What could go wrong?

Discussion in 'Ask An Owner Operator' started by Rocky64, Jan 26, 2014.

  1. Rocky64

    Rocky64 Medium Load Member

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    I'm have known JD for a few years. He is a retired Marine. He runs a company that has 6 or 7 owner operators plus his truck. The number of trucks working for him (including his own that another man drives) is never more than 8. JD is a very trustworthy man that runs a very transparent system. He has a few reefers and a few dry vans. The men driving for him are very happy and always have been. He has invited me to join his operation as an owner operator. I happily excepted his invitation. I assure you that if anything goes wrong, it won't be JD or his system. I know I'm the weak link, myself and the truck I'm about to buy.

    I'm fortunate enough to be able to buy a truck and not have payments. However, it'll have to be a cabover in order to have low enough miles to be dependable and still leave me with half of my cash. No problem for me, I love cabovers and the freight I'll be hauling rarely keeps the driver away from home more than a night or two so a big condo doesn't have to be ideal. I hope to buy a conventional after a year, but I'm prepared to have less now in hopes that if all goes well, I'll have more later.

    I'm really nervous. Cautiously optimistic.

    I know there is more to it than finding the right opportunity and the right truck. But what could go wrong?
     
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  3. lovesthedrive

    lovesthedrive R.I.P.

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    I suggest you watch this for you to think about what your going to do. It has alot of the answers you will need as an O/O.

    *note, I am only a viewer my self and I am in no way related to this company in the video.

     
    Last edited by a moderator: May 9, 2015
    chicknwing Thanks this.
  4. blairandgretchen

    blairandgretchen Road Train Member

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    Perhaps you could throw some numbers out here for perusal. A lot depends on the figures.
     
  5. truckon

    truckon Swamp Thing

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    A COE is what? $3500-5000? So that will leave you with what? 5K reserve account? Money goes quick in this business, I'd make sure to have a line of credit as well.
     
  6. andre

    andre Medium Load Member

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    Since I signed on with the company I'm with, I have had a few problems and expenses. I have luckily been able to take care of all my issues myself. But, the two guys who run the terminal have always had my back. If I am hit with a massive failure, they will get me fixed. I will make payments to them of probably $250 a week until I repay them. Actually, it took me running for them for a few months before they would do this I guess. It extends to tires, if I need them.
    That is an assurance that I will not go bankrupt and I will succeed in this business. Good people are backing me up. I was really scared when I decided to do this (especially reading about what people have been through on here), but it's been more than worth it.
     
  7. Derailed

    Derailed Road Train Member

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    Not sure if its just me but im always looking at trucks for sale and it seems as though the clean cabovers aren't so cheap anymore like they use to be. $20k-$30k for a nicer one. I never minded driving them myself.
     
  8. Ridgeline

    Ridgeline Road Train Member

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    Get a contract before you sign it, bring it to a lawyer and have them explain it to you. Have them tell you what the pitfalls are and are not.
     
  9. Inland-Pilot

    Inland-Pilot Light Load Member

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    My thoughts exactly. Someone isn't looking at a clean decent cabover if it's a cheap one. Nice ones are very pricey.
     
  10. truckon

    truckon Swamp Thing

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    Like I'd tell you!
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    A lot of people asking that much, but there not selling because of the inflated price, you can buy a very nice conventional for that money
     
  11. Rocky64

    Rocky64 Medium Load Member

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    Oct 3, 2010
    Greater Chattanooga
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    The one owner truck is $7500 with a well kept N14 and 700k. I'll have $9300 left over.
    The gig pays 75% of gross and all the surcharge. Base, insurance and trailer included.
    Same 2 shippers for 6 years. 554 miles down, pays$1475 to the truck, same 554 miles back pays $675 to the truck. Do 2 one week and 3 the next. (Yeah, Florida) Do pumpkins in the fall for extra cash. $$$

    $9300 left over. Company owner helps financially until escrow is up to snuff. What's a g ood escrow amount?

    Exactly

    I got approved for a $26k Cabover. Not int erested in emissions my first go at it. Keep it simple. No debt yet.
     
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