How to make it as an owner operator

Actually its Fikes not Malone

 

Ifigured it was malone when you said Birmingham

 

Got settlement sheets from a guy at malone and the numbers didn't work on my yellow pad so I removed them as an option even though I pass there office 5 days a week.

 

Spacetrucker or anyone else reading any advice on my idea. Or your honest opinion will do.

 

I don't know anything about the flatbed rates or lanes. I run dry van.

4-6k NET per week? Like NET after fuel?

If the person you are getting info from does not know the difference between net and gross, I would not believe a thing they tell you.

That kind of claim would be my first concern right there. Seems real high to me. Kind of BS high to me. But like I said. I don't know flats.

Thats about all the real direct advice you will get from me. I am not in the business of consulting, just story telling. I dont want to ever get that involved in this kind of setting. This is a good place to get general ideas and guidance. Dont expect someone here to give you a step by step. I know that is not why I started this thread.

 

The net and gross was my mistake. One guy left 1 year ago the other 2 months ago I would rather wait until freight gets busier and not the slow period.

 

the 4-5k was before fuel,truck note, insurance,trailer rental taxes,etc,etc

 

Here is what I will tell someone in your position asking the kind of questions you are asking.

Have you ever been an O/O leased on to another carrier?

If not, then you NEED to go through this phase, but keep this in mind. If you get into a very restrictive lease purchase with a mega carrier, they will still own your a s s plain and simple. I don't care what anybody in this position says. All I did in the time I was leased to several carriers was try to convince myself I really had a better deal than a company driver and for the most part, I did not.

Now being an O/O running under your own authority is totally different, but you will never appreciate this until you have moved through all of the phases. If you lease on to anybody, take the time to understand all the compliance issues instead of bit##ching about them like most guys do. There is a reason. If you ever get your own authority, you will understand why it is so important.

If someone tries to "HELP" you get your own authority and then expects you to sign a binding agreement, then run away. This is becoming more and more common these days as carriers try to insulate themselves and protect their safety ratings.

 

Wow this is great info, I am an owner operator working for a company and I just about had it with them. I would drive 1000 miles to another state and they would pay me decent, but on the way back I'm barely making enough for gas. If I declined the load they would say "I'll see what I can find I will call you tomorrow" THIS PISSES ME OFF. I don't want to wait there for 24 more hrs.
I want to get my own authority and buy a trailer and be INDEPENDENT. I have 3 yrs flatbed experience from when I used to work for a company. I also have dry Van experience, I am located in N. CA and would like to go to east coast and back, because I have a partner who has his Class A also. ANY recommendations on what kind of trailer I should buy? or How TO find GOOD loads as a beginner? I know about the load boards.

THANKS IN ADVANCE!!!!
ANY ADVICE OR KNOWLEDGE SHARED WILL BE MUCH APPRECIATED.

 

A 401k roll over to Roth IRA is what I did. You have two yrs to pay the taxes, half this year and half the next. There isn't a 10% penalty for this rollover, or conversion. I'd call up Vanguard or Fidelity or Charles Schwab and let them walk me through it. Also, have your old 401k provider take out the federal taxes when doing the conversion. It gets adjusted later when you file your 1040.

As for bringing in $5000 a week gross to the truck in flatbedding. I o/o with Mercer, and find that an exaggeration. Yeah, it's doable when it's busy; but it's not busy all year and you need to average in all your down days for time off and shop days. Especially with a used truck. I would guess; if you truly account for and set money aside for ALL your costs, fixed, variable, ordinary, and one time epic costs; you would be safe paying yourself $30000 to start. Just realize most business startups need one year to get over that initial hump of startup costs. It's risky. Drive slow and save fuel, and set aside enough money to buy a new truck or completely overall your current one. Too many guys I talk to grossly neglect setting aside enough money to keep their equipment up. They ignore this, or lie to themselves saying it don't matter; this is my last truck anyway. Problem is, it depresses the rates for everbody else, and makes it hard for everybody when too many are running too cheap to keep up with all costs.