Am I nuts ?

LOL! Taking hits to the head from your trailer shows that you are probably doing a good pre-trip/coupling inspection! Do it myself every so often...

One thing about being an O/O is that most insurance companies won't touch you as an INDEPENDANT until you have 3 yrs or more OTR... that having been said, there are plenty of companies that will lease you on with less than that...

My personal opinion would be to recommend that you spend the next year saving EVERY penny you can, then start looking for a decent truck.... I have a problem with the companies that offer xx per mile + FSC... I believe that a percentage of the linehaul is the BEST way to go... usually 90% or so if you have your own trailer, 80-85 if you haul a company trailer... just my opinion... plenty of others out there disagree...

 

Few things to consider. You will need bobtail insurance, plates and enough credit to fuel and maintain truck for least a month, this on top of $30k payment... all before you ever see your first paycheck. (not saying you won't get paycheck on schedule, but must be able to pay just in case)

What do you haul, who do you think will lease too? can get more specific details w/ that info... some co's wont lease w/ older equipment.

 

I run with a o/o that is 68 years old & he is currently looking at upgrading from his 06 western star. at his age I wonder why, but he does not act like 68 & does not see himself as OLD. which is good. there is nothing wrong with you wanting to do what you state. as long as your health is o.k. you may have the next best 20 years in YOUR OWN truck. I also know a man who is with delta transportation out of il. that is 76 years old & still going. his name is James, just in case anyone reading may know him. you may have to take more time, to put your plan together before you execute it. one of my senior friends say's that he set up his truck payment to be no more than his s.s. check, so that way he does not have to take anything out of his earnings for his truck payment. best of luck.

 

Anythings possible as long as your willing and able.

I have a 68 year old that is an O/O working for me , he has cut back on long hauls but does a great job running regional / local , his trucks not brand new but its paid for and in great shape and he is doing what he is doing. Gives me a few months notice if him & the wife want to go on vacation.

 

If you own your house, you could get a reverse mortgage, to pay for your truck.

 

My current truck costed me $7,200 cash.I have had it 2 years now and i have grossed over 300,000 with this Classic..The truck before that costed me 6,000 and i grossed over 300,000 in the 2 years i had that..

Insurance Companies HATE ME,Bankers Hate me and the Oil companies hate me....Most of my money i earn goes to other investments that benifit myself and my family..It is not being tossed into the Pockets of the Mega Rich...I am not a slave to the Mega Rich..

You can do anything if you put your mind to it.I had every single person bring 100% negitive thoughts to me when i wanted to become an O/O many years ago.Today those same people are still living at there mom and dad's,some are at a bar all day with nothing and others have 10.00/hr jobs...

I OVERCAME AND I WON IN THE END..

 

i'll say just like the nike commercial... "Just do it"

 

OP,
I almost thought *I* posted this thread. (Same age & situ, exact same thoughts & goals, except your line "I drive great equipment and make really good pay for someone that's only been driving for 2 yrs."). My company pays squat wages (32cpm flat rate, LTL linehaul) & tho equipment started out great 2 yrs ago, they neglect upkeep bad, and the tractors turned to crap.

If MOST newer company drivers had the same attitude, goals, & financial nest egg to do it successfully... ONLY THEN will abusive paying carriers start to value their company drivers and treat them with a proper degree of respect (in pay, work conditions, hours worked, home time, etc).

I realize my limitations & sadly can't even consider "making the move" anytime soon, mainly due to no finances or nest egg to do so, but curious to see what others have to say, if one's "financial house" is in a do-able stage. Wish you success!

 

If you can afford to buy the truck then you should be able to become a successful owner operator. Age has little or nothing to do with your success. Your attitude has everything to do with your success. You should have a good nest egg in case of a major breakdown. When you lease to a carrier, you should start making money your first week after orientation. Most carriers offer fuel cards and advances on each load. Settlements are normally made weekly. My preference is percentage pay instead of mileage, but both are readily available to owner operators. If you don't own a trailer, you can expect to be paid around 65-70% of the linehaul and 100% of the fsc. Having your own trailer could bump your percentage up to around 75% with most carriers. Some may pay a little more but these are the normal figures unless you are in a specialized area of the business. Many carriers offer a base plate program where they pay for the base plates and permits and deduct a flat rate from your weekly settlement until paid in full. You will need bobtail insurance with most carriers and that runs about $30-70/month. Some carriers offer insurance through their insurance carrier and will also deduct it from your pay. I always preferred to pay it myself from my own insurance company. You will also need to have workers comp or an occupational accident policy. That runs about $140-150/month. Again, some carriers offer this, but I preferred my own sources. OOIDA has both bobtail and occupational accident insurance.

As an owner operator you are responsible for everything related to your truck. You are also responsible for paying your own taxes. If you are self motivated and can manage your time, there is no reason why you should not be successful as an owner operator. With 2 years experience, you should have no problem leasing to most carriers as long as you have a clean mvr and csa. I would caution you about taking on too much debt. Paying cash is preferable, but some new owner operators get into trouble by buying more truck than they can comfortably afford. It is better to buy a less expensive truck and let it pay for your next newer truck. I usually recommend that any potential new owner operator keep their truck payments under $1,000/month. It takes a lot of pressure off you when you have low truck payments. I have not had truck payments in some time. I saved and paid cash for my first truck and trailer. I don't plan on buying another truck, but if I did I would likely pay cash rather than financing it.

It is always difficult to advise someone you have little or no knowledge whether they can be successful in a business or not. When you are highly motivated, have decent credit and money saved, you stand a much better chance of being successful as an owner operator. When you buy a truck you will be making the move from company driver to business owner. Your thinking must change in order to be successful. Many who fail as an owner operator don't seem to be able to make the transition from company driver to business owner. The truck you buy is merely a tool you use in order to earn money. When you own the truck you are a businessman who happens to drive a truck.