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  #31  
Old 11.20.2007
MIA (Banned or Retired)
 
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Thanks for the complement, I appreciate all of them.
What I said was this" When all the i's are dotted and t's crossed in most cases, you won't make any more money and would be better off investing your inheritance in something that can produce a return that isn't dependent on the price of oil and unstable relations with the countries that produce it."

I'll put up an Excel spread sheet that you can see the numbers on later this week when I edit it to reflect the current fuel cost. Keep in mind that the equipment listed in the spreadsheet will reflect payments on a new truck and trailer, but can be edited to what ever payment range you want to use There are some post on here that one member has been posting his loads and expenses and those are close. I think that the post are under [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. which is here and I think is a wonderful and very honest post which I have been following since it started [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. is the member and he has done a wonderful job of sharing his experiences as a new O/O

Quote:
Originally Posted by Mavrick81 View Post
Nightwind. you said, after the i's are dotted and t's are crossed, in most cases you won't make any more money. just hit me with some numerical data if you will like how much a typical month's income is ( i know i tdepends on certain things) and an itemized list of deductions like fuel (worst case scenario) truck payment, insurance, pm's, any extras that are monthly expenditures. reason being is, i read your first post with all the great info, and i started talking to a friend about buying a truck and start building an company. i am actually trying to get him to get his cdl so we can try and double the income.
thanks a million
I don't think that you should pressure him on this as it's a good way to ruin a friendship. I'd like to know how much experience you have in the trucking industry out of curiosity. Why do YOU want to be an O/O?
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  #32  
Old 11.20.2007
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LOL Your embarassing me! Stop that bowing stuff. I'm not any smarter than anyone else and not as smart as most!
Quote:
Originally Posted by billybigrigger View Post
nightwind
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  #33  
Old 11.20.2007
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well, i have been driving for conway freight for a few years now pulling sets at night. pretty much i did the math on the max hours i can work on the dock with the longest run we have and the max dock hours with the shortest run. don't get me wrong, the money is really good. but i don't like to be limited on my income. i want my income to be based off of hard work and determination with "the sky is the limit" singin in my head.
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  #34  
Old 11.20.2007
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and i'm not pressuring him about it. he is an entreprenure so that is why i talked to him about it. it would be great if he would get his cdl so we can double the income on one truck instead of getting two trucks.
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  #35  
Old 11.26.2007
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This has been a very informative thread for me. Like everyone else, I'd like to thank you for putting this information and your insights out there. As a relatively new driver to the trucking scene, I'm left with a few questions that might just be from my inexperience.

1. Going back to the whole paying back heavy highway use taxes on a truck that has set for a while. If I buy a truck that has been off the road sitting in somebody's back yard for 4 years, do I have to pay $2,200 in back taxes to use it?

2. What if I buy an old farm truck? Do they pay the same tax?

3. As far as the participating state taxes and such, do you have to pay for each state you haul loads to, or just the state your company is based in? How would you know what states you are going to haul to if you are getting your loads through a broker and are relatively random?

4. Would it be best to start with just a used truck?

What it basically boils down to is I'd like to become an O/O. I'm looking at purchasing a 2000 T2000 for around $20,000, a used 2001 reefer for about $7,000. My loads would probably all come from freight brokers until I could line up some contracts. I don't know how I could pull $15,000 out of the air to start up after all the initial costs were paid but that's neither here nor there, that's on the to do list.

I'm sure I'll have some more questions after I reread this post and let it sink in a little more. I apologize if my questions for my business plan are in the wrong section. If so please let me know and I will relist it in the appropriate forum. Once again, thanks for all the good info.
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2007 Kenworth T600 - 475 C15, 10 sp. (Company Truck )
2004 Chevy Cavalier - 2.2 5 sp. (My 4 wheeler )
1993 Chevy Suburban - 5.7 Auto (G/F 4 wheeler )

"Anyone who would trade a little liberty for a little order will lose both and deserve neither!" - Thomas Jefferson
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  #36  
Old 11.26.2007
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Also, for what it's worth, I do plan on getting my own authority, not leasing with a larger company. FWIW.
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2007 Kenworth T600 - 475 C15, 10 sp. (Company Truck )
2004 Chevy Cavalier - 2.2 5 sp. (My 4 wheeler )
1993 Chevy Suburban - 5.7 Auto (G/F 4 wheeler )

"Anyone who would trade a little liberty for a little order will lose both and deserve neither!" - Thomas Jefferson
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  #37  
Old 11.29.2007
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Quote:
Originally Posted by TBigLug View Post
This has been a very informative thread for me. Like everyone else, I'd like to thank you for putting this information and your insights out there. As a relatively new driver to the trucking scene, I'm left with a few questions that might just be from my inexperience.

1. Going back to the whole paying back heavy highway use taxes on a truck that has set for a while. If I buy a truck that has been off the road sitting in somebody's back yard for 4 years, do I have to pay $2,200 in back taxes to use it?
More than likely you won't especially if you have a copy of the last 2290 that was paid. It would be good if you can document that the truck has been sitting for all that time.

2. What if I buy an old farm truck? Do they pay the same tax?

Yes unless they purchased a farm tag and didn't go over the miles that a farm truck is allowed to go. Which I believe is 5,000 miles per year.

3. As far as the participating state taxes and such, do you have to pay for each state you haul loads to, or just the state your company is based in? How would you know what states you are going to haul to if you are getting your loads through a broker and are relatively random?

The first year you buy a IRP Tag is normally the cheapest as it's all estimated/minimum mileage that you are paying for. The second year is when you have some idea of the states and the miles that you ran in each state. It's best to add all the states the first year unless you know for a fact that you won't be going to a state EVER.

4. Would it be best to start with just a used truck?

If I were going to buy a used truck I'd probably buy from one of the larger fleets as they DO have maintenance programs and go by them for the most part and will have the most complete records. Some individuals will have excellent records and some won't. That depends on the person. The bottom line is any time you buy a used truck or any vehicle or anything else you are buying a pig in a poke. Here's the steps and things I'd take in to consideration if I was buying a used truck or vehicle.

It depends on the truck, the mileage, what the computer records say, the oil sample results taken from the engine, transmission, and rears. Plus a lot of other things like: how well it was serviced, types of loads it hauled, if it was in any accidents, has it been painted, etc.
If you are buying from a dealer and they are willing to sell you an extended warranty for it then in most cases you'd probably be safe buying the truck.

I'd hire independent reputable mechanic/shop (not the dealer or individual's mechanic) go over the truck, pay the price for getting this information you need unless you are a cracker jack mechanic and even then I think it's wise to have another set of eyes looking at the truck.

Get their findings IN WRITING and make sure it's legible! This is something that I'd do EVEN if the dealer was willing to put an extended warranty on the truck because the bottom line is that YOU'LL be the one sitting when the truck is in the shop not the dealer.

If they won't let you get an independent report on the truck, then you don't want the truck and you don't want to do business with that dealer or individual.

You just have to decide if you want to take that chance. If you are thinking about buying an extended warranty, then READ IT and talk to the warranty company BEFORE you drop a dime. I never listen to the salesman as they are getting the commission and they get some from the warranty company too in most cases for selling the warranty. Keep in mind that the all extended warranties are NOT going to cover everything, they normally cover the drive line, rears, engine etc. All of them are different and the cost varies depending on the coverage. If it's NOT in writing then it's NOT covered period. Another good thing is to take someone with you when you talk to a dealer or individual so that you have a witness to any statements they make about the vehicle or warranty. In some states a verbal warranty is enforceable IF you can prove it, to do that you need to have a witness.

I'd look into your states lemon laws on used vehicles as well. You can also go to the sites that I'll list at the end of my response to this post and check out the dealer, the warranty company and the truck to see if there have been any complaints or safety issues.

Listings of states with Consumer Protection Agencies [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link.
[LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link.
[LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link.
[LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. (PDF)

What it basically boils down to is I'd like to become an O/O. I'm looking at purchasing a 2000 T2000 for around $20,000, a used 2001 reefer for about $7,000. My loads would probably all come from freight brokers until I could line up some contracts. I don't know how I could pull $15,000 out of the air to start up after all the initial costs were paid but that's neither here nor there, that's on the to do list.

I'm sure I'll have some more questions after I reread this post and let it sink in a little more. I apologize if my questions for my business plan are in the wrong section. If so please let me know and I will relist it in the appropriate forum. Once again, thanks for all the good info.
The bottom line is be informed and do your homework. I know I make it sound hard, but I figure forewarned is forearmed and this is an investment so you need ALL the information you can get. I'm sure that some of the other members can add to what I've said. Thanks for the kind words, I do appreciate them.
Good Luck and keep us posted!
NW
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  #38  
Old 12.03.2007
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Used truck. Yes! From BIG Fleet, Well, that depends. They do maintence, but usually with the thought that they are only gonna keep truck for 400 to 500K.

Need a business plan? I can help you out with a template, and guidelines.

As far as the USed 2001 reefer for $7000, BUYER BEWARE!!!!!!, Thats too GOOD to BE TRUE.

As far as start up costs after equipment purchase / finanace. That $15000 is conservative, and EXTREMELY IMPORTANT!!! The easiest and quickest way to fail, is to try and start out on less than shoe string budget.

Get your Ducks in arow, and your finances. You can do it!
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  #39  
Old 12.03.2007
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TBIGLUG,
Meant to ask, have priced your Liabillty, Motor Cargo, and Workers comp yet?
I can recommend a good agent for that, and also a few really good brokers for reefer freight. PM Me. If interested.

Good luck.
CBT
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  #40  
Old 12.04.2007
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CBT, I know about the buyer beware. A very good friend of mine buys and sells used trailers and the price reflects kind of a start-up "gift" from one VERY sucessful trucker to a good friend. I haven't yet priced the liability, motor cargo, work comp., etc. (I still have yet to fully understand all of the business end) yet, as I am in the process of gathering all of my information and forming my plan. I plan on continuing on with my current company to try and gain more experience and learn more of the paperwork aspect of it. One thing I never do is dive in headfirst without knowing how deep the pool is. I appreciate your willingness to help and will definitely bounce some ideas off you and pick your brain in the future. For now, back on the road. Got a load to Detroit then a backhaul out of Valpariso. Thanks again.
__________________
2007 Kenworth T600 - 475 C15, 10 sp. (Company Truck )
2004 Chevy Cavalier - 2.2 5 sp. (My 4 wheeler )
1993 Chevy Suburban - 5.7 Auto (G/F 4 wheeler )

"Anyone who would trade a little liberty for a little order will lose both and deserve neither!" - Thomas Jefferson
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