need help from successful o/op

My buddy bought a cab over Pete a few years back, spent 5k for it. Started running flat bed, and we ran that truck til it just pooped out. But he did have enough money to buy another truck, and never even worried about doing a lease.

A 5k dollar truck will do wonders especially if you know someone or have someone who will help you with moving loads doesn't take long to build your money up scap that truck out and upgrade

 

that is what i am tying to do. get money saved up and get back to driving again,

 

Have a real good search in this section - lots of real smart guys here and several have posted good info on start up costs and procedures.

I agree with the older start up truck - but be prepared for maintenance costs.

 

If I understand you correctly, you are currently leasing a truck from a leasing company and are leased on to a carrier as an owner op and you want to become a carrier for hire with your own MC#?

I would get the ball rolling before you quit your current driving job. Get your MC#, USDOT, insurance quotes, line of credit, trailer and a truck...and get that truck and trailer fit for the road. Have all that stuff ready to go so you can minimize your downtime after you quit your job.

 

8k is nowhere near enough to start. You should have at least 25. My 4 cents

 

There is a lot of headache that comes with owning your own. My rule of thumb is-if you making payments on a rig it needs to have a warranty. Any other rig needs to be debt free because break downs and repairs are going to eat all money if you making payments on one and no warranty. My example for you is. I have 2 trucks, one is a tractor trailer dump-the other is a tri-axle. Had a driver blow the motor in my tri-axle ($20,000 to fix) the truck I drive caught fire. All in the same week. Have you at least $10,000 grand($20,000 even better) put back for the omg's that is going to hit you and trust me it is going to hit you. Some weeks you riding high other weeks you wonder what was you thinking.

 

If you don't know how to find loads for yourself, don't waste your time scouring load boards for cheap freight. Get a dispatcher (I did, but im hot shot) and learn from them. yeah it sucks to lose a %, but they will find you better loads than you probably would, no offense.

 

I was a successful owner operater. I sold my truck when the fuel touched the $2 mark. My cpa still tells me to this day, "there's the smart one that got into owning a truck at the right time and selling it at the right time. " owning a truck ain't what it used to be, although there's some that still puts the cash away.

 

I agree with these guys all in all.... it can be done.... it won't be easy and you will have a few moments that you think "why the hell did I decide to do this".... and you can pickup a truck for cheap... don't spend all 8 grand off the bat cuz you will need fuel and a 2290 pretty quick, you first income might take a month and you have more bills.... and god forbid if your truck blows 2 turbos at the same time like mine did (2 #### months after I got it)... the turbos blew engine ingested some crud and bent a valve wich bent a rocker into the cam and broke a lobe off wich bent more rockers and 3 valves while blowing oil into my dpf wich cracked the substrate...... 2 months in and 23750 dollars in repairs. Just keep that in mind that something catastrophic is possible.

Also...op... define your idea of successful plz

 

I agree, the more cash you can bank the better. Even $25k is not really enough.

I started with $30k of my own money and borrowed another $20k from my mother inlaw. I paid $20k cash for my truck. In less than a year, I've already spent $12k in maintenance and repairs. It goes so quick.

Hurst