Switching over to O/O

I wanted to buy a truck but the job I wanted run the truck on slowed down and I would probably be sitting instead of earning. Now that company is diversifying into different jobs to keep up revenue. I need to think about a short term quick buck truck plan instead of the 3-4 year plan I had. Trucking goes up and down too much.

 

A lot depends on where you live, but..... If I could do it over, I'd either go back to college, or I'd look really hard to get into a union or line haul type job. Home maybe every night, no worries about finding freight, steady paycheck, possibly co. money match into your 401k retirement fund, paid benefits, etc. I have a woman friend who retired from UPS few yrs. ago, she's got it made. A big 401 acct. and a pension. There is no way I can retire anytime soon, too little in retirement fund, no benefits unless I pay for them, etc. Yes I can take all the time off I want, but I still got bills, equipment payments, insurance, etc. Good luck in your choice.

 

I think you have the right idea. The problem is that you want to make a change at the worst possible time. But all is not lost. Two things you need to do, find a truck and get approved by LS. The latter can take months and the former might take 1/2 a year. Don't spend all your cash on the truck. You will need thousands for plates, permits, insurance and as your buying used, repairs too. Many will say $50k after your truck is a good start (with today's market) but many will say $100k. On a budget? You can wing it with $20-30k but things better go right for you.

With that said I wish you the best of luck. I'm sure you will enjoy being an OO much better then a company guy.

 

In this economy,

Best of Luck.

 

Look for double yellows thread about going o/o it is the most indepth and has sound reasoned numbers.

 

If you have good credit find a truck you like, a 2010 or later, and get financing for it from a real bank. I just went OO myself doing it this way. I got a 2012 truck for 54,500 with no money down and for 36 months. I had almost 11,000 in the bank before doing all this and had a 2k or so in my personal account. Get yourself an LLC through Legalzoom and do everything you possibly can in your business's name.

 

Good idea. I am leased somewhere as well. Find someone that pays percentage, will pass 100% of their fuel discount to you, and allows you to participate in their parts and tire program. Where I'm at I get .26-.34 cents off per gallon at select stops. I had to get some stuff done at Peterbilt the other day and their discounts took a 115.00 bill to 61.00.