Advice please LONG READ BUT HELP!!

Discussion in 'Trucker Taxes and Truck Financing' started by BigKountry, Jun 12, 2016.

  1. BigKountry

    BigKountry Light Load Member

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    I got my CDL in January, tried otr didn't like it. Came home found a steal on a 09 freight shaker. Had my uncles look it over. Bought it, found a good position for it. Job only puts 250 miles on it a day. Brings home avg $2500-3000 a week depending on if my driver misses some loads or not. Here's the question, I've recouped my investment on the first truck of $15000! (Yes 15k for an 09). I wanna spend that 15k on another truck and lease it on to the same job. But I'll have 5,000$ left to operate both trucks (no maintenance money) until I recoup some money. I'll be bringing in approximately 5-6gs a week. Would you guys take the risk? Boss man needs another truck and wants to know if I'm going to do it or not by the end of the week! I could go buy a cash truck that would leave me with no maintenance money. Or go put some money down on a lease or finance one, and I've only had my CDL since January. I'm leaning towards leasing or financing, that way I could get the truck I want and not touch much of my maintenance money. Or buy a cash truck and pray nothing happens until I recoup some cash. What would you do?!?! Also if you think finance or lease recommend good places that'll approve me with 530 credit and no commercial credit and with only having my cdl since January.
     
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  3. Cat sdp

    Cat sdp . .

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    Only you can answer that one ....

    I hope that 09 has the emissions system updated....
     
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  4. BigKountry

    BigKountry Light Load Member

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    Eastern NC
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    You hope it does huh, cool.
     
  5. flatbeb mac

    flatbeb mac Medium Load Member

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    I don't think I could do it, personally. I would have to have enough for a cash purchase and at least 15k in reserve, that would still make me rather nervous! If I knew I would recoup quickly I may go for it then but otherwise I couldn't do it.

    In the end, regardless of what anyone else says, what you do is completely up to you, and you already know the answer. It's a, risk everything, for a bit of a gain on something that seems to be working for you. What ever you decide good luck to you.
     
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  6. Sparky4669

    Sparky4669 Bobtail Member

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    Jun 9, 2016
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    Sometimes in business, a risk you don't take can lead to money you don't make.
     
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  7. BigKountry

    BigKountry Light Load Member

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    Eastern NC
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    I try to keep enough for an overhaul plus 5k at least. I would have to go a whole month before I could sleep good at night... Right now I'm doing good, but if I could pull this off... This would be life changing, I'm only 24 years old. If I could double what I net... This is how millionaires are made, it's such a hard choice
     
  8. BigKountry

    BigKountry Light Load Member

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    Nov 8, 2015
    Eastern NC
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    Yeah, it's rolling your dice. But are the odds in my favor? Friday I'll have 3k more though
     
  9. BigKountry

    BigKountry Light Load Member

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    Eastern NC
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    It's only a 10 truck operation, the owner owns 4! I keep thinking, this is your blessing dude. I feel like the owner asked me because, the rest of the guys "have money"
     
  10. wore out

    wore out Numbered Classic

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    Just keep in mind the "owner" has four. If this is such a sure bet always and forever deal the owner wouldn't hire an outside truck for it. Its human nature to soak up all the gravy you can stand. I realize you have made some killer money, keep in mind it could end in a heartbeat
     
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  11. Sparky4669

    Sparky4669 Bobtail Member

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    what good is a truck with a blown up motor to the bank?or whatever the case may be.theyre bankers,not drivers.take the risk.make the money.
     
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