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What It's About
A listener wants to know the best way to protect his rental assets.
Notes from Chris
Episode 1170
Beware the Ides of March! What if you are renting rather than selling an expensive item? This could be a good fit if the items in question are the kinds of things that most people need only once or occasionally—such as an outdoor wedding tent, or even a tuxedo for a wedding, or perhaps something like pricey camera gear that a photographer needs for a particular shoot? Today’s caller makes giant lawn games, and instead of selling them, wants to rent them out for events—but he has a concern about collecting a security deposit. I’m learning along with you, and I was surprised to discover that this issue is not as simple as I would have assumed."I do woodworking, make giant lawn games, in a higher quality than most. I noticed I spent a lot of time repeating the same work for marginal profit. Some games I could barely sell for the cost of materials. I decided I want to rent them out for events such as weddings and company picnics. My question is house do I ensure I get my items back at the end of the rental period? I have come up with a rental agreement but I'm afraid that isn't enough. I rent out my games at cost of my materials so in the event I do lose them, I did recoup my material cost, but not my time. PayPal, Square don't do hold deposits, and I don't see anyone putting down a substantial cash deposit. If I make the deposit smaller, the client could run off, and all I have left is a small deposit, so that won't work."Listen to today's episode to learn more...
SEE ALSO:
- London Photographer Rents Camera Gear 1,100 Times: A London receptionist rents out his photography equipment on a peer-to-peer sharing site… over and over and over.
- Make $4,000/Month Renting Out Cars You Don’t Own: How a Los Angeles man leases a fleet of 16 cars and rents them out at a higher rate making over $4,000/month.
- Student Gets Paid to Help People Rent Adventures: After feeling jealous over a friend’s boat outing, a San Diego student creates a sharing economy platform to connect adventurers with gear.
