Renting out your tools

[live4ever]

I have a couple construction tools (scaffolding, mud mixer, etc) that don’t see much use but could be rented out once in a while to subsidize the initial investment as well as pay for new goodies (no, not talking about any of my Festools).

Anyone do this?  Experiences/advice?  Not worth it?

 

[ChuckM]

If it's a practical option for you, sell them.

I constantly assess (esp. when or after I buy a new tool) and sell my woodworking tools (always in good to excellent working conditions). My next planned tool sale includes some hand tools (Veritas) and a Pro 5 Ltd sander (very lightly used because I have two).

 

[Birdhunter]

I was returning a gas engine power washer to the rental store. A guy came and complained that his power washer engine had seized up. The clerk asked if he had mixed oil in with the gas. The man asked “why would I do that?”. So, you rent stuff out, be prepared the see it ruined.

 

[Packard]

I was returning a gas engine power washer to the rental store. A guy came and complained that his power washer engine had seized up. The clerk asked if he had mixed oil in with the gas. The man asked “why would I do that?”. So, you rent stuff out, be prepared the see it ruined.

In all fairness, the blame for the seized engine should be shared.  The general public rarely mixes oil with gasoline for engines.  The failure could be blamed on the rental clerk for not providing the needed information. 

The scaffolding carries another reason for not renting. Incorrectly assembled, anchored or used, scaffolding can lead to serious injuries or death.  I would think the insurance that you would need to intelligently set out to rent scaffolding would be immensely expensive.  I would not do it.

Plus, people who rent (or even borrow) tools rarely take as good care of them as the owners of those tools.

But the scaffolding carries a big red flag for me.  I would not do it.

 

[Duckler]

Before you think about renting out any of your tools, etc. please think CAREFULLY about it - your legal exposure could be far beyond your expectations.
What might you need to do in the form of insurance coverage?

 

[Holzhacker]

No freakin' way.
Sell them first.

 

[peter halle]

Unless you HAVE TO I would move past this idea due to the previously mentioned reasons - particularly liability.

Peter

 

[luvmytoolz]

No! Just No!

The insignificant amount you might make will be more than offset by the abuse, and the worry of it being used wrong with litigation as a result.

I used to loan a lot of my tools to friends/family, and in every single case they never exercised the care I would have in their place. When I got my belt sander back chocked full of plaster dust, that was the last time I ever lent anything.

Renting can only be a worse situation.

 

[live4ever]

It’s hard to tell, but it seems like you guys are suggesting I oughtn’t to.  [blink]

 

[Packard]

Sell the scaffolding to a tool rental company with the added provision that when you do need the scaffolding, you could rent it at a deeply discounted price.

 

[Crazyraceguy]

In a word......no.
This is one of those situations were "taking money for it" changes things, from a legal standpoint.
Loaning to someone for free would likely eliminate that issue, but maybe not everywhere?
But that comes with its own risks too. People don't value things when they don't "have any skin in the game". Sadly, relatives are usually worse.
Generally, I don't sell tools. I invest in what I need to do the job, hopeful that it will come up again. Since they usually do and they cost me nothing by waiting for their next opportunity, I keep them.
The only things I ever sold where all of my Bosch 10.8/12v drills/drivers. This was because the Festool CXS replaced all of them, with a much better ergonomic feel at the same time.

 

[onocoffee]

The only times I've ever seen a rental situation where the renters took good care of the equipment was when I was working in motion picture production. The cost of the equipment, the cost of the rental, the cost of the insurance, and the working environment where you were expected to take excellent care of the gear, all contributed to the cameras, grip, sound, lighting, etc all being relatively well cared for during the rental period.

Can't say that the equipment never got dirty, blown up, rained on, or outright destroyed - but we took very good care of it up until that point!

 

[woodbutcherbower]

Nothing to do with rentals - but I twice made the mistake of loaning tools to householders for whom I was working. The first time involved my Hilti DD150 diamond core drill, the second involved my Mirka 5650CV Deros sander + CT26 which I provided so the painted woodwork in an entire house could be prepped for repainting.

Both tools came back to me absolutely filthy, with no apparent care having been taken of them whatsoever. The 150 came back with the gear selector jammed between positions 2 and 3 necessitating a costly repair, the sander came back with a trashed pad holder and an empty box which once contained 50 Abranet discs, and the CT came back with a bag full to bursting point and a clogged filter because it had been run at full speed rather than turning it right down like I’d showed them. Never again.

A huge NO from me.

 

[Sheik Maboutie]

Simple answer,  Never.

If you do hire them out you would need to consider accident liability, damage and loss

 

[jeh]

The answer is a big no. Same applies to loaning tools. Others will not take care of your tools as you would. Renting could add liability if done were to fall off your scaffolding or cut a finger off on a saw. The line of legal attack is was the tool properly cared for with all safety devices when they took possession of the tool.

 

[onocoffee]

[member=75780]woodbutcherbower[/member] That's really lame. Some people just don't get it - especially when someone is lending them quality tools.

A friend once lent me his Hilti angle grinder and and impact driver. I was very grateful that he would trust me with such tools. Made sure I took very good care of them, cleaned them up and returned them in grate condition.

Same goes for another friend who has lent me his Festool sanders and TS75 when needed (I'm using his RO150 right now). Always make sure to return the tool in a timely manner and in great condition.

One group of friends utterly hate one friend (or used-to-be-friend for them) because he cheated on and left his wife (our original friend), but he was one guy who not only borrowed my miter saw for a project but returned it safely, cleaned up and with a new blade. I don't condone his infidelity but I can't hate on him completely because he took great care of my tools when so many others wouldn't!

 

[jeffinsgf]

My mantra has always been, "Never borrow what you can't afford to replace, and return borrowed items with a generous amount of new tooling and/or consumables."

In the few times I've loaned tools out, the loan-ees have only occasionally adhered to my views.

Back to the original topic. NO. Sell them or store them, but don't rent them out.

 

[Packard]

As a teen, and still living at home, I on occasion would borrow one of my father’s cars.  He had only one rule:  “I’m lending you a clean car with a full tank of gas.  I expect it to be returned in that same condition.”

Fast forward about 20 years when I was a sales manager of a metal working company.  On occasion I would drop my car off at the dealer for repairs before the start of the work day, and I would pick it up after work.

That left me without a car to use for my lunch break.  So I would ask my fellow office workers if I could barrow their car. Someone always would.  And I followed my dad’s rules:  I ran their car through the car wash and filled their tank with gas.

I used their car for an hour and probably drove less than 5 miles.  But the net result was when my coworkers saw that I had dropped my car at the dealer, I would get people volunteering to lend me their car. 

I considered it a good deal all the way around.

Another thing my dad would say, “It costs the same amount to buy gas to fill the top of the tank as it cost to fill the bottom of the tank.  Keep the tank full.”

I’m straying again.  But if you borrow, return it in better shape than when you received it.

 

[luvmytoolz]

My mantra has always been, "Never borrow what you can't afford to replace, and return borrowed items with a generous amount of new tooling and/or consumables."

This is precisely why I almost never borrow anything myself and prefer to just save up or work around anything needed. It'd be just my luck a borrowed tool would fail through no fault of mine, but I would consider myself obligated to replace it.

 

[Crazyraceguy]

My mantra has always been, "Never borrow what you can't afford to replace, and return borrowed items with a generous amount of new tooling and/or consumables."

100% that's why I always buy the things I need. "If I am going to have to buy a new one anyway, I would rather buy it for myself, than as a replacement for someone else"
That philosophy came from combination of my dad and one of my first bosses.

Another thing my dad would say, “It costs the same amount to buy gas to fill the top of the tank as it cost to fill the bottom of the tank.  Keep the tank full.”

I learned that one young too. To this day, I work with a guy who runs out of gas frequently. He pushes it to the very limit, to the point of ruining fuel pumps, because they don't do so well with that.