Own to Rent Program
Own To Rent Program: Want to make money with your motor home or are you thinking about purchasing and want to offset the costs? At Corona RV Rentals we rent motor homes that are owned by individual people like yourselves. We have a program that allows you to make money on the rental of your unit. We share the rental charges 50/50 each. That means if a rental is for $1600, then you get $800, and we get the other half. What we do is advertise, book rentals, do routine maintenance on a rigid schedule, verify insurance, collect the rental fees, instruct renters on how to use the coaches, clean them after each rental and store them when they are not rented and a whole bunch of other things. I am sure you have a lot of questions so lets answer some of the most frequently asked.
Who rents motor homes? We have found that there are primarily three types of renters. First there are people who want to rent the best coach they can. They want clean, well maintained motor homes and will look until they find one that meets their standards. Next there are renters that want or need specific types of coaches, A or C class or one with a bedroom or one that sleeps 10 on 7 separate beds. Lastly there are those who are looking for the best deal they can get. Mostly it is people who are trying out renting before they buy or people who only use a motor home once or twice a year and this is more economical than owning.
How did you begin your motor home rental business? A few years ago we were in the market to rent a motor home for an outing that was taking place in the fall, and we were worried about the weather. I was surprised at the cost of renting and because I had no idea the cost to purchase, I went looking at new units to get a feel for what was a fair rental rate. One of the rental companies had a consignment program, looked into it, and chose to purchase instead of just renting.
What was your greatest concern buying, and then renting, your motor home? I was really worried that the motor home would be “trashed”. I found that most renters are very careful with the RV’s; hence the large minimum $1,000 deposit required to rent. While it doesn't look brand new it is in pretty good condition even today.
Are you worried about how many miles will be put on it? It will have miles put on it, which will decrease the value; how many is a question that cannot be answered. What we have done is to limit the number of free miles per day to 100 with an additional charge of $.32 - $.59 per mile thereafter. Because we estimate the travel miles before they are rented if you have a maximum per rental then we can make arrangements to ask you before it’s rented.
How much can I make in a year renting my motor home? Yes, it is about the money. While the amount you make will vary with the type and age of your unit, my personal experience has shown me to make over $15,000 in one year. While I cannot guarantee any amount, it should be more than your payment for the loan, insurance and even your cost of using the unit.
How is maintenance handled and on what schedule? I firmly believe in regular maintenance and that is one of our major goals in renting motor homes for individual owners. We maintain a rigid schedule for all maintenance needs including cleaning. These charges are split just like the rental income amounts.
Where will the motor homes be stored? We ask that they be stored at American RV and Boat Storage on Parkridge in Corona. This facility has many features we find necessary like late access, gates close at 9:30 pm, and they have video security. They also have a dumping station which is great for many reasons. We have arranged a discount rate which we ask you to pay.
Do I have to store my motor home at this location? Yes, we need access to it for maintenance reasons and for the occasional visit by prospective renters. We also need to know that your coach is "ready to rent".
When can I use my motor home? You can use it whenever you want, it is yours, as long as it hasn't been reserved by a renter. We recommend you "book it" in advance to assure its available when you want to use it.
Can I rent it to my friends? When you rent a motor home your personal insurance will not cover rentals. This is why we require insurance binders because, unless it's listed on the renters insurance, it will not be covered. What I recommend is that you give up part or all of your 50% as a discount for your friend and let us rent it to them so that you and your coach will be covered.
How long can you continue renting my motor home? Most people want newer motor homes which is why we charge more for the newer models. If renters had a choice between a 1999 model and a 2008 model they will choose the newer one. That does not mean you cannot still rent the older one, you simply discount it to a rate that makes it more appealing. The life expectancy depends on the market.
Insurance. The hardest question to answer. Regular insurance like AAA or State Farm will cover you while you drive your motor home. It will, in most cases, cover your friend who has borrowed it. But the minute you take any money, for whatever the reason, it will not. If you are loaning or renting it for money then it is considered commercial and you need commercial insurance. This is very expensive, so much so as to be prohibitive. I have had quotes as high as $4,000 a year per motor home. We have found the best way to go about this is to require renters to bind their insurance to cover the motor home. Most renters can get the binder from their agent at no charge. We make sure the policy will cover the motor home, but to make sure the limits are high enough to cover the coach and then to verify it the day before the rental.
You should maintain insurance on your motor home for your use.
Accidents will happen, be prepared. Renters will bump into things, other vehicles will bump into them, they may scrape the roof on branches, have rocks break the windshield, blow tires and the like. What we do is to make sure everyone understands their responsibility in renting an RV and try to maintain it in the way we got it.
In short, this is an opportunity to not only get a motor home for you to enjoy, but also to have it pay for that enjoyment. Please send all inquires or questions concerning the Own to Rent Program to pam@coronarvrentals.com
