So as a new O/O and now that i got my first check under me i figure i will post some numbers from my first month includeing the truck purchase here for any new O/O to give you some food for thought.
Keep in mind I went into this with what i thought was a HUGE oh #### fund and it was STILL only just enough money to make my first month. Numbers are rounded up for ease of reading.
Truck down payment $16,000
Trailer lease $4200
First truck and trailer payment $3000
Batterys and battery box rebuild $1200
Removing roof ferring $600
fixing window switch $250
APU repairs $2200
Incorperation fees: $1500 (includes laywer to insure everything was legal)
taxes and licenseing $3200
Davie4 tool to read and clear idiot lights $1400
Required equipment (triangles, fuses, oil, 5th wheel grease, ect) $200
ELD $1200 (device+plus tablet+subscription+data plan)
Drive cam $400
CB radio $250
Inverter replacment $1100
Steer tires $1700
Drive tire $390
Man door for trailer: $1400
Tarp bows: $250
NoX sensors $350 due to warranty
5th wheel rebuild $850
replacment hoses and body work due to failed 5th wheel $1200
Weight guages so i dont end up illegal $1700
new mattress $600
hydraulic fluid for wet kit $900
Prepaid legal fees $350
Accounting software and hardware (laptop quickbooks scanner) $800
Misc other items like brooms and storage boxes $150
Sold roof ferring: $600
Thats right i made all of $2800 to offset almost $62,000 in startup costs. Granted a huge part of that was my down payments and due to the 3 to 4 week delay on getting my first paycheck, and is further compunded by my going into specialized work where i NEED certain equipment. But for those of you thinking $30K is enough i want you to reconsider that stance VERY hard. Trucks break, equipment fails, bad luck happens.
Being an O/O aint easy and even going into this prepared for the worst i still got bent over in my first month.
Page 120 of 123
Besides thats actully pretty good for end dump work. Most rigs i know of that do this fall in the 3-5 range while mines running around 6.5-7 average total. First check was so low due to only haveing 2 short deliverys on the settlement and having to pay my initial insurance and tag costs from it anyway. Next one should be a lot better now that im past the 4 week delay and i will start actully getting decent money.
i had a turbo disintegrate and then oil from the turbo line fed the engine into a runaway.
WheeeeeeeeeEEEEEEE ——- boom .
Split two pistons in half , bent two rods , broke the crankshaft.
I got my engine replaced In Five weeks which I guess was actually pretty fast, but the lost revenue was a killer.
truck was paid for , I financed the first truck , actually. Did a lease purchase with a honest company who had plenty of freight and didn’t pay a percentage, they paid a combo of daily, mileage and stops, with a fuel surcharge if the fuel went up, and detention pay after three hours.
This was in the late 90s I was earning $1000 a month pre tax at my job, and made $5500 profit the first month driving the cabover international 9670.
Wrecked the cabover with ONE payment left, but I had saved enough earning $5000 a month but still used to living on $800 a month to easily put $8k cash with the insurance payment for the wrecked one to pay cash for another used truck. Which is the one that had the engine runaway. But I should have just found another good used truck and been back in business in a Couple of days.
The best passive income verses risk, is real estate . Either a house or joining in a syndicated apartment complex purchase, where 10 or 12 or 15 people all put in $30-75k each for the down payment.
And take shares of the profit equal to their percent of down payment.
I bought a couple trucks in the late 90's. Was an owner op for 10 years. It was good to me. That was then. I was looking to do it again when I retire but the truck I want is $200,000 so it's just a dream. I wouldn't go back into the buisness without a 389 pete or kw. Keeping in mind it's not for the money, it's just get paid to travel to certain areas when I want to go and trucking is in my blood
You could actually make decent money in the late 80s thru the late 90s
in 95 I was grossing $1.25 a mile.
Fuel was around a Buck a gallon , insurance wasn’t outrageous, a pretty nice used truck as long as it wasn’t a 389 Pete or W900, was about $15k
you could literally borrow or pay $15k cash for a truck , lease on to some place that had freight and all O/Os , no company drivers to compete with, and clear $1200-1600- 1800 a week after all expenses easily.
Page 120 of 123