Thinking about purchasing a mini Excavator for the farm Part 2

[BlueBerry Farmer]

I was wondering if anyone had tried to rent out their equipment, excavator or other to help offset the purchase price? I can only imagine there more to it than hanging out a shingle "for rent".
Would one need insurance or would those renting be responsible? Maybe a registered business? I currently have a 2 axial trailer to go with it although its 18 ft long. I'm thinking about this as there are no mini excavators that one can rent in this area, 50 miles one way and 70 the other way so perhaps there would be a demand for one in my area.

D

 

[BoylermanCT]

I absolutely would not rent out an excavator if I wanted it to last. People rent them when they know nothing about using them, or if they know how to use it, and plan to work it hard. If you want to make money with the machine, rent the machine with you as operator. At least that way the machine won't be abused due to idiocy or abuse.

 

[Leo182]

100% agree with Boylerman. Although not equipment related, we built a wedding barn a few years ago. I get frustrated every week at the lack of respect some people show for others property. Think of the excavator as your truck/car. Would you rrent it out to a stranger without knowing if they can drive or how they plan to use it?

 

[Jims1025R]

Also agreed, don't plan to rent it out. I live within my means to buy what I need, own it, take care of it, and share it only with my most very trusted friends. If you would think to allow another person to use your equipment, it would be because you know them so well, you truly trust them. In that case, you know them well enough, you're probably not thinking to charge them any money!

Bad is when someone breaks your machine. Worse is when it's broken, and they tell you it's broken [at place X], come and get it, and you have the endure the work to recover a machine, which can't move under it's own power for the moment, then pay to have it fixed!

 

[WVH1977]

I was wondering if anyone had tried to rent out their equipment, excavator or other to help offset the purchase price? I can only imagine there more to it than hanging out a shingle "for rent".
Would one need insurance or would those renting be responsible? Maybe a registered business? I currently have a 2 axial trailer to go with it although its 18 ft long. I'm thinking about this as there are no mini excavators that one can rent in this area, 50 miles one way and 70 the other way so perhaps there would be a demand for one in my area.

D

If you are to rent the machine out to help pay for the machine then you probably cannot afford it. In my opinion, the renting idea is a disaster waiting to happen. If you need a loan, have you considered a credit union? I know you want a mini-ex but don't get yourself in a situation where you financially hurt yourself. It is a different world out there today and you would not want to get yourself in a rock and a hard place where money gets tight quick.

Maybe step back and reevaluate your current situation. I know from my experience, I have justified purchases that were not needed and regretted later on.

 

[mikester]

I'd love an excavator for the farm but the reality is it's cheaper to line up several jobs and hire a guy with a machine. Last fall I hired a guy with a late model 25 ton machine. He got everything done in two days not including downtime to replace a broken hydraulic hose. At $150/hour it isn't worth my time or fuel to even consider buying one.

If you really want that new toy rusting outside wait for the recession, big iron will go cheap at that point.

 

[Hersheyfarm]

Are you trying to afford it or are you just someone that needs constant money offsets(tightwad)?

if your just a financial junky, are you taking it with you? No, your not. If you can afford it, buy it if you want it.
I would never rent my equipment out, I dont let people on my stuff. They can get their own.
If you cant afford it, dont even think about renting it out. You will be stuck with the wear/tear/maintenance. There is a reason rental places are big franchises that rent new machines.

If you want something, make more money and get it.

 

[houska]

I absolutely would not rent out an excavator if I wanted it to last. People rent them when they know nothing about using them, or if they know how to use it, and plan to work it hard. If you want to make money with the machine, rent the machine with you as operator. At least that way the machine won't be abused due to idiocy or abuse.

Yup. Rented a KX040 two weeks ago. 316 hours on the meter. Rubber tracks were cracked and pitted, ready for replacement, as if the hours were 6-10X that amount. Big scratch around the whole back of the house, from someone thinking they were running a zero-tail.

I *could* see a bunch of neighbours pooling resources to buy a miniex and some other equipment, based on long-term mutual trust, with a committment to all treat it as their own. A lot of potential to regret doing so, so I'm not sure how keen I'd be to do it, but I *can* see doing it. I could also see someone who is really good at repairing things on the cheap buying an old beat-up excavator, and renting it locally to recoup their modest capital investment while continuing to fix up whatever people break. But buying new and renting it out -- you'd better have the business model of a rental yard (including planned early replacement), while maybe once in a while using it yourself, to make it worthwhile.