work to own...Good investment or not??

[Country_Bookie]

Spoke to a guy who’s been in this business a while and he said u should try ur best to get the full comprehensive insurance for the first year.
If u getting the car for under $20k, then ur payback period is likely under a year. This is the period that u have the highest risk i.e. that the person writes off ur vehicle before u make back ur capital invested.
Talk to ur insurance company if u have a good relationship with them, but doh mention anything about d taxi business! He also say to try Beacon if ur insurance ent willing to offer it. The premium might be a bit high, but it’s to protect u from losing the entire amount u invested.

[jeepers]

no u shouldnt absorb no maintenance expense at all and also and make sure he pays in full

[kevinknr]

Useful info.

But no one is talking about the actual profit, which is the entire point of this investment.

So quick question: What is the profit margin like for a work to own investment? I understand that it depends on different factors but is there a rule of thumb? Or an example at least.

[ShaqThom]

Spoke to a guy who’s been in this business a while and he said u should try ur best to get the full comprehensive insurance for the first year.
If u getting the car for under $20k, then ur payback period is likely under a year. This is the period that u have the highest risk i.e. that the person writes off ur vehicle before u make back ur capital invested.
Talk to ur insurance company if u have a good relationship with them, but doh mention anything about d taxi business! He also say to try Beacon if ur insurance ent willing to offer it. The premium might be a bit high, but it’s to protect u from losing the entire amount u invested.

This is some good sense here! I wont be losing with the high premium either because I will put all that into the overall cost! I like this alot!!!