Best Passive Income Ever
Matt Miller is no stranger to the sharing economy. He had been renting homes on Airbnb for several years before he stumbled onto Outdoorsy. At the time he couldn’t believe there was an Airbnb for RVs. He also couldn’t believe he didn’t own an RV. He quickly bought a VW Eurovan Camper, Van Morrisson, and got in the game by posting it on Outdoorsy.
And then it just sat there “doing nothing.” Matt says he would get lots of inquiries and he would answer right away. But nobody booked his van. Enter GoCamp. After a phone call with Deborah, Matt listed his van with GoCamp.
Now the van is getting booked all the time
GoCamp photographed the van and updated the copy in Matt’s listing. “As soon as GoCamp stepped in the van started getting booked all the time!” says Matt. “Right away I saw the revenue and the ease.”
Matt also quickly started to realize his goals for generating passive income. “This is one of the best businesses I’ve ever been involved in. The cash on cash of it – the net profit of it – is better than any of my other revenue streams. From a financial business standpoint, it is the best business for passive income.”
Over time Matt dialed in his van rental side hustle as a steady stream of income. Even better? It became more and more passive as he learned the ropes.
What do you do that makes this a passive revenue stream for you?
I created an instructional video. One of the first things I realized in doing the walk-through with people is that you can spend a lot of time – like ninety minutes – showing them the van and chatting. They are in vacation mode so often not in a hurry. And I’ll take responsibility for being loquacious too. But once I realized how much of my time it was eating up, I made a fifteen-minute video. Renters watch the video before they pick up the van, and I give them instructions on where to find the key. If they have a last-minute question, I’m a phone call away. But I don’t do the hand-off in person anymore.
I’ve also got two people in my network who are very familiar with the van. They’ll clean it and turn it for me if I’m out of town or too busy to do it myself. They perform these tasks for free in exchange for a few free nights in the van. It works really well!
What’s been the best part of your GoCamp experience?
As a business guy, I’m attracted to organizations with great leadership. My favorite thing about GoCamp is the personnel. From the top down the team is just fabulous. Deborah is awesome; she just is. I think she is a special person. I’m involved because of her. She’s smart. She’s a hard worker and very resourceful. Deborah is following her passion with GoCamp. I trust her. I know she’s doing right by everyone. She’s very communicative. She’s always there to answer a phone call or text. And then her leadership style attracts great people as well.
Do you have any advice for people wanting to rent out their van?
Gear your mindset toward it being a business. Recognize first and foremost it is a revenue stream. And then go in with your head up about potential repairs. Have your systems set up and establish your relationships. Know your tire guy, know your mechanic. Know how soon would you need to get your van in if an issue occurs. I learned that my mechanic schedules a week out. In the summer with back-to-back rentals, that won’t work. So I’ve built new relationships with people who can work on my van the same day or the next day if necessary.
Also, you should camp in your van enough times to know it inside and out. By being really familiar with the van you can share your enthusiasm for it in a genuine way. And finally, I’d say respond to renter questions as quickly as possible. Even if you are doing virtual checkouts, make yourself available via phone when renters pick up your van. You don’t want them standing around with a lingering question. You want to help them get right on the road when their enthusiasm is high.
My financial goal is to live the lifestyle of my dreams through passive income. This is something I’m racing towards. It’s not a casual pursuit. I don’t want to exchange my time for money. This is the best passive income platform that I have!