John Deere 310SG Komatsu Wheel loader 380

I'm not sure if this is the right section for this particular post, but I was just
wondering how many of you use your tractor to perform services for hire? Typically
like wheel loader and bachoe digging work, etc. I bought used 1993 Komatsu 380
wheel loader with JD 310SG backhoe sometime last year to use on my own property,
however, I would like to possibly generate some income from it to offset the cost
of ownership, as I don't have enough work around my property alone to justify
owning them. I would like to give these machines to professionals for monthly
income, Any information regarding business use, been there-done that, etc. would
be helpful and appreciated. Thank you.

Hello Keith welcome to YT! This is a bit of an unusual post here, but one of your machines is a tractor so you qualify.
I may be speaking the obvious here but I am going to say you likely have an investment of $50 to $100,000 in these machines. For you and the others involved to come out of this business engagement as happy as you went in it many things will need to be addressed in what I will call the ..rental agreement.. for your machines. I am sure I will not cover everything but I will give you an idea. Number one is who will be carrying the insurance to cover any liability for damages caused by the operation of the machine. To me that would fall onto the responsibility of the person or company renting the machine. The terms should state that you as the owner are not liable. Secondly, the rate whether by hour, day or job should be clearly defined. Third, wear and tear, damage and repairs; especially tires need to be addressed. Fuel and machine maintenance also needs covered. Say as an example the recommended service interval is 100 hours for the engine oil and filters, who is monitoring this to make sure it is adhered to to protect your investment. These should be a good starting point. In these types of arrangements whatever possibilities there are that can and will go wrong have a very good chance of entering the equation. Most likely the agreement should be looked at and approved by your lawyer. Best of luck!

Your JD is 16 years, or more old, and the loader is pushing 30 years old. Along with the liability issues who is going to jump to run to fix them if they breakdown from normal wear and tear middle of a "professional's" project? They may be working fine for you but that might not hold true if they get really worked for 8 to 10 hours a day. Even if the "professional" renting it has to cover insurance, you will want/need insurance on it and yourself as well. Perhaps you will need an LLC to protect you. Believe me if there is an accident, you will most likely be included in any litigation.

I agree with used red MN. Insurance is the big one and my experience is that you need to have a machine working a good percentage of the time to cover the insurance. You can charge at a lower rate than the big companies with late model machines, but you should make it clear that should your machine break down that you are not expected to get a replacement out to the customer or to have it "up" again by the next day.

Who is going to haul these from one place to the other and if you are you will now need to buy a truck and trailer for transporting them then the associated cost just went up. Insurance, plates, tires, fuel, and on and on. Then who is going to drive it. Who's loading them and unloading them. And none of these people will use it like you do. You will not even want to see the things they will do with one using it pushing pulling and what not. I would look at some of the rental agreements other places like Sunbelt or United rentals use for your protection against some of the things that could and will go wrong along with you will now need to keep fuel on hand so it can go out full and be expected to come back full or they pay an absorbent amount like 10or 12.00 dollars per gallon or more for your fuel if they don't refill it. Whos liable for tire damage from running over things like buried iron of any kind or upset fron bank cave in and such. You say pros well they will already have their own most likely so you will get the part timer for the weekend user wanting to dig out a stump or put in a new drain line. Now who is going to cover the Gas line they dig through or water main they hit or sewer line and the list goes on there too. I would either find more use your self or dump one of two things the equipment or the idea.