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My lease adventure

Discussion in 'Lease Purchase Trucking Forum' started by Crazytrucker77, Mar 16, 2018.

Page 19 of 42
  1. Jul 7, 2020 #181
    Boardhauler

    Boardhauler Road Train Member

    1,732
    3,670
    Dec 21, 2008
    Ballin' in it for Shakey
    0
    Dude!

    I am totally proud of you! Way to go getting your own trailer! Please tell me what you got, new or used.

    I will say it again, what you are doing is not easy. You have shown the gumption to make it work. It helps that you are working for the most honest, professional bunch of people that I have encountered in my 45 years in the industry. Their rates aren't great, the I5 corridor is a hard place to make money, between the Oregon Road Tax and poor fuel mileage in the mountains, but those folks will keep you rolling and treat you fairly. The rest is up to you.

    Say hello to everybody there for me again. I still entertain thoughts of buying another truck and coming back.
     
    Boardhauler, Jul 7, 2020
    Boardhauler, Jul 7, 2020
    #181
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  3. Jul 9, 2020 #182
    Crazytrucker77

    Crazytrucker77 Heavy Load Member

    848
    1,048
    Nov 23, 2014
    Grants Pass, OR
    0
    I bought a used 99 western from Christopher one of the other drivers.
     
    Crazytrucker77, Jul 9, 2020
    Crazytrucker77, Jul 9, 2020
    #182
    popcorn169 Thanks this.
  4. Jul 9, 2020 #184
    Boardhauler

    Boardhauler Road Train Member

    1,732
    3,670
    Dec 21, 2008
    Ballin' in it for Shakey
    0
    Good deal! You can pay that off quickly and then start banking the $$ or upgrade if you prefer.

    That wouldn't be Chris who used to be a company driver, who I think was driving or buying One Armed Bob's Volvo?

    The more BS I get at my current job, the better it looks buying another truck & coming back.

    Once again, way to go!
     
    Boardhauler, Jul 9, 2020
    Boardhauler, Jul 9, 2020
    #184
  5. Jul 9, 2020 #184
    Crazytrucker77

    Crazytrucker77 Heavy Load Member

    848
    1,048
    Nov 23, 2014
    Grants Pass, OR
    0
    I am not sure but he has been here for several years if I remember correctly.
     
    Crazytrucker77, Jul 9, 2020
    Crazytrucker77, Jul 9, 2020
    #184
  7. Jul 9, 2020 #185
    Crazytrucker77

    Crazytrucker77 Heavy Load Member

    848
    1,048
    Nov 23, 2014
    Grants Pass, OR
    0
    Ok so since people are wanting me to continue this thread I will for a little while longer. So here is the situation and a warning for you. I recently hired a bookkeeper and found out that the program I have been using for my numbers is not accurate. After a phone call with the person that runs Rigbooks.com we were able to figure it out and fix it. So always make sure things are the way they should be and hire professional help. Since I wanted to start purchasing equipment I found out that the program I use will not provide a balance sheet witch is required by lenders. This is one of the reasons I hired an accountant. The other reason is to have a professional covering my butt for the IRS. So I got everything situated and corrected so here is my p&l for the first half of the year.

    Now about the trailer I bought. It is a 1999 48' western curtainside trailer. I purchased it for 11k from a fellow driver. He was nice enough to let me make payments so I can put some money into repairing it so I can put it to work. It is a well used and wore out trailer but it still gets the job done. I had to put about $1,500 into it to get some weak spots it the deck repaired and some cracks repaired, but it is up and running with a load on it now. My plan is to try to save money until I can pay this one off and get a newer trailer. Granted I can put a new deck, doors, tires, curtains, rebuild brake system, and new tires on it and have a pretty good trailer but I think it would be better to buy a newer trailer in the long run. It is a bit heavy and we haul heavy loads so something lighter would be better. This is just a stepping stone. Anyway I want to say thank you for the few people that find this thread helpful and actually say so. I really wish people would interact more with me on this thread. I know there are so many people that have questions and just don't ask. I am an open book and willing to help. It would really be nice to have this pinned.
     

    Attached Files:

    Crazytrucker77, Jul 9, 2020
    Crazytrucker77, Jul 9, 2020
    #185
    dunchues, D.Tibbitt and Scooter Jones Thank this.
  8. Jul 10, 2020 #186
    popcorn169

    popcorn169 Road Train Member

    2,194
    1,714
    Sep 5, 2011
    state of confusion
    0
    I thank you for posting your numbers. I wish I knew how to do the office stuff but I let my wife and the tax people do that.

    I can't seem to learn that part. I am more of running the truck and fixing thing type person.

    I can't put a trailer on where I am leased to so later on I might make a move to something besides frameless dumps. Might go back to flats. If I do I might start asking 50 11 questions.
     
    popcorn169, Jul 10, 2020
    popcorn169, Jul 10, 2020
    #186
  9. Jul 10, 2020 #187
    Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,977
    Apr 19, 2011
    0
    Nice of you to post your numbers.

    I noticed you have a payroll line item. Are you operating as an S-corp and as such, paying yourself as an employee?
     
    Scooter Jones, Jul 10, 2020
    Scooter Jones, Jul 10, 2020
    #187
  10. Jul 10, 2020 #188
    Crazytrucker77

    Crazytrucker77 Heavy Load Member

    848
    1,048
    Nov 23, 2014
    Grants Pass, OR
    0
    Yup. I pay myself 40k a year
     
    Crazytrucker77, Jul 10, 2020
    Crazytrucker77, Jul 10, 2020
    #188
    Scooter Jones Thanks this.
  11. Jul 10, 2020 #189
    Crazytrucker77

    Crazytrucker77 Heavy Load Member

    848
    1,048
    Nov 23, 2014
    Grants Pass, OR
    0
    Lol bring them on.
     
    Crazytrucker77, Jul 10, 2020
    Crazytrucker77, Jul 10, 2020
    #189
  12. Jul 10, 2020 #190
    MarquisK

    MarquisK Bobtail Member

    31
    67
    Mar 27, 2019
    Jacksonville, FL
    0
    It really blows my mind how unprofitable owning a truck is.

    I work for a decent sized company, just over 500 drivers & including corporate around 900 people. I’ve been told by several suit & tie guys that on average we only make $4,000 a year profit from each truck.

    I think I heard we grossed around 169 million dollars last year & after everything was said & done, all the bills paid, we ended up with just under 10 million to reinvest back into the company.

    The cost/profit ratio across the industry is terrible & I think that has a lot to do with me not wanting to own or lease a truck.
     
    MarquisK, Jul 10, 2020
    MarquisK, Jul 10, 2020
    #190
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