Buying truck and hiring a driver

To a certain extent, I can agree; however, many of the so called "naysayers" you talk about are us old farts that have been around sucking coffee and diesel fumes waay longer than we shoulda been allowed, read life experience/seen it/done it.

Now, the OP asked for advice, we gave it willingly, not be a naysayer, but honestly, to have them possibly avoid making a bad decision they would later regret. Could it work, possibly, but the odds aren't good.

I have four grown kids, all on their own doing their own stuff, as it should be. They, like the OP sometimes ask me for advice; I give it willingly. Often, it's not what they want to hear and choose to disregard it, only to later regret it. I get that, after all I was once young too and learned things the hard way. Even at my age now, I learn new stuff every day, but I sure wish I knew stuff then that I know now.

There was once a 16 year old who couldn't believe how dumb his old man was, but was later amazed on how much the old man had learned by the time he turned 21....

 

Thank you for reminding me. I first joined this site back in early 90 something. ( I believe it was a dot net back then, and still using dial up with AOL)
I meant no disrespect or I'll will when I said naysayers. However no matter how far back you go on this site or others. The vast majority of responces to new comers to the industry is DONT DO IT, YOU WILL FAIL! The truth is true many will fail. However many of US OLD TIMERS started just that same way. Very rarely do you see a responce that says. "Many or most who have gone this route have of will fail" However if your determined to fo thru anyway. Based on my xx years of experiance, this is the best way to go. Hood luck hope you beat the odds, and dont forget I told you so.

 

I hate being called a naysayer I love to see people succeed and fulfill their dreams but he would probably make more money just being a company driver for a good outfit and no risk!

 

No offensive meant, and for the record I agree with the company driver route.
However since the op was not going to be the driver (his father in law was) The op was just fronting the cash/credit. Hence why I told him if he insists on going thru with this. Become a leased operator instead if the my own authority route.

 

It's a different scenario, becoming an o/o yourself vs the family deal OP wanting to do

 

I saw my brother for the first time in 7 yrs over Christmas. Guess what we decided to do 12 years ago? Yep, go into business together. We were extremely tight too before that too.

 

My father has been driving since 81. We are very close, we talk on the phone a couple hours every single day. We have talked about starting our own business together. But, knowing the struggles of this industry and what starting up can be like, I decided to go at it alone. It hurts me because I know he wants to do it with me. He has always wanted a truck of his own. I think we would be a great team because we always have worked very well together. Right now he requires a higher take home pay than I do, that's one thing that we would eventually disagree on. My family and I have given up a lot to get to this point and set ourselves up for the best chance at success. We paid off almost all debt and found a way to save a lot of money on our already existing salaries.We have become totally different people through this process financially and through character. Our self discipline has become much stronger. Also, I know my mother and know that she has zero knowledge of this industry. She is not a risk taker, my father and I are. That is a disaster waiting to happen. I would much rather buy my dad a truck with my name on the door and let him keep the profits and run the truck. And that may very well happen in the future because I couldn't hand pick a better more reliable driver if I tried.

Can it be done? Sure. But a truck is a depreciating asset that will require a lot more money being dumped into it just to keep it going. You will probably have to come out of pocket for repairs or to pay your step dad. You have no customers, you will have to run load boards. Who has the experience on freight and rates in different parts of the country during different times of the year? You're gonna need that. Insurance for a newb can be a lot. Your gonna need a trailer too, have you considered that? I honestly don't see you making any money at all. And this is for you right? Your the one wanting a return on your money? Because I cant see why any driver who isnt trying to start his own business and reap the rewards of it being successful , would drive cross country loads in an old truck for .55 a mile and not have the financial backing and benefits of a very large company. He could very easily get a job with a large carrier and get health benefits, 401k, a brand new truck, and make more money doing it that way.

I vote no.