NJ man turned side hustle into a million-dollar business

NEW YORK (PIX11) —- Stephen Alvarez always had his hands in a bunch of side hustles until one made him a millionaire. 

The 26-year-old New Jersey native raked in nearly $2 million last year as a host on Turo, a car-sharing company that allows people to rent out their vehicles, similar to renting a place on Airbnb. 

“I learned it on the fly, always keeping that hustler mindset,” Alvarez said. 

Alvarez ditched his full-time job as a sales manager to grow his business. Since starting the gig in 2020, he now has a fleet of 120 cars and hired six friends and family to work with him. 

But it isn’t always raining money.

Cars have been stolen, totaled, and just disappeared, including luxury vehicles. If the cars are not returned in 24 hours, they’re classified as stolen, the business owner said.

“People don’t return cars on a weekly basis,” Alvarez said. 

Insurance covers accidents or thefts, and the tolls and tickets are covered by the renter.  Users don’t need personal insurance and can sign up for a protection plan when they reserve the car. There are age requirements for the driver, depending on the value of the vehicle. 

Cars can be rented any time, delivered for a fee, and are often cheaper than using a traditional car rental company, according to Andrew Mok, Turo's chief marketing officer.

In the city, New Yorkers can book a Honda Civic for as little as $40 a day or a Lexus for $70 a day. Most of the renters are locals looking to take a day trip or weekend getaway, Alvarez said.

In 2022, Turo began operating again in New York after a new state law was passed that better outlines peer-to-peer sharing. Turo’s business boomed in the state since then, but the company could not provide data specific to the New York City market, according to a company spokesperson. 

 "We're super excited to be back in the market," Mok said. "We've heard positive things."