New to being a Owner Operator

Discussion in 'Ask An Owner Operator' started by visionarygvp, Jan 27, 2022.

  1. visionarygvp

    visionarygvp Light Load Member

    114
    68
    Mar 21, 2018
    Atlanta, GA
    0
    Little background on myself. I got my cdl 3 years ago next month, I’ve ran reefer, dry van and most of my experience is pulling bulk tanker.

    Before the new year I parted ways with a tanker company I was running for locally. I’m kind of in the middle on regretting it and just being happy I finally made the step towards O/O.

    First regret because I had a M-F schedule and off weekends, started work in the morning and finished in the evening. My pay was $28 per hr, and then of course there’s benefits, which I might add the health insurance was great!

    I left because my goal coming in was to eventually lease purchase the truck I was running with them, but at the last minute the plug was pulled on me claiming they weren’t putting on anymore lease purchase or O/O’s. Before anyone says I dodged a bullet with lease purchase, they were only going to charge me $490/wk for the truck.

    It’s been almost a month since i started this new venture and it hasn’t been easy. I joined a small company with 5 trucks, running under my LLC. I pretty much have stayed regional but can go where I want of course. My thing is I go where the money is.
    I knew the first few settlements were going to be rough because of a lot of the first time expenses that they are taking out little by little. My second week I had to have some installations completed, so that cut into my week. I’ll attach a copy of my pay statements below.

    First settlement
    518 B03 DA EB5 C 48 C3 901 E 08 C04 F86 A018 — Postimages

    Second Settlement
    6 F5 C8023 C6 BD 4 F35 8 A5 B 09 EB7 F59 FB8 B — Postimages

    I’ve worked out in my head that doing 5-6 300-400 mile loads within my pay period that are currently averaging $2000-$3600 per load, I’d be seeing some decent profit. This week would be the first week I have been able to make that happen, and I’ll see the settlement for that next week.

    My goal: I’m currently saving up for a good down payment for my own truck, so I can return to tanker as O/O. I am also paying off some debt I’ve accumulated over the past year.

    In all honesty am I wasting my time? Or am I on the right path with understanding that it takes money to make money? As well as being patient with the beginning processes?
     
    Last edited: Jan 27, 2022
    austinmike and Pittstruck Thank this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Midwest Trucker

    Midwest Trucker Road Train Member

    5,768
    20,578
    Aug 31, 2018
    0
    So you are doing a lease purchase with this small company now? What type of trailer are you pulling?
     
    visionarygvp Thanks this.
  4. visionarygvp

    visionarygvp Light Load Member

    114
    68
    Mar 21, 2018
    Atlanta, GA
    0
    The option to lease purchase is there, however that’s not what I’m doing right now. I’m just leasing, I can walk away anytime.I’m pulling a dry van, they don’t do hazardous loads here.
     
    austinmike Thanks this.
  5. Kenworth6969

    Kenworth6969 Road Train Member

    2,301
    6,214
    Jul 3, 2020
    0
    Why does it say truck lease payment is $1200 when you said it's $490?
     
  6. visionarygvp

    visionarygvp Light Load Member

    114
    68
    Mar 21, 2018
    Atlanta, GA
    0
    I was going into detail about what the last company I was running tanker for was going to charge me, before pulling the plug on lease purchasing.
     
    Last edited: Jan 28, 2022
  7. Long FLD

    Long FLD Road Train Member

    9,502
    36,966
    Mar 4, 2015
    0
    What they’re charging you for insurance is insane. It’s about 4 times the amount you should be paying.
     
    ExOTR and visionarygvp Thank this.
  8. visionarygvp

    visionarygvp Light Load Member

    114
    68
    Mar 21, 2018
    Atlanta, GA
    0
    What’s the average?
     
  9. visionarygvp

    visionarygvp Light Load Member

    114
    68
    Mar 21, 2018
    Atlanta, GA
    0
    Which one specifically?
     
    blairandgretchen Thanks this.
  10. Midwest Trucker

    Midwest Trucker Road Train Member

    5,768
    20,578
    Aug 31, 2018
    0
    I thought the same thing. They are basically covering liability, cargo, and anything else and discussing it as just cargo.
     
    visionarygvp Thanks this.
  11. Diesel Dave

    Diesel Dave Last Few of the OUTLAWS

    7,132
    13,777
    Jan 20, 2010
    Hesperia, Ca.
    0
    My insurance is about $9200.09 a year to give you an idea. 2 million liability and 2 million general, $100,000 cargo, $80k comp for the truck.
     
  12. Long FLD

    Long FLD Road Train Member

    9,502
    36,966
    Mar 4, 2015
    0
    I pay about $6k a year. That’s insurance for my truck plus the liability and cargo is split 4 ways because we all chip in to cover it for being able to run on his authority. If you’re paying that weekly it’s dang near $30k a year.
     
    visionarygvp Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.