EYL #146 Make a Fortune on Turo & Car Rentals - podcast episode cover

EYL #146 Make a Fortune on Turo & Car Rentals

Aug 10, 20211 hr 16 min
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Episode description

On episode 146, we sat down with the Turo King CEO Matty J for a full master class on how to get started and make money from Turo and other car rental platforms. In addition, he also broke down useful tips on best car buying practices, marketing tips, how to build a car rental business, and business strategies that anyone can use to improve their corporate structure. #turo #carrentalbusiness #mattyj


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Transcript

Speaker 1

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Speaker 5

Now my graduates from my school being forced back.

Speaker 6

Drop bag drop, Mike, drop back, drop drop.

Speaker 4

All right, guys, welcome back eyl this Atlanta edition Marathon Atlanta on a whole tour.

Speaker 6

That's a fact. That's a fact. Heavy and a man.

Speaker 4

This is a highly anticipated It's one of those episodes that has been building momentum for a while, but nothing happens before it's supposed to happen.

Speaker 6

So it's happening at the right time, man, CEO, Matty j.

Speaker 4

If you've been, if you've been on Clubhouse, we borrowed him, you probably got Clubhouse going on his phone right now.

Speaker 2

Somebody's doing his Clubhouse somewhere.

Speaker 6

It's showing that, it's showing that he's still active on their.

Speaker 2

House as possible.

Speaker 6

Ya, this dude Clubhouse Champion.

Speaker 4

But even before that, man, he's actually I didn't you know what it's like.

Speaker 6

I didn't.

Speaker 4

I heard about him for a while and I saw on social media, but I had never tapped in with it. I never spoke to him, and the first time I really started to engage with him was on Clubhouse a few weeks ago and I realized, like, yo, he actually is a really really smart dude, Like actually I hit him one time off clubhouse, Like, yo, bro, I need to play for this, Like Yo, he's he's he's a very very smart guy man. And he does a variety of different things. But I think one of he's probably

known for the most is the car business. Yeah, really really like to row on steroids like everything, like you know what I'm saying as far as how to actually monetize the car game and how to you know, have your own pretty much car rental business, and how to make money from vehicles and things of that nature, and it's just so many different hacks and tricks and it's it's really outrageous.

Speaker 3

Kind of this is this is one of the episodes. He has forty forty eight cars, Yes, sir, So last time I heard that was maybe Mike Tyson a baby maybe had like fifty was to catch money early days.

Speaker 2

Yeah, but I got fit the call man.

Speaker 4

But it's done a little bit differently than act. So we will talk about that. But first and foremost, Maddie J, thank you for joining us.

Speaker 6

Appreciate it.

Speaker 7

Blessings, blessings, blessed to give all thanks and praise the guy lo he for for this situation to come to fruition.

Speaker 2

You know what I'm saying.

Speaker 6

I'm ready to share my experience and crate of impact.

Speaker 2

You know what I'm saying.

Speaker 4

Let's do it man. So all right, before we get into the meat and potatoes of it, how did you become the car king of it?

Speaker 6

How did this?

Speaker 4

You're an interesting guy that you used to throw parties. You got a whole lot of different background stories. How did you get to this point?

Speaker 2

Now?

Speaker 7

First off, I have forty eight cars now, but it always started off with one, so I think it's very important to establish that. But it was organically because, as you guys know, the Touro platform allows you to just upload the picture of your car, price it, and then people that's in the market looking for rental they can pay whatever price you listed for to get the keys. So I actually had an underutilized car, my Tesla Models I lived in. I live in lad Station and I

barely got a chance to drive my car. So everywhere Captain one gave me my loan. My loan monthly note was like nine hundred dollars a month. I'm paying nine hundred dollars a month for a car that I'm barely driving. So I have to ask myself, okay, I can keep paying this nine hundred dollars for no reason, or I could figure out a way to turn this liability on wheels into asset making deals. So my boy said, there's a platform called relay Rides. So at the time, it's

called relay Rise. So shout out to Jacobe for putting me onto that one. So I did my research, listened to my car. Same day it got books for one hundred and fifty dollars.

Speaker 6

Relay Rise. Yeah, it's called two ro now, okay, prior it was called relay Rise.

Speaker 2

Yeah.

Speaker 7

So I actually saw the example from him first is he had a car that he had on there and he would run downstairs. He'll be at my spot, my condo, He'll run downstairs. He said, I got to get my keys to somebody. I was like, why you gotta get a keys to somebody? I got a runner, Like you got a runner?

Speaker 6

What you mean you got a runner?

Speaker 2

Yeah?

Speaker 7

This website called relay Rides, and I got somebody renting my car for the day.

Speaker 6

Blew my mind.

Speaker 7

But I never tapped into it because I never needed to use it until I keep the Sabbath day on Saturdays. I don't work on Saturday. So my car said, okay, I can rent my cars on Saturday. Allow the renners to pay my car.

Speaker 3

Note.

Speaker 7

I ended up making two hundred and two way twenty six hundred dollars that month profit renting out my car on that specific platform called Turo Crucial.

Speaker 6

So that was that was the beginning, That was theirs. What what I'm saying, yeah, what yeah? Was that. This was twenty seventeen going to eighteen. So when did Toro become Toro? That's a good question. I want to say. I probably squeauld look it up.

Speaker 7

Probably twenty thirteen, you know what I'm saying. But the actual name change, Yeah, like the name change. I got on when it was already changed. I didn't know it was the same company at first, so I looked. I'm like, oh, this was relay Rise, so probably was around sixteen fifteen sixteen maybe.

Speaker 2

So this is like the Airbnb for cars at the tixactly what it is.

Speaker 4

Yeah, because let's just back of a little further because people might every I don't think Toro's even legal in New York, is it?

Speaker 2

I don't think laughing because we can't do it. We can't run.

Speaker 6

It's one of those things where some people still might not even know what Toro is. In fact, what exactly is Toro?

Speaker 7

Like King said, Troy, you said that on a hit it on nail. It's the Airbnb for cars. Put your car on there, whether it's your car, your homies car, your sister's car, you get throw it on there and run it out to these people on this peer to peer platform.

Speaker 6

Crucial and that ain't crucial.

Speaker 4

It's one of these things that's extremely like for me because I live in New York, I'm gonna move to LA. Everybody's trying to convince me not to move to LA. But I'm still I'm still have a place in New York. So in my brain, I'm like, you need a car in LA. Sure, I already have a car in New York. So I can have a car in LA, have a car in New York, put the cars on Toro when I'm not in each place, and then actually make more money. I'm not even paying for the car at that point,

I'm actually making money from the car. And now it's becomes like an Airbnb situation.

Speaker 2

But we're gonna need New York to change some rules.

Speaker 6

Yeah, we don't need to change some rules, assuming that.

Speaker 7

New York run New Jersey. I know from when I heard in New Jersey like thirty minutes away.

Speaker 6

Yeah, we're close. We're close.

Speaker 7

It's yes, that same play. It's crucial because the producer Michael Brian Cox.

Speaker 6

Yeah, we just ran into him yesterday. Shout out to him. R and B only shotut to Alex. Yeah. Through clubhouse. He found out I was the two ro plug.

Speaker 7

He reached out to him, pulled up to pulled up on me in my office and he said, Yo, man, when I come into Atlanta, I got my spot in LA I don't need a rent a car, run out somebody else's car. I can buy a car, rent it out, and when I'm in the city, I get my car and it's paying for itself.

Speaker 6

So I said, yeah, that's definitely a play.

Speaker 7

So we basically talked about how he can do it, what car, to get word about the car, all those good stuff, so he.

Speaker 6

Can be able to have an asset in Atlanta when he's.

Speaker 2

At in LA.

Speaker 3

So is it similar in a way like an Aaron BnB when you rent out your place like you're a host and you get ratings and all that same thing.

Speaker 6

Super Host, All Star Review, same exact.

Speaker 2

Place, depending on the car.

Speaker 3

So if I got a if I got a Lamborghini, right, does that automatically put me in a different tier than somebody has a camera?

Speaker 6

You know, they got the deluxe edition.

Speaker 7

So if you put up a car that's usually like ninety thousand and above, they have like a deluxe edition and they have different insurance packages for those because they got to protect protect that asset for not just for the host, but also for Touro to make sure that just some random twenty year old can just book a car for two hundred dollars a day without the proper insurance.

Speaker 4

It's crazy too because it's also I'm learning so much from the different people that we interview and shout out the credit.

Speaker 6

Dude, he told us about lease.

Speaker 4

Swap swap LEAs swap lease. That's like, dude, he's out of Jersey, he's with dj MV, but he told us about swap lease and correct me if I'm wrong. That's a situation where you can actually take over somebody's lease, Like if somebody's down on their luck. They brought a lamb ricky, and it's like the recession hit and they had of work and now they got to get it off. You can take over somebody's lease, no no down payment, and you can probably get a way better deal because

they scrambling. It's like a it's like a distressed seller of a property, exactly same thing in real estate. And then you can put that on to yep.

Speaker 6

Right, you don't need to drive it. Okay, you can't make your paper. It's cool. I'm gonna tell you somebody else to make he make some money in between. So with the toy, do you do you have to own the car? Can you lease the car?

Speaker 7

Or if you have, if you have the right to have that keys to that vehicle. I'm not saying go to enterprise. I'm saying that, say you own it or at least it, yeah, or finance whatever case may be.

Speaker 6

Right, most people financing. So I can just give an example.

Speaker 7

So if my brother goes to he's an active duty and he goes to Germany or South Korea to do his active duty, his car's just sitting at home doing nothing right now, So I can do a deal with my brother to say, yo, in start your car. Just sitting here doing nothing. Let's do a repshair deal fifty to fifty eighty twenty, whatever case may be. So I can manage your car for you and have it rented out, so you can not only make money, but your car ain't just sitting here collecting dust.

Speaker 6

So those are the opportunities that come from those situations.

Speaker 3

And you say, depending upon the age or the experience of the driver, the insurance changes.

Speaker 2

So what's what's the type of premium?

Speaker 6

So yeah, so touro specific that platform.

Speaker 7

I'm in the car renal space, so I don't just leverage this tour, I use get higher higher car personal bookings.

Speaker 6

Like just there's a bunch of different webs so many platforms, so many fetch truck.

Speaker 7

Like if you got trucks and you want to rent out your trucks, the little drivers who don't have their car, their cars down for.

Speaker 6

It, you can rent them on that kind of trucks. Pickup trucks, pickup truck.

Speaker 7

Yeah, pickup trucks, commercial trucks, box trucks.

Speaker 6

Yeah, things of that nature.

Speaker 7

But yeah, so as far as the opportunities that exist, my job, as somebody who's in this space is to present all the opportunities and if it fits your circumstances, you have a way to make some.

Speaker 6

Income and turn that liability into an asset. So let me ask you this.

Speaker 4

You said, how they never missed even how to never miss a car payment even again, even if you lose your job? Yeah, yeah, all right, I'm sure a lot of people are interesting.

Speaker 6

How yeah, how to never miss a payment even if you lose a job.

Speaker 7

Because that's the biggest thing. Because a lot of people get these cars. They have a fixed income. So if they lose their job, there wasn no, there's no wigger room, especially if you live in to paycheck. So what ends up happening is this The first thing they look at is dang, I got my my mortgage, on my rent, on my car. Noal, those are the three biggest suspense or two biggest dispenses that they're looking at if they're not driving a car like right now the pandemic most

people are working from home. Now, now your car is definitely being under you lost. You're not driving your car like you used to. So you got a couple options of dang, do I let my long gone default and they just rebolt my car? Or now can you tap into this opportunity. Just have your car renting out to somebody who actually is going to use their car. For example, during the pandemic, you know what business skyrocketed. Grocery delivery, overeats, hub,

gub Hub, Postmates, all these things skyrocketed. And the people who didn't have cars to tap into that hustle can now rent a car from you to be able to tap in that hustle.

Speaker 6

So I'm even teaching my.

Speaker 7

Students that, Look, if you get a Hondai Sonata, go far Fin asked one your car notes fault three hundred dollars a month, you could find somebody on the platform called a higher car to pay you three hundred dollars a week to use your car for their business on Postmas and gethub and grab hub and thinks like that nature crucial play. Even if your friend your cousin doesn't have a job, you can propose to them, Hey, if you don't have a job right now, you can do delivery for Postmas.

Speaker 6

They'll say, well, I don't have a car, don't worry about that. I'll rent you a car.

Speaker 7

Right In a situation like that, And even if it's not your car, you can find somebody else's car to be able to rent as long as they know in the in the agreements there.

Speaker 2

So you said you got forty eight cars. Yeah, but I know the legendary stories.

Speaker 3

You had thirty three in two weeks weeks. I probably had five in my entire life. How does this happen?

Speaker 6

It was It was a transition process.

Speaker 7

So of course it started off with one my Tesla model as the numbers were amazing. Like I said, I made twenty six hundred dollars profit off of one car. I said, okay, as a hustler, you know, making this much money for one car, I just need a double up, triple up. So I went from one to three my Maserati. I went to gravity Audos in Atlanta, Georgia. I got a Maserati Ghibli. This is a thirty thousand dollars car. It was MSRP eighty thousand.

Speaker 3

I'm thinking, like, yo, Masarai, I know that car. Craze thirty is like damaged.

Speaker 7

Get another depreciation on Mazarat. People don't know this, people don't know this at all, brand new. This car is eighty thousand dollars. Two years later, just two years, just throw ten thousand miles seventeen thousand dollars, it drops all the way down to thirty thousand. The depreciation on this car is crazy crazy. That's a good look for me because people still precede this cars Maserati. They're gonna pay anywhere from one hundred to four hundred dollars a day for this car right a day.

Speaker 6

The car no.

Speaker 7

Was probably only five hundred hundred dollars from Masarati. Once I found that out, also, okay, that's gonna be the one of the top performers. So I made sure I had a Maserati and I made sure I had a MERCEDESI three hundred.

Speaker 6

Those two cars really did well.

Speaker 7

But the issue was I end up doing a personal booking in my Maserati and ended up getting totaled out the insurance.

Speaker 6

Luckily, my car's protected.

Speaker 7

When I do personal bookings, I make sure that they have insurance so if they do anything else it doesn't hit my insurance. I don't worry about it. They paid it out. They paid me out. But now I have a paid off car on my credit history, paid off car. It was a good situation. All I gotta do is now I just get another car. So that's why I did I end up getting a Corvette instead, though got my Corvette. Long story short, everybody knows the story. Corvette got stolen, Corvette got stolen.

Speaker 6

Now back to one.

Speaker 7

But now, since I bought so many cars, I know the process of buying cars now dealerships and the process of showing them your credit. I realized that when you go into these dealerships, right, people know this now that they pull your credit report and then they send your credit report to all their different lenders, all of them, so Bank America, Chase, Wells, Fargo, be it, all of

them get the same report. So I realized, if they're sending my report to all these different lenders, all I have to do is go from Ford, get a car from Ford. So I'll tell Ford finance manager a salesperson, please don't send my credit report to all these different lenders. Just send it to Ford, right, and then Ford we'll see how amazing my credit score is, my credit report is, and say, oh, how many cars you want, two, three, four, whatever I want because my credits for when.

Speaker 3

You're walking in the dealership, you're like, I'm trying to get four cars. Yeah, that's different.

Speaker 7

I know what coming is it's not a liability no more, it's an asset. So the more assets I can have, the more income I can bring in. The cash flow you bring in like a team with you because that's me. So so how you getting four cars off?

Speaker 6

Then?

Speaker 7

So I tell them I'm transferrent with the with the salesperson. Look, I rent cars and I need this play to be done correctly. When I give you this report, please please, cause their job at the end of they is to sell a car.

Speaker 6

Typically they have to shotgun the terminology.

Speaker 7

Shotgun shotgun your credit app to all these banks because they want to make sure that you either get the right interest rate or just in case it gets denied from here, you'll get approved over here.

Speaker 6

But I was getting improved by everybody.

Speaker 7

So instead of trying to have my credits report since to everybody, send it one cool get my cars. I go across the street, because you know there's there's car dealership strips. Go across the street. Do the same thing. To Mercedes. Mercedes will run it. What car you want? Get the car I want. I go to Chevy get my Corvette. I go to Maserati, get my Maserati. I go to all these dealerships and just run the same play over and over.

Speaker 6

That's how I got thirty three cars. So you had thirty three cars in one week, you finance leased them.

Speaker 7

Have finance. I leveraged my credit. Somebody will say, why would you over leverage it. I had a business structure. I'm really big on documentary processing, create structures and SOPs. So based on the three cars I was managing, I knew how to scale it, right, So I leverage my credit to be able to do so.

Speaker 6

Our credit was good enough to not have a down payment.

Speaker 7

I didn't need down payment, so I just get in these pick up these cars, right, So I was just picking up these cars. There's actually one car I had to put down payment on, but that was a little bit different situation. I had to put fifteen thousand dollars down on my Porsche Porsche Panamerica. But for the most part, no money down on none of the cars, none of these cars.

Speaker 2

What kind of credit you gotta have to do that?

Speaker 7

I actually had a seven twenty three, but I had a strong seven twenty two three strongly right.

Speaker 6

And to be honest, you don't even have to have nothing.

Speaker 7

It's nothing too crazy as long as you get in the car that it fits the criteria, what the banks were willing to give you.

Speaker 4

So did you still had the there was no money, like not even closing like the type.

Speaker 6

Was it like that gets rolled into the the payment?

Speaker 2

Yeah?

Speaker 6

So long? So how much was all your like your total payment?

Speaker 7

I don't think nobody ever asked this question. One point six million, thirty three cars cars. I think it was a little bit more than thirty three cars. Ended up getting the more cars a little bit later, but one point six million.

Speaker 6

I looked at my one point six million, I added it up that roll, I'm like, got a year a year, no, no, no, that's how much a total?

Speaker 7

No no, no no. But my monthly car notes total was like around thirty to forty thousand. But the total mount money I got loaned. So your payment, your payments monthly was forty thousand dollars around anywhere from thirty to forty Where you house in the cars, that's not bad asking question, that's not bad. So what I was doing with at first because when I have three cars, it was cool because I have my garage, I get two spaces.

Speaker 2

It was straight.

Speaker 7

I had my third one in another space. But now to figure out I want to put all these cars.

Speaker 2

I'll find apartment with a lot.

Speaker 7

So because I'm in Airbnb, I have a bunch of copdos. So I try to leverage the cons space. Tell me why they sent me. Never talking about mister Maddi, You're gonna have to.

Speaker 6

Move all these cars with you know, than yours, I mean airbnbss you have. I have eight, so you try to eight. I have seven. Now, so you try to park thirty three cars and eight I try.

Speaker 8

No.

Speaker 6

I try to park it at one location, all like one and like I have a picture of the building. Yeah.

Speaker 2

Yeah.

Speaker 6

I had all my cars lined up so where people like the residents will drive it. They're like, what the heck is going on here? All these luxury cars, corvettes is going on.

Speaker 7

It was pretty crazy, but I have to move it. But luckily somebody called me. My boy called me and said, yo, mad I got it. I know there's a lot by the airport, right next to the Hartsville Jackson Atlanta Airport.

Speaker 6

There's a lot.

Speaker 7

You can go ahead and talk to the owner and see if you can leave space. By guy's grace, I was able to close that deal. Now I got my own car lot.

Speaker 6

How much did you pay for the car?

Speaker 2

Lot?

Speaker 6

Thirty two hundred a month.

Speaker 7

It's my note, thirty two hundred dollars a month. Yeah, forty spaces, forty spaces in the back. I think ten spaces in the front. I'm able to run it just like an enterprise. Hurt Actually, I'm right next to the enterprise.

Speaker 6

It hurts. Hurts is right here, enterprises right here, and I'm over here. Patty J's over there. So all right, so you you got forty You got forty thousand dollars a month that you gotta pay, but you don't have to pay your first car note toutch part first thirty. I forgot my brain. That's what I'm thinking. It gives you like a profit.

Speaker 7

It's actually some cars is thirty days, some notes forty five days. So I get to run up the bag for a whole thirty to forty five dollars.

Speaker 4

Before you made your first car payments. How much money did you run up in that thirty day time?

Speaker 7

I want to say, I think it was nothing crazy like twenty twenty two thousand.

Speaker 6

I took some screenshots, some of them.

Speaker 7

Was harder to like onboard and make sure that I can start running out immediately, some of them the same day as soon as I got it put on to row because it's still gotta take pictures and all that.

Speaker 6

I still got it and it was just me and.

Speaker 7

My wife that time, so you have to take your pictures, you got to upload it, and I didn't feel like mentally dealing with that. When you deal with these dealerships, they already took all your mental energy, your whole body, right. But I also teach students how to deal with the dealerships too, to make sure they don't get finessed in these streets.

Speaker 3

So is there a difference between buying a new car and a used car?

Speaker 7

Yeah, definitely, mainly the pricing, but dealerships they really want to offset their new cars right to maintain their relationships with these manufacturers and a little bit more profit margin when it was to the prices. So as we know, people know, as soon as you drive off for a new car off the lot, you hit with two thousand

to four thousand dollars in depreciation. Everybody knows this, but nobody really knows why because most of the money was that you're losing isn't for the value of the cars, for the marketing they have to recruit their costs on these dealerships, market and brand and set and pay their commissions to the salespeople.

Speaker 6

That money has nothing to do with their cars.

Speaker 7

As soon as you drive off the lot, that's already the hit you gotta take because they got to get their profit margin off of that. So people don't know that that has nothing to do with anything else outside of that. But here's the thing. That's why we're not supposed to be buying new cars at all. It's not good idea. Unless you got the money, you don't really

care about that three four thousand dollars depreciation hit. It's always suggested by me and my team to always get these cars used, like my twenty seventeen Maserati that we got for thirty two thousand. If we bought that car brown new, we will pay extra forty thousand dollars for it, same car, right, and that will mess up the profit margins when it comes to running it out.

Speaker 6

So the first month you say you made like twenty thousand.

Speaker 7

Yeah, but you start have been up to up to forty. I don't know the exact number though. What was what did you peek at with that fleet? Yeah? I was getting more cars, and I was getting more cars. So the numbers starts fluctuating, but anywhere from twenty thousand and sixty thousand per month, right, and then of course that's gross. Yeah, of course we got to talk about net when it comes to expenses. I had to hire a team at

seven employees have my car lot. Now, things a little bit different as far as expenses of management and operating cars.

Speaker 6

So was it profitable because it's like, definitely, Well, if you're paying forty thousand a month, but your gross is sixty, the net probably forty, so you're like breaking even.

Speaker 7

Noah, Well I was probably netting probably ten thousand dollars per month, okay, yeah, anywhere, so the price was fluctuating, so anywhere from ten thousand, so my car notes was probably around three thousand dollars a month up towards the forty thousands.

Speaker 6

I started getting more cars, okay, yeah.

Speaker 7

So each car averages anywhere from six hundred dollars to one thousand dollars a month net. Okay, Yeah, So that was what was happening. But some cars weren't ready, or some cars will get in in an accident. So the cars that were performing well will offset the cars that weren't performing well.

Speaker 3

Yeah, so is there like because the masoriety thing is crazy? Is there somewhere that you went to find out the level of depreciation on cars and then that became your playbook for like, yo, I gotta get those.

Speaker 6

I actually should have did that. In the beginning. I didn't know nothing about the depreciation. I didn't care.

Speaker 7

All I knew was my car No. Was six hundred and I could probably make twelve two thousand dollars per car. That's all I cared about. I didn't know about the depreciation until as I started getting to the business. Because depreciation, if I'm getting a used car, the depreciatedation is not too bad once the car is already three years old. So I wasn't dealing too much with that unless I got new cars. That's what I am not doing. I ended vert getting new cars because I realized on the

Touro platform everybody was getting corvetted. Now once I start running to play everybody and I don't mind sharing it. So I'm sharing the play so people say, oh, that's the play we go get some corvettes too. So now it's in the market that all these corvettes available, So as a as a client, now when they go to Turo, they now need to choose which corvette they want to get.

I'm gonna the twenty seventeen Corvette or the twenty twenty corvette a twenty twenty one Corvette, and depending on the price, people will usually go for the newer car.

Speaker 4

So okay, So how do you buy a newer use car at a dealership without getting finess to stress?

Speaker 7

So all right, So the thing is, typically when we go into the dealerships, we don't know who the players in the game or who's evolved. We go into this game called buying a car, but don't know who the players are. So the players are one the salesperson. That's typically the first person you see or that sees you first. As soon as you get on that lot, they see you. Soon as you get on that lot.

Speaker 2

They pop up.

Speaker 7

That's the salesperson, and their job is to sell you a car, whether it's the car that you want or a car that they convince you to buy, which is cool.

Speaker 6

That's their job.

Speaker 7

But then there's after you deal with the salesperson and pricing and all that and that good stuff. Test driving. They have the finance manager or the sales manager. Sales managers oversees the salesperson. But then after you figure out your deal on your payments, credit report, history, approval process, you then move into.

Speaker 6

The finance managion.

Speaker 7

So because people don't know the chain of different individuals that they're gonna be running into, they don't know what to say, they don't know how to negotiate, they don't know how to do nothing.

Speaker 6

Like I was, I didn't know nothing.

Speaker 7

I just got to solve a price on the website. And that's what I'm asking for it not knowing that I can negotiate. If I can negotiate the price down, that will lower my costs on my monthly note, which will give me more profit.

Speaker 6

Margin when I start renting out these cars.

Speaker 7

So getting the car note for five hundred dollars a month versus seven sixty sixty a month is a difference.

Speaker 6

That's your profit margin. You can cash flow one hundred dollars a month off of a car. That's good.

Speaker 2

That's good.

Speaker 7

It's your car. That's your cell phone being paid for every month. You can look at it like that. I don't ever have to pay for my cell phone for a whole year because this car is paid for it things of that nature. So when you get into the dealership knowing how this process works, it's super important. So typically when people are going to the dealerships are getting the car finance, so you having your credit profile already

prepared is super important, super imported. Most people don't know what their credit score is or credit report is when they go to the dealership. And if a salesperson or fiest person knows that, you don't know they have leverage. Remember they're in the business to sell cars and make sure that they get the most income out of each car possible for their bottom line. So why is that important for you to know your credit score is because so you can know that when they literally run your

credit report and come back to you. Some salespeople they say, ah, your credit score is not too good. We can only get you approved for twenty thousand at ten percent.

Speaker 6

But if you know your.

Speaker 7

Credit score is stronger than that, like hold hold on ten percent, I should be getting six percent, five percent. Why are you charging ten right? So if you don't have an answer to that, they're gonna let you. You're gonna be happy with the ten percent just because you got approved, and they had you sitting there in that lobby for two hours wait, knowing that it only takes five minutes to find out whether you're proved or not.

Speaker 3

Which so the three bureaus, right, So which one are they using or are they taking the average of the three?

Speaker 6

Yeah? So typically it depends on what lender they're dealing with.

Speaker 7

So for example, I go to the dealership and I give I fill out the credit report. The sales manager grabs that credit report, whether there's online, website, whatever the case may be, and gives it to the sales manager, right, who then helps and finance manager runs the report.

Speaker 6

They actually have it if you go to car MA. Actually they'll actually let you see it.

Speaker 9

They fill in your information to your social you address, all that good stuff, and it literally plugs it into their system and shoots that information to their lenders and instantly, five probably ten minutes.

Speaker 7

They'll respond back with approved, not approved, approved, with stipulations not approved because of this. Yeah, we're thinking about it, but have this person tell us this information why they be moving for the last two years? Can we verify their income? They'll do those things, but it all happens within five to ten minutes. It doesn't take too long. So once they find that out, they can be able to let you know, yep, you got to prove of Bank America. You got proof of chase, which one do

you want to do? But typically they don't give you two options. They only present them on They don't do that.

Speaker 6

You don't ever know that you got to prove by multiple banks.

Speaker 7

They only lets you know one whatever was the most profitable for them.

Speaker 6

So what they do is, you got to prove for six percent over here.

Speaker 7

But they don't have a relationship with Bank America where they get money any money from that interest right, because dealerships don't make as much money as more anymore from the car sale from the top. Because the Internet, Internet now has the prices of these cars, you can you can shop prices better, way better now.

Speaker 6

So what do the dealerships do to offset that?

Speaker 7

They make their money on the back end selling US warranties packages. The interest rate they add two points, sometimes two to three points. Sometimes states limit them from adding points. But if they didn't have no limits, some people probably say, you got a proof for four percent and you don't know better.

Speaker 6

Congratulations APROS.

Speaker 7

Cars, because all you're looking at is the monthly payments, and that's what the salesperson is supposed to let you do.

Speaker 6

Focus on the monthly payments, not the interest rate.

Speaker 3

So I mean, at this rate, you're accumulating a lot of cars, but with all cars comes wear into yep. So so how do you mitigate that? Are you making connections with repair shops, all the bodies? What's that process like?

Speaker 7

So when you're in this rental business, you end up building relationships with the autobody shops, the mechanics, the car wash business, insurance. Basically, once you come into rental space, you're not even in the rental space. You're in the insurance space, right, You're an insurance game. You're in the

car washing game, car car maintenance game. So while I was in this business, I built relationships with the Top of the Top in Atlanta how to wash these cars and get the right soaps, the right materials to make sure that these cars are being protected and well at cheap costs. Right, A lot of these cars can be maintained really really low. But a lot of people don't get

those same rates because they're not in this business. They just go and take their cars in the nearest auto body shop, and because they don't have relationship with them, they hit them.

Speaker 6

Over the head with prices.

Speaker 2

You know what I'm saying.

Speaker 6

So that's how that situation works. How she got hit on my head with my Maserati.

Speaker 7

As soon as I bought the Maserati, the brakes were warped and I didn't know. I didn't know better, and because I didn't know better, I didn't do better. So I'm driving the car, so it was like off the lot, I'm like, why is this thing shaking? I take the car to the firestone. The dude pulls the wheel out. He said, Bro, I don't know how you were even driving this car. The tire was bald. All that because I didn't have the knowledge to inspect the car. But

there's a tool. There's a tool that I go to now. It's called your Mechanic dot Com. You pay that person seventy five dollars before you buy a car. They'll inspect to let you know this is a good car and you can have your car with less buyer's remorse because you checked it out properly.

Speaker 4

How do you buy a car under your business name without reporting it in your personally.

Speaker 6

So there's a couple of different strategies do that. I think you guys talked about it.

Speaker 7

I tapped into the But one that wasn't mentioned was if somebody gets a business credit card with ten thousand, twenty dolls, you could buy a car with the credit card. That's simple, right. If you got one percent interest or zero percent interest for a year, you can literally buy your car with the credit card and tell them put it in the business name. That's simple, right. Most people never thought about it that way because I'm there so used to getting cars for personal use, and personal use

typically means it's a liability. So we be transferred from a liability to the asset. We're going to buy it under a business name because also there's gonna be protection, more protection under business, and it's not gonna mess with our debt to income ratio, super important.

Speaker 2

All right, So this is this is crazy, right?

Speaker 3

So this is partnering with small dealerships but using their cars to rent.

Speaker 6

So what is this?

Speaker 7

So the rental space was so advantage that I never had enough cars. All my cars be renting, but I'll never have enough, right, So I'll say, dang, how can I get more cars? Because I'm not going to be able to get more cars with my name. Now they're showing after those thirty days that I utilized my credit to get these cars because they weren't showing on my credit. Now they're all on my credit, so I can't get

more cars. So I was able to go to different smaller dealerships, mom and pop dealerships and say, the cars that you guys have in your lot that looks like a car graveyard because it's collecting dust. Did you know you guys can rent out these cars.

Speaker 6

We don't rent our cars or none in this business. That's how it would be in the first place. But once you start showing them numbers showing that it makes sense.

Speaker 7

Build trust report you could actually rent out their cars for you and runt out their cars for you, or for them actually and do a deal with them fifty to fifty eighty twenty, whatever deal you want to do with them. The thing is, if you don't have the cash or we don't have the credit to get cars, you can utilize other people's vehicles.

Speaker 6

You can now utilize other people's credit.

Speaker 7

I can literally walk up to somebody with on the street and say, hey, what's your credit card? I got a cool seven hundred. Did you know with that seven hundred you can get you a car that's gonna bring you a little cash flow in no, tell me about it. If you convince that person, you can get them a car under their name and do a business deal with them running.

Speaker 2

Out that car, take a percentage. Yep.

Speaker 4

So how do you partner with police officers to get the scoop on car accidents?

Speaker 3

Oh?

Speaker 6

But what's the deal with that?

Speaker 2

Yo? All right?

Speaker 6

So my boy in New York?

Speaker 7

Right, so say say you have a car flee a fleet of cars. You have five Toyota Priuses economy cars. Right, when there's an accident, what typically happens somebody calls the police to be able to make the report. But in that accident, this car, this person's car is wrecked and this person's car is wrecked. Right, no matter whose fault it is, these cars are now undrivable and they're gonna go to the toy yard or whatever case may be,

your auto body shop. But now this person that was in this wreck and this person that was in the wreck, they don't have a car to drive. So I know a dude who has a network with police officers. YO, call me anytime there's an accident, I'm gonna pull out and let them know that we can fix their car, and Shirt's gonna pay for it. They basically convince it that person, Look, you got an accident, you got insurance, cool insurance is gonna.

Speaker 2

Pay for it.

Speaker 7

But take it to my auto body shop. Not only are you gonna take the car to my autobody shop, I'm gonna provide you with a car renal that they're gonna pay for it.

Speaker 6

In Shuret's gonna pay for at the same time. So he double dips.

Speaker 7

But he was able to double dip because he has a network of officers that call him.

Speaker 6

It's basically how the tow truck companies work. Yeah, total truck companies.

Speaker 7

How they work is because they grandfathered into a network of police officer. When the police officer needs a car toe they called the network of toll trucks and they come in. So any tow truck company that has these contracts, they make their money by just pulling up anytime the police officer costs. But people don't know that you could

do it for your car. Riddles too, right, Not just police officers, anybody that's in a situation of witnessing a car accident, if you could put it out there in the universe, if you see a car accident, call me, you can be able to tap into that and rent it out.

Speaker 4

With like those billboards in New York, like personal injury attorney, same thing, same thing, and one of them passed away, right recipe, It's like, yeah, the ambulance chases that.

Speaker 6

If you full.

Speaker 3

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Speaker 6

Crazy the show better call saw that's what all?

Speaker 4

Yeah, yeah, yeah, So it's a whole booming industry of people. It's like they look for that, like if you fall at work or if you're falling and now unfortunately it's crazy. Do you know what the most popular thing that you hear, especially in New York, I don't know if it's in Atlanta, police brutality. If you, if you or somebody who know has been a victim of in the last two years, crumbs, if you or somebody you know has been a victim of police brutality in the last two years, call.

Speaker 7

It's a strong these a strong play once more people start being privy to these different opportunities in rental space.

Speaker 6

You know how black people are. We get real creative, get real creative, can do.

Speaker 2

So. So I'm glad you broke down the interest part. But is there a way to buy the car without high interest or interest at them?

Speaker 6

So that's a good point point.

Speaker 7

So in order to get a car with zero interest either you got to have like super super super good, super good uh credit profile and they're just doing it as a favor because that's how they make their money. Banks they needed, as you guys know, in the financial space, banks they need to invest that money that's just sitting there or inflation is going to eat it up. So there's different ways that banks invest the money that's just sitting there, home loans and auto loans and investing into

the market. So out of auto loans they have to make their money back. Say say Erica needs a car and she doesn't have the money to pay for it for cash. Bank will say, oh, okay, we'll give you the money for two percent back, one percent back, depending on the situation. But the way that you can get it for zero percent is if you buy what a credit card that has zero percent interests. You don't have to buy a twenty thousand dollars car to get in

the space. You can buy five thousand dollars car. If you don't have five thousand dollars cash, you can use your car your credit card to buy a five thousand dollars car and immediately use it to be able to be renting on platforms like hire car to row, generate the income, pay that loan back, and now you got a car.

Speaker 4

And even in my red I'm thinking even the supplement, even if you're not doing it as a full time business. Yes, something average the average person, outside of their living expenses, their car is their biggest expense, their biggest monthly No, it's like either your rent or your mortgage is going to be number one. Your car is going you know for most people outside like student loan stuff like that.

So it's like the average person might be struggling. And even if it's a three hundred dollars four hundred whatever. In my brain, there's always some time where you may not use your car. Vacations, vacations Saturday or you know, Sunday, if you're just you know, just staying in there.

Speaker 2

Like if you're taking the train to work every day.

Speaker 6

Yeah, I just want to switch it up a little bit for the month. Yeah, season? How does that work?

Speaker 3

Like that?

Speaker 4

Can an average person that maybe is not looking to do a business but just looking to just cut back on it on the on the monthly note and I have to pay that money as.

Speaker 7

Long as they don't have an emotional attachment to the car and they don't mind sharing it and handing the keys to somebody and understanding of how to manage the car.

Speaker 6

Absolutely well.

Speaker 7

For me, that's how I started Saturdays only, But Saturday's turning to me having a whole operation for the specific business.

Speaker 4

Because it's dope because it's like there's a reference point for Airbnb, so it's not far and it's like, exactly, it's already it's thinking about airbnb just for cars, exactly exactly? Is there certain like all right? Like if you just have a like a hondoid Dodge, will people be willing to Yes.

Speaker 7

I'm in the luxury space, but I'm gonn also have economy cars, standard cars.

Speaker 6

I got smart cars, paid cash for it.

Speaker 7

Smart cars work so many plays with a smart car or any car, you can get the car wrapped I think they mentioned before.

Speaker 6

Get a car wrapped on all sides. I've actually seen the Atlantic station. The dude pulled up.

Speaker 7

I said, Yo, let me ask you a question. How much did this business pay you to wrap your car? He said, three hundred dollars for the month. He made three hundred dollars just to wrap somebody else's business on the car. Right, his car probably look beat up, the paintless chipping. Now he got a fresh little wrap on there, making three hundred dollars, and that three hundred.

Speaker 6

Dollars pays for it. Probably his his groceries and gas.

Speaker 7

Now he don't worry about groceries as a gas ever again until he finds it, of course, unless he doesn't do it anymore. That's just one way, right, and then he can again reunt out his car to people who need to just travel.

Speaker 6

It's just building a network of people who need a car in any situation.

Speaker 4

Let me let me ask you this, because like, if I rent a car from hurt so you know I'm going to the airport or the actual car rental place, it's usually centrally located. So if I live, like in a suburb or something like that, do I have to actually drive the car for somebody to come pick it up, or like, how's that aspect of the car rental business works?

Speaker 6

Location? I got you?

Speaker 5

So?

Speaker 6

Yeah.

Speaker 7

For example, if I if I have a car and no like an hour away from Atlanta, right from an hour away from Atlanta, and I don't want to tap into the city or the airport where everybody's at, I would have to build a network of having people that's in that area that need to cars rent. And you'll be surprised if there's no enterprise there. That means it's

it's still people that need the car. There's people in our way that wish that there was a place for them to get able to rent cars in their specific area. And the question is why would somebody runt out of a car in Loganville and that was just an hour way. Well, somebody's car broke down. Yeah they need a car. Yeah, yeah, supply to man.

Speaker 3

So in the hotel business like Airbnb, I know there's a checkout time, So I'm wondering in the car space, is that like, Yo, I rented from eleven to eleven and if I don't bring it back in that time, what's the penalty or what happens if I don't bring it back at all.

Speaker 7

Same situation with every b Yeah, so check in, check out time, same situation where you can actually set up it's your car, you can set it up however you want to pickups or at this time, between this time and this time, you can sounds like that.

Speaker 6

And then when they book your car they say, okay, cool, I'll pick it up at three o'clock. I'll pick it up at five.

Speaker 7

If there's after hours, you can charge more for after hours, or you can just make it between these hours. But one of the biggest issues is of course people bringing the car back like and messing up bookings, just like Airbnb. Yeah, so it's just a matter of managing the communication with the guests to make sure that they bring the car back.

And if they don't bring in a car back, there's different ways to get compensated, whether it's to taking their deposit or on tu ro letting Turo know that they didn't bring the car back and they need to be charged for half a day or a whole day, depending on how late they work.

Speaker 2

Do you have a maintenance team, because I know, like after somebody leaves, they clean the apartment.

Speaker 6

You have definitely the check in check out team.

Speaker 7

They make sure that the car came back in the same condition and they went out in right check the tires because that's one of the biggest things that get messed up in the car on the base they rim rash the tires. But all these different situations that may happen, we have protocols for every situation. If somebody messes up the rims, there's a fee for that. There's a reimbursement fee for that. If somebody smokes in the car, there's a feed for that same situation. A little Dinxon things.

You're creating all these things. Yeah, I got a hold. I'm really analytical. I made sure I had a list for every possible situation.

Speaker 6

Here's my quote. If it can't happen, it will, So you just don't need to make sure.

Speaker 7

We have the process and procedures to take care of it when it does, and we make sure we communicate it with a guest beforehand, so it's not surprise that it smells like smoking here and it's someone like smoke like before, So we're gonna have to charge to take care to smell for the next guest. So of course some people take it responsibility. But some people say, man, I don't want smoke. I don't want smoke. No weak man, bro It smell like we did, you know what I'm saying.

So that's part of the nature of the business. But making sure that you have the systems in place to take care of it.

Speaker 6

Let me ask you this.

Speaker 4

One of the biggest hurdles that stops people from getting cars, especially like probably at scale like this would be their credit. So do you have any hacks or tips for people to you know, rebuild repair their credit to get into the car.

Speaker 7

And we got a whole network of these dope because credit when it was a credit repayer two years ago, it was like, that's that scammy. We just didn't know the loss, We didn't know the process and procedures of getting these things off of our creditor profile because of the loopholes that were created. Right and luckily we have teams like we got Recession Proof that can help people

with that process to educate them. But through even through Recession Proof, there's hundreds of women and men who now know how to take care of these inquiries, reports, eviction.

Speaker 6

Student loans.

Speaker 7

Legally, we're not even talking about finessing the system nearly legally doing it. So if somebody wants to use their own profile to do so, they can do it or make it, build out a business profile and buy a card in the business, and that has nothing to do with their horrible personal credit. Business profiles straight personal is horrible. You can just use your business, but somebody says. Somebody

might say, well, I don't have a business profile. There's strategies that are out there where you can buy a business's profile, shelf companies and add tradelines to that that that specific shelf company that exists, and then operate within that business. There's so many people who sell business. I can sell my business right now to somebody. My business has been out.

Speaker 6

For twelve years. Talk about that.

Speaker 7

Yeah, so literally CEO cartells my LLC say I was never using co Cartel right, or I stopped using it, or I was being really laxer, or I built this LLC just to sell it. I could just sell the LLC has nothing to do with the services of products, just this business entity. I can sell a business entity, and that what they call shelf companies. It's like a body. But of course the body can't just have skeleton. It has to have its skin and bones. That's why the

profile is important. So they add the skin and bones via trade lines, via business transactions and things of that nature. And that's the different strategy as well, So many strategies. The excuse of I don't have the cash or credit is an excuse me more. We can leverage somebody else's cash, leverage somebody else's credit, like you judge somebody else's time.

Speaker 3

So you talked about getting it from the dealership. You talked about getting the cars from mom and pops. What about auctions? Yeah, yeah, yeah, that process look like ye yeah. So man, when, for example, say we got an accident. So I say an NFL player gets his car crashed, But no, he's no longer in the league. He's not making the money like he used to make it, so he can't pay for the maintenance on the car no more, or can't pay.

Speaker 6

To fix it whatever case, or just doesn't want to right. That car is now sitting at the auto body shop, just chilling.

Speaker 2

Right.

Speaker 7

So now if it sits there too long and the person never picks up the car, they put a lien on that car. They have the opportunity to either sell it to auction after the lean or sell it to you if you know better. If you pull up and say, yo, any cars that you put on me, sell it to me first, they'll send it to the auction.

Speaker 6

Right or if it already went to the auction.

Speaker 7

Most people think that you need a dealer's license to buy cars at the auction, some du like Mike Manheim. But there's a dealership, there's an auction where you don't need a dealer's license that you can go there and buy cars, cash cars, salvage cars. Right to road does allow savage cars. But if you're doing personal bookings and the car is straight and it's been checked out, you can run out those cars.

Speaker 6

You know what I'm saying. Those are the different strategies how to do that? How do you feel about?

Speaker 4

Like we see Hurts going under and a lot of car dealership, well car rental places is going under. Yeah, so it's an interesting to see the rise of Toro and things that make sure what what's the disconnect?

Speaker 6

Like, it's not like people don't need cars anymore. How come the big boys are struggling right right?

Speaker 7

I think it's because their business models. Obviously it's their business model is different they have. For example, there'll be one gym that shuts down, I think goes them also shut down.

Speaker 6

Another gym is thriving.

Speaker 7

The only difference is the business model and the revenue model and the certain the the capacity of services so as we know.

Speaker 6

Hurts budget.

Speaker 7

All those those big companies in this cardinal space, they have too many cars, right, they have either too many cars, or they don't have the right cars that people actually want to run out, or they're not serving the right market, or they have limitations because they have limitations like you have to be twenty five and older to get a car, you have to have a credit card or debit card. With this, they have different stipulations for you to get cars. So at scale, larger companies are more prone.

Speaker 2

To be.

Speaker 7

Affected by a pandemic because it's a large scale business. So for me, because I'm smaller, I'm able to pivot more so on Turo when the pandemic had, it was less bookings, but I was able to pivot to running out to nurses when they came into town.

Speaker 6

Nurses they were getting paid ten thousand dollars.

Speaker 7

A month to help Atlanta with the Corona situation, to leave their city in state and get flown out flewd out to this specific state to help. But now this nurse needs a place to stay in a car to drive. So now that I know that they need these two things, I can offer the airbnb and I can offer the cars. And they have no problem paying five hundred to eight hundred to twelve hundred dollars a month for the car because they're getting paid ten thousands. So they just added

that to the budget. Some of these people, like these actresses, the production teams actually pay for these cars for Yeah, So there's so many different strategies when it comes to this. And like I mentioned before, even during the pandemic where Rose was the grocery's delivery and the Postmates and the Uber eats and things that nature pivot, I.

Speaker 4

See, this is one of these things that's probably one of the more practical things that anybody can react because, like I said, I mean, it's one thing. You can start your own car rental business if you want. But from my brain, even for me personally, I'm interested in this because I feel like, like I explained you to play with la and so that's like for me personally, but the average person, like I said, you're just trying

to just save some money. So whether it's rent into some people that you need, you know, a car for the weekend, or Uber each driver make it makes sense from the hours of four to eight o'clock at night. You know, you come home from work and you're not doing nothing at night anyway, that is.

Speaker 2

What I was thinking.

Speaker 6

Night workers think of that.

Speaker 3

I was thinking, like the person who who gets on the train at eight am, that makes seven thirty to pick up. Time you get up the train at six pm, you make six pm to drop off. You literally picking up the car as you're coming home when you need.

Speaker 6

It, or just the soccer mom or whatever.

Speaker 4

That's like you know what I'm saying, the dad that works a regular job, they traveling, but then they locking in with their kids that night. And you know a lot of people, the average person when they get home at like six o'clock, they're not really leaving the house after that. So from the hours and maybe like six to ten, UBER each driver can rent your car.

Speaker 6

That's a bar. See what I think about that. I just learned that right now.

Speaker 2

Welcome, learn your leasure man.

Speaker 6

You know what I'm saying, It makes sense. It makes sense.

Speaker 7

Damn, that's the most practical. Probably some people have a problem with giving a car to somebody like a stranger. But for me, I realized that when you go to the dealership to get one car, you can get a car for your personal use and a car for rental. You can get two cars and have that one car pay for both.

Speaker 3

So so he plays on a day to day basis. How involved are you in this right, because this is a big operation. Well it sounds like it's not. You call it a small business, but this is a big operation. So you got to hire a team obviously, delegate roles. How involved are you in the process on the day to day?

Speaker 7

Yeah, Now, I'm only involved in because I have a team. So I was able to have people I trusted. I'm in the part of a church organization and having these cars and having these luxury cars and people having keys to this, you need people that you can trust. So because I have so many cars, I needed a team that I trusted, and I have seven. One team handles the protection lost call it what they call it lost prevention in the retail space, to make sure that we

track the cars. So we have an app that we can literally track every single car and where they're at so that persons make sure they did that.

Speaker 6

We have the check in and check out.

Speaker 7

Team, accounting team, we have the customer support team, and the buying team to make sure that we're always getting the right cars going in and out selling cars use the nature. So for me personally, I don't have to do anything outside of just being a CEO, just over like checking make sure everything got done for the.

Speaker 2

Week, you know what I'm saying.

Speaker 7

And my wife, Erica, miss Erica Pride, She's the queen of managing to the point where I'm free, you know what I'm saying. I'm free, free from all the frustrations that I had in the early stages of the business.

Speaker 2

We just we just figured out how you got the time for clubhouse.

Speaker 7

People will always try to look for passive income. When you have a passive business that's creating passive impact, to hop on that.

Speaker 6

Club passive business creating passive impact.

Speaker 3

I like that.

Speaker 4

So it's like, all right, is Toro the same or any of these car services? Are they the same as like Airbnb where you just how do you actually get on, like you just got to have an application? Do they accept anybody or.

Speaker 7

Yeah, you just the onboarding process was cement your ID, just like Airbnb. And even if you want to drive for Uber, you have to send your ID information where you live, they vet that, they do a background, they prove you on the platform and all and you get to go. It's literally easier uploading your car than it is making a Facebook profile. Literally upload the bit of your car description, price it, your rules, rates, and the plan that you want to be on.

Speaker 6

When it comes to turo goodgo, how do you know how to price it? Just what other people are charging.

Speaker 7

So we do market research and see whatever the people are charging and based off that then and it's in the same cities, in the same area. So they charge one hundred and fifty for a corvette charge for you know what I'm saying.

Speaker 6

You know what I'm saying.

Speaker 3

So this is running out of just the Atlanta try I guess, not even try to state, but the Metro. Yeah, Metro line up and we are you thinking about expanding to throughout the state of Georgia.

Speaker 6

States That's a good question.

Speaker 7

So for me, I'm actually in this business not even for the cash flow, because I was actually making more money with less cars because I had less overhead. So I'm actually leveraging this business to have an opportunity to hire people. I'm leveraging this business as an opportunity to be able to network. So when these celebrities coming into town, I'm a plug. I have a car for you and the condo. So it's not just about the cash flow, because there's other reasons.

Speaker 2

And in this business.

Speaker 6

So how did you get airbnbs? Like, do you do that before?

Speaker 7

Or I was one of the first. Yeah, every b was after I dabbled. I listed my condo just to see what people do. I listed my condo back in twenty fourteen for three point fifty just to see if somebody will but night.

Speaker 6

Yeah, and somebody booked it to cancel it because I was living there. But I was surprised that somebody paid three fifty at night for my.

Speaker 7

Spot because when it comes to my payments, I'm playing my spot with thirty two hundred dollars a month. What's that fifty to seventy dollars a day? Somebody will pay me three fifty a day? Said that blew my mind.

Speaker 6

But I tuck that. I put a sticky note on that if I ever need to rent out of my spot.

Speaker 2

I know how to do it.

Speaker 6

Yeah, so I was already familiar with it off of that test. But I was doing the cars naturally.

Speaker 7

People were asking me, yo, do you have a condo to stay because they were going to get my car and go to airbnbay.

Speaker 6

You don't got to do that no more.

Speaker 7

I'll get an Airbnb. We can do all the same place. To the point where I was putting my Airbnb listings on my hero profile. The pictures, so you look at the pictures of the car and that you'll like, right, You're like, oh dah, you got a condown too, We're in there, and they'll inquire that way.

Speaker 4

It's a package Packe, because when you travel and you're living in a perfect city.

Speaker 6

That being that resource.

Speaker 7

I don't even call it the plug. I was the extension court in that situation. I was doing so much to plugging people in. Jason Mister two weeks out, my guy, he said, Lamar owed them. His guy hit him up. He said, hey, do you know anybody who has an Airbnb space? And because Lamar told him he had a house in Atlanta, but it wasn't finished being built, so he needed a place to be in until it was done so because I had my amby b Jason knew

I had the Airbnbs, he plugged me in. I wouldn't be able to have a relationship with an NBA player that I used to watch every night back home for my favorite team Lakers. If I didn't have a resource, that was going to be an asset to him, right, And that's that was crucial. Once I realized that that the loose top of places can happen, I started getting more Airbnb units. I started building relationships with Wile twenty one Savage and twenty one Savage living Atlanta.

Speaker 6

But he's always booking my spot Airbnb. Yeah why boy, tell you.

Speaker 2

I better question. You've got a lot.

Speaker 6

He's another clubhouse champion. Yeah yeah, easy. So that's crazy. I not even thought about like that. You you you're using it for like really networking? Oh? Yes, leverage is a great networking tool.

Speaker 7

Yeah, it's And I like being I like doing businesses that are trendy. So when somebody says to Row, I can be in that conversation and add value. Somebody mentions Airbnb, I could be in that conversation and add value.

Speaker 6

That's that's one of my key things. My core value is resourcefulness.

Speaker 7

I want to be as resourceful as possible, so I know what businesses are shaking, whether E commerce, whether it's airbb too, row stocks. I want to be able to tap into all those things so I can be a resource for those who aren't privy to those opportunities.

Speaker 4

Well it makes sense now because you was a party promoter. I don't even connect that done. That was la that lay connect. That's the ultimate plug. Like the party promoters, what do you need?

Speaker 6

I got everything.

Speaker 7

Most party promoters they don't know what to do after they get people in those doors. If they get the celebrity in there, they don't know what to do with the masterwords. They don't have other businesses or other opportunities to help facilitate that relationship and nurture that relationship.

Speaker 6

Outside the club stops there till the next body. Yeah, you're just a promoter. Now that's it.

Speaker 2

You know what I'm saying.

Speaker 6

We can be more of an asset, way more if we can figure out what people need.

Speaker 4

How much Like I know it depends on Gio graphics and but like on like on average, if somebody wanted to start like a car rental business, how much can can they like expect to make, Like what's a good number to hit each car?

Speaker 7

I just use the parameters of each car, So each car from anywhere from zero to what I was making twenty six hundred dollars per car, depending on the top of car. If you got a Lambo, if your homie has a lambau like for example, right now, I'm at the stage in this business where people want to ship me their Lambos from La Right. They were like, yo, bro, I don't drive this car. I'm just sitting here paying this five hundred dollars a month. Let me ship it to the Lambo and can you rent it out for me?

Speaker 2

Make money?

Speaker 6

Right?

Speaker 7

And a Lambo can run out for what seventeen hundred dollars a day? The car notes probably seventeen hundred dollars. Right, even my ight, my brand new Corvette, my Carnal with my Carvette twelve hundred dollars, that car is getting running it out right now for eight hundred dollars a day, eight hundred.

Speaker 6

Dollar the easy.

Speaker 7

So all depends on the car, the business model, what you want to do, because like you mentioned before, you can do short term rentals or long term rentals or hourly rentals all dependents. Typically somebody nobody's gonna really do a short term hourly rental for a Honda Accord, but they might do it for a sling shot, one of my sling shots. They'll do rent it out for an hour, one hundred and fifty dollars for an hour, or a supercar. They just want to go to the little restaurant with

their girl for two hours. I rent it out for two hours. I don't need it all night. All depends on the type of car.

Speaker 3

So pre covid, Yeah, were you getting into entertainment space where actually like production companies or like y need cars.

Speaker 7

That was happening all the casting directors, the video teams, production teams, they'll call me, you got a car, We need a car for this video weddings, wedding, the people who organize the weddings.

Speaker 6

I forgot with their call, but they hit me up.

Speaker 7

You got any white Bentley's You got a white as fifty white manserrity, anything white really does good with the wedding space.

Speaker 6

But just being a resource and through that, I'm starting to meet everybody.

Speaker 7

I'm pulling up my car and find out that an agent book my car for a super celebrity, a listener celebrity, and now I'm connected with the celebrity in that aspect.

Speaker 6

I do marketing as a trade, So now I'm finishing my marketing plans room because of this car. It was a tool, the extension extension car.

Speaker 4

So you figured the game out, and you know what I'm saying. Obviously you know you're doing good for yourself, and you figured out the Airbnb and you figure out the tooral side. At what point do you get into the education space and start to teach people about this?

Speaker 6

So here's the here's the real play. The real play was. I knew I was going to be teaching it before I started.

Speaker 2

This is.

Speaker 6

Because think about it.

Speaker 7

Anytime somebody does something successful, what's the question that most people ask when they see them doing something?

Speaker 2

How did you do it?

Speaker 6

Put me on internship something.

Speaker 7

Most people when we get asked, yo, how did you do it? Most people say, just work hard, grind hard, fluff, straight fluff. We need the bars, we need the details. How much money did you spend? How many cars did you have? What was the good things that happened? Well, the bad things that happened. It wasn't just you, So who was the part of your team. We need all those details because most people never document in the process. They themselves don't know. They can't articulate or even share

how they did it. They know they put into sweat equity. They grind it hard because that's all they knew they did. That's all they tell people they did.

Speaker 6

I just grinded hard. I didn't go to sleep. I worked hard.

Speaker 7

But if you can document the process, which I did, I documented since day one. I utilized Instagram stories to document my day. Most people they treat stories like what it's called a story. So I'm telling my story day to day.

Speaker 6

Using the specific platform. So people saw when I got my first car, they can just scroll back into the archives.

Speaker 8

Dang.

Speaker 7

I remember Maddy got his first car, Tesla, and he saw his first guest. And now they can see that I have forty eight cars now because they saw the journey. But that's not good enough. I need to package this information into a content that people can really dive in and do implicate this process or replicated for themselves how they want to. But as educator, my job isn't to say yo, if you do it like me, you're going

to get the same results. Now my job is to present opportunities that exists, and then you pick out these opportunities.

Speaker 6

This won't makes sense for me in my situation, scenario, circumstance.

Speaker 4

And it's one of those things where it's like, you know, I love the entrepreneurs that have created online curriculums because it's like one of the things that nineteen Keys said Shout out the nineteen Keys on the podcast is he said everything that the school system didn't teach us as created opportunities for us to teach at a much cheaper price.

If you think about like you going to college and you spend in thirty thousand and forty thousand dollars, you buy a course for a couple of thousand, I mean in there that's more probably valuable than your college degree because it's specific. Yeah, like this is I want to okay, I want to have a car rental business. You can't go to college to have a car rental business.

Speaker 2

So what do you do?

Speaker 4

You either google your life away and try to figure out hopefully you make it, or you just follow a proven blueprint by somebody that's already been successful, that's actually documented it. They put it in a nice video format and it's a step by step. They have the whole thing laid out for you and you just got to follow the blueprint. And for me, it's like it's been

a game changer because I've actually seen it. How you know, whether it's Wall Street trapped, whether it's MG the mortgage guy, whether it's him five hundred, and it's like it's not necessarily like. One of the things that we heard that was the best is like, no school is judged by the teachers or the principals.

Speaker 6

The school is judged by the students. Oh, students, students, the success of the students.

Speaker 4

And when you when you have about Howard University, when you have about Harvard Yale, they don't reference the founders. They referenced Bill Gates went here, and this guy went here, and Mark Zucker even if they dropped out, they went there. Puffy went like, now what I'm saying, So the school

is only as good as the students. And now, so I said to say, I'm watching the online entrepreneurs, I'm not Yeah, these guys are successful, But for me, it's the actual success stories that I'm hearing from the students.

Speaker 6

Seeing that you know, who kills the game of that Alex Good Energy Yep, member of success.

Speaker 4

You know what's so crazy? He just DMed me like an hour ago and he was like, check out this caption and it was one of his portal members and it was like, Yo, buying this portal it changed my whole life. I'm on my third truck testimonies, no more success.

Speaker 2

Like you said, the success dope sells itself.

Speaker 4

That's a fact. So I said to say, man, it's it's dope. So exactly what's in your your curriculum?

Speaker 7

Yeah, the play same thing everything I did. I documented this story, everything I just mentioned today. It's more visual because I have the pictures to prove it. I got to step by step, hold your hand, I got to receive. I got the excels. I'm really transparent. That's one of my other core values outside of resourcefulness. Transparency. I really And the reason why I'm so transparent because usually when I'm talking, I'm really animated people.

Speaker 6

Some people probably listen to me like, Yo, this dude is cap He's lying. Ain't no way he got thirty three cars in two weeks. Who I understand.

Speaker 7

Let me just show you because I can show you better. I can tell you so that's that allowed me to be more of a documentary. If I can be able to show seats, I got their seats, so I show those receipts.

Speaker 6

When I realized most people because.

Speaker 7

I didn't need a course, because I can't sit there and say you needed this course to be successful, I didn't take the course. What I can do is I can help expedict the process for you. What I can do is give you encouragement to hope. I think that's really what the value of the course is, community accountability and encouragement because a lot of people don't have didn't have the same belief system my day when I started. I believe that I can get fifty cars and have

no issue, and you can't really teach that. So that's where the community aspect comes to. Community for me is common unity. So I want to gather all the people who want to turn those liabilities into assets together so we can be able to move farther together in this situation.

Speaker 6

That's the fact.

Speaker 4

So you know, in true Eyo fashion, you know, we bring all kinds of entrepreneurs on and like a lot of them have curriculums, whether it's MG the mortgage guy, whether it's him five hundred Wall Street Trapper, and we encourage that, you know, I love it. I get courses all the time. The craziest thing in the world was when Mark Cuban told me that he buys course. I don't know if you watched that.

Speaker 6

He was like, that was a crazy shout out.

Speaker 2

I appreciate that.

Speaker 6

Signed everything I've been saying, everybody tell me. It was so crazy. When he said, I'm like asking him, like, how many hours a day do you spend learning? He's like all day.

Speaker 4

He's like I buy I buy books, I buy da da da da, buy online courses and I'm like, you buy it.

Speaker 6

It's like, yeah, like I tap in.

Speaker 4

So I say that to say, you know, one of things that we always you know, try to encourage entrepreneurs when they come on the platform is to give a special offer that nobody else has, you know, especially the Eyo community, and that EJ obliged. So you set up a website. The website is car Rental Game eyl dot com and it's gonna be hundred five hundred dollars off

of the course. And once again, the course teaches you everything you need to know to start a car rental business, whether you actually want to have a whole fleet of cars like he does, or whether you want to just supplement your income and do and do you know just the one car that you have, or whether you're trying to.

Speaker 6

Live like me and go from New York to LA or whatever your player is.

Speaker 4

That's the great thing about this whole car rental place space is that there's so many different plays for you. So if you're interested, you can go to car rental game e y L dot com for five hundred dollars off. That's exclusive. You're not gonna find that price serve else on the internet. It's the cheapest that you can possibly get. And yeah, if you're looking to invest in your education, you can take it from there. Maddy J has been

a pleasure, my brother. What would you like to tell the people social media handles.

Speaker 2

All of that.

Speaker 7

Definitely I'm seeing J and I'm known as a digital real estate investor. Right A lot of times we get on social media or even when we buy website domains. Domain literally means you own territory on the world wide Web. So if you own territory on that worldwide Web, let's be landscapers, can contractors, let's be investors and buy, fix, flip, build different businesses on this worldwide web, so we can

create assets that we can also pass down. We already know about the importance of real estate in the real world, same thing in the digital world. So you can find me on CEO medij, my Instagram handle Clubhouse, coo Maj, even my website ceomaj dot com.

Speaker 6

That digital real estate, like ben' that's crucial worldwide. Shout out to bw O everybody else. Shout out.

Speaker 2

The guys.

Speaker 6

Yeah, yeah, shout out to the guys man Troy Housekeeping item.

Speaker 2

Yeah. Shout to everybody on Patreon dot com.

Speaker 3

Y'all know that's ow proud to pay program to five members, you have access to e y L University, the number one place business, entrepreneurism and anything finance, number one in the world. Really, so shout to all the earners out of there and shout everybody that is supporting the merch. The e y L University merged the Assets of A liability shirts and we got that shot got them special sneakers man. Shout to shout out to the Assets of A liabilities. They call them the asset ones.

Speaker 6

I like that, I like I like that.

Speaker 2

I like that. Shout out to the asset Ones and uh.

Speaker 6

They released it.

Speaker 2

Check his speak. Yeah, shout and.

Speaker 6

Shut the bike everybody. You know what I'm saying. You know, what you guys are doing is really special. Appreciate I appreciate that.

Speaker 2

So we appreciate all y'all.

Speaker 4

Thank you, and shout out to Mattie too, because yeah, he not only does he do car rental, he's actually a renaissance man and he he created a whole curriculum on uh for how to make your online university. And of course you know we have e y L University. So when he was talking about the game on you know, how to actually what he said made a lot of sense was like, the model of education.

Speaker 6

Isn't bad.

Speaker 4

Isn't bad, it's the implementation of it, right, You talked about that a little bit before we leave.

Speaker 6

Yeah that was a bar.

Speaker 7

Yeah, it's because like a lot of us entrepreneurs, we pooh pooh on traditional schooling systems. What we're really poo pooing on is the curriculums. What they haven't been teaching us. The system in itself, it works. They have a grading system, accountability system, they have mascots to help with the.

Speaker 6

Feeling school spirit, school spirit. They have the orientation test, exams.

Speaker 7

All those things allow somebody to move from first grade to second grade, third grade, fourth and so on. But as soon as we graduated out of high school, we no longer had that system.

Speaker 6

If you can go to college, it's.

Speaker 7

More like freestyle. So we're all over the place freestyling. So nowadays we shouldn't poo poo on college system. We should just put who on a curriculum and that gives Like nineteen said, we shouldn't be complain and it gave us an opportunity to be able to teach it.

Speaker 6

So we should be happy.

Speaker 7

But the structure of colleges, the structure of high schools and school systems, still need to be in place. So for all us educators in the infotainment space or the entrepreneur space, we still need to model the things that allow colleges to exist.

Speaker 6

To this day, colleges are traditionally education is recession proof.

Speaker 2

Keep real.

Speaker 6

You can talk all you want about is.

Speaker 2

Go be here enfotainment.

Speaker 6

Now, that's the fact.

Speaker 4

When you said that, it was like we already had a lot of those systems in place, but even more And when you told me that and then you showed me the whole thing. I'm like, nah, this is definitely something that and we've actually implemented a lot of those things in the university. Like you said, I mean, it's already one hundred years old. You don't have to reinvent the wheel. You just have to actually take good. Everything

has good and bad. You take the good, you spit out the bad, and then you put your your and now you just have a better product.

Speaker 6

Facts. So yeah, that was that was a.

Speaker 4

Gym for sure to god man. You know well Ryal University. Of course that's the premier premiss So yes, Mattie J. Once again, if you're interested in getting the exclusive of five hundred dollars off the Master Master program when it comes to starting a guitar business and getting your foot up and running, go to car Rental game e y L dot com.

Speaker 6

We'll see you on the other side. Thank you guys for rocking with us. We'll see you next week. Peace.

Speaker 5

Please, my graduates from my school being forced back drop bag Drop Mike drop back drop drop.

Speaker 8

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