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Starting a passive income side hustle may look quick and easy on TikTok. Make It spoke with a group of experts who've built passive income businesses and scaled them into six-figure successes. JP Mancini II turned his boat chartering side hustle into mostly passive six-figure income. Ryan Hogue, 35, left his web development career in 2020 to focus on building passive income streams. DON'T MISS: The ultimate guide to earning passive income online After roughly a year, Torres left her engineering role.
Persons: Jannese Torres, D'Lites, Dinero, podcaster, JP Mancini, Florida —, JP Mancini II, Mancini, Ryan Hogue, Ryan Hogue Gamifying, Hogue, Rather, Torres, Jasmine McCall, McCall Organizations: CNBC, SXSW Locations: Hampton , Virginia, Key West, Florida, Puerto Rican
JP Mancini quit his corporate job in 2021 and took his boat-chartering side hustle full time. In 2022, through all my rental platforms — Boatsetter, GetMyBoat, and other smaller sites — I earned around $500,000 in revenue. One of Mancini's rental boats. A special-occasion boat rental. Each rental platform takes a cut of the earnings — the fees can be as low as 8.5% or as high as above 25%.
Persons: JP Mancini, , JP Mancini Boatsetter Organizations: Key, Service, Ventures, Key West Locations: Virginia, Key West , Florida, Florida, Boatsetter, Key West, St . Petersburg, Tampa Bay, United States
He started a chartering business called SeaEO Nautical Ventures, initially intending to just cover the boat's payments. It's like an Airbnb business: If you start renting a house without the proper permits, you're going to get fined. It takes a lot of talking to people and working with my lawyer to really understand how to be legally compliant. I've actually gotten to the point where I'm really bored. When you really understand sales, you know there's only two reasons people buy things: to fix a problem, or because they love something.
Rick Powell, for instance, rents out his yard as a private dog park on Sniffspot and brings in up to $4,100 per month. About $190,00 of that is income, Mancini said in January. JP Mancini II brings in $38,000 of revenue per month renting his two boats out to strangers. Jim Battan, 58, has made nearly $200,000 renting out his backyard pool. Battan noted that his pool brings in a lot of money because he spent a lot building it out.
Upon listing the 37-foot boat, docked in Key West, Florida, on a rental platform called Boatsetter, he booked 11 trips in a month. Today, Mancini's two boats bring in an average of $38,800 in revenue per month, according to documents reviewed by CNBC Make It. That's off only 30 minutes of work per day, spent managing bookings and making sure the boats' captains — who are hired and paid by individual renters — are maintaining his watercrafts properly, Mancini says. Instead of using the money to pay down the $550,000 in loans he took out to buy the boats, Mancini says he plans to funnel it toward more watercraft purchases and other real estate opportunities. Here's how Mancini used his sales experience to launch his "mostly passive" six-figure boat business, and what waters he plans to charter next.
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