How much do I need to start as an owner operator?

www.OOIDA.com is a business website for the owner-operator

 

Simple answer is no 20k is nowhere near enough for buying an 18 wheeler and crossing over state lines. Your insurance will probably be over 20k a year.
As FAr as what truck to buy, thats personal preference. SO many variables and factors.

 

Are you going to be independent or lease on with an established company?

If you're going independent, 20k will get you started but you won't go anywhere because you have no operating capital.

If you're going to lease on with an established company, 20k is a decent start. I had less than that when I started and I'm fine after 5yrs.

The difference between local and OTR is a different matter. Local is usually dump or hopper, sometimes flatbed, almost never van. OTR has more options for van/flatbed and, with the right company, you can be home more frequently.

 

20k is possible. O or very small dn pymt. If you have the credit. Then Lease onto a Carrier that pays an honest %. You might get Lucky, you might go broke. Then you’ll need credit cards to cover repairs. At that point it’s a matter of time. Do more research. You shouldn’t buy a Truck if you have to ask. I understand you have to start somewhere. YouTube is full of winners and losers. Good advice, and bad. Good Luck. Keep Learning. It’s not that hard. Best to be prepared for the worst. Lot of variables and unexpected things involved. No such thing as 100% foolproof way to Success.

 

Pick your truck, figure out your living payments, insurance, house, food etc etc

Multiply by 1 year, add your downpayment

Thats about tge right amount

 

There are a few threads on this website that drivers/owners have recorded their journey. Good and bad.
Good luck

 

If you start off with 100 million dollars, truck for 30 years, you should still have enough money left to comfortably retire.