Back on Uber this weekend

Discussion in 'Starting & Running a Business' started by Taku Ekanayake, 24th Jun, 2016.

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  1. albanga

    albanga Well-Known Member

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    Great work @Taku Ekanayake.
    Another great example of those that want to get ahead, will get ahead.
    $1000 in a weekend is incredible and the beauty is its all bankable as its outside of your normal budgeting (minus tax).
    I think the biggest thing the uneducated in finance forget as well is its actually not $1,000! It's far more! It's the reduction in non deductible debt and the compounding effect this has.

    Do this for even 5 weeks! And you could knock years off your home loan.
     
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  2. Ace in the Hole

    Ace in the Hole Well-Known Member

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    God job Taku, doing whatever it takes!
    Next step is to work on leveraging the income as well as the investments, then you'll really be rolling.
     
  3. Lacrim

    Lacrim Well-Known Member

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    Have to say I admire your tenacity - a man with a plan. I've racked up a sizeable portfolio already but no doubt if I had your level of dogged determination, I might have done a bit better.
     
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  4. Jerry O

    Jerry O Well-Known Member

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    Good on you Taku! $500-1k a week is awesome. That would certainly help! Thanks for sharing.
     
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  5. sanj

    sanj Well-Known Member Premium Member

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    It does not have to be owned by driver but does have to be signed off by uber and any appropriate authorities depending on which state etc.
     
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  6. S.T

    S.T Well-Known Member

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    and insurance needs to be in the drivers name, otherwise Uber wont accept it.
     
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  7. virgo

    virgo Well-Known Member

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    So technically if one can sort out insurance (is that really that difficult?) , and have a newish car, i can "rent " out my car to a Uber driver and split the profits?

    (After all, i do have 2 cars sitting in my driveway EVERY weekend...just idling ..)

    So i can become my own Hertz ? really?
     
  8. Gockie

    Gockie Life is good ☺️ Premium Member

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    Now you have got me thinking, there are some other schemes like "car next door", which has car hire from $5 an hour or $25 per day.
     
  9. sanj

    sanj Well-Known Member Premium Member

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    yup can be done. a 50/50 deal probably wouldn't work for someone who intends to drive a fair bit from a financial pov when you consider uber taking 25% or so and then petrol. assuming they don't have enough cash to buy a car there are still services like splend for 249 or.275/wk which provides a brand new car including insurance, servicing etc and can be cancelled with short notice
     
  10. sanj

    sanj Well-Known Member Premium Member

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    In lower wage countries where it is more common for people to be unable to purchase the car (eg malaysia) similar arrangements are more common with some people apparently owning many cars that are leased to 1/2 uber drivers each
     
  11. JenW

    JenW Well-Known Member

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    Agree 100%. This is exactly how I regard my income from flute teaching - it isn't counted for serviceability, but it makes life much more pleasant :)
     
  12. Ed Barton

    Ed Barton Well-Known Member

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    You probably should switch them off. Having an engine idling for 48 hours will cost a bit in fuel. ;)
     
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  13. Ed Barton

    Ed Barton Well-Known Member

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    Uber arrange (sort of) finance for cars...
     
  14. S.T

    S.T Well-Known Member

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    Yes, there are a few people that have pools of cars and lease to uber drivers, usually for a monthly/weekly charge.
     
  15. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    I am a heavy uber user. Most of the drivers are happy although some are complaining that the last 20% drop in Brisbane was a step too far and now the fares are too cheap.
     
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  16. Gockie

    Gockie Life is good ☺️ Premium Member

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    So how are base prices set? I'm curious.
     
  17. MTR

    MTR Well-Known Member

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    Ditto:)
     
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  18. mouseburger

    mouseburger Well-Known Member

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    A bit late to the party but fantastic effort @Taku Ekanayake. Just goes to show what can be done when someone is willing to make it happen.
     
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  19. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    Uber cut 2 x 20% prices across the board since they launched in Brisbane.

    But they are apparently going to move to fixed price if you put in your destination. they are trialing that in some US locales at present.

    Currently about half price of taxi. And with Uber for Business all your staff can use, record an expense note when they book, without the need for sharing cards. Also no cabcharge 10% payment fee etc. Book keeper can log in to your web page to do the accounting.

    For inner city trips, the ability to jump out at the traffic lights (no paying with cash or card on the way out) alone would be worth paying the same as taxis. We have had 3 bad Uber trips in several thousand. In taxis we would have 3 a week. Drivers don't smell, cars are clean, friendly etc.
     
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  20. Scott No Mates

    Scott No Mates Well-Known Member

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    @Taku Ekanayake - Target a specific market eg. DUI Tradies who have lost their licence but still need to lug tools to site, bound to find a few daily rides at 5:00-6:00am & still be back home in time to get to work.
     
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