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In this YouTube video, Mike the businessman discusses the importance of having a rental agreement when renting out vehicles. He mentions that many people, including some of his mentees, neglect this step and start renting cars without proper agreements. Mike emphasizes the significance of having a rental car agreement created by a lawyer to ensure all bases are covered. He paid over a thousand dollars for his own agreement. Skipping this step can lead to legal issues and problems in the event of an incident. Mike urges viewers to prioritize the creation of rental agreements to protect themselves and their businesses.