Truckers Report Jobs

Find Trucking Jobs

Company Driver Company Driver Dry Van Dry Van Flatbed Flatbed Refrigerated Refrigerated Specialized Specialized Owner Operator Owner Operator
More Trucking Job Searches ⌄ Fewer Trucking Job Searches
⌃

Seeking Guidance As A New O/O With A Lease . .

Discussion in 'Ask An Owner Operator' started by OONewbie, Jan 29, 2015.

Would you Buy New Or Used ?

  1. *

    New

    14 vote(s)
    40.0%
  2. *

    Used

    22 vote(s)
    62.9%
Page 5 of 6
  1. Mar 1, 2015 #41
    Prom Night Dumpster Baby

    Prom Night Dumpster Baby Medium Load Member

    646
    473
    Jan 12, 2012
    Bug Tussle, TN
    0
    Landstar is a good place to learn at. Better to go out on your own after you learn the game. Landstar will nickel and dime you to the poorhouse with all the deductions.
     
    Prom Night Dumpster Baby, Mar 1, 2015
    Prom Night Dumpster Baby, Mar 1, 2015
    #41
    OONewbie Thanks this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Mar 2, 2015 #42
    Starboyjim

    Starboyjim Road Train Member

    2,039
    1,425
    Dec 10, 2011
    Weed, CA
    0
    Double yellow is saying Truth. Get your money in order before adding more debt. If you have a problem you won't have the resources to hang in there. I know it's not easy being told what to do and where to go, but you can make a good living driving a company truck and getting your money situation dialed in. You can learn as you gain experience and contacts. As for pre-emission? Expect more emission regulations in the near future. That is a fact of life. Right now it's mostly California, and if you don't run there it's not a big deal, but that's going to change. I believe. You can retrofit an older truck, but if that's the case, it's expensive, you can't trust just any shop, so why not look at 2008 and younger - once your credit score shows signs of life? Best.
     
    Starboyjim, Mar 2, 2015
    Starboyjim, Mar 2, 2015
    #42
    OONewbie Thanks this.
  4. Mar 2, 2015 #43
    OONewbie

    OONewbie Light Load Member

    245
    134
    Dec 2, 2014
    Charlotte,NC
    0
    I am trying to understand your advice, as founded as the suggestions are, by getting my finances in better order before I invest from making the move from a company driver to a O/O.. The foundation of your statement if I am reading it correctly is to develop a better line of credit before I take the plunge? Because from the experience I have in business and the reading and speaking I've done with people that are O/O's most have told me not to depend on credit/ credit cards or to borrow money to become a Owner operator "AND I'm NOT".. If I had to do this all on credit cards with accumulating interest or borrowing money to begin, I would be buried in bills and robbing Peter to pay Paul... My measly 14k in debt that's holding my credit score below 600 is only a result of a 2 year period of recovering from a severe motor vehicle accident that almost took my life.

    Basically, I am starting out with roughly $22k , $14k gets me a brand new truck and that leaves $8,000 for reserves, NO credit to start my business other then the lease and fixed expenses from running under another companies authority , I am not going into debt to get that money , that's my lifes savings ALL IN ... Oh and I feel again it's necessary to mention I have NONE, zero bills @ home other then a very small credit card payment and cell phone payment, No Wife draining my wallet , no klds , no mortgage, no rent, no car loan .. I've also seen people start with much less and in much worse financial position then me..

    So , if I start with 7-8k in reserves and run my ### off , you feel it's not enough to get ahead and bank money and be able to sustain a living and make my truck payments? I don't intend to be one of those work 3days take off 7, I've been OTR 2-4weeks out and home for 3-6 days consistent for the last 6 years working for someone else for chicken scratch while they sit back and get paid lovely. why would I change my approach now? I intend to run hard just like I have been ... I have 3 credit cards with a line of about $5k that's fully clear and available , $8k in cash reserves, and I've owned my own business before.. I'm not talking about running under my own authority either so there's that... All that being said.. I appreciate the advice and input and trust me when I tell you , I stir in bed every night questioning my approach, if it's the right move, do I risk my life savings and go all in or do I suck it up working for pennies on the dollar and just watch my $20k earn 1% interest in the bank APR or put it into a IRA ... So ,trust me I do listen but I'm a bit thick headed too, the agony...
     
    OONewbie, Mar 2, 2015
    OONewbie, Mar 2, 2015
    #43
    RERM and Lucar Thank this.
  5. Mar 2, 2015 #44
    Starboyjim

    Starboyjim Road Train Member

    2,039
    1,425
    Dec 10, 2011
    Weed, CA
    0
    If I didn't understand your post, sorry for that. If you have $22K and $14 in debt (thought it was more) you only have $8K of your own money. You might consider all the other costs, by looking around in this forum. Or go to OOIDA for some agendized information. (!) Either way, there are quite a number of miscellaneous expenses. There are lists. I'm thinking you have a good attitude, maybe the best resource, and remember that there's a whole lot of things that can eat $8K in a Minnesota minute. If you're buying a new rig, you might consider putting $30 or $40K down to hold your monthly responsibility at reasonable levels. Anyway - BEST!
     
    Starboyjim, Mar 2, 2015
    Starboyjim, Mar 2, 2015
    #44
    OONewbie Thanks this.
  7. Mar 2, 2015 #45
    Lucar

    Lucar Road Train Member

    1,396
    891
    Aug 22, 2012
    Texas
    0
    When I started with my 1st truck, an '08 kw; I had $8k in the bank.. a year later I had spent close to $50k in repairs, towing, hotels and payments all together..
     
    Lucar, Mar 2, 2015
    Lucar, Mar 2, 2015
    #45
    Coyote302 Thanks this.
  8. Mar 2, 2015 #46
    fortycalglock

    fortycalglock Road Train Member

    6,155
    6,584
    Jun 25, 2011
    Tourist Town, FL
    0
    You should have listened to everybody telling you not to buy a 2008 Cat engine. How's that maintenance account doing with your new Pete. You realize he's buying a brand new truck just like you did after your fiasco.
     
    fortycalglock, Mar 2, 2015
    fortycalglock, Mar 2, 2015
    #46
    OONewbie Thanks this.
  9. Mar 8, 2015 #47
    OONewbie

    OONewbie Light Load Member

    245
    134
    Dec 2, 2014
    Charlotte,NC
    0
    So I'm going in for surgery on Tuesday for a triple hernia repair, then it's 6 weeks of recovery before I take the plunge, get a truck and become a full fledged Owner operator... So next week I will be buckling down to get my business plan in order, any help on how to put together a solid business plan would be great.. Wish me luck all
     
    OONewbie, Mar 8, 2015
    OONewbie, Mar 8, 2015
    #47
  10. Mar 8, 2015 #48
    Lucar

    Lucar Road Train Member

    1,396
    891
    Aug 22, 2012
    Texas
    0
    Some peeps don't know or realize that when you finance a truck for the first time you don't really get to pick much more than taking what is being offered or what meets the financing Co. Requirement.
    If it was up to me my first truck would had been a 2001 W900L with an 86" sleeper and a fresh inframe. Now what bank/lender would finance such a million miler dear sir?

    Good luck sir, relax and forget the business part for the next week or so, trucking ain't going nowhere. Focus on your full recovery. Godspeed.
     
    Last edited: Mar 8, 2015
    Lucar, Mar 8, 2015
    Lucar, Mar 8, 2015
    #48
    OONewbie Thanks this.
  11. Mar 23, 2015 #49
    OONewbie

    OONewbie Light Load Member

    245
    134
    Dec 2, 2014
    Charlotte,NC
    0
    The surgery is behind me , healing fast.. about 2 weeks from getting the all clear from the doctor... Time to focus! Time to crunch some more #'s
    I'd love to chomp @ the bit with you I will be PM'ing you here shortly . Hope all is well
     
    OONewbie, Mar 23, 2015
    OONewbie, Mar 23, 2015
    #49
  12. Mar 26, 2015 #50
    Coyote302

    Coyote302 Light Load Member

    86
    71
    May 9, 2014
    LA(lower Alabama)
    0
    I had the same experience as Lucar with my first truck. It was an 09 cummins isx. I could have made a a $ 3400 truck payment for a year instead of becoming the customer of the year at repair shops. You are right to be concerned about repairs on used trucks , my total the first year was 30k. Best of luck.
     
    Coyote302, Mar 26, 2015
    Coyote302, Mar 26, 2015
    #50
    OONewbie Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

    • Page 5 of 6