New CDL and getting insurance

I meant how long ago did they get in the business,

 

I've already said that I think it's absolutely nuts for someone who has never even run one load, fresh out of CDL school, to get their own authority, buy a truck and start contracting loads. Get some experience in for a couple of years (at least) and then revisit the matter. Believe me, you'll see things from a totally different perspective. I'm not trying to be a kill joy either.

 

Have your buddies shown you what their SPENDING to be O/O's. Do you have enough savings for a couple hundred bucks for a flat? Over a thousand laying around for a tow? Can you afford a coupe grand when something goes wrong mechanically? You ask them what they spend weekly on fuel? If you could get a lic, finance a truck and make a fortune, we'd all be doing that. You think you'll make enough out of the gate to make those truck and insurance payments? I've worked for myself before so I know the mindset but it's a little unrealistic out of the gate.

 

Don, you're determined to do what you're going to do. Not sure my proffering anymore advice is necessary on the specifics of being an owner operator, which I am. There's more to this than just driving in the wind and getting a flat tire fixed.

I will say that on the used truck front, what you will most likely be able to afford will eat you up, especially a CARB compliant truck which you will need to run in California. There's a reason why mega companies and outfits like Penske/Ryder turn those trucks over at 400k to 500k. But hey, I wish you well!

 

I agree, what I am going to say will not help these two but it is easy to see what the problem is.

The FMCSA needs to make sure that there is money in the bank to cover a years worth of insurance and other costs as part of their financial requirements, be it in a form of a bond or escrow account, it needs to be there.

IN the case of someone with no documented experience, then they need to also add in additional funding to maintain bills.

 

To the op .I am too lazy to read all the post but there are thousands of guys like this guy that fail regularly in this industry, most fade quietly away but some share there mistakes. This o/o even had to sell the house.
https://www.thetruckersreport.com/t...er-startups-to-learn-from-my-mistakes.338330/

There is more to it than having a truck. almost anyone with decent credit can get a truck.
Are you planning to get loads from the load boards? Or do you have your own customers? Do you know the rates of the lanes you want to run? Do you have your operating cost figured out? Do you have the right truck for the type of trailer and loads you want to haul? I could ask a hundred more questions. Did you know some company drivers make more than some owner operators without all the stress? It sounds like you have made up your mind so keep us informed of your progress and good luck.

 

OP go for it. I know a few people that have done what you are trying to do and have succeeded. I understand you get it's not going to be a cakewalk and you are going to take your lumps in a different way than working for a company but I am rooting for you!