Buying an old truck?

Learn the trade first.

 

Different career path:
Live otr a few years.
Go home or different area that you like.
Buy a few houses from sheriff sales.(repos)

Sit in underwear....collect cash.... Avoid road as much as possible.

More profitable and healthier.
A year otr mega is 3 houses. Mortgage houses to buy more houses to pay off new houses to add even more houses using other peoples time & money.

Poke your head out if an offer comes up you see worthwhile. Seasonal...temp...contractor. Whatever.

Could you live on $2000 a month to do nothing? A year of trucking will get you that net.

I tell kids all the time about trucking as a backup plan if they get hurt or whatnot. Several have picked it up and stuck with it and own many houses while their friends are 200k in debt for a peice of paper and blaming trump for the worlds problems!! Thumb suckers! XD

 

I bought one that would be listed at 84k from a realtor just not too long ago while everyone else was on holiday travel.... A real steal... 12k I got it for.

You can only purchase houses from sheriff's sales for cash and must be paid that day in full.
Hence.... Why most ppl can't participate.

You aren't going to be able to get three houses in say San Francisco !
Be real with it! But here around Louisville I can snag 3 houses for under 40k and get you that figure monthly easy.

Sometimes you get one that needs some work inside but you can get a pretty good idea. Here you can't go inside. Just go to the courthouse get a list check em out and hope nobody else shows up!

You can use the houses you have already paid as 10 year credit to buy more houses. And the ppl inside them pay the rent and "buy it for you again"

Dave Ramsey wouldn't agree with said strategy but its up to you to run the numbers and adding another three houses to your revenue stream easily surpasses the payments for the old houses. Hell you can leave two of em empty and still have enough to hire contractors for repairs!

Make sense?

You could list them with a realtor for idiots to buy them....only idiots buy from realtors.... Its great. Real suckers.

But yeah investment is key. I like real estate. Some guys like businesses & IRA's. Some like trucks some like women. The latter won't be as profitable as the first three...

 

www.OOIDA.com to learn the business end of being an owner-operator.

As for rental property; that's a good investment. Big problem buying is the investors will out bid you. They will offer more than the asking price just to get the house because they have the millions of dollars to afford that. They pay in cash which the sellers like because they don't have to worry about waiting for loans to be approved or not be approved. Investors immediately list the homes as rental property. Investors will go into a city and buy 100's of houses then turn them over to a management company that manages rental property. Then they sit back and let the money roll in.

 

The easiest way to wind up with a small fortune owning and operating a truck is to start with a large fortune.

That being said, at this moment I am getting rid of a 2008 Volvo 730 that has turned out to be an emissions nightmare. I bought the truck for $38K last fall and put another $31K into it. The last straw was finding out that I would have to replace the entire DPF assembly for another $9-11K. Fortunately I found a dealer that was willing to take it on trade. Unfortunately their top offer was $20K. Ouch.

After a bit of a search, I located a 2006 Western Star 4900EX Lowmax for $29K a couple of hours away from me. It needed a lot of work, but has a 6 month old reman 14L Detroit S-60, rebuilt 18 speed, and rebuilt diffs. I gave the dealership a budget of $49K plus tax for the truck plus a laundry list of improvements, modifications, and repairs. It took them almost a month, but I'm taking possession of the truck today or tomorrow.

Long story short, a brand new truck won't earn a dime more than a good old truck. The easiest way to make consistent money owning your own truck is to lease on with a carrier. You won't get rich, but you can earn a decent living. And you'll have awesome credit if everything goes right.

Leasing on with a per mile contract usually means the company pays for tolls, fees, permits, plates, registration, etc, and will either completely absorb those costs or pass them on to you at a somewhat discounted rate. Those rates can vary wildly, but the revenue will be consistent. Percentage contracts on the other hand seem to be feast or famine. You might get pretty good rates, but you will not be paid for deadhead miles, layovers, etc.

Minimize expenses by learning what repairs need to be done on the road and which ones can wait until you get home. Find a local independent shop that will value your business to do the work that you can't do yourself. The shop I deal with might take a little longer to get things done, but they stand behind their work and typically bend over backwards to fit me in when I call.

On the flipping houses thing, my late father and I used to flip a house every year. Where I live, you don't have to pay capital gains tax if you live in the house for a year. We'd look for tax lien seizures, foreclosures, desperate sellers, and recent abandonments. In one case, we bought a house for $57K in a neighbourhood where the average price was $205K just because the guy's wife had died and he took up with his neighbour's wife, so they both needed to get out of Dodge. I liked that place, so put some time and money into it while living there and sold it a few years later for $290K. Money and time well spent.

Real estate can be very lucrative for one reason: land is the one thing they aren't ever making any more of.

 

You get a decent idea walking around.
There are guys on TV that "teach flipping . The same groups that want you to buy from their exclusive list online from their exclusive marked up owned by them mixed in with publicly listed properties.

I don't really fix them up. I don't care... Property taxes are too high here to bother. + I hope it burns down....

You just get you a good rental agreement and go get it notarized by a clerk at the courthouse. Not hard. You'll want insurance of course and a dumpster (I pick up the trash at the various places and take it to mine).

Utilities go in their name.

I'm jelly of your hit captain canuck. Nice hit! Good for you!

Chinatowns right about the large groups. Go to enough auctions and you'll see the same ppl over and over and over.

Bid them up to be a dick.... XD