Idle Assets

Don't buy or sell...Rent!

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5/23/05
The Beginning
Posted by Adam C. Swiecki

The idea for Idle Assets began on road trip down Hwy 5 from San Francisco to Los Angeles. During the trip, something about the number of Recreation Vehicles (RVs) on the road got me thinking. I made the comment to my wife about how many RVs seem to sit idle and seldom used alongside homes or in storage lots. As the miles crept by, I remembered how my brother had paid a hefty fee to rent an RV from a national RV rental center for his family trip that same summer. Putting the thoughts together, wouldn't it be convenient if the owners of an all-too-idle RV could easily post their RV for rent?

If they did, the owners of RVs could turn their "Idle Assets" into cash flow generating assets through rental income. It's a win for the RV owners. And if enough people posted their RVs for rent, the increased supply should decrease the cost people like my brother pay to rent an RV. It would also increase his selection. So the rental consumer would be better off.

RV owners and RV renters would be better off.

By the time I got back from LA, I was working on a different project and the idea was tabled until I was hit with another example of how this could work. But more on that next time. . .

6/1/05
The Beginning part II
Posted by Adam C. Swiecki

Shortly after returning from LA, I began sailing lessons on the San Francisco Bay. After completing the Basic Keelboat and Basic Cruising courses, I was qualified to charter boats from the marina's yacht club/charter company. As I did so, I was struck by an irritating realization.

To charter a sailboat from the marina's charter company, I paid almost $500 per day. It was a hefty sum in my mind - especially when I noticed that 90% of the privately owned sailboats stayed in their sloop on any given day.

I came to the realization that many privately owned boats were like many RVs - sitting idol the vast majority of the time. And like RVs, sailboats deteriorate quickly when not used. I'm certain there are some sailboat owners that would charter their boat to a qualified sailor in return for a smaller fee and a good cleaning.

Of course there are some sailboat owners (just like some RV owners) that would never charter their property. Maybe it's even a vast majority. On the other hand, some would! What percentage of skippers would charter their boats depends on profit, liability, insurance and several other factors. The bottom line is this: if there were a convenient, geographically-relevant place to post your sailboat for charter, some owners would benefit from the resulting cash flow. Similarly, the increased supply of charter-able sailboats will most certainly decrease the cost of charters. Again, sailboat owners and sailboat renters would be better off.

But the usefulness of an �Idle Asset� website doesn�t end with RVs and sailboats�

6/7/05
The Beginning part III
Posted by Adam C. Swiecki

Take smaller items as an example of how Idle Assets can empower owners and renters.

As part of spring cleaning I would like to wash my home's exterior. Currently, my most convenient option is to drive eight miles to the Home Depot (the nearest rental center) and pay $46 to rent a pressure washer for an afternoon. Not bad. But consider this:

There are probably other home owners in my community or adjacent communities that already own a pressure washer. Moreover, there may be a few of those "pressure washer owners" that would let me rent their equipment for an afternoon. They may even want less than $46.

If I could only find those owners, they could make some money on a rental fee and I could save a 15 minute drive to and from the Home Depot (and a few bucks).

Again, "pressure washer owners" and "pressure washer renters" would be better off.

So all you home owners out there with pressure washers, log on and place your pressure washer for rent. You could turn your "Idle Asset" into something that generates a cash flow.

6/14/05
Contracts
Posted by Staff Writer

Idle Assets encourages individuals to rent property to/from each other and forgo the use of rental centers and other middlemen. But even when dealing with a neighbor, it is still important to use a rental contract.

Rental contracts clearly state the terms of the transaction and the responsibilities of each party (the owner and renter). Similarly, it may discuss liability and consequences if something unintended happens. And don't worry; it does not have to be a long document full of undecipherable legalese. Just take a look at our example.

To facilitate the rental process, we've posted a sample rental contract ready for your use. You can find it on the member home page. Just logon and select "Download a General Rental Contract." Simply open the file (it's free), print it, and fill in the blanks.

In the end you will have a straightforward contract that protects both the renter and owner. It couldn't be easier.

6/23/05
Irregular/Infrequent Use
Posted by Staff Writer

According to the building code in my area, I must create a handhold in the railing system on my deck stairs. The easiest way to create the handhold is by using a router to plunge a cove the length of the railing. Simple. But I don't own a router.

Checking at the local hardware store, a basic router runs about $70 and increases quickly as you include additional features. And to add insult to injury, the router bit I need (a 3/4" cove) runs an additional $40. For one bit!

So to create the handhold, I will need to spend $110 for a basic router and bit. Admittedly, I may use the router again but the large cove bit is probably a one-time use. Under the circumstances, shouldn't I just rent the router and bit? I'll need it for a few hours and am willing to pay someone $30 or so.

Do you own a router? How about a cove bit? Then logon and post the item for rent. Maybe you'll make $30 or more.

6/30/05
Inefficiencies
Posted by Staff Writer

It may have been former GE CEO Jack Welsh that said great businesses improve processes and eliminate inefficiencies. Is the lawnmower that sits idle in your garage for all but one hour a week an efficient use of your lawnmower? Perhaps Jack would think not.

Of course Jack was referring to multibillion dollar businesses though making your idle lawnmower more productive can lead to riches in much the same way as a multibillion dollar enterprise earns millions by increasing productivity.

So how do you make your lawnmower more productive? Make it work for you by listing it for rent in your local market on www.IdleAssets.org. Admittedly, most home owners already own a mower so there may not be much demand. But what about that Rototiller you use once every spring? Post it for rent on Idle Assets and you'll be thinking like an executive of a multibillion dollar corporation.

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BLOG 5/23/05 The Beginning Posted by Adam C. Swiecki The idea for Idle Assets began on road trip down Hwy 5 from San Francisco to Los Angeles. During the trip, something about the number of Recreation Vehicles (RVs) on the road got me thinking. I made the comment to my wife about how many RVs seem to sit idle and seldom used alongside homes or in storage lots. As the miles crept by, I remembered how my brother had paid a hefty fee to rent an RV from a national RV rental center for his family trip that same summer. Putting the thoughts together, wouldn't it be convenient if the owners of an all-too-idle RV could easily post their RV for rent? If they did, the owners of RVs could turn their "Idle Assets" into cash flow generating assets through rental income. It's a win for the RV owners. And if enough people posted their RVs for rent, the increased supply should decrease the cost people like my brother pay to rent an RV. It would also increase his selection. So the rental consumer would be better off. RV owners and RV renters would be better off. By the time I got back from LA, I was working on a different project and the idea was tabled until I was hit with another example of how this could work. But more on that next time. . . 6/1/05 The Beginning part II Posted by Adam C. Swiecki Shortly after returning from LA, I began sailing lessons on the San Francisco Bay. After completing the Basic Keelboat and Basic Cruising courses, I was qualified to charter boats from the marina's yacht club/charter company. As I did so, I was struck by an irritating realization. To charter a sailboat from the marina's charter company, I paid almost $500 per day. It was a hefty sum in my mind - especially when I noticed that 90% of the privately owned sailboats stayed in their sloop on any given day. I came to the realization that many privately owned boats were like many RVs - sitting idol the vast majority of the time. And like RVs, sailboats deteriorate quickly when not used. I'm certain there are some sailboat owners that would charter their boat to a qualified sailor in return for a smaller fee and a good cleaning. Of course there are some sailboat owners (just like some RV owners) that would never charter their property. Maybe it's even a vast majority. On the other hand, some would! What percentage of skippers would charter their boats depends on profit, liability, insurance and several other factors. The bottom line is this: if there were a convenient, geographically-relevant place to post your sailboat for charter, some owners would benefit from the resulting cash flow. Similarly, the increased supply of charter-able sailboats will most certainly decrease the cost of charters. Again, sailboat owners and sailboat renters would be better off. But the usefulness of an �Idle Asset� website doesn�t end with RVs and sailboats� 6/7/05 The Beginning part III Posted by Adam C. Swiecki Take smaller items as an example of how Idle Assets can empower owners and renters. As part of spring cleaning I would like to wash my home's exterior. Currently, my most convenient option is to drive eight miles to the Home Depot (the nearest rental center) and pay $46 to rent a pressure washer for an afternoon. Not bad. But consider this: There are probably other home owners in my community or adjacent communities that already own a pressure washer. Moreover, there may be a few of those "pressure washer owners" that would let me rent their equipment for an afternoon. They may even want less than $46. If I could only find those owners, they could make some money on a rental fee and I could save a 15 minute drive to and from the Home Depot (and a few bucks). Again, "pressure washer owners" and "pressure washer renters" would be better off. So all you home owners out there with pressure washers, log on and place your pressure washer for rent. You could turn your "Idle Asset" into something that generates a cash flow. 6/14/05 Contracts Posted by Staff Writer Idle Assets encourages individuals to rent property to/from each other and forgo the use of rental centers and other middlemen. But even when dealing with a neighbor, it is still important to use a rental contract. Rental contracts clearly state the terms of the transaction and the responsibilities of each party (the owner and renter). Similarly, it may discuss liability and consequences if something unintended happens. And don't worry; it does not have to be a long document full of undecipherable legalese. Just take a look at our example. To facilitate the rental process, we've posted a sample rental contract ready for your use. You can find it on the member home page. Just logon and select "Download a General Rental Contract." Simply open the file (it's free), print it, and fill in the blanks. In the end you will have a straightforward contract that protects both the renter and owner. It couldn't be easier. 6/23/05 Irregular/Infrequent Use Posted by Staff Writer According to the building code in my area, I must create a handhold in the railing system on my deck stairs. The easiest way to create the handhold is by using a router to plunge a cove the length of the railing. Simple. But I don't own a router. Checking at the local hardware store, a basic router runs about $70 and increases quickly as you include additional features. And to add insult to injury, the router bit I need (a 3/4" cove) runs an additional $40. For one bit! So to create the handhold, I will need to spend $110 for a basic router and bit. Admittedly, I may use the router again but the large cove bit is probably a one-time use. Under the circumstances, shouldn't I just rent the router and bit? I'll need it for a few hours and am willing to pay someone $30 or so. Do you own a router? How about a cove bit? Then logon and post the item for rent. Maybe you'll make $30 or more. 6/30/05 Inefficiencies Posted by Staff Writer It may have been former GE CEO Jack Welsh that said great businesses improve processes and eliminate inefficiencies. Is the lawnmower that sits idle in your garage for all but one hour a week an efficient use of your lawnmower? Perhaps Jack would think not. Of course Jack was referring to multibillion dollar businesses though making your idle lawnmower more productive can lead to riches in much the same way as a multibillion dollar enterprise earns millions by increasing productivity. So how do you make your lawnmower more productive? Make it work for you by listing it for rent in your local market on www.IdleAssets.org. Admittedly, most home owners already own a mower so there may not be much demand. But what about that Rototiller you use once every spring? Post it for rent on Idle Assets and you'll be thinking like an executive of a multibillion dollar corporation.
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