Thinking about doing it again.

Discussion in 'Ask An Owner Operator' started by BJnobear, Feb 17, 2020.

  1. BJnobear

    BJnobear Heavy Load Member

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    Parent had Medical issues, and I am the only child. Rest of the family is out of state, snd the recovery time was long. When I called to go back to them they had stopped hiring in the northwest florida area. Like 90% of the companies out there. They did say move out from there and no problem.
     
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  3. mover man

    mover man Road Train Member

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    You got this, and you already have the answers. Once you determine answers to Number 5,6,7 the rest will line up.
     
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  4. theSoz

    theSoz Light Load Member

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    I certainly understand family issues and as far as I'm concerned family comes first.

    So here's my two cents.

    Questions
    1. New Truck or Used (250k or less mileage)
    That's really a personal preference thing and what you're comfort and skill levels are when it comes to repairs. If you buy used, make sure you get it checked out. There's a great thread about all the things you should have checked out before you buy.

    2. New reefer or Used (TK, Carrier, What do you consider acceptable hours)
    Again, what kind of risk are you willing to take? How well was the unit taken care of? Are you buying someone else's problem?

    3. APU TK or Carrier?
    That's a never ending debate, you're gonna find fan boys for each.

    4. MCC and Broker? Or lease-on on to carrier?
    Given the current state of the economy and a likely recession on the horizon and the anemic freight rates, I wouldn't be stepping out on my own right now personally. Lease on to a carrier and let them be your buffer. Find a walk away lease and shield yourself from the potential economic downturn. That probably answers some of your other questions above too.

    5. How much cash on hand?
    You should have at least 6 months emergency fund. Depending on your expenses that could be a lot or a little.

    6. Best place to get financing? Or sell the house and buy it up front?
    That's an interesting question. If you're going all in on this O/O thing you're probably not going to be home much, at least not at first. If you're single and can live out of your truck, maybe sell the house. You could also rent it out while you're away. Do you live in an area that allows rentals, etc. It also depends on your mortgage, is it almost paid for, just starting out. Can you carry the cost comfortably while you're on the road?

    7. How much should I have in a maintenance/tire account?

    If you lease on to someone they'll probably have that figured into the deal but it's usually 10-25cents a mile. If you buy or lease try to find a full maintenance lease.

    8. Factoring?
    See above

    9. ELD cost?
    Lots of options, upfront cost are usually a few hundred bucks and a small monthly fee, especially for one truck.

    10. Anything else to add to the equation?
    Figure out the numbers. Figure out how many days you want to run a month and then how much you need to make each day. Then find out how to do that with the least amount of miles. Sometimes two smaller runs are better than one longer run. Figure how you want to run, where you want to run, and what type of loads.

    Honestly, in this economy, I'd go with something like Schneider's choice board. Get yourself one of these walk away lease, and get hooked up with them if you can. At least there you're in charge of your own destiny. I like their board because it's click and go. You don't have to spend time on the phone negotiating or relying on a broker, you're in charge... You pick your loads, you decide when you work and where you go. etc.
     
    rachi Thanks this.
  5. mover man

    mover man Road Train Member

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    I hope this doesnt get bumped to the political board. But I find your answer to number 4 very interesting. I keep hearing collapse or recession on the way. Then I hear the economy is doing great better than ever. Those two schools of thought seems to be polar opposites?
     
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  6. PE_T

    PE_T Road Train Member

    Financial recessions are normal. This is Economics.

    Recession - Wikipedia

    List of recessions in the United States - Wikipedia
     
  7. spyder7723

    spyder7723 Road Train Member

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    The economy as a whole is strong and healthy. We are enjoying high production levels and very low unemployment.

    But when you look specifically at trucking, it isn't healthy. While load volume is still high, we have an over abundance of trucks so rates are down. Its all about supply and demand, right now the supply side is too high for the demand.
     
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  8. theSoz

    theSoz Light Load Member

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    Recessions or economic downturns can be difficult to predict, even though we have things to watch for like, job markets, anything can happen. We are better positioned now than we were at the end of 2019, so a "recession" is far less likely right now. Our economy is doing well, it's not great, but it's humming along. That said, we not isolated and we live in a global economy so things like war, tariffs/trade wars, instability in the over all markets, deceases like coronavirus, all contribute to how the world does and reacts.

    Within our own economy there are still pockets that aren't doing well, coal, iron, trucking, auto (to an extent) all have issues. Other areas have more jobs than skilled people to fill those jobs.

    Trucking in particular is suffering from decades of poor decision making by the MEGAs. Corporate greed is a #####, and they've squeezed every penny they could out of the industry. Now we're left with low freight rates, a surplus of trucks, low pay, poor work environments and high turnover rates. It's unsustainable.
     
  9. BJnobear

    BJnobear Heavy Load Member

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    Thanks folks. Keep in mind during any POTUS election year there are recession scares. I can say that I won't be back until I move to TN. Im just getting the spreadsheets together, and most likely I will return to JCT or i might try the Schnider system. I prefer reefer, as the load flexibility is better than dry, and skateboarding IS a crime! Lol
     
  10. mover man

    mover man Road Train Member

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