Here’s my take
The posts so far seem to be saying the same thing
If you want to stay friends then do the loan with the idea it’s a gift and if he pays you back it’s a win
He’s looking at trucking with starry eyes and there’s no problem with that but it’s not just a per mile rate thing
Many other owner ops on here are making $$$. It’s doable but like a Dairy Queen, not everyone should own or operate one
Doesn’t mean there’s not $$$ pushing ice cream but it’s a mindset and business thing at the end of the day
Look around. Guys with nice gear. Making $$$ and having a decent home life etc but that’s a learned art not a per mile scratch paper formula
Personally I like helping people out but after getting burned out of a business I owned from bringing in family members and burned helping a guy I carried the note for on a cheaper semi I will never use anything else other than words and advice unless like I mentioned. You loan it as a gift with zero expectations of getting it back
Average rates for O/O
Discussion in 'Ask An Owner Operator' started by Justtruck, Nov 30, 2021.
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Brettj3876, Beaver9, dwells40 and 9 others Thank this.
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There are no average rates in this business. They change often and sometimes for reasons you'd never even dream of. The failure rate in this business is pretty high. He can wait another couple years to fail on his own dime instead of yours. Credit reports clean up after a few years.
Opendeckin, 59EX, 77fib77 and 7 others Thank this. -
Thanks to everyone for the advice. Can’t argue with experience and one thing I have learned in life is things rarely go as planned. He’s making a decent living now so I think it’s best he save up for a few years and make a decision for himself at that time.
Opendeckin, Crude Truckin', SL3406 and 12 others Thank this. -
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Never loan anyone money. If a friend is going through a rough spell offer him a couple hundred bucks to help out ONCE and only ONCE. This is not a loan it is a little help for a friend on a ONE time basis only.
dwells40, Pamela1990, D.Tibbitt and 3 others Thank this. -
My husband helped his brother with his business. He put the money to buy a pick up an some equipment (in my husband name). 25K cash. His brother never make the payments to my husband ( 300.00 a month). After 9 months my husband sold the pick up and the equipment. We lost about 7K. The brother lost the business. He told another brother his side of the story and both were mad with my husband. The second brother passed away 2 months ago on a motorcycle accident. Husband cried for a whole week because they never spoke again.
Geekonthestreet, Beaver9, Tug Toy and 6 others Thank this. -
Good choice.86scotty, dwells40, Pamela1990 and 3 others Thank this. -
Opendeckin and Pamela1990 Thank this.
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Best reason to wait is right now ANY year of truck you buy will depreciate heavy and you’ll be upside down on truck in a year or two . Trucks are so overpriced right now . In a year or two he has some money saved and trucks are cheaper .
Opendeckin, chrisdab and 77fib77 Thank this. -
The best way to end a friendship is to loan a large amount of money with expectations of getting it back.
Credit is easy to repair. I took a 540 to 730+ in less than 2yrs. If being an O/O is really his 'dream' (it was/is mine) it will mean more to him to achieve it on his own. Right place + right time helps, but this isn't the time for risky ventures.Ruthless and Pamela1990 Thank this.
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