One of the most ingenious side hustles I’ve ever come across involves turning the worst investment you could make into your family’s biggest asset.
That’s right, I’m talking about RVs!
And I’m specifically talking to all of you who bought an RV or trailer to fulfill your dreams of the never-ending road trip.
If you are like most Americans, that dream never left the station, and now you are stuck making payments on an oversized, overpriced tin box that sits in storage 50 weeks a year.
I know it is cliché to say, but you are not alone. No, seriously, yours is one of the 10+ million American households that owns an RV or trailer which goes unused all but 10 days a year.
Buying a Motorhome or Camper
Tell me if this story sounds familiar:
Husband and wife, tired of the 9-5 grind, tired of seeing the cold blue glow of a cell phone screen reflecting on their children’s faces, tired of stuffy suburban formalities, eagerly seek a family adventure.
They have fantasized about the cross-country road trip and the pristine air of the great outdoors for years. So, they go to their local RV dealership, thinking about renting or maybe buying, and they walk out with a $100,000+ albatross around their necks for the next 20 years.
If you don’t know any RVers – and if you do, you’ll know what I’m talking about – they are the most genuine, fun loving, good people you’ll ever meet.
Sadly, they are also almost all underwater on their RV, saddled with a liability they can’t shake, and disappointed that their dreams of escape not only failed to materialize, but have been further set back by this multi-decade financial burden.
The RV sales industry is a bit predatory in this way. They sell people the dream of a family vacation for nothing down and low monthly payments of only $294! What a deal!
Is an RV a Bad Investment?
Here’s where things start to unravel.
You can finance an RV for up to 25 years, as if it were a mortgage on a house. The problem is that instead of growing in value as a home typically would, a new RV depreciates faster than a car – as much as 30% the minute you drive it off the lot – putting excited buyers in the hole several grand before they even take their first trip.
RVs also break. A lot. Even when you’re not using them – in fact, ESPECIALLY when you’re not using them. The longer an RV sits unused the more likely you are to have problems the next time you brush off the cobwebs and pull it out of storage.
With the exorbitant cost of purchase, maintenance, and storage you’d wonder why anyone would buy one in the first place, let alone buy a second one!
The Ultimate RV Side Hustle
Enter Tom and Marcie who made over $21,000 renting out their RV in only four months! For RV owners, renting your motorhome or trailer is the perfect solution for the money pit in the driveway.
RVshare (think AirBNB for RVs) is the largest marketplace for peer-to-peer RV rentals, and they cite countless examples of owners who have made so much money renting out their rigs that they’ve started a small business at home.
In this recent interview, RVshare CEO Joel Clark (full disclosure – we’re cousins!) noted that they’ve seen RV owners earn as much as $80,000/year on a single unit!
RV Rentals are in High Demand
Here’s where it gets really good.
There is a major bottleneck in the RV rental industry. Only about 20,000 commercial units are available for rent in the country. You read that correctly. From the mega fleets like Cruise America and El Monte, down to local mom and pop dealerships that rent a couple units on the side, there are only about 20,000 RVs available for rent in the whole United States of America!
Meanwhile, RVshare sees upwards of 40,000 rental inquiries per week!
That means that millions of Americans who have the same dream as you are out there right now ready to write you a check in exchange for a couple nights of freedom in your dormant RV or trailer.
Dollar for dollar, there is virtually no other opportunity I have come across that can so quickly and lucratively turn a liability into an asset.
If you’re looking for another semi-passive income stream this summer, search no more. This news is so good I think it’s safe to let yourself start dreaming again!
Cheers and Happy Camping!