Help A Potential Non CDL Semitruck Owner That Doesn't Know Anything :-)

Hello. I am planning on buying a truck with some family members. I am trying to do some research on what my options would be if I want to hire a driver for the truck. It's hard to find good and specific information on this. A lot of what I saw was talking about simply buying the truck and leasing it, and not being too involved. Essentially most people are looking for a source of passive income. This is not what I want to do. I would like to manage everything related to owning a truck, except the driving and basic maintenance. I would love to work from home, but of course don't mind if I have to get out and network with truck drivers. What is the best approach for this type of business, where we own the truck, handle operations, and hire a driver? The plan is to succeed with one truck and buy a second one. Rinse and repeat. I would like to do it full time, and as long as I can get paid $2500+ with the one truck, it would be perfect. Would appreciate any and all advise. Also, if someone with experience in the industry wouldn't mind sparing a few minutes for a conversation, it would be much appreciated, thank you

You wanna purchase a $150,000 asset that generates income and you’ll manage the operations and maintenance?

Why not buy a rental home? At least that’s an appreciating asset and not a a DEpreciating asset. 🤔

Hello. I am planning on buying a truck with some family members. I am trying to do some research on what my options would be if I want to hire a driver for the truck. It's hard to find good and specific information on this. A lot of what I saw was talking about simply buying the truck and leasing it, and not being too involved. Essentially most people are looking for a source of passive income. This is not what I want to do. I would like to manage everything related to owning a truck, except the driving and basic maintenance. I would love to work from home, but of course don't mind if I have to get out and network with truck drivers. What is the best approach for this type of business, where we own the truck, handle operations, and hire a driver? The plan is to succeed with one truck and buy a second one. Rinse and repeat. I would like to do it full time, and as long as I can get paid $2500+ with the one truck, it would be perfect. Would appreciate any and all advise. Also, if someone with experience in the industry wouldn't mind sparing a few minutes for a conversation, it would be much appreciated, thank you

Personally, were I you, I'd get MY CDL first ... to have a better understanding of what BEING a truck driver really IS.

Pretend you are . . . and read the following:

• Truck Driver's Career Guide
• Brett's Book: The Raw Truth About Trucking (free online version)
• High Road CDL Training Program
• CDL Practice Tests

Or, you could go to the classifieds at the OOIDA website, and see who's selling a rig, with all the #'s.... and go from there! (MC/DOT/contracts (or not) etcetera.)

This is really not a good time to try to 'blossom' as a new O/O with NO following, and no knowledge of the industry.

Best wishes, anyway, Noel~!

~ Anne ~

ps: Most of the folks here (like the above poster) have LOTS of experience in the industry. And like Steve, most OF the O/Ops will tell you, invest elsewhere.

You wanna purchase a $150,000 asset that generates income and you’ll manage the operations and maintenance?

Why not buy a rental home? At least that’s an appreciating asset and not a a DEpreciating asset. 🤔

Well, I was thinking on financing a truck more around the price of $75000 to $100000. Also, even at the $150000 there is more money to be made in trucking than real state right? Thank you so much for your reply

Hello. I am planning on buying a truck with some family members. I am trying to do some research on what my options would be if I want to hire a driver for the truck. It's hard to find good and specific information on this. A lot of what I saw was talking about simply buying the truck and leasing it, and not being too involved. Essentially most people are looking for a source of passive income. This is not what I want to do. I would like to manage everything related to owning a truck, except the driving and basic maintenance. I would love to work from home, but of course don't mind if I have to get out and network with truck drivers. What is the best approach for this type of business, where we own the truck, handle operations, and hire a driver? The plan is to succeed with one truck and buy a second one. Rinse and repeat. I would like to do it full time, and as long as I can get paid $2500+ with the one truck, it would be perfect. Would appreciate any and all advise. Also, if someone with experience in the industry wouldn't mind sparing a few minutes for a conversation, it would be much appreciated, thank you

Personally, were I you, I'd get MY CDL first ... to have a better understanding of what BEING a truck driver really IS.

Pretend you are . . . and read the following:

• Truck Driver's Career Guide
• Brett's Book: The Raw Truth About Trucking (free online version)
• High Road CDL Training Program
• CDL Practice Tests

Or, you could go to the classifieds at the OOIDA website, and see who's selling a rig, with all the #'s.... and go from there! (MC/DOT/contracts (or not) etcetera.)

This is really not a good time to try to 'blossom' as a new O/O with NO following, and no knowledge of the industry.

Best wishes, anyway, Noel~!

~ Anne ~

ps: Most of the folks here (like the above poster) have LOTS of experience in the industry. And like Steve, most OF the O/Ops will tell you, invest elsewhere.

So essentially, unless i'm planning on being CDL A O/O, the investment is probably not worth it? In this case, for how long would you recommend I should drive the truck before I can be comfortable having someone else do it? I understand that being new in the industry with no following and no knowledge is a challenge, but that is something I'm up for. Why is it not a good time to try to blossom these days? Thank you so much for your reply

You would do better buying a rental property.

Currently, most people I know in business say we are heading to a great recession. Runaway inflation, armed conflict in Ukraine. And with the basic material costs rising. At the moment bench mark crude oil is about $120/barrel and is expected to hit the $200/barrel mark in the next 6-9 months. Do your research and look at all the information you can find. This is going to be a very rough year and I expect many trucking companies to close their doors.

Noel, what you are thinking of doing is fraught with risk, liability and a high rate of failure. Especially for someone with little or no knowledge of the industry. If you dive into trucking, you need at the very least 4 years of industry experience to even begin to understand all the complexities of owning a truck and then finding someone competent to operate it. You probably have a better chance of success by spending all that money on lottery tickets or Vladimir Putin bobblehead dolls. At the best you might, if you’re lucky, make $2500. Per year.

Noel, you stated that you know nothing about the trucking industry. Are you aware of the typical nationwide operating ratios of trucking companies? Are you familiar with their average profit percentages? Do you understand how much more difficult it is for a smaller operation to compete in a commodities market and why? How did you come up with the idea that trucking would be an easy way to make money?

The market for buying trucks is terrible right now. Trucks are selling at outrageous prices. The price of fuel is really high right now too. Surely you are aware of those issues. Have you even considered your insurance needs and expenses. I can assure you that they will alarm you.

There will always be demand for trucking. That is for sure, and is probably something that motivates you, but this business is very tough and extremely competitive. I am a long time business owner. I drive a truck that somebody else owns because I don't see a good way to make it as an owner/operator. I have a niece who was so impressed by the money I was making as a driver that she went out and bought a Volvo truck with a plan much like yours to earn some extra money. She had money to invest and a great business head on her shoulders. I wish I could tell you of her success. She quit within six months because she saw the writing on the wall.

You may be a much smarter man than me, and I know that people make it in this business all the time. I just want you to know that it is tough, and it is dog eat dog out there. I thoroughly considered being an O/O myself. I have the capital and the knowledge. I can't find anything to motivate me in that direction. Forgive me if I sound pessimistic. I just think you need to look into this a lot deeper before you make the leap.

Why not go to Las Vegas and make a short-term gamble with your money there at Caesar's, The Mirage, Sam's Town, etc.

Honestly, you will find better odds of seeing a profit after an investment there as opposed to your current "plan".

Here's more free advice: Don't go into any business partnership or anything else involving money with relatives IMO.