Is this a bad gig??

Discussion in 'Ask An Owner Operator' started by cableclown, May 28, 2012.

  1. May 28, 2012 #1
    cableclown

    cableclown Light Load Member

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    Old neighbor is a fright broker,we still talk plenty and get along as friends .but he's all about making that almighty dollar . he says he need to make a purchase for a write off.I been in driver retirement for 16 years,fresh out on the road. no one looks at my old driving experience,so i am a newbie to them. and this 33 cents a mile is not going to lat very long,and i am going to be gone,so as i was rolling up to northern MI last week for a company that hired me, we were talking a lease purchase deal.
    I pay truck,fuel,insurance,maintenance,and be an LLC.I all ready have a fed,and state tax I.D and will use that. he will take 25% of the load for financing if you are a owner operator he takes 10-15% this is flat bed. he has a trailer for rent too 250 a week.IS THIS GOOD OR BAD.I do not have any contract to read or anything. so do not know more then what i typed here.i would like to own for sure.
     
    cableclown, May 28, 2012
    cableclown, May 28, 2012
    #1
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  3. May 28, 2012 #2
    BigBadBill

    BigBadBill Bullishly Optimistic

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    OK, that is a lot crammed together.

    First off don't jump too quickly. It seems that you need to get a better understanding of what is happening and don't want to make a mistake.

    First, what is the relevance of having an LLC? I ask because this just places additional complication and expense that is likely to provide no value from the beginning.

    Is the 25% cover payment plus running under his authority? What is the path to you owning the truck? If he is doing this because he wants the accelerated depreciation, they only way that he can legally take this is if you are a company driver. If you are making the payment PLUS an extra 10% then the deal from a pure numbers stand point doesn't look good.

    $250/week on a flat trailer rental is very high.

    Now most of this is impressions because a lot of information is missing.
     
    BigBadBill, May 28, 2012
    BigBadBill, May 28, 2012
    #2
  4. May 28, 2012 #3
    Clasix1055

    Clasix1055 Even when I'm wrong I'm right

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    Jan 26, 2012
    Toledo, Ohio
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    Yeah you need to find what he is taking 25% of is it gross or just linehaul, and does that include plates, truck payments, permits, insurance, 2290, etc...

    I agree $250 a week is way to much

    In the words of BBB it sounds like you are buying a job
     
    Clasix1055, May 28, 2012
    Clasix1055, May 28, 2012
    #3
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