Pipe Dream

One rental property is a terrible investment. You'd be lucky to make 1k a month with a rental after all bills are paid. And the down payment on a decent rental can get you a pretty nice truck.

 

I wish I had the knowledge I have now when I was younger. Only thing I can do now is pass it on.

 

Atleast wait out the uncertainty in the market. If ur going to get in to the game u want to wait until the rates are at rock bottom and then buy into the game. And ride it all the way back up. All the people that got into the game in 2018 that created what we have now in 2019 . To much trucks not enough freight. U dont want to get in at the top like that because theres no where to go but down. If u can get in at the bottom and survive, when things pick back up it will be easy to make money. The hardest part is figuring out the timing. They are saying recession by the end of this year. I dont really get why consumer confidence is thru the roof and interest rates is next to nothing and the debt level is enough to kill a herd of elephants . The sheep being led to slaughter. And its all gonna come crashing down eventually. Hang on tight

 

Well first of all you need to have plenty of money. This business cost a lot of money to operate, especially if you have your own authority.

I would suggest it's best if you have a truck and trailer that are paid for. Or at least have a truck that is paid for and lease on to somebody initially. That makes it easier.

If you purchase an older truck, like a pre emissions truck, they're more dependable and easier to work on. For a truck that's that old now you have to be able to do most of the work or at least a lot of the work yourself, because you'll go broke taking it to the shop all the time.

If you have a place to park it and work on it I would recommend buying it whenever you can and then go over that thing from the front to the back because the last thing that you want is a truck that's going to break down on you constantly.

I recommend that you become familiar with all of the paperwork, record keeping, Etc even if you are going to lease onto someone else.

Read through the owner operator section and search and study.

Even though you're not ready to do it look into everything that's required for your own authority, how ifta works, etcetera.

It is of the highest importance that you understand all the paperwork and that you have everything in order, especially if you have your own authority.