Renting out your tractor

[charleyfarmall]

I am borrow equipment from time to time, and repair it, maintain it, and return it better than it came to me. I will not loan my own equipment because no one will return the favor. Too many things come back in broken condition. There is no way I will loan an expensive tractor. However, I am willing to come over with it and help complete the job.

 

[Deere Dude]

A friend did some skid steer work excavating around my house. He said as he was leaving that I could use the skid steer if I want. The thing burned or leaked oil at maybe a quart an hour so it had issues. I used all the new sealed oil I had eventually, and then I started putting in opened quarts of oil. I would do that in my own equipment anyway. But as I was dumping one opened quart in something rattled around and hunk up on the oil fill tube. It was a 16 penny nail. It must have been put in by one of the kids. No harm done that time, but if it would have ended up in the system, I would have been replacing a skid steer engine on an old tired engine. That would have been a financial disaster so from then on I don't borrow, or rent any of those things, except from a rental place, which is almost never..

 

[sunnyside360]

I never ever loan or rent out equipment anymore due to bad experiences over past years. Loaned a friend a tractor, FEL and york rake supposedly for only a few days but turned out to be more like few weeks and then I had to push to get it back. It came back with a nail in the left rear tire (filled with fluid), ignition switch intermittently working and a ding in the hood.

On another occasion, neighbor borrowed a Case backhoe for a couple of days and he put diesel fuel in the hydraulic oil tank.

Have had other bad experiences but those were the worst. So, no more borrowing or renting of my equipment, but I will help a neighbor or friend for smaller jobs and I run the equipment.

 

[dschuffert]

I believe that renting also changes JD's interpretation of their warranty going from a residential warranty to a commercial warranty. I also believe that your home owners insurance or any rider you have on this equipment would also be impacted. Granted, both parties would have to know that you have rented it, etc., just something to consider.

 

[big lar]

I agree with all the others that it may not be a good idea; being friends may make it even worse. Not sure if you understand the liability issue: a LLC is a business form, like INC., It means that the owner of a LLC is only liable to the extent of his investment in the business, It has nothing to do with liability if the tractor hits/hurt something; you or they should have liability insurance; if you are letting them have the equipment of their insurance, you should be named as additional named insured on their policy.

 

[joshuabardwell]

I second and third what others here have said. If your neighbors want work done with your tractor, ask them to pay you to do it for them. Have you ever rented a piece of heavy equipment? What kind of condition was it in? Is that how you want your tractor to be treated? And bear in mind that rental yards have full time mechanics on staff to keep their machines running when customers abuse them. If you want to run a rental yard, go for it. But don't rent "your" tractor out.

 

[Cat_Driver]

I didn't read all the answers so this may - I'm sure been addressed.

One word LIABILITY. You are gambling your house, retirement, kids college education, car, savings etc, for a few rental dollars. NOT WORTH IT.

Unless you get a proper renal coverage which only runs about 25K a year - that's what I pay.

 

[jlsmith]

Just had a customer bring his tractor to me today that he let his friend borrow. 4 bolts in the trans housing were broke off, corner of the bell housing broke off and 6 bolts in the frame were broke. The tractor started to split and caused the clutch to bind up and now it will need to be replaced. His friend brought the tractor back to him and never said a word about any of this. Now hes looking around $3500 to fix everything. Lesson learned.

 

[WilliamBos]

Just had a customer bring his tractor to me today that he let his friend borrow. 4 bolts in the trans housing were broke off, corner of the bell housing broke off and 6 bolts in the frame were broke. The tractor started to split and caused the clutch to bind up and now it will need to be replaced. His friend brought the tractor back to him and never said a word about any of this. Now hes looking around $3500 to fix everything. Lesson learned.

Ouch! That will hurt. What model was it?

 

[burnieman]

I would rather rent out my kids than rent out my tractor. They only work at one speed and it's not very fast