Some numbers for new O/O

I apologize in advance if this is the wrong place to post this, new here. Just wondering how much, total, I’d need to safely start as an owner operator. Not counting my down payment, as I have this in a separate account and figured out.

 

Oh man...

 

I`ll tell you how much you need because i`ve been doing this a long time. The first day i got my CDL i went to a semi truck dealership and bought my first truck. I`ve never been a company driver, #### that.
1. You will need a down payment for a semi truck. Depends alot on your credit score, the APR for the loan will be somewhere between 3.5 % -> 40%. The downpayment is usually 15-20%. The higher the downpayment, the lower the monthly payment will be. Everything over 10% APR is a rip-off.
2. You will need to purchase or rent a trailer. Flatbed trailers ( 700-1200/ month ), dryvan trailers ( 700-1300/month ), reefer trailers ( 800-1600$ / month ). If you know what kind of trailer you want to drive and you have the money for the downpayment just purchase it. You will save a lot during the coming years.
3. You will need a good fuel card.
4. You will need to purchase some equipment. ( gps, dashcam, fridge, microwave etc )
5. You will need some money in your bank account ( around 2-3k ) to start. Let`s say you work from Monday -> Sunday. You will get a statement next wednesday and they will wire your money probably on Friday. So you need some money until you start getting paid.

Let me know if you have any other questions.

 

2-3k? No wonder why the owner operator failure rate is so high.

 

you don`t need alot of money in your bank account to start driving as an owner operator if you have all the equipment ) Owner Operator Failure rate is so high because people are lazy, that`s why. I`ve seen people starting with less than that and they`ve been making more money than 95% of you

 

Have been exploring trucking and starting as O/O, What were some issues you had starting on your own with no prior driving experience? I currently own and operate landscape company and grew up around flatbeds, excavators, and smaller dump trucks. However I know trucking is completely different than what I've done. Any experiences and tips are appreciated, thanks

 

I’ll call complete Bullshat on this… you are absolutely insane to start with only 2-3k in a bank acct. Drive 2 or 3 weeks with zero pay and see how much money you spend on fuel and food and lord forbid you need a tire or something extra for the truck. It is absolute asinine advice to tell someone not to have a good chunk of money in the bank. I don’t give two shats how much money you or your buddies make.

On a side note you are more than likely trolling along… if so great, but don’t plant that seed to someone who will read this.

 

I'm having a issue regarding a Carrier I'm Leased on with. They promised a minimum of $7k/weekly. Yes it's a (%) percentage paid based company who of course never show what they are receiving for the loads & some are 3rd party loads. I only received 56% of that on the initial check. 1st check. they stated there's No favoritism to other o/o's however a veteran driver says 'there IS favorites' who obtain loads from $2.5k - $5k a 1 to 2 Day trip. It's kinda rhetorical question but is it a scam or not?

 

Yes

 

Why do all these sPaMs come to Dunes thead? Strange.