Rant

Never been a #### storm but I imagine it's no fun

 

Seems like most of these people who have no cash down and bad credit are wanting to go the company lease route which everbody knows you can have the worst credit and still lease.

 

Prospective owner-operators aren't going to listen to you; they just figure you don't want the competition, so are trying to discourage them.

 

I've never owned or leased a truck, never had the desire. I've been a company driver for over 20 years and from my perspective I agree with the OP.

Some years ago I decided to get in the rental property business. I naively thought it would be a quick way to make lots and lots of money. I initially didn't account for things like taxes, broken hot water heaters, roofs, furnaces, and general maintenance. The absolute WORST assumption I made back then was figuring that all of the tenants would pay their rent in full, on time every month. I struggled my butt off to pay my own bank notes, I was never late on a payment nor did I miss one. Sometimes I had 38 cents in the bank and couldn't sleep at night, but that's another story. I learned the hard way how to run a business and I now have 7 rentals that easily cash flow and build equity each year.

My experience would tell me that buying, owning, and operating a truck would be similar to renting houses - hell, it would probably be MORE stressful. Any potential O/O's better have contingency plans in the event of breakdowns, customer delays, slow freight etc. You read stories on here where SEASONED company drivers need to take advances to make their bills and then they kick around the idea of leasing. I'm not one to judge, but that just doesn't make any business sense to me. Get your life together, save some money, learn the industry, and then give owning/leasing a try.

I'd like to add that a little bit of luck also goes a long way. I've been fortunate personally AND professionally to have things fall in place, but that doesn't mean I didn't work my butt off to get where I am.

 

People have a belief that of the truck was theirs they would make double money. But they don't understand its a reason why the truck isn't theirs. Also I don't understand why do people rush to get a truck. Spend atleast a year learning to drive, observing some scenery, save money. If you're OTR and you can't put away atleast $1,500 a month, you shouldn't look for a truck. You should look for a new company or if you fail to perform for a new industry. Owning a truck can be very rewarding, but those rewards aren't easy to get.

What's gets me is when people save $15k and buy a truck-- any truck or any deal and then add a little bells and whistles to it and then sit around asking where should they lease onto. really?!?

 

I have no debt and haven't had a loan in so so long that I have no credit history, I get turned down for credit cards because I have no credit history, it's odd, I know I should get a loan to build my credit,
Maybe I should lease a truck, I saw somewhere they're paying 85 cents a mile LOL

 

Whether you lease or purchase a truck you need to have a well thought out business plan where you can start making money from day one. You need to establish a budget based upon solid numbers. If you plan on leasing a truck from a carrier, talk to several lease operators who have paid out their leases or been doing it for several months. It is fine to use company numbers, but it is best to speak with those who are actually doing it. If you plan on buying a truck then you need to know where you are going to lease it on or if you plan on getting your authority and running your truck with your own numbers, you should get the ball rolling before you buy the truck. It takes several weeks to get your authority back. I would also be doing some research to find out who has freight that will load you.

 

Same here, never had a card...Applied for a loan at 38 and was turned down, not for bad credit, just never had any....Pop never had any cards, debit or credit, either when he passed at 83, said he didn't believe in them....Most from the depression generation were like that....Seems he did alright anyway....

Years back I talked with an old-timer at the local sawmill.. He explained that back then banks were no longer trusted, actually despised, there wasn't much payable work to be had, most people lost their jobs.... Folks that had mortgages or owed the bank lost their farms & houses big time, Almost everyone had no $$$....The families that did ok, were the ones that had little or no debt and could raise their own food....Work & goods were bartered mostly....He said that there was one local fellow that had some $$$ stashed away and was the local "go-to-guy" when one needed a little financial help with a loan....He said $$ would appear from his pockets, socks, belt, hat, etc...Now a days, he would get rolled for sure....Somehow, I could see that happening again......