As many of you know, for the last 7 months we’ve had our brand spankin’ new RV in the rental market in Florida.
What would possess us to take our new Class A motorhome and put it in the hands of a rental company? You can read about that here.
And as hopeful as I was to keep you all fully updated on the rental situation as the info rolled in, I just didn’t get it done. Partly because our statements didn’t come as regularly as we expected, and partly because I got lazy.
What? THAT’S THE NAME OF MY BLOG!
Well, anyway, I’m here to give you the big low down on what went down….
You may remember that our first check arrived right before Christmas. Here was the quick breakdown of that first rental check:
September: $0.00 – We dropped the RV off on September 24th, which basically meant it had 6 days left on that calendar month to get a rental, so there were no rentals for the month of September.
October: $412.50 – We had one 3 day rental.
November: $2,500.00 – We had one 30 day rental from a company.
Total Gross Amount for Sep-Nov: $2,912.50
Minus Commercial Insurance: $665.00
Total Received: $2,247.50
We were super pleased with that first check and knew we had more rentals slated for December, but when January rolled around no check or statement arrived.
With much anticipation we waited with bated breath for a check in February, but nothing arrived again.
Finally in March (and after a phone call down to the rental company to see why we weren’t getting statements when we knew we had rentals booked), a check arrived! Here was the breakdown:
December: $3,105.40 – Another 30 day rental from the same company above and we had one 4 day rental.
January: $800.00 – We had one 5 day rental.
February: $1,057.00 – We had one 7 day rental.
Total Gross Amount for Dec-Feb: $4,962.40
Minus Commercial Insurance: $666.00
Minus Repairs: $832.23
Total Received: $3,464.17
A couple of things to note on this commission check:
First of all, the reason we were told we did not receive a check in January or February even though we had a balance owed to us, was because they were swamped with getting rentals prepped, loaned out and then returned from the Daytona 500.
Second of all, the repairs done on our RV were all covered under our warranties; however, the rental company failed to use our warranties and that is why there was repairs charged to us and subsequently taken out of our commission check.
Upon receiving the check and seeing repairs charged to us, we called down there and were told there was no warranty information in our file, so they didn’t know to use it. We found this a little odd seeing that our RV wasn’t even a year old yet and would have had a standard 1 year warranty in place that the rental company would have known existed.
But there was good news! We can submit these repairs to our warranty coverage even though it’s after the fact and we hope to receive the $832.23 reimbursement in the next few months. Taking this into consideration, we can technically add that repair charge back into our “positive rental income” column.
So! How did we do from March and April?
Well, we did not receive a check or statement in the mail for April, but we assumed this was because we would settle up our account when we went to pick up the RV from what we affectionately dubbed “winter camp” on May 4th.
We flew down to Florida and took a taxi to the rental company. Upon arriving we spotted our RV (aka: Harvey the Arvey) in the parking lot ready to go home from “winter camp” and we couldn’t wait to take him home!
We were given our last statement and check in the rental company office and here’s the breakdown:
March: $1,325.00 – We had one 3 day rental and one 7 day rental.
April: $750.00 – We had one 5 day rental.
Total Gross Amount for Mar-Apr: $2,075
Minus Commercial Insurance: $222.00
Total Received: $1,853.00
So if we add up our total commissions from our 7 month rental venture, we made $7,564.67!
BUT! If you add in the $832.23 we should receive back from our warranty for repairs that were made, that gives us a grand total of $8,396.90!
All we can say is, “WOW!” We are extremely thrilled with the income we received from a crazy idea of renting out our RV!
When we discussed putting our RV in the rental market during our off season, we had a few goals…
Goal #1: cover the cost of taking the RV down to Florida and back for this crazy venture. Our thought was this… even if we just met this goal, we would have at least had our RV in a warm temperature for the winter months and not have it endure harsh temps, snow, and ice up here for 6 months out of the year.
We MORE than met this goal in the first commission check alone, as we figure it cost us about $600 each way ($1,200 total) to get the RV there and back. This includes one-way flights, food, gas, and miscellaneous expenses, like taxi rides – no lodging, as we stayed at my sister’s house in Georgia both ways when we were without the RV.
Goal #2: make a few bucks above our expenses of getting the RV there and back for the season. Again, hit this with the first check alone. We were thrilled!
Goal #3: have the rental income cover the cost of owning the RV for one year (monthly payments + personal insurance). This was our crazy, shoot-for-the-stars, we-can-only-hope goal, and baby, we hit it AND THEN SOME!!! Talk about happy dancing!
Our crazy hope before we even bought our RV was that it would pay for itself. I mean, how else does a pastor on a very average income afford a brand new RV, even if it was a great deal?! Well, this is how! And we are so very, very thankful!
And there you have it, folks! We have proved that your RV can in fact make money!
Let me hear your thoughts in the comment area below!