need advice in becoming a owner operator!!!

Wow. I've gotten so much awesome advice.....it seems like a better idea to run solo at first inside of putting so much strain on a older truck. Also getting a good local mechanic with his own shop is a good idea (I've seen invoices from when I have to take a company truck to a outside shop) and researching insurance premiums would be a good first step before I buy anything. I guess the only questions left is where do I find truck insurance companies, where do I find someone to take care of permits and paperwork to get my own authority, anyone know of any good mechanic shops in the Midwest, any ideas about tax and business set up? Thanks guys

 

Hear you on the finding a good mechanic. I have one 2 miles from the house, but he's an EX mechanic - as in - he'll SHOW me how to do it, from a safe, clean distance. Learned a lot so far.

Schaeffer oil is in your town, for a good lubricant supply.

There are services that handle permits and paperwork for a fee - do a bit of digging in the search bar, you'll find some info.

Tax and business setup - we're doing our own, not too hard, but plenty of CPA's and attorneys in the phone book. You'll want ones familiar with trucking.

Good luck - keep posting.

 

As it can happen with a $10-$15k truck, chances are your going to have repairs, I wouldn't consider a Volvo, maybe a freightshaker? Might I suggest? Waiting a few more years until you can save another $10k to the purchase of a truck, best of luck

 

Maybe I missed it,but how much money are you going to have in reserve?

 

Like I said before, I don't care about having a nice looking truck or one that requires more maintenance. I just want a truck that gets the job done. I'm not trying to invest a lot of money in a newer truck and a break down here and there vs a constant payment every week its something that I don't want. I plan to do a very thorough inspection and test drive on whatever truck I get and before I put it out on the road I plan to take it to a shop and have it in tip top running condition before I put it on the road. as far as a reserve it will probably be $5k to $10k....the first month will probably go towards building up my maintenance account and putting money to the side for expenses everything after that will go in my pocket but I'm sacrificing the first month In order to keep running .....total initial investment of about $20k-$30k and hopefully I'll make my investment back and about 3 to 6 months after I start

 

That's a very optimistic goal. I'm not saying it can't be done but everything is gonna need to fall just right.

 

Everybody has a different plan,for me 10k would be the least I would be comfortable with,running your own numbers. Are you planning on factoring?

 

If you make that investment back in 3 years you will be doing something. Not very many people buy a used truck and make their investment back in 3 to 6 months. There are so many pitfalls and so many things you don't know and can't learn on an internet forum until you actually get a truck and learn the hard way.

 

Couple of thoughts
It would probably be worth your while to get a professional mechanic to go over it. A few hundred bucks even on a $20K investment is minimal for an extra set of eyes to do a thorough inspection. Also some brokers/companies will not subcontract to O/O whose trucks are over x years old. You may wish to speak to who you plan to get your loads from.

Good Luck