanning your receipts, and saving up cashback and other perks from your favorite stores. You can use these rewards in-store and online.

 

 

Ibotta

 

You can get cash back rewards from many credit cards, debit cards, and loyalty programs. Check with your card holders to see what offers are available. You can also check your app store to find out if the stores you visit online or in-person the most offer royalty rewards.

 

 

DepositPhotos.com

 

If you need help finding cashback and reward offers, Rakuten is the place for you. Use their mobile app or website to help you earn cashback and other rewards for the sites you already shop on. Getting paid is easy. Just connect Rakuten with your PayPal account to cash in your rewards. This is an easy way to earn extra income every day.

 

 

Rakuten

 

Pay your bills online with Trim to make sure you’re taking advantage of savings without doing the work. Trim automates the savings process by negotiating bills, fees and even canceling old subscriptions. You don’t do any of the work; just sign up for a subscription and let experts do the work for you.

 

 

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BillShark is another great way to negotiate bills and fees. Just download the app, upload your TV, cable, internet, phone, or other bills and let experts negotiate lower fees on your behalf. The best part? If BIllShark can’t lower your bills, they don’t get paid. You’ll easily make $100 extra bucks or more with how much you save on bills.

 

 

BillShark

 

Before making your next online purchase, be sure to download the Honey app or browser extension. Honey scours the internet for coupon codes to save you money on your purchases. Even if they don’t find a discount code for you to use, you can earn Honey points to make extra cash via gift cards from Amazon, Target, Walmart, and other retailers.

 

 

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While you may not make money off YouTube immediately, you can build up your subscribers and view counts so you can start putting advertisements on your videos. You can also get tips from users if you do live streams.

 

 

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Can you match $100 a day by playing video games online? Many streamers make more than that in tips from viewers in just a few hours of streaming on Twitch. Not a gamer? Stream musical performance, how-to videos, workout classes, and more. You can get paid to do the things you love or even teach others to play an instrument or learn a language. Audience members who like your live streams can donate tips to you, which you can cash out at any time.

 

 

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If live-streaming isn’t for you, you can become a Twitch moderator. While not all moderators are paid, many streamers are at least willing to share their Twitch tips with moderators who keep the inappropriate language out of their chats or answer audience members’ questions.

 

Related: Do you have what it takes to be a Twitch moderator?

 

Markiplier/ Twitch

 

Many successful live streamers or YouTubers don’t have time to edit videos themselves. If you know how to edit videos, you can help content creators get their videos out sooner while also making extra income.

 

 

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Good at photoshopping? Make passive income by creating the cover image for Youtube or videos on demand (VODs). These thumbnails are simple yet catchy images that show viewers what their video is about. Many content creators are willing to pay for anyone willing to help them make an eye-grabbing thumbnail.

 

 

NikkieTutorials / YouTube

 

Content creators may offer exclusive emoticons or emotes to viewers who pay to be subscribers or members of the YouTube or Twitch channels. If you know how to make basic emotes, you can make quick money by working with content creators to make one-of-a-kind emoticons that fans can use in live chats.

 

 

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If you’re good with a camera, you can upload your photos to various stock photo websites, such as iStock or Deposit Photos. While each site will have different rules regarding how you get paid, you can get credit for your photos. You’ll easily add $100 or more to your passive income revenue by selling stock photos.

 

 

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More and more small businesses are relying on their own sites for eCommerce and spreading brand awareness. However, many owners need help designing their site. If you know basic coding and are familiar with popular hosting sites, such as Weebly or Squarespace, you can take on clients on a freelance basis to make some side cash.

 

 

Depositphotos

 

 

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This option will let you clear out your home and fill up your bank accountant. While designer and well-known brands will fetch you more money online, Thredup and Poshmark also accept non-designer items. The cashout for non-designer items may be lower, but the savings can add up over time.

 

 

H E N G S T R E A M on Unsplash

 

Do you have digital artwork or prints you’re looking to sell?

 

Jump on the nonfungible tokens (NFTs) bandwagon and convert your artwork into profit. Many artists are making $100 a day or more by selling their art as NFTs. There are plenty of ways you can hop online to learn how to use NFTs if you’re not already familiar with how they work.

 

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Not ready to make an NFT?

 

Sell your physical crafts or other goods through popular craft sites like Etsy. Since the pandemic, the demand for local or small business-made artwork and jewelry has increased. You can capitalize and make quick money on your talent by creating an online marketplace.

 

etsy

 

If you have gently used technology, furniture, or other goods, hop on eBay or Amazon so you can sell to buyers looking for a bargain. If you own your own business, you can even create an official store through these popular sites so you can reach an even broader audience.

 

 

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For less valuable goods, use Craiglist, Facebook Marketplace, Letgo, or other sites that match local buyers with sellers. You can move clothes, yoga mats, planters, and more quickly and even arrange socially distanced pickups.

 

 

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Vladimir Vladimirov

 

Turn your love for yoga, pilates, workouts, dancing, or more into a fun way to share your passion with others and get paid. Many people are willing to sign up for digital workout classes for a flat price or a suggested tip. You can simply share a Zoom link for a fee or use Twitch, YouTube, or even live stream through Facebook.

 

 

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For those who have beefed up their home gyms during the pandemic, a personal trainer can be a great way to turn their pandemic panic buy into a way to actually go through with their plans to reach fitness goals while stuck at home. Make quick money online by walking through workout routines, warmups, and how to use gym equipment so others can safely learn to work out from home.

 

 

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Have extra fitness equipment? Rent out your dumbbells and equipment to others who are trying to get into shape. You can help and make good money by renting out equipment when you’re not using it.

 

 

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Help others sort out sustainable diets from trendy ones. Many people need assistance planning out meals, determining if going keto is right for them and answering other nutrition-related questions. You can also offer meditation and motivational classes too. You could easily make a hundred dollars a day with this side gig!

 

 

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Love cooking? Help others find their passion for food by teaching them how to find deals, plan healthy meals and snacks, and find recipes that work for their dietary and nutritional needs and goals.

 

 

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If you love cooking, you can always take meal planning a step further and prep the meals yourselves. Many people are looking for local alternatives to national meal prep companies. Make extra money by sharing your favorite meals with others. You can offer different plans depending on your future clients’ nutritional needs and how many meals they’re looking to buy. Just be sure to follow good kitchen hygiene.

 

 

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Many professions require listening to recordings and transcribing them in full. If you’re willing to transcribe these recordings, you can get paid handsomely for your efforts. Use sites like Fiverr or dedicated transcription agencies to sign up and take on clients on a freelance basis to make more money every month.

 

 

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With the rise of online learning during the pandemic, many students from K-12 to college need extra help as in-person tutors become scarcer. Teaching English online is especially in demand. You can sign up to work with an agency that offers tutoring services or advertise to friends and family yourself to build up a client base. The hourly rates will vary depending on which service you sign up with.

 

 

Yelena Khayrullina / istockphoto

 

News organizations, offices, and many other professions all need help filling writing and editing roles. If you have a knack for grammar, you can freelance from anywhere in the world. Make good money from freelance gigs on LinkedIn, Indeed, Fiverr, and even social media posts from independent workers or small businesses asking their followers for help filling these roles. If you love writing, you could also start your own blog and use affiliate links to start making money on your own time, too!

 

 

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If you have an upbeat personality and enjoy talking to people, many companies are looking for customer service reps who can work from home. There are plenty of options, from large corporations to local businesses, if you’re willing to work odd hours and help people solve their problems or answer questions about a business or product. If you’re willing to work a few extra hours a week as a customer service rep, you can easily make an extra $100 a day without ever leaving your couch. The average hourly rate may vary, but you can make good money with this job no matter your schedule.

 

 

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Do you have experience in leadership, marketing, getting the most out of tax refunds, or a variety of other in-demand topics? Then the chances are high that there’s a market for your advice or expertise. Many entrepreneurs are selling their expertise through webinars that are either live or prerecorded. You can make money quickly by hosting them through Zoom, Facebook, your personal website, or various other sites and either ask for a flat fee or tip for access to your webinar.

 

 

Ridofranz/istockphoto

 

As more people adjust to working from home, the demand for virtual assistants has increased. If you’re good at managing schedules, ticking off to-do lists, and helping people get through their day, you could sell your services as a virtual assistant.

 

 

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Many people are willing to pay you for feedback on their website or physical product from tech startups or professionals revamping their portfolios. Whether you have an eye for good website design or comparing products, you can get paid through sites like UserTesting.com for your feedback.

 

 

AAUB / istockphoto

 

If you already spend most of your time on social media, you can capitalize on your free time by getting paid as a social media manager. This could involve creating posts, targeting certain audiences, affiliate marketing, building up followers, posting photos, or creating several other posts that will engage a business’s targeted audience and increase its brand recognition.

 

 

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Going out of town and not taking your car? Rent it on a site like Turo to make quick money and easily earn $100 a day. The company will connect you with nearby candidates who want to rent a car. You can set the price per an allotted period of time and even a fee to cover insurance costs.

 

 

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Anyone who owns or rents a coveted parking spot can rent them out for a fee through SpotHero. This can be an especially lucrative way to make money every month if you have a parking spot in a cramped city or another area with few parking spaces to go around.

 

 

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Spacer is another great alternative for anyone with a parking space or spare garage to rent out. It’ll be especially easy to make a hundred dollars or more if you’re looking to rent for a month or longer since Spacer connects users wanting to rent monthly with those looking to rent through the site.

 

 

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Cameras, film equipment, audio equipment, and more are in high demand but can be expensive to purchase. If you have any equipment you’re willing to rent out for some passive income; you can make money off sites like ShareGrid and KitSplit.

 

 

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When you’re not traveling the country in your RV, rent it out on RVShare to make extra cash. Since the pandemic, demand for RVs has skyrocketed, making it the perfect time to put your camper on the market and earn some passive income off it.

 

 

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Selling physical products, like clothes, online can take more time, but it’s still an easy way to earn passive income and make an extra $100 fast. Clothes for special occasions can rack up and take up space in your closet. You can rent expensive tuxedos, dresses, and other items online through StyleLend, RentMyWardrobe, and other sites.

 

 

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Going out of town? Rent out your space on Airbnb. Depending on where you live, your home, apartment, or condo could get high dollar amounts, especially if it’s around the holidays or peak vacation times.

 

 

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pixelfit

 

If you play games on your phone anyways, download Mistplay.

 

The app helps you earn points that you can cash in for gift cards to your favorite places. You can even add your friends on Mistplay and compete in challenges with them while earning extra money every month.

 

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Swap out your regular solitaire app for Solitaire Cube so you can start making money in your spare time. If you’re a casual solitaire fan, you can play in the Practice League and work your way up in the leaderboards. Anyone who places in the top three of the boards will win prizes through Solitaire Cube.

 

 

Depositphotos

 

Looking to discover new games? Connect with Bananatic to download free games. You can play or test out new games, gain banana coins and cash them in for various prizes, including game skins, steam wallets, pay safe cards, and more. This is a great way to earn extra money every month.

 

 

pixdeluxe

 

Play bingo in Blackout Blingo, formerly Blackout Blitz, to earn rewards and cash. The bingo game has already garnered the attention of over 5 million players. You can play on your android, iPhone, or iPad anywhere and at any time.

 

 

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Nielsen is a global marketing agency that offers various ways you can get paid for your opinions, testing products, and even playing games. Join their Nielsen Panels, Nielsen Families, or other research groups to earn cash for your opinions on games, movies, TV shows, products, and more.

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