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December 16 , 2020

Renting Out Your RV? Weighing the Pros and Cons

RV and mobile campers can be a big investment. Aside from the initial cost, other upkeep such as fuel, tires, fluid and basic maintenance is needed. But there is one major pro of renting out your RV – show me the money, baby!

PRO

Renting out your RV can earn you anywhere between $5k to $30k a year. This is extra income AFTER upkeep and maintenance. Return on your initial investment would happen quickly, faster than the depreciation of your vehicle. Third party websites like RVshare and Outdoorsy give you a safe platform to find and book potential renters. Keep in mind, third party websites take a percentage of every registration.

CON

No matter who or where you are sharing your RV for rent, it can be worrisome. Theft, damage, lack of care and other unforeseen problems can occur. Even if you take extra precautions, sometimes we can’t predict a turn of events. If you are a worry-wart, renting out a big investment like your RV might not be ideal for you.

PRO

Not only will you get an RV to take vacations in but you get to decide the times of year you want to share it with others. You have complete control over when your RV can be rented and even how far you will allow your RV to travel.

CON

Depreciation of any vehicle will happen overtime. It’s an unfortunate fact of life for now. The more you rent out your RV to others, the more wear-and-tear, mileage and maintenance will be necessary for it.

PRO

Renting your RV can be temporary. You can decide to stop renting your RV anytime you want. If getting a return on your investment is the initial goal, once you meet your goal, you essentially got yourself a free RV. Although it’ll no longer be new, it beats losing out on the money you put it into it.

CON 

Unless specified in the rental contract, you are responsible for upkeep and maintenance of the RV. It might seem simple enough, but the larger RVs require a lot more care. This includes thoroughly flushing out septic tanks, ensuring the generator is working properly, insulation for colder weather, excellent tires and a checklist of other responsibilities. It is also necessary to check these before and after each renter uses your RV.

PRO 

If your RV ever becomes worthless for travel, you can park it somewhere – specifically in a paid-for scenic area or even in a monthly RV campground. You can use it as an extra getaway pad for roughing it or rent it on Airbnb as a “rustic retreat” for travelers. Allowing you to continue to make a profit from it, even if it is substantially lower then when it was functional for travel.

CON

Insurance on RVs can be expensive to begin with. When renting it to multiple drivers, it requires additional coverage and sometimes even a different insurance company altogether. Third party websites for RV specific rentals often provide insurance and coverage, like the websites we mentioned above.

PRO

If you know anything about what’s under the hood of a vehicle or if you know an affordable mechanic, you could rent out an RV that isn’t brand new. Even the older models can last for years. This would be an even larger return on your investment. When the cost is lower for older models, it is even possible to buy multiple mobile campers at once. Meaning you might have just hit yourself a gold mine.

CON

Renting your RV isn’t wham-bam-thank you ma’am to start. You have to ensure you have taken all the necessary steps in renting it out to other people. You don’t want to skimp on all the fine details and the necessary maintenance. This is for both you and your renter’s protection. It’s a process and you don’t want to find yourself with less money and more issues than you bargained for.

PRO  

A big toy with an excuse to buy it! There’s nothing wrong with getting yourself something you really want. Why spend on a whole bunch of little things that add up overtime? It makes more sense to buy yourself a good investment that you and the entire family can enjoy together!

Always weigh the pros and cons of your big decisions before making them! It’s not every day we find a great idea we can’t wait to launch. Be wise about renting your mobile home from start to finish.

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