Live in the truck save $ and become financially independent???

Discussion in 'Experienced Truckers' Advice' started by nofreetime, Apr 4, 2014.

  1. nofreetime

    nofreetime Road Train Member

    1,271
    1,308
    Oct 22, 2013
    0
    Is anyone else doing this i figure i cant be the only one. The opportunity is there its easy to cut your cost of living down very low by living in the truck, then save and invest the rest, if your single, or married and teaming together. Any time ive brought this up at the lunch counter i get one of two responses, either the other driver is near my age (im 34yrs) and they look at me like ive got two heads and am speaking german for talking about saving for retirement at 34yrs old, or the other driver is older than i and wants to tell me that it isnt possible to do what im already doing. I believe this is a great industry it has enabled me to do things financially that i never in a million years thought i was capable of and yet so many are so very negative of the industry.Ive been at it in the truck for 2 1/2 yrs saving every penny ive managed to save 68% of my net pay. As time has gone by my pay has gone up also ive gotten smarter and have figured out how to lower my cost of living i now save 82% of my net pay. Ive picked real estate rentals, particularly four plexes as my investment vehicle and have just been approved for financing on my 1st one. In the price range im looking in i can walk in he door with 25% down a $12000 reserve and $7000 avail if needed for closing. From looking at tax returns and p&l statements of houses im interested in ive a good idea of the financials and what to expect, given my income right now i could pay off a $260000 house in four years. I spend two nights a week at the yard but it will still be a huge challenge to oversee a management company who will run the property being gone as much as i am. I will need two four plexes paid off, plus have hefty reserves, and have my own home, and vehicle paid off or close, to have the standard of living i want in retirement. I believe i can to this in 10-12 yrs form now ill be 44-46 yrs old. So is anybody else out there trying to do same thing, retire at a very early age? Any married teams? Wish i could find i a woman that i could trick into doing this together lol. What have you done to lower your cost of living? Anybody else otr and have rentals? Was it a problem for you to oversee your property being on the road? Even with a management company? Would love to hear from some people with similar goals as me, thanks for reading.
     
    TBonze, Ramadam, EV87 and 1 other person Thank this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. cabwrecker

    cabwrecker The clutch wrecker

    1,549
    1,219
    Mar 23, 2012
    0
    it only works well if you are adaptable to living the nomad life style.
    be smart with your food expenditures, get used to wearing the same shirts twice, get a few amenities like the premium sirus/xm package, unlimited network data, books and bring plenty of tools.

    I'd stay out 2-4 months at a time, picked up the name "treadmill" with the dispatchers because I'd run anything, anywhere, anytime regardless of what was going on.

    don't do what I did and try to stay out for a long period of time without working up to it, stay in the truck for increasing increments of periods until you hit a respectably long time frame and maintain that routine of being out x months and home x weeks.
     
  4. rda2580

    rda2580 Heavy Load Member

    748
    5,473
    Feb 22, 2012
    Lower Michigan
    0
    Not sure if you've heard of Dave Ramsey but he's

    got tons of real estate experience! IMO might want

    to listen to his radio show awhile before you decide.
     
  5. Chinatown

    Chinatown Road Train Member

    55,985
    104,425
    Aug 28, 2011
    Henderson, NV & Orient
    0
    Many drivers are doing similar. Some real estate agents will oversee your property for you. For example, I found a real estate agent in Las Vegas that will do everything from helping to buy a property to management of the property after the sale. I like the gated communities because the HOA keeps watch on the exterior of the property and you include the HOA fee into the rent. Many drivers on here have posted of similar ventures as yours. I know a guy in his 20's that has already bought 10 rental homes in Nevada and looking for more. He's now in a position to do the management himself.

    Edit: Here's the best deal that I missed out on by being a few hours too late with an offer. A $450,000.00 home with interior fire damage & the owners walked away. Also has a large beautiful swimming pool. The bank wanted it off the books and let it go for $80,000.00 and the house, after interior repairs will rent for $3,000.00 + per month. It's also in a gated community. Don't see many deals like that around & I missed out by a few hours. My offer was $82K so I probably would have gotten approval.
     
    Last edited: Apr 4, 2014
  6. Oi!

    Oi! Road Train Member

    1,233
    934
    Jun 20, 2011
    Florida
    0
    I did it. I had about $80 left in my bank account at the time of orientation for the first time, got it up to a decent ground when I left the road. But I just couldn't take the lifestyle anymore, plus the fact that OTR is vastly underpaid.

    I think it's better to get a decent local job and rent a room from a friend. The extra money you will make will pay for the room and the running costs of the humble car/bike you will need to get around town. Plus you won't hate your life anymore. Keep saving for the future, don't be that guy with the mortgage, the child support, the car note, the bike note, the boat note and the 27 credit cards.
     
  7. Florida Playboy

    Florida Playboy Road Train Member

    4,102
    6,607
    Dec 19, 2012
    Florida
    0
    Renting out property is a craps shoot. You could end up with deadbeat tenants who become squatters. I know when my dad rented out a house once the tenant didn't pay rent for the last six months of living there. My dad was actually kind enough to let him stay an extra two months because he gave him a sob story. So when the squatter finally moved out how did he repay my father? By leaving the place a pig stye and stealing the washer/dryer. True story.
     
    281ric, Chinatown and 123456 Thank this.
  8. Chinatown

    Chinatown Road Train Member

    55,985
    104,425
    Aug 28, 2011
    Henderson, NV & Orient
    0
    You got that right. I don't even own a car; sold both and can't believe how much the difference in discretionary money available. I planned so that my home is where I can use a motorscooter or public tranportation; saves a lot on automobile expenses in just one year.

    Edit : Good idea to start when younger; I was older when I did, but hindsight is 20/20 as the saying goes. It's hard to leave your comfort zone in life for most people, but if you plan to retire early you must. Going outside the comfort zone can cause headaches, buyers remorse, stress for most people but if it pays off it's worth it.
     
    Last edited: Apr 4, 2014
    knuckledragger Thanks this.
  9. 77smartin

    77smartin Road Train Member

    2,183
    3,018
    Apr 3, 2011
    I dunno.
    0
    Good advice here. He will tell someone to pay cash for everything... guy makes a whole lotta sense.
     
  10. nofreetime

    nofreetime Road Train Member

    1,271
    1,308
    Oct 22, 2013
    0
    Chinatown, that guy has ten rentals in his 20's. Is he buying with low or no down, or does he own free and clear cause if he does id like to know what he's doing that im not. Ive pen and paper and am ready to take notes lol.
     
  11. Chinatown

    Chinatown Road Train Member

    55,985
    104,425
    Aug 28, 2011
    Henderson, NV & Orient
    0
    I'm not positive, but he started when the big housing crash bottomed out. I think he financed the first one, then paid cash for short sales after that. All his houses are in Las Vegas. Short sales are great if you have some cash to get started on the first one. Check the Redfin website. If you're a veteran you can get one for no down payment, but you're supposed to live in it for at least a year; same with some short sales, but who's checking. I don't know, don't have the saavy he has.

    Edit : I like the gated communites for several reasons. If renting is allowed, the HOA must approve the renters which is some relief to me which includes lots of paperwork for them to sign. I'm just more comfortable with that arrangement. I charge one months rent amount for a cleaning/damage deposit which may give someone second thoughts about doing something. For example,one rental, the deposit is $1800.00 which is also the monthly rent. Anytime I feel pressure, I dump it on my wife and tell her I have a headache, she will have to handle the problem or perceived problem...lol.
     
    Last edited: Apr 4, 2014
    Dark_Majesty_06 and nofreetime Thank this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted