Minimal capital suggested starting off as a O/O

Discussion in 'Ask An Owner Operator' started by The Highway Hustler, Jul 16, 2019.

  1. The Highway Hustler

    The Highway Hustler Bobtail Member

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    I’m sure it’s a common question on here somewhere but I will own my truck this August. Been a driving for 8 years now I’m familiar with the basics from calculating gas mileage rate to move the truck how to find loads and read and understand a load board IFTA and factoring. My truck is relatively new 2017 Freightliner currently at 422,020 miles practically have either replaced or repaired all kinda normal ware and tear items or something jus went bad after i receive my title I’m interested in going to get my US DOT and MC numbers ASAP would like to know what’s a decent capital to have stashed away to get the ball rolling outside of start up fees n dues until first few loads pays out
     
  2. starmac

    starmac Road Train Member

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    There will be some on here shortly letting you know, that you need enough that you would never want a truck anyway. lol
     
  3. Midwest Trucker

    Midwest Trucker Road Train Member

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    I’d say absolutely as much as you possibly can. Sounds like your already getting a truck next month and then your authority so at this point it doesn’t really matter.
     
  4. singlescrewshaker

    singlescrewshaker Medium Load Member

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    You need enough dough stashed away to run for 30-40days without getting paid..

    Using a factoring company you can get away with a bit less, but that is my feeling..
     
  5. The Highway Hustler

    The Highway Hustler Bobtail Member

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    Sounds bout right. That’s what I was assuming I was goin have bout 2-3 months of bill money put away credit cards paid off completely. Already got fuel card company gone sell me a trailer for 9K which isn’t goin to take long to get
     
  6. mhyn

    mhyn Road Train Member

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    you will not have big repair bills until 600-650k miles.
     
  7. Ridgeline

    Ridgeline Road Train Member

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    You can get a big repair bill in the first week of running any truck, you guys and this thing about miles don’t seem to see the big risk picture.
     
  8. starmac

    starmac Road Train Member

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    LMAO. I have a friend that came back on a hook his first 5 loads with a brand new truck, finally delivered the 6th load. It was covered, so no big repair bills, but that new truck came close to breaking him.
     
  9. John Bertucci

    John Bertucci Bobtail Member

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    Dude I am wondering the same thing... I’ve got a truck and 25k stashed in my savings and I’m hoping it will be enough.
     
    Rideandrepair Thanks this.
  10. sirjeff

    sirjeff Light Load Member

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    That sounds pretty matter of fact.....

    What's a big repair bill?

    How about 10 or so medium ones outside of warranty in years 4 and 5 totalling the cost of an inframe? (while still making payments in the 4th year) I cant be the only one!

    OP: I would say best bet is to have enough to cover at least a months operating and access to a line of credit for everything else.

    I did it like a crazy person. In the hole 20k, 100% financed on brand new, and bridged by a big fat low interest credit line against my home. It has worked out for me (always been leased to a carrier mind you) with hard work and a little luck - but the only input I can give (which isnt really applicable to you anyways) is just dont do it that way! And to be prepared for a bunch of medium sized repair bills.
     
    Last edited: Jul 17, 2019
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