Back on Uber this weekend

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

Join Australia's most dynamic and respected property investment community
Tags:
  1. Tranquilo

    Tranquilo Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    469
    Location:
    Mascot
    @Taku Ekanayake I have a family member here in Sydney driving and yes $400 on just a Friday night possible. He offers bottled water in the car and also an Ipad to change the music.
    Tip is stay out of peak times:) good luck mate
     
    Taku Ekanayake likes this.
  2. virgo

    virgo Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    441
    Location:
    Sydney

    So if a brand new Hyundai i 30 is now about 19K ; and you rent it out to Uber drivers for 250 a week for 50 weeks, the return is what ? 66% gross?

    Gockie: we are in the wrong business! haha
     
  3. Ed Barton

    Ed Barton Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,229
    Location:
    Brisbane
    Water, mints and chargers...

    Chargers - easy. Most cabs I've been in lately have them. But really, unless it's a long trip they mean bugger all.
    Mints - nice touch and almost free to the driver.
    Water - If the driver's handing out free water on small fares it might make the trip unprofitable. Storing water in the boot for a shift may mean there is no room for luggage.
     
  4. Gockie

    Gockie Life is good ☺️ Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    14,720
    Location:
    Sydney
    If you are game, go for it Virgo! I suppose if you have 2 cars already sitting there just doing nothing.... :)
     
  5. Gockie

    Gockie Life is good ☺️ Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    14,720
    Location:
    Sydney
    Well, a bottle of water from a supermarket is 70c max. Not everyone will take one. Plus fares are still decent. Mints are cheap and just make people happy...
     
  6. sanj

    sanj Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    3,457
    Location:
    Perth
    you need to take into account insurance, depreciation, maintenance, financing cost etc. also the cars are closer to 30k not 19k from memory
     
    Taku Ekanayake likes this.
  7. virgo

    virgo Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    441
    Location:
    Sydney
    National Offers | Peninsula Hyundai | Hyundai Dealer Bankstown

    i have one "idling" in my driveway as we speak!
    Picked it up for 19K for my son 2 months ago!
     
  8. virgo

    virgo Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    441
    Location:
    Sydney

    How about good conversation ? Does that count?
     
    Ed Barton and Taku Ekanayake like this.
  9. Biz

    Biz Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,517
    Location:
    Investard county
    Just wanted to say good on you taku. Having a good go instead of making excuses, well done.
     
    Taku Ekanayake likes this.
  10. sanj

    sanj Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    3,457
    Location:
    Perth
    yeah so i guess in the event of a short but long trip with a need for a full boot worth of luggage it might be a deal breaker to offer any water and so passengers would have the same amount iof freebies as all cab passengers.

    this assumes that 30c would break the bank for a minimum $4 cut for the driver for each ride and averaging a fair bit higher
     
  11. sanj

    sanj Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    3,457
    Location:
    Perth
    the 250/ week figure i quoted from splend is for cars nicer than this, thats my point.

    so a 19k car, if offered in future by them, would be charged out at a lower rate than 250
     
  12. Gockie

    Gockie Life is good ☺️ Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    14,720
    Location:
    Sydney
    I'll add my own kudos to you @Taku too. Good money for a time and effort tradeoff, no complaining, just doing. Its attitude and a can do mindset that makes the difference between success and failure :)
     
    Taku Ekanayake and Tranquilo like this.
  13. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    3,626
    Location:
    At work
    I think the 'what' is yet to come. Taku is just "laying the slab".
     
    Taku Ekanayake and Tranquilo like this.
  14. Tranquilo

    Tranquilo Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    469
    Location:
    Mascot
    I always buy the 24 pack 600ml $7. I was in Target the other and they had 24 packs 600ml $4 each.
     
  15. Taku Ekanayake

    Taku Ekanayake Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    1,060
    Location:
    Sydney, Australia
    Thanks for the comments all - appreciate it!! :)
    Good tips cheers @C-mac. I've gotta pretty stellar rating that I'm quite proud of if I may say. To date over 150 rated trips with an average of 4.92 out of 5.
    Just imagine if I had water & mints when I did it back then!!

    Haha @Scott No Mates ****** tradies and their tools could make for a risky experience
    Good to hear the rates are still quite decent. Thanks @Tranquilo
    Good banter definitely counts @virgo. I have a small Mazda2 and have minimal luxuries i.e. water and mints, so need to make up for it with good banter
     
  16. Coastal

    Coastal Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    454
    Location:
    Brisbane
    Taku,

    You have a unique skill set where you can find run down properties, renovate them and revalue the, higher.

    Have you considered doing a couple of flips. This would help yout cashflow and can be done along side your biu and holds.
     
    Taku Ekanayake likes this.
  17. samiam

    samiam Well-Known Member

    Joined:
    5th Sep, 2015
    Posts:
    2,126
    Location:
    on my way
    Taku Ekanayake likes this.
  18. Ed Barton

    Ed Barton Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,229
    Location:
    Brisbane
    How do tips work on Uber? I suspect the e payment system makes them less likely than a cab.

    I tend to round up a cab fare to the nearest note. So if the fare's $26, the driver get's a $4 tip. If it's $99.10, then bad luck, the driver get's a scabby 90c tip. The app payment system on Uber would discourage me from tipping. I'd have to actively look for some cash, rather than just say keep the change.
     
    Taku Ekanayake likes this.
  19. JZ93

    JZ93 Well-Known Member

    Joined:
    29th Jan, 2016
    Posts:
    86
    Location:
    Melbourne
    Great way for extra cash. Was really hoping I could be doing it myself. But a bad driving record in the past has me on my Ps for another couple of years

    There are more drivers but I'd say there's a lot more users in comparison. I'm one of them. Drivers have told me they're never short of work, weekend nights especially
     
    Taku Ekanayake likes this.
  20. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    6,935
    Location:
    Lower Blue Mountains
    My excuse is my car is to old :( ageist *******s! :p

    Vomit bags are also a nice touch ;)
     
    Taku Ekanayake likes this.

PFI can assist you with your investment strategies for your SMSF, Life Cover for your members and assistance with compliance. We provide the research to ensure your investment selections achieve the goals. This is the value of advice