Buying a company???

I have an oppurtunity to purchase a truck from a neighbor it is one of those W900L's so long nose etc you know the ones evryone wants but stays away from. Ny question/s are this we will be purchasing on contract from him he is going to keep us out of the bank and do private financing, we are going to keep his authority etc i assume this can be done? We would be purchasing the company then as i see it. I had some thoughts about factoring loads how does that work? what loads can be factored? all just a few?

 

The truck is free and clear we have set it up with our bank to hold the title for us as I said we are neighbors (still can get screwed). We are wanting to do the independant due to my driving record I have an extra ticket that I am fighting at the moment so leasing on is out of the question. As for loads paying within 48 hours I know I've talked with landstar brokers and they claimed to pay within 48 hrs. My thoughts on the factoring is just that thoughts wanting extra info in case someone did not pay like claimed and I was dependong on that. If that makes sense. As for the truck I have been driving it for the last 2 years know what has been done where whats still under warranty maintenance record etc. If not for truely knowing the last 6 years history of the truck I would never even consider it. The truck is getting right around 5.15 mpg and I know thats not great however I think thats fairly decent for the W9. It has a complete out of frame rebuild less than 10k miles right now remanned tranny same time u-joints kingpins rear gears etc all have been done in the last 100k miles and for the purchase price of 17,500 im not sure it could be a better deal.

 

As I mentioned the truck is from a neighbor (can still get screwed) we have our bank set up too hold the title as it is free and clear, As for leasing on my driving record prevents that as I currently have a ticket im fighting (injurous material on highway) basically a ########## littering ticket is a moving violation. As for the factoring I'm just looking for some extra info for those just in case moments... We have a decent amount of cash revenue saved up however i am not certain I want to place all my eggs in that basket to speak of so factoring here and there may be something we would do. As for permits etc, NO NY for me never been there dont plan on ever going there. We have a local shipper were trying to get in with and it would be much more regional than OTR. I've spoken to a few of the brokers on the landstar loadboard and they claimed pay within 48 hours just how often are they really doing that though?