Yahoo Finance Aussie's side hustle earning $4,000 a month that anyone can do: 'Surreal'
What started as a quick and easy way to make money has turned in a massive passion project for Anthony.
An Aussie worker has managed to pull in thousands of extra dollars every month after finding an easy-to-manage side hustle that got him out of the "rat race" of his regular 9-5. Anthony Tannous runs a recruitment business in Sydney and discovered he could rent out his work van, which was usually left unused during the day.
When he first launched the vehicle on Turo, he chucked it up for about $70 a day. It was a steady money-maker that brought in a few hundred dollars a week with very little maintenance on his side.
"When it's just sitting there not doing anything, it's costing you money in financial payments or insurance or things like that," Tannous explained to Yahoo Finance.
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It only took one to two months before the steady cashflow was completely paying off the van's needs
But it wasn't long before he ran into a problem where he needed to use the van for work but it kept getting booked out on the Turo app.
"You have to be a bit flexible and be a bit entrepreneurial in the sense where you're just going to just push through the problems, solve them, and keep going because that's how you build yourself on the platform," he said.
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Eventually, he decided to put his mother's car, which was fully paid off, on the Turo platform to generate more income.
Two months later, he bought a Tesla Model X on finance for the sole purpose of renting it out on Turo.
Not long after that, he added a seven-seater vehicle to his fleet because his wife was about to give birth, but he wanted to rent that out whenever she wasn't using it.
What started as a little side hustle quickly morphed into a passion project.
"Obviously, at the same time, we needed vehicles. I need a car to go travel to work and things like that and my wife needs a car... but I think it gets easier the more cars you have on there because it's very rare that they all get booked," he said.
If he does find himself without a car, he's happy to use a rideshare service to get around because he'd rather be making money from someone using his car than for it to be sitting empty.
Tannous now has a fleet of 10 cars and could be co-hosting a further five with other owners on Turo later this year.
How much can you make from Turo?
He earns about $15,000 per month in revenue from his Turo fleet, but a lot of that gets chewed up by registration, insurance and maintenance. He's forecasting revenue for 2024 to be between $120,000 to $150,000.
But profit is a different story.
Tannous has been averaging around $2,000 in profit on an average month, however, that can double during busier periods.
He said it's been "surreal" to pull in that much money for doing very little work and his profit will only get bigger as the car loans are progressively paid off.
He reckons anyone can jump in on this trend if they have a car that they only use from time to time.
"If there is anyone looking to sort of get into the side business or even just renting out their cars, I think you just look at it as a little side business at first," he said.
"I always look at what I have around me that I can make money with. You might have a little car at home and start with that.
"And I've done that with my good friends, and now they're firing me up to buy a car with them as well, and split it up a bit.
"It's low-entry, you can easily get finance on a $40,000 car and from there you grow your business.
"And I think it's definitely good if you have multiple businesses and have a backup especially in today's climate."
How does it work advertising your car on Turo?
The Turo platform allows you to list your car, whatever the vehicle might be, on the platform and rent it out as much as you like.
It launched in Australia in 2022 and was billed as the car version of Airbnb in the way that it rests between buying a car or renting a car through a formal rental agency.
It also allows you to find a car closer to your pick-up area rather than being confined to wherever a company might have a fleet. But you might have to pay a fee if you want the car delivered to you like the airport.
You can also add additional drivers without any extra fees or charges.
You can rent the car for a few hours or a few days, but each listing will depend on what the owner wants to do.
All trips include legal liability protection of $20 million for damage to third-party property, which is provided by Turo Travels Mutual.
Drivers are meant to leave the car in the same way they picked it up, which includes cleanliness and fuel.
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