Rent out my equipment?

[Meru]

Greetings all!

I have been pondering an idea and wanted to get your thoughts please :) over the last few months I've started slowing down on my astrophotography. Between work and my other commitments I'm finding it tough to keep this hobby going :sadeyes:

So I was thinking, I could either sell it (and sell a part of my heart in the process) or - rent it out! I'm not sure if anyone else has tried but thought it would be a novel idea for beginners or others whom may want to try an RC8 or Mono CCD before buying it elsewhere. There would obviously be the issue of payments, security against damages, trustworthiness etc :shrug:

What do you reckon? Yay or nay?

[JB80]

Well, on first the impressions the idea sounds great and it's not the first time I have heard of such a plan either.
Personally I would love to be able to rent out astro gear that I can use for a week or so every now and then.

However surely the idea is fraught with all kinds of potential issues, some of which you outlined in your post and the one I would be most concerned with is the taxman. I don't think it would be a particularly booming business either as it would only be attractive to a small portion of an already small market but it doesn't sound to me as if you plan on making it a full fledged business so that may work in your favour in regards to the tax threshold.

I also think you would have to be serious enough about it to try and get insurance and binding contracts that state if the equipment is not returned or damaged the user is liable for up to the full cost of the equipment, unless you want to run the risk of losing your equipment.

I don't know to be honest how to go about it, plenty of clubs loan equipment to members so they might not be open to advertising but then again not everyone is a club person.

Like I said though, I wish I could rent equipment here, I like the idea but I wouldn't like to be running that sort of business.

[MortonH]

Yeah, great idea but very hard to manage.

A compromise would be to actually sell the gear at market price, with a gentleman's agreement that you will buy it back after a specified time for a reduced price, the reduction being the "rental cost". That way you're protected financially if the gear is damaged or not returned, and presumably there are no tax implications?

[leon]

If i was the person renting it I would be to much on edge when using it in case something went wrong.

An then on the other side of the coin, people just don't look after someone else's property as you would.

Leon

[el_draco]

A few amateurs sell time on their gear but its very complicated and usually involves remote access to robotic scopes under excellent skies...

[Meru]

Hey guys,

Thank you for your responses! I think Jarrod and Leon have hit the nail on the head, I never considered the Tax issues and yes if I was renting I'd be too afraid to damage it. I knew securities against damages would also be a big pain. As Rom said it could rented out remotely but that's far too much effort!

I do like Morton's idea quite alot though, sell it off with an agreement of getting it back minus the rental costs. I suppose the only issue would be trusting the buyer to actually give it back after the term agreed :P Though worst case you can buy it again.

Thanks for the suggestions and thoughts guys, keep them coming!

[Poita]

I have lent out my entire setup multiple times, and had no problems. It often came back in better shape than I sent it!

I'd keep it local, and to known IIS members etc. preferably where you could drop it off and check out the rent-ee.

[astro744]

This site advertised on http://spaceweather.com may be of interest to you. You could perhaps contact the vendor for any info about running such a business.

http://www.darkskytelescopehire.co.uk/

[Meru]

Haha I know peter, you helped me out quite alot :) yes that would be sensible to keep it to trusted members. Astro744 thanks for the link, I dont think I'd be opening a business from this! More just for others to make use of my equipment when I'm not hogging it ;)

Thanks for your ideas so far guys!