Question for owner op

Seriously, you need to run as a company driver for a while until you learn about running a truck say nothing to buying one. Find a company that will train you and work for them for a few years and then consider if you would even want to own a truck The average stay in this field for newbies is about 6 months. You need to see if this field is for you or not before you invest all of your hard earned in a rig you may not even want a few months down the road.

 

If I were you I would seek out one of those owner ops that are leased to this company and work for them first, like for a year at least before jumping in with both feet.
Chances are good they will have an extra truck sitting, so in the process of working for them it would give you a feel for what its like to be on the road, and what this company is like- its the best of both worlds to you and you have nothing invested except time and learning.
Im not sure if a credit company would give a loan to a new driver being the risk is so high for them with the turn over rate like it is.

Ps- thank you for your service!

 

O/O is the way to end not start.

 

I first went to work as a company driver before I bought my first truck. As suggest above you need to get your CDL and go work as a company driver first to learn the basics of the trucking industry. Talk with owner operators as you learn and find out how they got to where they are. You can consider the lease purchase option, that is leasing a truck from a company, and pulling their freight, but you basically will be a company driver with a truck payment. You also need to learn about operating a business, how to manage finances, insurance and the different insurance needed to operate a trucking company.

When I bought my truck I cashed out a Roth IRA for $16,000 and took Arrow Truck Sales matching down payment. I leased my truck to a company and pulled their trailer for a year. I then switched companies a year later and bought a flat bed trailer. One year later I obtained my own authority and drive as independent with my wife as half owner and dispatcher.

 

I started driving back in the late 80's. Drove for 7 yrs, then after my kids were born I changed career paths to be able to be with my kids more.

Later I went back into trucking. Bought an older single axle Volvo and 4 car hauler. I lasted 6 months before I ran out of money. Sold my equipment and went to work as a company driver. Paid my dues all over again, so to speak. Maintained a minimalistic lifestyle for 3 yrs in order to put away as much cash as I could.

Did as much research and learned a lot while as a company driver. Much had changed over the yrs. In order to become an O/O you need more then just the skills to drive the truck. Any high school drop out can manage that much. You need to understand the regulations and legal requirements as well. Do your homework so to speak.

I found the easiest way to get started was to have the cash and a paid for truck. I then leased my truck and run under the authority of another carrier. They pay for insurance and originally I used their fuel card until I could manage paying for my own fuel. My initial expense was the truck, bobtail insurance and registration. I lease a trailer and they dispatch me, or I have access to their load board accounts and I can pick and choose my own. This was the easiest way I found to get started.

I started with $30k cash, bought a $20k truck. Discovered very quickly that I still didnt have enough cash to maintain things and borrowed another $20k from my mother inlaw. So basically 50k to start. A year later all debts paid and I putting cash in the bank.

Personally I dont think going in debt from the onset is a good idea. Unless you know exactly how and where the money will come to repay the debts, its a recipe for failure. Cash is king. Financing can lead to disaster if you get behind and they come take your livelihood. Have a realistic goal. Start out within your means to survive. Once you understand the ins and outs, then you can move on to a nicer truck and things you want. Or,.. worst case scenario,.. if it doesnt work,.. you dont owe a bank and you can always return to being a company driver.

Best of luck.

Hurst

 

You will probably catch a ton of flack over your questions, but not from me. You will have those telling you to drive for a company and get this experience and that experience. I have never driven for a company so I don't know what that entails. I started 30 someodd years ago, and have made mistakes. Fact is, I've made a bunch of them, but if you learn from them you will be a better o/o for it. Keep your eyes and ears open, ask questions, and don't come out here with a know it all attitude. Watch expenses, where you go, and, for God's sake don't pay much attention to so much of the crap you are going to hear. There is always someone who can run a 1000 mi in 10 hours, back their trailer into an aspirin bottle and not even bump the sides. It can be done and you can do it, but you have to pay attention. Driving a truck is easy, showing a profit, not so much. Take care of your truck and it will take care of you and your family. That's my two cents. Good luck to you.

 

Like exhausted379 I have never been a company driver but I had been in the farming and timber business for 30 years before starting trucking so I already had a lot of experience owning my own business.

You better make sure this carrier you want to lease to will take you on without any experience.

As far as the DOT#, insurance and plates if you are leasing to a company they will provide these.

What you want to do is not impossible but it's not easy. If you do it I hope it works out for you. I have to say that if you have no business experience or truck driving experience I would not recommend you do this.