Poke Holes In My Plan, Please

Topic 27801 | Page 2

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Robert B. (The Dragon) ye's Comment
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I have a better idea. Send me the $150k you'll spend in startup costs and I'll tell you how I spent the money. I'll even throw in a few photos.

Bobcat_Bob's Comment
member avatar

Sorry but you really do not have a plan. Spending 100k plus on a truck and seeing what loads you can find is not a plan.

If it was really as easy as you think dont you think more people would be doing it?

Realistically you will need to being in the neighborhood of 250k plus for the year and will be lucky to clear 60-70k for yourself. In order to bring in that kind of money you will need to spend most of your time on the road, which puts a ton of wear and tear on your equipment leading to increased maintenance costs and severely depleting assets. The truck you paid 90k for a year ago now has over 200k miles and is basically worth half what you paid and that will diminish by the mile.

Errol V.'s Comment
member avatar

Since you asked (twice) here's a hole.

Most hotshots are individuals looking to make their own money in a way that suits them. So, if one of these H/S operators has a system that makes "piles" of money, others will come in and under bid. This will continue till the final into-the-pocket revenue gets down to 2-3%. This is what the big truck common carriers make: 2-3% of revenue is their net profit.

It sounds like you really want to make a go of it, so best of luck! An alternative is to sign in as a company driver (you can get company sponsored training easy) and get just about as much into your pocket for maybe 1/3 the effort and none of your own savings (that you may burn through as you get established as an H/S operator.)

So choose your poison, and get Expediting!

Company Sponsored Training:

A Company-Sponsored Training Program is a school that is owned and operated by a trucking company.

The schooling often requires little or no money up front. Instead of paying up-front tuition you will sign an agreement to work for the company for a specified amount of time after graduation, usually around a year, at a slightly lower rate of pay in order to pay for the training.

If you choose to quit working for the company before your year is up, they will normally require you to pay back a prorated amount of money for the schooling. The amount you pay back will be comparable to what you would have paid if you went to an independently owned school.

Company-sponsored training can be an excellent way to get your career underway if you can't afford the tuition up front for private schooling.

TWIC:

Transportation Worker Identification Credential

Truck drivers who regularly pick up from or deliver to the shipping ports will often be required to carry a TWIC card.

Your TWIC is a tamper-resistant biometric card which acts as both your identification in secure areas, as well as an indicator of you having passed the necessary security clearance. TWIC cards are valid for five years. The issuance of TWIC cards is overseen by the Transportation Security Administration and the Department of Homeland Security.

OOS:

When a violation by either a driver or company is confirmed, an out-of-service order removes either the driver or the vehicle from the roadway until the violation is corrected.

Spaceman Spiff's Comment
member avatar

There was even a (non) reality TV show about hot shot trucking a while ago. In the episodes they would get a weird load either locations or the cargo itself (huge Teddy bear or something) and it would follow 5 or so drivers, showing them under bidding each other until one could tolerate operating at that price and would "win" it.

These people really loved the life and that was why they were still there. Try the company route for a year, worse come to worse you quit after a few months deciding it's not for you and all you owe is a measly 5k or so but till get the CDL.

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.

OWI:

Operating While Intoxicated

Chris L's Comment
member avatar

Auggie 69 posted

double-quotes-start.png

Hey, all-

I currently have no CDL and no experience hauling freight, and I want to go from zero to own-authority hot shot trucker this year. I need some help determing whether I'm being smart or stupid about this. My motivation is that I need a career change, I like to drive, and I like to make money. So here's the plan:

1) Get a CDL. I understand you can hotshot without one, but that most of the money is in >26,001# GVWR hauling. Guess I'm going to trucking school just to drive a dually 2) Get a rig. Right now I'm thinking an F450 with a 40' gooseneck. Take CDL exam and pass 3) Get authority. Sounds like it's just paperwork. I've already got a corporation (I own an RV park) based in CA. Bring on the fees. 4) Get insurance. I'm expecting to pay around $2k per month as a new driver (41 y.o., clean record) 5) Find a broker or dispatch service that will give me work. This sounds like maybe the biggest challenge I'll face starting out. 6) Hit the road. With my insurance being super high, I'll need to do a lot of miles to pay the bills. $2k per week gross income sounds achievable based on what I've read and that's the goal. 7) Adjust. Once I get some stick time, I expect more loads will be available and insurance rates will drop. Tweak the business accordingly.

My timeline for this is 4 months, zero to hero.

So, what am I missing? There's always something. Got any other advice?

I appreciate your time.

double-quotes-end.png

As an aside, anecdotal evidence says that everytime DOT runs their hit operations they ALWAYS target the pickups with the goosenecks.

I strongly concur whenever I have rolled through a DOT check point I've only seen Box Trucks and "Hot Shotters" pulled in for inspection by the DOT cops of course it's still anecdotal but that's just what I have observed. If there isn't much in the way of regulations that covers the "Hot Shot" industry now give the government time and they will come up with something.

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.

DOT:

Department Of Transportation

A department of the federal executive branch responsible for the national highways and for railroad and airline safety. It also manages Amtrak, the national railroad system, and the Coast Guard.

State and Federal DOT Officers are responsible for commercial vehicle enforcement. "The truck police" you could call them.

GVWR:

Gross Vehicle Weight Rating

GVWR is the maximum operating weight of a vehicle as specified by the manufacturer, minus any trailers.

OOS:

When a violation by either a driver or company is confirmed, an out-of-service order removes either the driver or the vehicle from the roadway until the violation is corrected.

Superlejera's Comment
member avatar

My friend quit prime inc when to do hotshot.he been for 6 months 120k debt.now he broke doing chapter 7 bankruptcy and waiting to be approved to come back to prime inc insurance is 2400 a month and he already been driving for 2 years CDL

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.
Spaceman Spiff's Comment
member avatar

My friend quit prime inc when to do hotshot.he been for 6 months 120k debt.now he broke doing chapter 7 bankruptcy and waiting to be approved to come back to prime inc insurance is 2400 a month and he already been driving for 2 years CDL

Brutal

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.
PackRat's Comment
member avatar

I have a better idea. Send me the $150k you'll spend in startup costs and I'll tell you how I spent the money. I'll even throw in a few photos.

Or, send me $90,000 and I'll set you up in a used, custom 2003 Coranado with 625 hp, twin turbos, lots of chrome, super singles , and a freshened motor with a bunch of Pittsburgh Power goodies on it.

For $5,000 extra, I'll deliver it after the check clears.

Super Singles:

A single, wide wheel substituted for a tandem (two wheel) assembly. The main benefit of a super single is a reduction in weight and lower rolling resistance which provide better fuel economy. The disadvantage is the lack of tire redundancy (or a 'backup tire' in case of a blowout) from which tandem wheels benefit. A tire blowout is more dangerous with a super single and can not be driven on.

Robert B. (The Dragon) ye's Comment
member avatar

double-quotes-start.png

I have a better idea. Send me the $150k you'll spend in startup costs and I'll tell you how I spent the money. I'll even throw in a few photos.

double-quotes-end.png

Or, send me $90,000 and I'll set you up in a used, custom 2003 Coranado with 625 hp, twin turbos, lots of chrome, super singles , and a freshened motor with a bunch of Pittsburgh Power goodies on it.

For $5,000 extra, I'll deliver it after the check clears.

For all those extras, you should have gotten rid of the twin turbo, swapped the intake and exhaust and put one large turbo. They run better, make more power and less problematic.

Super Singles:

A single, wide wheel substituted for a tandem (two wheel) assembly. The main benefit of a super single is a reduction in weight and lower rolling resistance which provide better fuel economy. The disadvantage is the lack of tire redundancy (or a 'backup tire' in case of a blowout) from which tandem wheels benefit. A tire blowout is more dangerous with a super single and can not be driven on.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
PackRat's Comment
member avatar

I haven't had any problems with it, of course that was only about seven months driving before I had my transplant and parked it. Pittsburgh recommended the upgrades that are on it.

I topped The Grapevine at 64 mph with 45,000 in the box in 11th gear and still had room to go.

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