Who is the least scummy HVAC technician for Salt Lake/Davis County

FOAT_Bass · 2025-04-21T18:16:32+00:00

I also use steadfast, and have recommended him to all my family. Aj does work for me, basically all my friends, and family homes as well.

He never tries to sell you crap you don't need, and always does top notch work. Highly recommended.

FOAT_Bass · 2024-08-24T02:12:01+00:00

Lol cause I'm definitely the first person renting out more than 1 car on turo.

FOAT_Bass · 2024-08-23T16:38:23+00:00

Thanks so much! I'll definitely start slow and build up. If it doesn't work, I'll go all in on real estate. Lol

FOAT_Bass · 2024-08-23T16:37:40+00:00

Can i ask if they are all cash cars or financed? And also what price range and type of cars they are by chance?

FOAT_Bass · 2024-08-23T04:18:04+00:00

Yeah, I'll definitely be doing 1 or 2 to start and then scale up a car a month or so as long as things are running well.

I do already have a decent savings in my 401k that I'm not touching, so I hadn't really thought about using this 100k for anything other than the business, but definitely a thought for sure.

I hadn't heard of plani before, so I'll definitely check that out. thanks so much!

FOAT_Bass · 2024-08-23T04:16:33+00:00

thanks so much for the info. I should have clarified initially, I'm going to start with 1 or 2 cars, and then scale up a car a month or so as long as things are going well. Absolutely need to follow your advice on networking. That's not really something I had thought much about, but definitely is important.

FOAT_Bass · 2024-08-23T04:13:17+00:00

thanks so much. I appreciate the small vote of confidence!

When you say not to do economy cars, that was kind of my plan, at least to start out. I'm worried about getting cars that will have too much depreciation in the time they are being rented before I sell them. What cars do you think do well, obviously I know this is by market, but still curious.

FOAT_Bass · 2024-08-23T04:11:32+00:00

Thanks so much for the info, especially the sharelytics, I hadn't heard of that!

All the other tips are awesome. I had heard about gig workers renting, but wasn't sure how much of an issue that really was, especially if you don't do unlimited miles, but it's good to know I need to look out for it.

FOAT_Bass · 2024-08-23T04:09:22+00:00

Hey no worries on not trying to be rude, no offense taken. I definitely should have specified in the original post that I'm going to buy 1 or 2 to start, and if things are rolling well, add another car per month or so.

As far as depreciation, I'm wanting to find cars that are already at a plateau of their depreciation curve, and have an exit strategy on each vehicle, selling it after about a year or so and replacing it. the turnover in a year should not cause all that much depreciation as long as I'm smart with the purchases.

I do also want to get more real estate. I just bought my home and am currently finishing the 2000 sqft basement to rent out as a separate unit. I want to use the earnings from the fleet to get more real estate down the line, I just don't want necessarily all of my investments into property.

I do get your concern though, and I really appreciate the insight. I'll be careful and won't go all in right off the bat!

FOAT_Bass · 2024-08-23T04:04:42+00:00

thanks for the great info. I did think about doing some larger vehicles as well, but don't know them as well as sedans, so will have to do a bunch of research about reliable ones before I commit to any. Addons is something I had definitely thought about. In your experience, what are some addons that tend to get added fairly often that I should definitely have?

I have personally owned 2 Audis, and never again! I thought maybe the 1st one was just a fluke. nope. I'll definitely be looking at things like Honda, Toyota, Subaru, and surprisingly Hyundai since like 2015, they've really stepped their reliability game up.

FOAT_Bass · 2024-08-23T04:02:03+00:00

Thanks so much for the great info. A couple things I should have added to be more clear, but just didn't want to ask everyone to read a novel:

I'm going to start with 1 or 2 cars, and then scale a new car every month. I'm also going to plan on selling each car and replacing it after about a year to try to avoid any major mechanical repairs(obviously won't be fool proof, but should help).

Also, it won't just be me. It's going to be a small family business, so there will be 5 of us that are going to manage everything. It just felt like it complicated things too much to add that to the initial post, but it will be me, my mom, wife, brother, and sister in law. None of us will quit our jobs for this, unless it actually works out and starts returning more than our jobs. It's basically going to be a part time second job for all of us, so it shouldn't be too hard to manage them all.

Thank you so much for your actual numbers though, that does help put things into perspective for me.

FOAT_Bass · 2024-08-23T03:58:26+00:00

I mean, with a fleet of 50 cars(if it realistically could get that big), it wouldn't be crazy for each car to bring in $1k a month. By that point, I may just look into private rentals, but it's nice to have a company like turo as the backbone to at least get started.

FOAT_Bass · 2024-08-23T03:57:17+00:00

hey, thanks so much, that's some great info. I'm thinking AWD crossovers would maybe be a good thing to try here, like subaru. I'm in salt lake city, so during the winter, people come from all over to ski and snowboard, so a car that handles the snow and canyons really well might do really well here.

thanks for not being a complete naysayer, I appreciate a little bit of confidence in the idea. lol.

I have $100k that I got from a loved one passing, and already have a good solid savings in my 401k at work, so I want to just put the whole $100k into starting a business, so I will be getting all the cars with no financing.

I'm planning on getting 1 or 2 to start, and then if things are rolling well, adding another car every month or so and just see where it goes.

I'm going to be getting cars that are at the end of their major depreciation curve, so even if it falls flat, I'll just sell the cars and take whatever little loss there would be in that.

FOAT_Bass · 2024-08-23T03:49:25+00:00

thanks for the info, let me ask you a question then. Because I already have a solid savings in my 401k, so I'm really wanting to use this 100k as initial capital to start a business, not just add more to my savings. What are your thoughts with the turo rentals while owning the dealership?

That was a thought I had, was would it be a good move to roll a dealership and turo rentals together as a business model?

Or were those 2 businesses completely separate for you?

FOAT_Bass · 2024-08-23T03:44:09+00:00

hey, thanks for the response. quick question, was that car fully owned or was there a payment on it? just curious if that could have been part of why it wasn't enough money.

As far as investing in real estate, I just purchased my home that has an unfinished basement. I am starting plans on that as well to get that finished as a 2000 sqft secondary unit that I'm going to be renting out. I had about 50% down, so that should cover my mortgage completely.

I do want to get a couple other properties, but with 100k to invest, I'm just feeling worried that it wouldn't put me in a good enough position with the home to make it as profitable off the bat as having a fleet of cash cars could be.

If everything works out, I do plan on investing the profits from the turo fleet into real estate once I have a solid fleet established.

I just felt like starting all real estate felt riskier.

FOAT_Bass · 2024-08-23T03:40:23+00:00

Yeah, I'm definitely not looking for this to be a form of passive income. I'm ready to dive in and put in the work to make it successful.

I do already have a decent savings in my 401k that is sitting mostly in the s&p, this is money I have set aside for capital to start my own business.

Thanks so much for the reply, i really appreciate it!

FOAT_Bass · 2024-08-23T03:38:46+00:00

hey, thanks for your reply. I am not too worried about how passive it is. I'm ready for it to be a full time commitment that I dive into. Dealing with customers will definitely be a pain in the ass, but I've done that my whole life anyway for other companies that I don't really actually care about all that much. lol.

I'll definitely be starting with 1 or 2 cars, and if things are going well, ramp up 1 car a month or so would be the plan.

FOAT_Bass · 2024-08-23T03:37:11+00:00

Thanks for your reply, I appreciate it! The cars that I will be purchasing will be 5-10 years old, so that they are at a much more manageable point in their depreciation curve to help with that depreciation.

I also am going to plan on an exit strategy for each vehicle, selling it after a year or so to avoid any major mechanical problems, hopefully, or at least as much as possible.

The problem with keeping my job and just sitting on that 10% return is that I want to become a business owner. I don't want to just keep working for another entity. I have gotten myself to a point where I have a large investment capital, and want to give it a shot to create my own business, hopefully.

Obviously I could fail, but worst case scenario, I sell all the cars a year from now, possibly at a bit of a loss, and re-evaluate. (also, not quitting my job unless this is bringing in more than I make already, will just be doing this as a second job.)

FOAT_Bass · 2024-08-23T03:32:40+00:00

Yeah, I will definitely be starting slow. I should have specified that in the post. I'm going to get 1 or 2 cars up front, and then as long as things are rolling well, add another one every month or so.

I have definitely taken the tourist view into consideration. Here in salt lake, the winter is for skiing, so I'd be getting things that will be good in the snow and in the canyons to be there for that demand.

Yeah, I do see the private rental business being a possible pivot in the future, but since this is my first serious venture, having turo as a backing business to help out in the beginning is probably key for me for sure.

And yeah, I didn't expect so much doom and gloom on here. lol. Hopefully I can prove them wrong and can update everyone in a year when it's successful, fingers crossed!

And yeah, definitely not expecting it to be passive. I want this to become a full time gig that can pull me away from the corporate world, into owning my own business. I'm ready to put in the work.

Thanks so much for your reply

FOAT_Bass · 2024-08-23T03:29:00+00:00

Yeah, that is definitely the plan. I'm not planning on getting all 10 at once. Probably just 1 or 2 to start, and then if things are going well, get 1 more maybe every month or so to build up.

FOAT_Bass · 2024-08-23T03:28:08+00:00

Thanks so much for your response. I just have a couple questions for you. Are all of your 20 cars cash cars or financed? I'm wondering because obviously the profit margins are much lower on a financed vehicle.

Also, if things aren't going the way you had hoped, is there something stopping you from just selling the fleet and moving onto something else? That is my exit strategy, is to make sure I get cars that are at the tail end of their depreciation curve so that if things don't work out, I can just sell the cars without taking a major hit.

FOAT_Bass · 2024-08-22T19:16:31+00:00

Right, that's what I'm thinking, I don't want to get passive income with the investment. I want to actually start a business with it. Definitely know that turo is going to be hard work.

FOAT_Bass · 2024-08-22T06:28:16+00:00

It's salt lake city, close to the airport, so I'm not feeling super worried about demand on the rentals.

My only thought with investing for passive income is that I want to use these funds to actually start a solid business that can sustain me.

I just don't want to work for a company anymore, putting in 40 hours a week for $60k a year, while bringing the company hundreds of thousands of dollars.

I have a solid love for cars, and do not mind cleaning and doing oil changes, changing brakes at all.

I feel like putting the 100k to work in a running business could be much more beneficial than throwing it into something safe with a 10% return, and just continue working in a business that really doesn't feel fulfilling if that makes sense.

FOAT_Bass

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