Selling The Rental Property -gonna Go TEAM

I've had it with being a land lord .Selling off the property her in the Up-state of South Carolina .The wifey and I are thinking about the ROAD. What can be expected earnings after 2 years ? We are also thinking about getting into Hot Shot driving . I can buy ANY rig I want .Not really decided on the best path. Making NET 50 K yr doing the land lord thing , bit wanna do something different . Input would be well considered , THANKS !!!

Each to his own and wish you well, but why in the world would you want to give up $50K a year of passive income as a Landlord? If you are tired of property management, why not turn it over to a property management firm, pay them their 10%, and enjoy the remaining $45K? I have been driving now for two years and, yes, there are lots to like about driving the big rigs. But, it is not a life of ease. There are plenty of frustrations in this industry for drivers and owner operators have their own set of problems. Nevertheless, the money is here, but you do earn every penny of it and then some, in my opinion.

Each to his own and wish you well, but why in the world would you want to give up $50K a year of passive income as a Landlord? If you are tired of property management, why not turn it over to a property management firm, pay them their 10%, and enjoy the remaining $45K? I have been driving now for two years and, yes, there are lots to like about driving the big rigs. But, it is not a life of ease. There are plenty of frustrations in this industry for drivers and owner operators have their own set of problems. Nevertheless, the money is here, but you do earn every penny of it and then some, in my opinion.

I just want something different - too many tenants to deal with, too much stuff to go wrong caused by other people . I can deal ok with MY problems , but tenants are just abusive and the Law ain't on the landlords side .

too many tenants to deal with, too much stuff to go wrong caused by other people

Can you begin to imagine how many people you have to deal with and how many things can go wrong driving an 80,000 pound building on wheels around the country? I mean, seriously, if you think you're going to get away from the "terrible problems" you face as a landlord by becoming a truck driver you're going to be in for a terrible letdown. And I mean a letdown of nearly Biblical proportions.

Now if you're simply interested in doing something different you can make about double the money you're making now by running team with your wife if you so choose. You certainly do not want to become an owner operator , especially if you're looking to avoid the problems of running your current business. But if you guys become company drivers for one of the major carriers you can make $100k within a couple of years. The first year you'll make less because of the inexperienced pay rate and the training you'll have to go through. But within say 3 years you can be up to about $100,000 gross as a team.

Read through our Truck Driver's Career Guide thoroughly and you'll learn a ton about what life is like in the trucking industry and what it takes to get your career underway.

He said 50k NET. They're not gonna double their income with 100k gross.

He said 50k NET. They're not gonna double their income with 100k gross.

Ummm... How so? Assuming they file married jointly and don't have a ton of deductions... insurance and taxes (State, Federal, FICO, etc, etc) are going to eat up somewhere around 25 to 30 thousand... so that 100k gross is starting to look more like 70k NET? Am I missing something?

He said 50k NET. They're not gonna double their income with 100k gross.

Ummm... How so? Assuming they file married jointly and don't have a ton of deductions... insurance and taxes (State, Federal, FICO, etc, etc) are going to eat up somewhere around 25 to 30 thousand... so that 100k gross is starting to look more like 70k NET? Am I missing something?

I have a friend running ALL the time in his own truck and he has shown me that he makes 160 K NET yr , so I'm thinking 150 net is within reach running team .

It's strongly suggested you run as a company-team for awhile, until you get the hang of the business - BEFORE GOING ALL IN and purchasing equipment.

Put the net of your real estate sale in a CD/Money Market account, and let it earn instead of burn for that year.

It is not inconceivable for someone with their own rig, SOLID BUSINESS ACUMEN and INCREDIBLE FREIGHT CONNECTIONS to net $100K+. But you're not going to see this leased on to someone, and certainly not in your first year (or 2 or 3) of business.

Aside from the vagaries of the business itself - trucks are NOT INEXPENSIVE TO PURCHASE OR MAINTAIN. That "great deal" you see on trucktrader, might be 20K miles away from needing a $30K in-frame-rebuild.

So, instead of throwing your savings into what could turn out to be a "bottomless pit" - go drive someone else equipment for a year - see if you and the wife are REALLY CUT OUT for the lifestyle. Because trucking is WAY MORE than "just driving a truck" - and the business-end of it is likewise.

After a year, if you still like it (and it turns out that you have to LOVE IT, because most that "just like it", don't like it enough to STAY IN IT) - start researching some of the "lease/own" deals that the better companies have out there (that is - the ones that hire EXPERIENCED DRIVERS, not the ones that sucker inexperienced ones into leasing). If you're just doing it for "research purposes", do a "walk away lease" - so you can see the REALITY of owning your own equipment (even though 8/10 lease guys NEVER get to actually own their truck - or if they do - by the TIME THEY DO, the truck is due for some major maintenance expenses, in order to keep it on the road).

There are a number of "permutations" that people who own their own equipment can take (leasing onto a company, or going out with your own MC#). I'd be interested in hearing more about how "your friend" is running - where he NETS $160K. I know a number of successful solo O/O's, that aren't coming close to that, though they regularly do $100K net.

Rick

Redd, I'm sure that it may seem that some of the drivers here are trying to discourage you, but they are sincerely trying to give you some good sound advice. In the trucking industry, things rarely come easy, and to a new driver, it can become overwhelming rather quickly.

Add to the mix a partner who is going to need to be gung-ho and continue to be gung-ho for the long run, the advice to not become an owner operator straight out of school is very sound advice.

If you are going to get into trucking and stay in, you want your goals your first couple years to actually be achievable.

Also, you should probably plan on grossing $20,000 to $25,000 your first year, just so you don't end up shell shocked when the deposits start hitting your bank account.

Hopefully you can turn your dreams into reality if you can navigate the obstacles the first couple years.