New owner operator question

Suppose he wrecked the truck? He would just "thanks but I'm done leasing your truck now". I very highly doubt he would have money saved to repair it. Now if you had put it in the lease that he's just renting it with NO option to buy, then the repairs are on you anyways - so why rent it to him when you could just hire him and make the bigger chunk of profit?

Either hire him as an employee or do it yourself.

If he could make that much money, then why doesn't he rent a truck from someone else besides you? What kind of guy would ask to rent a truck from his daughter's boyfriend?

If he really wanted that truck, I think the best option would be to sell it to him and let him get financing. If you sold it to him with a private deal where he would send you monthly payments, then if he stopped paying due to some unforeseen event, you would have to take him to court.

There are so many things that could go wrong that it makes it a very touchy situation for someone doing business with family like this. Suppose you had to take him to court. What would your gf think about that?

A contract is a contract, but if he violates the contract, and take him to court, that doesn't automatically guarantee you'll get your money. The court can't force him to open up his wallet, or even force him to give you money he very likely doesn't have.

Everyone has said no, but didn't give you much reason why, well above are a few reasons why, I hope you take that into consideration.

 

Also, if you're adamant that you're going to do this regardless of what others here say, if you think it can be lucrative enough to take this risk, then you might as well post all the details of a potential agreement here, so at least we can try and help you make the best decision.

I think some kind of profit-splitting deal would be right on the money.

Take the truck with all its expenses (do you own the tank or does he, or is the tank being rented, or owned by the oil supplier or carrier??)
along with insurance, fuel and etc etc etc and add in another $300 a week for maintenance & repairs, and then take that out of the profit and see how much is left. How much gross is this supposed to bring to the truck? Etc. Take the profits, put half in an escrow, and the other half split, and if the truck gets into an accident, take the deductible and other amounts needed to fix it out of the escrow. Start with a pool of $5,000 and have him bring half that to the table. At the end of a year, keep $7,500 in the escrow and the rest of it split between you in whatever amounts you agreed to. Maybe this would work.

 

I wouldn't rent it out for less than $2500 a month. If you don't make the repairs yourself then he will hand you back something for the scrap yard. If you don't have the guts to charge him that much then you are really in for it. Rule number one of business DON'T MIX BUSINESS AND FAMILY. You have to think of what a truck payment is and what it costs for maintenance and up keep and tires and blown engines. Maybe you are a not for profit company, now I am starting to think $3000 a month and you pay for everything except tags and insurance. He can't be to smart wanting to rent a truck off of his daughters boy friend unless he found a sucker. Good luck, you might as well just start looking for a new g/f