Side hustle business plan - RV
RV update! Insurance claims, joyriding, and a few extra gray hairs!
First things first, I sent my RV to burning man. Yeah trust me I know it was a risk. I charged a small fortune for it. I only rented it to this group of people because they brought two kids. Yes, I charged $40 for a booster seat as an addon.
That being said it came back in surprisingly good shape and clean! So I lucked out with the renters. Needless to say I screened my renters better than I have in the past which let to my higher chance of “luck”.
As for my second RV. I believe I went a little too HAM wanting to buy a second RV. I knocked on all the bank doors in attempt to get a second RV loan. Results are in and it’s a resounding NO. It is pretty hard to get a second RV loan.
In fact most banks don’t want to give you a loan if they know you’re renting it. Sooooo I have a diabolical plan to overcome this problem.
Enter HELOC. I’m just going to pull money out on my heloc and buy another RV early next year. I’m aiming to buy a Class B and will sell my Class C. Let’s talk order of operations.
1. Sell my class c
2. Buy class B
3. Buy 2nd class C with HELOC
Here is why this order. I can qualify for new RV loan once my class C is sold. If I put an RV on my heloc it’ll go against my DTI and banks will balk about the debt. So I’ll qualify for the 1st RV with squeaky clean no RV loans credit.
Then at that point I can use my HELOC to buy whatever the heck I want without parental (bank) supervision. No questions asked, this is a huge benefit of having a HELOC. I know, I’m a rebel.
Anyhaps, I filed an insurance claim for the original renter who smashed my generator. So I’ll get that fully replaced… at a loss. 😭 But as stated in prior posts that is just going to be written off as a business expense. I’m still wayyy in the green.
Fun side note I ran into another person who came across our grubby mechanic that took my RV for a joyride. Mr mechanic had my new RV friends unit for a month. Apparently he lived in it the whole time… what a menace to society. Good news is that the perp is locked up for a few years after his run in with me.
Hey look, I have new gray hairs!! But guess what, they’re worth it. These are just some challenges I’m going to overcome on my goal to consistently earn $5k a month from this business.
Smash that newsletter susbrube button and gain some XP from my mistakes as I walk you through my journey of become the RV king of the universe. Part 5 Side Hustle.
First things first, I sent my RV to burning man. Yeah trust me I know it was a risk. I charged a small fortune for it. I only rented it to this group of people because they brought two kids. Yes, I charged $40 for a booster seat as an addon.
That being said it came back in surprisingly good shape and clean! So I lucked out with the renters. Needless to say I screened my renters better than I have in the past which let to my higher chance of “luck”.
As for my second RV. I believe I went a little too HAM wanting to buy a second RV. I knocked on all the bank doors in attempt to get a second RV loan. Results are in and it’s a resounding NO. It is pretty hard to get a second RV loan.
In fact most banks don’t want to give you a loan if they know you’re renting it. Sooooo I have a diabolical plan to overcome this problem.
Enter HELOC. I’m just going to pull money out on my heloc and buy another RV early next year. I’m aiming to buy a Class B and will sell my Class C. Let’s talk order of operations.
1. Sell my class c
2. Buy class B
3. Buy 2nd class C with HELOC
Here is why this order. I can qualify for new RV loan once my class C is sold. If I put an RV on my heloc it’ll go against my DTI and banks will balk about the debt. So I’ll qualify for the 1st RV with squeaky clean no RV loans credit.
Then at that point I can use my HELOC to buy whatever the heck I want without parental (bank) supervision. No questions asked, this is a huge benefit of having a HELOC. I know, I’m a rebel.
Anyhaps, I filed an insurance claim for the original renter who smashed my generator. So I’ll get that fully replaced… at a loss. 😭 But as stated in prior posts that is just going to be written off as a business expense. I’m still wayyy in the green.
Fun side note I ran into another person who came across our grubby mechanic that took my RV for a joyride. Mr mechanic had my new RV friends unit for a month. Apparently he lived in it the whole time… what a menace to society. Good news is that the perp is locked up for a few years after his run in with me.
Hey look, I have new gray hairs!! But guess what, they’re worth it. These are just some challenges I’m going to overcome on my goal to consistently earn $5k a month from this business.
Smash that newsletter susbrube button and gain some XP from my mistakes as I walk you through my journey of become the RV king of the universe. Part 5 Side Hustle.
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