Ep. 09 How to Win Big with Airbnb and Turo
October 28, 2019
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This week on The Side Gig Central Podcast, Elena sits down with JD Possumato to talk about the best ways to use the shared gig economy to generate significant side hustle revenue using asset based platforms like Airbnb and Turo. JD spends his 9-5 working in the automotive industry, however, he is an extremely well versed side gig aficionado and has used both Airbnb and Turo to make over $20k per year using these asset based gigs. In this episode. you’ll hear about the best ways to get started making money on Airbnb and Turo, how to avoid common pitfalls and mistakes when it comes to renting out an asset on these platforms, and the questions you should consider when you first sign up as an Airbnb host or Turo owner. If you’ve ever been curious about what it’s REALLY like to make money on Airbnb and Turo (the good, the bad and the straight up confusing) you’re going to love all of the side gig secrets that JD shares on this episode.
(0:40) What to expect from today’s chat
(3:47) JD’s side hustle journey – then and now
(6:43) Turo’s backstory and the early days of peer to peer car rental
(8:26) Do I need to own the house AND the car in order to rent them out on Airbnb and Turo?
(11:03) Airbnb geographies with restrictions
(12:29) JD’s experience with renting out his room on Airbnb in NY metro area
(14:48) How to make Airbnb worth your time and money
(16:30) Leverage the Airbnb “cleaning fee”
(17:00) Airbnb fees and what you’re actually making
(18:00) “What I wish I knew about being an Airbnb host before I started…”
(22:23) Deep dive into Turo (from 2015 to today)
(24:27) Turo’s early demand (screenshot)
(26:17) “I would not buy a car specifically for Turo to make a ton of money”
(30:59) How to account for taxes when using Airbnb and Turo as your side gig – deductions, depreciation, expenses.
(35:00) The tax questions for side gig services
(37:20) What type of vehicle should I use for Turo?
(38:00) What inspired JD to use Turo as a side gig
(41:28) “When it comes to using Turo as a side gig, never would I ever…buy a brand new car to put in the service.”