Company driver exploring the idea of becoming O/O

I am a company linehaul driver for XPO in Wisconsin. I got my CDL a long with hazmat, tankers, doubles/triples endorsements restricted (not by choice) through their training program. I am on contract with them until October making around 80k/yr.
I've always wanted to work for myself. I'm a bit socially awkward and like to keep to myself, so I've been starting to explore the idea of purchasing a truck once my contract is done. My credit is okay. Low 700s. I only have a few grand saved do far. I would like to be home every day or every other day since I have pets at home. I figure the best path forward for me is to speak with other owner operators and get their input on where to begin this journey. I've heard their are fuel delivery companies like clemins who will pay 200k/yr and finance your equipment for you or something like that but I can't find any info on that. Do you guys have any thoughts or options on starting out?

 

Your timing may be less than optimum...at least for pulling other boxes...read on:

Current rates are now below fleet operating costs! It's official! | TruckersReport.com Trucking Forum | #1 CDL Truck Driver Message Board (thetruckersreport.com)

-- Lual

 

Hey, hey, a fellow Badger, GO PACK( we'll be fine without Rodgers) do yourself a favor, and STAY PUT! You described just about every drivers wish, some come true, most don't, and yes, some make it, for a variety of reasons, but most don't. I too had lofty dreams of making it big in trucking, gave up a nice cushy union job, my zenith in trucking,,or so I thought. IT, the O/O part, ruined EVERYTHING for me. In 4 years, I did okay, but in the meantime, I lost my house, marriage, family, a classic truck I held dear,, I wouldn't recommend it to anyone. Many times, as the weeks and months drift by, it's normal to see that fancy K-Whopper or large car Pete to go idling by, while you are bore counting the mile sticks in your generic truck. Don't be fooled, those fancy trucks generally, are all those people have,,and accounts from way back, or they'd be out by now. I've been lambasted for my O/O views, and had I not been one, I'd keep my mouth shut, but you couldn't possibly start at a worse time. That "couple grand" won't get you through the loan process, much less a week of trucking. Insurance will absolutely kill you( how ironic). Please, take it from me, some things never change, and drivers would love a job like you have. Look up the stats. Small O/Os are failing at a record number today, please, don't be one of them!

 

80k with benefits and home daily now as a rookie? And you think you’ll make more as an o/o home daily as a socially awkward person that likes to keep to himself? Lease purchase deals ONLY benefit the trucking company. It’s cheaper to have l/p drivers vs company drivers. Find a better job, SAVE money, read some business books, and be honest with yourself. Can you sell your services to customers?

 

Basically after all is said and done, it’ll look like you did great!!
“I made 300K this year!!”

After expenses, you may clear 45-50k, if your lucky and have contracted freight, not bottom of barrel begging for loads with the as long as ‘I’m hauling freight, I’m making money’ mentality.

Save your money, if that’s what you want to do, get more than enough, but a new one outright, but still have operation money.
Last breakdown I had was $16,618.75, payable upon completion, don’t pass go, don’t collect $200.

 

Keep saving, there’s going to be some deals to be had in the future due to the market being over capacity,

It’s going to cost you ~100 grand to go trucking and get to your first check

 

O o is definitely not that lucrative, and your never truly working on your own, cause you still need to deal with brokers and customers.
Sure it might be a great goal to have but nah it's not that great of business.
But if you really want to try and get your feet wet check out walk away lease companies I hate to say it like ATS or even Artur. In the meantime get you about 100k saved, that will get you through the first blown motor

 

It would be pretty tough to beat the deal you have now running your own truck. As others here have tried explaining in their own way, it ain’t what it’s cracked up to be most days. It’s almost never truly lucrative enough to justify the trouble and risk compared to a good paying job with a company where you can just park the truck at the terminal and go home for the day and not worry a #### about it. The job doesn’t follow you home and keep you up at night.

 

I'm thinking about re-activating my authority or leasing on to Landstar or something similar after driving a desk since 2015. My thoughts are buying a new tractor with extended warranty and yes I've seen the prices. But they are about to go into a freefall. Also I've seen the current rates.... It's in a bust cycle now and has been for a while. It is due to go up. In the same vein the super high rates that prompted every one and their dog to buy a truck and jump in were an anomaly. I have the luxury of time to find the right tractor.

 

sounds to me like you want to be a driver with much more responsibilities . OogieBoogieX, think logically. do you really think that lease purchase program was created to help people like you ???? do you think banks were created to help people ????