I Am Interested In Owner Op

Topic 28735 | Page 1

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Matt K.'s Comment
member avatar

I am interested in the idea of owning my own commercial vehicle someday and I am just gathering information before I make the big decision. One thing that scares me is that it seems every driver I ask seems to think it's not worth it anymore and it's better off being a company driver. I like to think that those are lazy drivers who don't want to work any more.

Two drivers so, far have peaked my interest and gave me quite a bit of information (i.e. leases, insurances, what state is best for leases).

I already have the gist of the accounting side. What I need to know is:

1.) Would it benefit to hire a lawyer to help me setting up my contract?

2.) What tools could me research where the money is at on hauls?

3.) How could I determine what kind of bookie I am dealing with and also, how do I know if I am getting hosed?

4.) Along with leases, insurances (both health and commodity), maintenance... what other payments go along with being an owner OP?

5.) Are there online classes I could take to prepare myself for this endeavor?

HOS:

Hours Of Service

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

Do you have the last 3 years accident free on your cdl with at least 5 years experience? Do you have the money to buy a used truck outright. If the answer is no to either, your battle is going to be a STEEP Mountain to climb.

Im an O/O btw.

I am interested in the idea of owning my own commercial vehicle someday and I am just gathering information before I make the big decision. One thing that scares me is that it seems every driver I ask seems to think it's not worth it anymore and it's better off being a company driver. I like to think that those are lazy drivers who don't want to work any more.

Two drivers so, far have peaked my interest and gave me quite a bit of information (i.e. leases, insurances, what state is best for leases).

I already have the gist of the accounting side. What I need to know is:

1.) Would it benefit to hire a lawyer to help me setting up my contract?

2.) What tools could me research where the money is at on hauls?

3.) How could I determine what kind of bookie I am dealing with and also, how do I know if I am getting hosed?

4.) Along with leases, insurances (both health and commodity), maintenance... what other payments go along with being an owner OP?

5.) Are there online classes I could take to prepare myself for this endeavor?

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.

HOS:

Hours Of Service

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

Over a year ago you made your first post on here, Matt. Today your second post.

In your first one, you complain about hometime. Do you think it would be better somehow as an O/O?

"Be your own boss", "Max miles", "Great money", "Excellent hometime".....? These are on the trailer doors, but mostly not a reality.

Dan F.'s Comment
member avatar

This is so true. When company drivers ask me i tell them if they are not currently in the top 10% of their company, they might want to stay where they are. Its always the lazy ones that are running from “some problem” and think this will fix it. I work twice as hard as i did as a company driver.

Over a year ago you made your first post on here, Matt. Today your second post.

In your first one, you complain about hometime. Do you think it would be better somehow as an O/O?

"Be your own boss", "Max miles", "Great money", "Excellent hometime".....? These are on the trailer doors, but mostly not a reality.

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.

Mikey B.'s Comment
member avatar

I am interested in the idea of owning my own commercial vehicle someday and I am just gathering information before I make the big decision. One thing that scares me is that it seems every driver I ask seems to think it's not worth it anymore and it's better off being a company driver. I like to think that those are lazy drivers who don't want to work any more.

Two drivers so, far have peaked my interest and gave me quite a bit of information (i.e. leases, insurances, what state is best for leases).

I already have the gist of the accounting side. What I need to know is:

1.) Would it benefit to hire a lawyer to help me setting up my contract?

2.) What tools could me research where the money is at on hauls?

3.) How could I determine what kind of bookie I am dealing with and also, how do I know if I am getting hosed?

4.) Along with leases, insurances (both health and commodity), maintenance... what other payments go along with being an owner OP?

5.) Are there online classes I could take to prepare myself for this endeavor?

The short answer to your possible endeavor is this. If it weren't more profitable to the company to lease you their truck...why would they do it? It saves them money in the long run because YOU now have ALL the liabilities and expenses of that truck. If you want to own your own truck someday, work as a company driver and save your money then BUY a truck once you have enough to cover the cost plus $30K-$50K in addition for repairs, illness, time off etc. Most people I hear that did the lease purchase are not making any more than I am, most are actually making much less then me.

1. You probably cannot bring a lawyer into the contract signing, you follow the guidelines they provide or don't lease through them.

2. None I know of. The company you lease from generally sends you loads and you either accept or decline.

3. Most companies I know of broker the loads, not you. So if you chose to lease, you're probably getting hosed.

4. I don't lease so I couldn't tell you all of the expenses. Fuel probably is a big one.

5. Probably not. I could be wrong but usually these are a trial by fire type experience. Most lease purchase people are new drivers and many drop the lease and turn to company driver after a while when they realize it's not worth the headaches and costs and income that come with it.

Now like I said, I don't lease and never would. So maybe I'm wrong about some of your lesser inquiries but I stand by my statement regarding lease purchase being a horrible idea.

DAC:

Drive-A-Check Report

A truck drivers DAC report will contain detailed information about their job history of the last 10 years as a CDL driver (as required by the DOT).

It may also contain your criminal history, drug test results, DOT infractions and accident history. The program is strictly voluntary from a company standpoint, but most of the medium-to-large carriers will participate.

Most trucking companies use DAC reports as part of their hiring and background check process. It is extremely important that drivers verify that the information contained in it is correct, and have it fixed if it's not.

HOS:

Hours Of Service

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

I would suggest being a company driver for a few years before you jump into the lease thing. It's not lazy drivers discouraging you from lease. It's smart drivers who know how hard it is to turn a profit in trucking. Back in the day guys knew how to work on their trucks and the pay was exceptional. It's a whole different animal today. I know lots of guys who swear I should go lease and they are pretty passionate about it. The only problem is their numbers never make sense to me. Sort of the way Gore just couldn't get through to the American people about the lock box. It seemed like a good idea and I liked it. I just wasn't ready to risk it all on one guys fuzzy math.

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

Here’s my solution. Send me all your money for the next 5-7 years. I’ll send back photos of all the cool stuff I buy. It’ll be a much safer investment than what you’re looking to do.

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