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Old 01-29-2005, 01:53 PM   #1
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I just purchased a 2005 37 foot Safari Simba with 3 slides. My first RV but for me, a real beauty. I am planning to rent it out. I'd like to ask you all to share your pros and cons. For instance, how do you cover yourself re: insurance. Security deposits? Marketing your rental? Is it true vast riches are coming my way as a result of being lord of the coach (as in Landlord, but not) And I can imagine there are more than a few horror stories... Thanks in advance for anyones/ everyones input. Tim
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Old 01-29-2005, 01:53 PM   #2
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I just purchased a 2005 37 foot Safari Simba with 3 slides. My first RV but for me, a real beauty. I am planning to rent it out. I'd like to ask you all to share your pros and cons. For instance, how do you cover yourself re: insurance. Security deposits? Marketing your rental? Is it true vast riches are coming my way as a result of being lord of the coach (as in Landlord, but not) And I can imagine there are more than a few horror stories... Thanks in advance for anyones/ everyones input. Tim
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Old 01-29-2005, 02:26 PM   #3
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Boy are you in for some surprises. Unless your a registered business inthe state where you live, you could be setting yourself up for a big liability.

It's bad enough owning a coach individually and having the problems associated with it that way, now you want someone else to contribute to them. Oh, by the way, when you start renting it, I believe your warranty is limited and sometimes void. I know you insurance company won't go for it.

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Old 01-29-2005, 03:41 PM   #4
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You mean your motorhome "was" a real beauty - at least before you started to rent it out.

I'm not in the RV business but I am in the rental business, with construction equipment to homeowners, contractors, and industrial accounts. I could write a book on horror stories regarding the way this stuff is treated (actually mistreated). An RV is a complex thing and chances are that the prospective customers won't be educated in it's proper use. Even we, as caring owners, make dumb mistakes from time to time. I can't see the coach as being in very good shape (or your bank account after expenses) after a while.

There is a member on this forum who is familiar with renting RVs. I'd recommend checking with "Don (W5IT)" for his input on this. He really knows his stuff and shouldn't be too hard to find. If you look at the top of this page you'll see he's a moderator for this forum.
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Old 01-29-2005, 04:16 PM   #5
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I agree with Tomcat & Cruzer. Definitely talk to Don.
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Old 01-31-2005, 06:40 PM   #6
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Most who do what you want successfully do so via one of the lease-back agencies. They handle the insurance and the rentals and pay you a share of the proceeds. If you do this yourself you had better make sure that your insurance agent knows because most policies do not cover commercial use.
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Old 02-01-2005, 12:09 PM   #7
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Adirondacker, I don't think there will be to much beauty left in your baby if your are serious about renting it out, you'll need an Extreme Make-Over like they show on cable tv to bring your coach back to where it was before you started renting it out. Ed
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Old 02-24-2005, 06:53 PM   #8
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Better take picture of that "beauty" before you rent it out - it won't last long.
Also, take pictures of your warranty, as that will be gone as soon as you start your rental program.
One more thing to consider - read your current insurance policy. Somewhere in the beginning, it will probably let you know that your insurance is null and void as soon as you aren't the driver, or if you start renting it.
Overall, not a good idea - anyone that's tried it that I've read about ended up with a rig in need of repair, owing more than it was worth, and wishing they had never done it.
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Old 02-26-2005, 01:13 PM   #9
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Thanks for dropping me a note. But the good news you wanted to share would be.....
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Old 02-26-2005, 01:53 PM   #10
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It's tough to find good news in a can't win situation. But, the closest thing to it would be that you are finding out about this "before" you do it and find out the hard (and expensive way). As I mentioned, I'm in the rental business and I know that some things work and some don't so we stay away from them. The problem is even more complicated with a nice new class A. The average renter is not going to have the necessary skills required to adequately operate the unit right off the bat. We all learn our lessons the hard way when starting out with something new but as owners, we hjave a few things going for us. For one, we actually care about our investment so the desire to take care of it is there. A renter is thinking of how to maximize his time while renting and learning how to run everything just isn't in his plans. Plus, each customer will undoubtably be a newbie and that initial damage will happen repetitively. The best way I see to keep a rental profitable is to have a lower up-front cost in the RV, mainly start out with a used unit in good shape that has a chunk of depreciation already taken off of it. If your new beauty gets ugly after a year it'll be tough to reclaim your investment, even with the rental income.
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Old 02-26-2005, 05:29 PM   #11
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Adirondacker,

I work for a RV dealership and am actively involved with their rental fleet. The returned condition of some of the units is enough to bring tears to your eyes. Pretend you are an only child and don't share your toys with any one.
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Old 02-26-2005, 08:37 PM   #12
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We were talking to Don at the National Rally and some of the horror stories he told about how rental units came back would make you sick. Too many people just do not respect other peoples property.

Years ago I had looked at a lease back purchase of a nice sailboat, but after talking to a few folks that had their own fleet of rental boats, I decided to just find a nice used sailboat that I could afford on my own and keep my toys for me and me only.

If the rental business was such a great deal, the rental companies would do everything they could to not do lease backsand they would handle the whole enchalada. Nothing like running a business on someone elses money and liability.

Ken

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Old 02-27-2005, 02:19 PM   #13
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Well, you all sound like wise souls with considerable experience. NOt what I had hoped to hear, but important nonetheless. Thanks for sharing. I will drop in for a follow-up as summer nears. I thinking it would be best not to consider it an "investment" at all since that conotates some financial return. I better learn to love my new toy for the next twenty years. By then I will be 65 and ready to go back to resorts, room service and poolside cocktails. By the way, any other bachelors out there? Does the Big Rig (and by that I mean motor home) really draw the ladies???
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Old 02-28-2005, 07:18 AM   #14
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If I may add one more voice, I am in my 4th motorhome (one in the 70's, and 3 since the early 90's). I would not consider it a financial investment, but an investment in the good life. And I would not dream of renting or loaning my machine to anyone. We keep it partly stocked with food and clothes, pretty much ready to go whenever. It still takes a day to load current season clothes, perishable foods, current medications, etc, but it's worth it. If you can't use it on a regular basis, do the things it needs to keep the gas/diesel fresh, propane available, water tanks and batteries maintained, keep from freezing, etc. You'll be glad you did.
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