Advice on Purchasing a Truck as a Non Operator

Perhaps I have missed something. HOW is this a big reward if you are co-signing for your cousin’s truck?
My instincts tell me that you don’t have much confidence in your cousin, but you do in your friend.

How many trucks does your friend have? If they are all owner ops, it’s a bad deal. If he owns a few trucks and he’s doing decent, that’s different…we can make that work. If that’s the case, you will be buying a truck and letting your buddy put a driver in it and run it. How much is your buddy going to charge you?

You are betting that your cousin flakes out. If that’s the case, and you are still in it to win it, do a lease purchase deal with cuz. His name shouldn’t be on any important piece of paper. @D.Tibbitt, could you explain to the gent how yours worked? Thanks.

 

@eighteenwheels010
These TTR guys don't know anything. Go for it and prove 'em wrong.
You come here asking for opinions and advice. Many of these members are legends. It might behoove you to take their advice?

 

There is not enough money to go around with your friend and cousin all taking their cuts. It’s hard enough if you were getting 100% of the revenue.

That’s to go along with all the other great points I read in the first page of this thread.

Everyone will make money but you, and that’s assuming he is a good driver which chances are he’s not.

 

How long will it take for you to get paid for the loads this truck hauls? It can be days, weeks or a month. That's an important thing to know. If its a month that's a long time with money going out but not coming in. Do you have enough cash on hand to put a down payment and cover operating expenses for a month?

If you do this, get a lawyer and make sure all the details are documented.

Get a CDL and do it yourself or just don't

 

A lease purchase could work in this situation. The way my company did it is take 25% of the linehaul , all other revenue is 100% yours... Pay yourself 30% from the 75% then pay your truck expenses. Fuel/insurance/permits trailer rent etc. Whatever is left over goes towards the truck payment.... Some months was able put 10k+ towards paying the truck down and took me just under 2 years to pay for the rig... I think this is the best deal between company and wannabe owner op . as the company still owns the truck but gives the driver the opportunity to learn the business and actually be successful in paying it off.

 

Don’t ever go full retard.