I earn up to $150,000 a year from rental side hustle – I started it to enjoy nice cars and jet skis, I’ll never go back
MILITARY man Mike Henrie earns tens of thousands of dollars extra a year from a side hustle that makes the most of what he already owns.
An enthusiast of nice vehicles, he quickly realized he couldn’t afford them on his own.
The solution? Rent them out for others to enjoy too.
Mike, who’s based in Virginia and is an active full-time member of the military, today owns jet skis, kayaks, a motorcycle, RV, a Tesla and several other cars.
“I wanted jet skis but I couldn't afford to have them myself,” Mike Henrie told The Sun.
“And I couldn't justify the expense of that just to have fun.”
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So what was his solution? The 48-year-old turned his passion for jet skis into a thriving business.
Mike has a master’s degree in percussion performance from Brigham Young University and initially graduated college to pursue teaching.
But when September 11 happened, Mike changed his career path, enlisting to become an Air Force musician.
It was at this time he and his wife began building a cabin in western North Carolina.
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Ready to rent
Naturally, when Mike moved to Alaska, it made economic sense to rent out the cabin, essentially as an Airbnb experience before Airbnb was popular, Mike said.
However, it was this experience that was the spark for Mike’s other side hustles.
As a musician, Mike stays on tours that keep him away from his car for weeks at a time.
After renting out his first smart car, he bought another one, plus a Camaro off Facebook Marketplace before putting all of them on the Turo platform.
By renting out his Tesla on a website called Turo, he’s able to bring in up to $10,000 yearly.
Turo is a car sharing marketplace platform that allows private car owners to rent out their vehicles in over 56 countries.
Extra cash
But that wasn’t enough for Mike, who kept thinking about new avenues to make money.
So he invested in some jet skis, and by using the rental platform GetMyBoat, he makes around $6,000 yearly.
He also bought an RV, which brings in a steady stream of income as well.
He charges $499 for the jet skis per day, while the Tesla goes for $124 a day.
His motorcycle costs between $50 and $90 to rent.
The average income for a GetMyBoat owner is over $25,000 annually.
Of course, the amount you can make varies by location.
In Chicago, the average yearly income is $32,910 for a boat owner or captain.
In Austin, that number is $16,367.
Maintaining the side hustle
Mike said the amount you can make is dependent on how much time you put into it.
He also has to spend money to make money, often paying thousands of dollars in repairs yearly.
Still, Mike said the jet skis have more than paid themselves off, and he finds his side business undeniably worth it.
“It's definitely not for everybody,” Mike said, adding his wife would never take on the same side venture he has.
“She said it’s too much of a headache,” Mike said. “But I feel like it's a wonderful opportunity to meet new people.
“You're meeting all kinds of people from rich to poor and from all walks of life, and you get to share your joys with them.”
In total, Mike earns up to $150,000 a year from his side hustles.
More side hustle success
Mark Holcomb, a pilot living in Austin, Texas, has also found success using the GetMyBoat platform to charter his luxury pontoon.
He is able to rent it out for around $150 an hour, depending on the number of people on the boat.
This earns Mark a net income of around $50,000 a year, which has been helpful after he was laid off from a full-time tech job.
Some seasons do better than others.
In January, Mark is likely to only get three charters, but in a summer month, there’s around a dozen.
No matter the season, Mark stresses the importance of being safety-oriented.
After all, every charter means strangers on your boat, and that could be someone who doesn’t know how to swim well or a drunken partygoer.
“You don't know who's going to show up,” Mark said. “So you have to always err on the side of safety.
“You have to be a full stack individual where you need to be friendly and be very prompt in your communication.”
Both prominent GetMyBoat owners, Mark and Mike would never go back to the days before launching their side hustle.
As side hustles become more and more typical, with an estimated 45 percent of Americans having a side hustle in 2022 according to a study, Mike believes people are looking for something they can’t get from their full-time jobs.
“People are not satisfied with just a nine to five because sometimes there's not the creativity,” Mike said.
With his businesses, Mike gets to be social and he also gets to indulge in his photography interest, regularly taking pictures on the jet skis for marketing purposes.
The rise of side hustles is no doubt in part due to inflation as well.
As budgets are pushed to the edge, more Americans are looking for ways to bring in some extra revenue.
GetMyBoat is just one example of this in action.
“Everything's getting more expensive,” Mark said. “You need to make more money so people are investigating other avenues to make a buck in this world.”
Taxing times
It’s important to note, the Internal Revenue Service (IRS) states if you are a self-employed individual, generally you are required to file an annual return and pay estimated taxes quarterly.
You have to file an income tax return if your net earnings from self-employment are $400 or more.
If your net earnings from self-employment is less than $400, you still have to file an income tax return if you meet any other filing requirement listed in Form 1040.
Read More on The US Sun
Read More on The US Sun
One man made $3,000 a month from an easy side hustle he said has low start up costs.
But there are many other side hustle ideas, including investing in ATMs to profit from the surcharge fees.