Beginner O/O questions

I'm looking at making the switch from being just a company driver to bring an owner operator because I'm not getting the miles and the pay I should be. I have not signed any paperwork yet, I do not have anything on the way, I'm currently looking at figuring out what I need to do to so as to be able to fully enjoy trucking.

What would the effect of declaring individual bankruptcy be on my chances of getting a decent truck loan for a new truck? I have some large debts from previous times when I was less responsible with my money and less considerate of my future in this industry, I regret it to say that before I treated it as a way to make a quick buck so I could get out out of the industry and spend my life with a woman who I don't entirely trust anymore.

I'm looking at a new truck so as to reduce or minimize the amount of ######## maintenance that would be needed from steering wheel holders idling every night and money obsessed mega carriers only doing oil changes every 75,000 miles. I'm not looking at anything too extravagant, just a flat roof Cascadia with an APU, Blue Ink Tech air pressure based scales, Halo tire inflators, Toyo M144 tires on all position bc of the 81 mph speed rating and the 16 ply rating, and a 600 horse DD16 as the most expensive option.

If I go this route of being an owner/op my plan is to find an owner/op carrier that has collision and bobtail insurance on top of cargo insurance and being with them until the point that I know what good semi insurance should be month to month, and then I'd either look at renting or leasing a trailer until I can afford insurance on everything.

Anyway, I'm rambling at this point bc of being the son of a sailor and having a few beers, probably the most controversial point in this thread . Let's hear what the more experienced dudes have to say

 

NOW just imagine not getting the miles and pay when you're an owner operator with overhead!

Becoming an owner operator doesn't solve that issue.

Have you looking up publicly traded trucking companies earnings reports?
Every one I see they are barely covering their bills or operating at a loss currently.

It is the worst time to become an owner operator.
There are good company jobs out there if you got experience.

 

Are you under the influence of any kind of Adult Beverage as you wrote this ?

 

A life full of questionable choices solved by "lets buy a truck"!

 

OK, Change COMPANIES!

You think O/O get all these miles and make the big bucks.

Right now, finally we are seeing increases of exits of some marginal operators.

Bankruptcy?
ZERO, right now we have a little glut of trucks on the market, prices are stable but in some areas are dropping. It is amazing that if you can't get it together being a driver, it won't be possible by having additional responsiblities to others (lenders/customers) and doing it without at least $30k in the bank for bills and another $30k for repairs.

That's a BS position to take, a new truck is as costly as an older truck, I have one truck sitting in my yard with hardly any miles on it, that can't be fixed without a new engine. It is a long long story but it isn't the only one where it was bought new and gave me grief. I can absord a lot more than you can but I can't take losses all the time while you can't take any losses. It is uncommon but possible that you get a night mare truck which will cause you to fail. One reason why I finance trucks instead of buying them outright is simple - I have a lender who will step up and help me if I have to fight the truck manufacturer, that is why that truck is sitting in the yard rotting away.

YOU will pay for everything other than cargo insurance.

What the hell is a semi-business?

is it a business that you are semi into?

You just heard, it is a mess out in the industry, there are companies where you can make good money as a driver, good dependable drivers are getting hard to find. They are leaving for a lot of reasons, one is respect but on the other hand many of these drivers who came around in the last 10 years are horrible, crap drivers and has caused more problems for the good drivers because the carrier has to get into micromanaging the driver.

Stick to the company, fix your finances and save a lot of money.

 

I would say grow up, work harder, get rid of the money sucking people in your personal life, pay the money to the people YOU owe, try to be a responsible human before you screw anyone else out of money you freely admit you OWE.

 

Buying a car to do Uber would be better choice than buying a semi truck right now.

 

This overcapacity isn't going away anytime soon. People have this dream or fairytale thinking that becoming an O/O will solve all their problems. I was listening to KR the other day and he said there's still overcapacity because there are just as many NEW entrants still coming in as there are going belly up. So, nothings really changing.

 

I’m glad my truck is paid for.
Still got 2 trailer payments but that totals over 1500/month for them, not quite $2100/ month insurance.
$900/week spent before clearing a dime, not even counting fuel.

Be prepared.