New to being a Owner Operator

Discussion in 'Ask An Owner Operator' started by visionarygvp, Jan 27, 2022.

  1. visionarygvp

    visionarygvp Light Load Member

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    Mar 21, 2018
    Atlanta, GA
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    Little background on myself. I got my cdl 3 years ago next month, I’ve ran reefer, dry van and most of my experience is pulling bulk tanker.

    Before the new year I parted ways with a tanker company I was running for locally. I’m kind of in the middle on regretting it and just being happy I finally made the step towards O/O.

    First regret because I had a M-F schedule and off weekends, started work in the morning and finished in the evening. My pay was $28 per hr, and then of course there’s benefits, which I might add the health insurance was great!

    I left because my goal coming in was to eventually lease purchase the truck I was running with them, but at the last minute the plug was pulled on me claiming they weren’t putting on anymore lease purchase or O/O’s. Before anyone says I dodged a bullet with lease purchase, they were only going to charge me $490/wk for the truck.

    It’s been almost a month since i started this new venture and it hasn’t been easy. I joined a small company with 5 trucks, running under my LLC. I pretty much have stayed regional but can go where I want of course. My thing is I go where the money is.
    I knew the first few settlements were going to be rough because of a lot of the first time expenses that they are taking out little by little. My second week I had to have some installations completed, so that cut into my week. I’ll attach a copy of my pay statements below.

    First settlement
    518 B03 DA EB5 C 48 C3 901 E 08 C04 F86 A018 — Postimages

    Second Settlement
    6 F5 C8023 C6 BD 4 F35 8 A5 B 09 EB7 F59 FB8 B — Postimages

    I’ve worked out in my head that doing 5-6 300-400 mile loads within my pay period that are currently averaging $2000-$3600 per load, I’d be seeing some decent profit. This week would be the first week I have been able to make that happen, and I’ll see the settlement for that next week.

    My goal: I’m currently saving up for a good down payment for my own truck, so I can return to tanker as O/O. I am also paying off some debt I’ve accumulated over the past year.

    In all honesty am I wasting my time? Or am I on the right path with understanding that it takes money to make money? As well as being patient with the beginning processes?
     
    Last edited: Jan 27, 2022
    austinmike and Pittstruck Thank this.
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  3. Midwest Trucker

    Midwest Trucker Road Train Member

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    So you are doing a lease purchase with this small company now? What type of trailer are you pulling?
     
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  4. visionarygvp

    visionarygvp Light Load Member

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    Mar 21, 2018
    Atlanta, GA
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    The option to lease purchase is there, however that’s not what I’m doing right now. I’m just leasing, I can walk away anytime.I’m pulling a dry van, they don’t do hazardous loads here.
     
    austinmike Thanks this.
  5. Kenworth6969

    Kenworth6969 Medium Load Member

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    Why does it say truck lease payment is $1200 when you said it's $490?
     
  6. visionarygvp

    visionarygvp Light Load Member

    94
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    Mar 21, 2018
    Atlanta, GA
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    I was going into detail about what the last company I was running tanker for was going to charge me, before pulling the plug on lease purchasing.
     
    Last edited: Jan 28, 2022
  7. Long FLD

    Long FLD Road Train Member

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    What they’re charging you for insurance is insane. It’s about 4 times the amount you should be paying.
     
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  8. visionarygvp

    visionarygvp Light Load Member

    94
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    Mar 21, 2018
    Atlanta, GA
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    What’s the average?
     
  9. visionarygvp

    visionarygvp Light Load Member

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    Mar 21, 2018
    Atlanta, GA
    0
    Which one specifically?
     
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  10. Midwest Trucker

    Midwest Trucker Road Train Member

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    I thought the same thing. They are basically covering liability, cargo, and anything else and discussing it as just cargo.
     
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  11. Diesel Dave

    Diesel Dave Last Few of the OUTLAWS

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    My insurance is about $9200.09 a year to give you an idea. 2 million liability and 2 million general, $100,000 cargo, $80k comp for the truck.
     
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