Should I go Owner Operator now? Advice is appreciated.

77fib77 · Apr 9, 2021

drivinhome said: ↑

Hello all. Been around mostly lurking here for many years. I’ve been trucking for 29 years and I still love the business. I have allot of experience in many areas especially local work. That being said I also was an O/O for 17 years locally. For the last ten years I have been an employee. I have tried the OTR gig many years ago but only the Northeast region.
I have never seen it as good as it is now and I am financially able to get going on my own again. A dream of mine is to finally see the country in all 48. I am not worried about my business experience as I have been very lucky to stay financially stable.
I’m thinking it’s now or never to do this but it’s hard to leave a job that keeps me in the high 90’s per year. My wife has all the benefits we need and the plan is to do some traveling while getting paid.
I typically run 6 days a week and use most of my 70 hour clock. My question is can I at least make that running as I do OTR? The rates would say so but I am very aware of market swings. I’m hoping to see all 48 and be out 2 weeks at a time.
Lastly I am very handy and experienced on the job and will do most all of my own maintenance. My biggest issue is leasing on to a carrier like landstar or running my own authority. Any numbers you all can post would be great. I have done allot of research but your advice would be very helpful. Thanks in advance.
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Your wife has the benifits that's good. Truck prices are high right now. Biggest obstacle at this point. Yeah landstar hauling thier van is a cheap monthly nut right now. You get 65% of the line haul. You only pay for permits, eobr, plates and bobtail insurance. With out plates I pay about $300 a month. So overhead is low. But they are taking 35%. Now you need a place to park your rig and trailer.

Where do you live?

drivinhome · Apr 10, 2021

TallJoe said: ↑

If you were to run your own gig right now, you'd most likely be making more than what you do at your job but there is no guarantee for how much longer it will continue.
Your current pay is excellent. You are home every week to do reset at home. As a matter of fact you are making more than many o/o with own authority do on average, myself included.
Yes, there are moments like the last 10 months when the money that they pay us is outstanding but this is not something we can hope to last, as the past shows. When you take the average from the last 10 years, it may not be 90k for the most of us.
So if it were strictly based on financial reasons, I would not be allured to the current euphoria, especially that your are in a great earning position.
However, I like the romantic idea of you and your wife traveling together and make money. It is not all about money...!
As a matter of fact, I and my wife were thinking about the same when the right time comes - closer to my retirement and when our teenage son is on his own.
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drivinhome · Apr 10, 2021

TallJoe said: ↑

If you were to run your own gig right now, you'd most likely be making more than what you do at your job but there is no guarantee for how much longer it will continue.
Your current pay is excellent. You are home every week to do reset at home. As a matter of fact you are making more than many o/o with own authority do on average, myself included.
Yes, there are moments like the last 10 months when the money that they pay us is outstanding but this is not something we can hope to last, as the past shows. When you take the average from the last 10 years, it may not be 90k for the most of us.
So if it were strictly based on financial reasons, I would not be allured to the current euphoria, especially that your are in a great earning position.
However, I like the romantic idea of you and your wife traveling together and make money. It is not all about money...!
As a matter of fact, I and my wife were thinking about the same when the right time comes - closer to my retirement and when our teenage son is on his own.
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Awesome post. Thanks for that.

drivinhome · Apr 10, 2021

K

Ridgeline said: ↑

Let me ask the op this.

do you have 6 months to pay the bills when the economy tanks?

We are on the front lines and there are serious changes coming to this industry soon.
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Thanks for the reply. Yes I am comfortable enough for at least 6 months. This has been a dream for along time and I have been preparing for it.

drivinhome · Apr 10, 2021

Diesel Dave said: ↑

Your insurance is gonna be your biggest obstacle. And having like already mentioned, a maintenance fund.
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Thanks for that. Insurance quoted at 18k from progressive and that is 1 Mill and 100k. New Authority

drivinhome · Apr 10, 2021

SteveScott said: ↑

Seriously doubt you'll make as much as an O/O for the first 2-5 years as you're making as a company driver now. Insurance alone on your truck and your personal medical insurance will eat up a ton of your profits. If you really want to see all 48 states, get a job with a small to medium sized carrier for an OTR job. I'm not saying it isn't possible if you really hustle, but it sounds like you have a sweet gig now, and should think long and hard before giving it up.
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Thanks. I agree and allot of thought has gone this way. We are all set with Health insurance. My wife is going to continue working and handles the insurance. She has 5 weeks vacation per year so we will be using that for our road trips throughout the year.
We still have at least 10 years to retirement but we are planning on using her vacation time throughout the year to see the country and at least I’m getting paid for it.

drivinhome · Apr 10, 2021

77fib77 said: ↑

Your wife has the benifits that's good. Truck prices are high right now. Biggest obstacle at this point. Yeah landstar hauling thier van is a cheap monthly nut right now. You get 65% of the line haul. You only pay for permits, eobr, plates and bobtail insurance. With out plates I pay about $300 a month. So overhead is low. But they are taking 35%. Now you need a place to park your rig and trailer.

Where do you live?
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Thanks. I live in Massachusetts. No issues with parking.

Brettj3876 · Apr 11, 2021

Go for it. Unless you have direct freight you ain't getting #### for rates coming outta new england. Be prepared to be low balled every time leaving out

Farmerbob1 · Apr 11, 2021

77fib77 said: ↑

Your wife has the benifits that's good. Truck prices are high right now. Biggest obstacle at this point. Yeah landstar hauling thier van is a cheap monthly nut right now. You get 65% of the line haul. You only pay for permits, eobr, plates and bobtail insurance. With out plates I pay about $300 a month. So overhead is low. But they are taking 35%. Now you need a place to park your rig and trailer.

Where do you live?
Click to expand...

One thing I have never paid for is home time parking for my truck. Every time the truck comes home, it needs at least a couple things done. I put it in the shop, and leave it there through my hometime.

Most bigger truck shops have trailer drop parking too, and will let you keep a trailer there if your truck is having work done.

South of heaven · Apr 13, 2021

Are you grossing high $90ks or netting?

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