Need major help

Discussion in 'Ask An Owner Operator' started by LB1, Jul 24, 2021.

  1. LB1

    LB1 Bobtail Member

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    Hi all,

    I’m hoping I can get some real deal advice here. This is kinda long and a bit of a rant so bear with me lol.

    I decided to leave my W2 company in May of this year and start my own company. I did this mainly because I was tired of the fluctuating low pay and intermittent times of sitting at truck stops then running like crazy on assigned to me late loads.

    So I went through the process of getting the LLC, EIN, MC, DOT, finding insurance quotes, researching, fixing my credit and saving for a decent truck.

    Well after all that, I gave my notice and left in their good graces (so I could come back if needed lol). FYI, I would have stayed but it’s hard to start a company while driving 600+ miles a day for someone else.

    Anyway, COVID hit the scene and the truck market dried up. Everywhere I went to buy a truck, it was either “no trucks here but give us a deposit for when we get something”...., or “we have some used models at 700,000 for $75-85,000 bucks”.

    After months of searching auctions, dealerships, Facebook marketplace, TruckPaper, Craigslist and whatever else I could find...I reluctantly went back full time to another w2 company paying hub miles.

    The owner bought me the truck I wanted and I’ve been running reefer for him. I’m a female and take my daughter with me so that’s why according to him to make it comfortable for us. The truck has a dinette booth in it with a manual shift and those are hard to find.

    The issue is I’m still wanting to run my own truck and stop doing the crazy miles everyday and simply run for the rate I can choose. Basically to have a life lol (I laugh but I’m serious about that too).

    My boss knows this (I tell him enough lol) and is always saying “you won’t make but $300 extra running your own truck”, “ you are only seeing the gross ratecon, not what I spend on insurance, drivers pay, etc”, “give it a few more months to see”.

    This is the situation here,...
    Quite honestly, I’m tired of driving crazy miles everyday for this guy and want to be able to choose where I go, when and how long.

    I can’t tell whether my boss is being helpful in saying there is no money in getting your own at these times or if he just wants me to keep running his truck because he wins. He doesn’t have any owner operators under him and has about 15 trucks and drivers.

    I need some good advice from the seasoned vets. Is the market as bad as he says? I’m wanting to just get a truck from a lease place for about $1300/month and take it to landstar to get started first.

    Whew that was a lot.

    Any suggestions?
     
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  3. MLC Adventures

    MLC Adventures Medium Load Member

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    I'm far from a seasoned vet. I bought an old truck, new trailer. I've also invested most of my earnings back into the truck.

    I should gross $14,600 from last Wednesday to this coming Friday.

    I'd say your boss is full of it

    Keep in mind, I'm running my ### off. Same as any other successful business person, you're gonna need to work twice as hard to be successful.

    If you think it's gonna be more money,no worries, and less work, you're mistaken.
     
    Last edited: Jul 24, 2021
  4. xsetra

    xsetra Road Train Member

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    $300, what time frame? Daily, weekly monthly per trip?

    The opportunity to make more is possible. How much is your pay now?
    Much more time is required to run your own business. It's not all fun and games.
    Good luck.
     
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  5. LB1

    LB1 Bobtail Member

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    Thank you for the response and for reading all of that :)

    May I ask where you bought your truck & trailer?
     
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  6. slow.rider

    slow.rider Road Train Member

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    Landstar is a decent choice, and the market has literally never been hotter. I don't think they allow straight lease equipment though. I'm pretty sure they want ownership, as in "lease-purchase" or better.
     
  7. LB1

    LB1 Bobtail Member

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    Based on what he said, I’m thinking he meant $300 extra a week. I currently am at 50cpm and run reefer emergency food loads so I’m seeing between $1,200 to $1,400 take home. But think about it, sitting at docks 6-8hrs or overnight sometimes then running 700-800 miles to get it their. I’m bug eyes that I’m even doing that just writing this lol.

    I know it’s hard as a owner op or authority owner but frankly, as much as I already run, I highly doubt it will ever be this crazy in my own truck ;)

    I looking to learn the ways of you all.

    They say the following:
    Before you start your own do this...
    1. Learn the trucking trade atleast a year,
    2. Learn the lanes, fuel cost, your stamina,
    3. Get your credit in order,
    4. Set your business up legally,
    5. Save for maintenance before buying,
    6. Save for personal emergencies,
    7. Learn the load boards & rates,
    8. Have a backup plan if it doesn’t work,
    9. Buy your 1st truck under $50,000
    10. Buy your 1st truck under 500,000 mile

    well, I did all that except now due to COVID, no decent trucks are available that aren’t 3 times as much.

    Anyone here willing to mentor?
     
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  8. LB1

    LB1 Bobtail Member

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    Oh and that’s 700-800 per day, with my 9yr old in the back doing schoolwork, playing barbies, talking to friends or eating up a storm lol.

    I am ready to wake up at home, book a load that I want and know as long as I get it their when it’s due, I’m paid the rate I see on the ratecon. And I can go home or not, at my leisure.
    Hmmm...
     
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  9. slow.rider

    slow.rider Road Train Member

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    The overpricing should get covered pretty quickly by the high freight rates. The last time someone asked about an overpriced something, I figured based on his numbers that the extra cost would all come back to him thru these higher rates within about 90 days.
     
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  10. Ridgeline

    Ridgeline Road Train Member

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    As said …”If you think it's gonna be more money,no worries, and less work, you're mistaken.”
     
  11. xsetra

    xsetra Road Train Member

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    Many trucks priced within fair market value. Just need to shop around. Not just the truck paper.

    Big factor also is do you repair your truck or do you have to hire it out?

    If I had to hire all repairs, I would buy 2018 or newer, or older than 2007.

    I bought a 1999 for $22,000. In June.
    Replaced brake air compressor, ac compressor and oil pressure sensor.
    Now a fuel tank has a leak. Still cheaper than if I had bought a 2018 or newer.
    These are repairs I can do at home.

    International has a warranty program until the end of 2021. Warranty covers drive train and emissions components for 1 year or 100000 miles. If the truck has less than 550000 miles, 2018 or newer.
    Check terms to make sure.

    Good luck
     
    Last edited: Jul 24, 2021
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