side-hustle idea

[Roperyoung]

10 mm for me

[ctom87]

Would this be tools like drills, saws, etc? We have all kinds of headaches in equipment rental. I'd assume tool rental would have just as many. The first time a guy calls you in the middle of the night because your drill stopped working, and he wants you to bring him a new one, you'll probably take the website down.

I'd look at insurance as well. Just in case someone decides to cut their leg off with your sawzall.

Edit: After reading my post it kinda sounds like I'm being a ****. Didn't mean to come off that way. Just not sure the $$$ would be worth your time.

No need to edit that at all, it's sound advice. The biggest issue is someone creating a story for the how'd you lose it thread with my circular saw lol. And poof there goes my tools. And house probably.

I thought about LLC's and how that may protect me from that, but I'm not sure how they work.

To answer your first question, yes... portable tools, battery or corded. No table saws, too much of a hassle. If you can pick it up and carry it, I would consider renting it. I bought a SDS Plus to take up tile. Probably will use 1-2 times again in my life lol. But it made the job simple and quick. Figure I could rent it out to some DIY'er.

[gingib]

Too little money to make it worth it. My side idea/extra time is worth say $100 an hour.

Think big

[ctom87]

Sounds like a good plan. Cover your bases like mentioned above. In addition, how will you handle someone not returning your $500 tool? Can you repair tools, i.e. the wiring? A lot could go against you, but careful planning could be the money maker. Heck, you may start with tools and work into equipment.

Good question. If I did this, they'd have to pay a deposit that is the cost of the tool brand new. It'd be an expensive deposit but if the tool is returned in roughly the same shape, it would be refunded.

Most of my tools may or may not have a lifetime service agreement I think I could fix them for the most part.

[riverbowman]

I do like the concept and hope you can get it going. For me the liability vs. income would not balance out. A massive waiver would be needed and that would only do so much.

[ctom87]

If you're renting tools with moving parts you're going to want form an LLC and have some type of insurance policy.

If that tool isn't in perfect condition and there's an accident you could be responsible. You rent out a saw and someone losing a finger or worse they'll claim tool was defective or negligence. Lawyers will try and get everything you own plus some.

Sound advice...thanks for sharing!

[ctom87]

Interested...What are you asking for a 2 day rental of a 11mm socket?

Probably a nickel each day.

10 mm for me

But it's it's a 10 mm, IF I had one, I'd probably charge an ounce of gold.

[ctom87]

Too little money to make it worth it. My side idea/extra time is worth say $100 an hour.

Think big

I agree but I'm trying to put in the least amount of effort possible

I work enough in my "40" hour a week job as it is and want to spend as much time as I can with family when I'm not stuck in the office.

[ctom87]

I could even have like a subleasing program where other neighbors in the neighborhood go through me to facilitate their own lending and get paid. Hmmm.... may need to ask mods to delete thread asap!!!

[Abctx]

Probably do better buying “discount” sets (5-10 tools) of Milwaukee or Dewalt tools, breaking down the sets, and selling the individual tools/batteries on eBay or Facebook.

[S-3 Ranch]

Don’t rent a paint spray rig , someone like my uncles would spray oil based and then ruin it by not cleaning it, IMO maintenance would be a nightmare

[Rubberdown]

I feel like what you need to do is have a pyramid scheme with people joining the tool rental club.

[eradicator]

If you can undercut all of the rental companies out there it could work. But they have acres and years of tools accumulated.

[Hills of Texas]

Little effort equal little return most of the time

[louieagarcia]

As previously mentioned, what happens when someone is using a rented tool and it fails and they get hurt? companies that do this kind of thing carry pretty hefty insurance policies.