Some advise bout leasing on & $$

Tim,I would ask you more about the money your are going to make on the Terminal to Terminal runs.Long story short.. You would probably have to gross about $3800 a week to get $300-$500 week profit.If you save that money and dont have any Major breakdowns(2-5 thousand range) then you should be able to enjoy some of that money in about a year.PM me if you would like some real numbers from my business or just ask me and I will tell your on your site.Been a O/O for bout a year now and have nothing to hide

 

I was not trying to be a rude smart arse when I posted my questions. But just bringing up some general questions
The 1099 thing is quickly getting caught on by the IRS. Then you get into a heap of trouble also.
Then you will need workman's comp or injury insurance for your driver. You need to find a driver than you can trust.
I figure .10 a mile for the repair fund. I got my bobtail and collison plus injury insurance through OODIA..
I had it through my former carriers before and they just took it out of my settlements. OOIDA is cheaper.. Again depending on the drivers MVR and the age of your truck.
Then who will be doing your repairs and oil changes?

 

Right now, with my bobtail, collision, and injury insurance I'm paying 347.67 a month total. But I got high pay outs.
Plus down time pay towing and such. Plus if injured big pay outs and if I die due to this my wife gets real good money.Please don't tell her as she doesn't know the payout figures .lol

 

Tim, those who don't understand how the 1099 works are the ones who say it is illegal or some other stuff. I use 1099 for all the drivers and went through a couple audits with no issues on using a 1099 - a contract has to be used. There are limitations that you have to deal with but overall it is legal and proper in many circumstances.

the best advice you need to get in you head is you need two important tools before considering this - one is a good lawyer and the other is a good accountant. You will spend time finding them and they do not have to know a lot about the trucking industry but good as their job.

The other bit of advice is that this isn't easy, I would consider your first or even second year as a loss because you will need to save money to shore up for the downtime of the truck or slow freight. I have put aside about $20k for each truck during the year, one engine oh can cost me 15k excluding downtime and revenue losses. So expecting to make an extra $2k may be a while,

Then you have to take time to find a driver for the truck, most likely the most time consuming thing because you would be foolish to just put any driver in the drivers seat. The other thing is don't get emotional about the truck, it isn't important as you think, I would pass on the truck at work and look for something in the $40k to $60k that can have a warrantee added to it, other wise you will end up spending as much keeping that one going.

By the way, I have 6 trucks right now on the road, three more planned for next year and have a couple sitting around doing nothing other than ... Sitting because I don't have time to get a driver in any of them.

 

A1099 is for contractors. If a driver is using your equipment, and taking runs you tell him to take, he isn't an independent contractor. it boils down to if you get audited, you will have to prove it is a true contractor relationship. And not an employee relationship.