I will try to make this brief as a courtesy... I used to run a nonprofit organization that occasionally needed a truck and someone to drive it, so I bought a truck and trailer, learned to drive it, and got my CDL -- not the usual track but it worked for me and for my org. Truck is financed, trailer is paid off. But now, for reasons unrelated to my org's purchase of said truck and trailer, I am closing down. I won't go into detail on how the asset transfer works (it's all legal and ethical), but long story short, I own the truck and trailer, and have no job. I thought about selling them, but I know as soon as I do I'll regret it. So I decided to hold onto them, but then I began to think it would be pretty stupid to have this rig parked somewhere instead of out earning money, especially when I need a new job. Trailer is an older reefer -- not in awful shape but I think I can swap it for a dry van in better condition, unless of course I can make more money with a reefer. So here's where I am: I have very little experience, but I do have my own truck and trailer and a few long hauls under my belt. I am on the west coast, pretty flexible about where my home base is. I just moved from WA to southern CA, but I am not in a long-term living situation, so I can move wherever, but prefer to stay on the west coast. Truck is registered in WA. I am entrepreneurial by nature, and I know how to run a business, but I don't know much about the trucking business. That said, I am a fast learner. So with all that in mind, what do I need to know? Any threads you can point me to? I basically want to work my butt off and make as much money as I can. Primarily I am wondering if I'm better off starting a new company and working with a dispatch service or working for someone else, and I don't yet know the ins and outs of it all. Thanks in advance. -Steve

 

You may consider leasing on with a carrier. Most will require a minimum amount of experience, but it is worth the try, providing you want to keep your truck and trailer. Living in California, there are age restrictions for reefers and trucks. If you want to lease to a carrier, you could check with Gilner. They are based in Idaho and pull reefers. Rates seem pretty decent and they pay percentage. Most carriers prefer those with at least 6-12 months of otr experience. There are a number of carriers listed on this forum under company listings that has the minimum hiring requirements. If you want to learn about driving otr, then you could get with a carrier that does training. You have options, but it is a matter of deciding what you want to do and then move in that direction.

 

Thanks for the tip. I will look into them. Worst case scenario, if no one will hire me because of my inexperience, can I carry my own operating authority and contract with a dispatch company? I have my own DOT# now so I'm familiar with how all that goes, albeit as a private carrier, so I'm sure I would have to do more paperwork. But in that scenario can I realistically be working steadily? I realize I'd be assuming all the liability and all the overhead, but I'm already doing that now and not making any return. Is there a significant benefit in leasing on with another carrier as opposed to just starting a trucking company?

In case it's not apparent, I'm kind of wired to be an entrepreneur more than an employee, but maybe I need a reality check?

 

[QUOTE=scm;529141]I will try to make this brief as a courtesy...
.........Trailer is an older reefer -- not in awful shape but I think I can swap it for a dry van in better condition, unless of course I can make more money with a reefer.

You can make good money hauling reefers out of Colorado....... as long as you don't get caught!!

 

It depends. The main benefit is a customer base, also a lot less "office" work. You also could learn some ropes with less risk. But in your case scenario, i'd recommend to get your own #. You've said you are a businessman and quick learner, that's a good combination.

 

Useless, good to see you are still here!

 

I think you should sell the equipment, and if you still want to try trucking for a living, get hired on somewhere as a company driver and learn the trade.

scm… stay a member here and you will learn much. …just don't listen to these other guys.

 

Look over this web page Welcome to SummersAgency.com! then give Donny a call and just chat with him for a few minutes. He is honest and a straight shooter and will tell if your ideas are good or bad.

I have been working with him for over 3 years and couldn't be happier with the service.

 

The reason I suggested leasing on to a carrier rather than getting your own authority at this point is your lack of experience. It would be a way to transition to getting your authority while you learn the business. On the other hand, if you are a quick learner and have some money set aside to run on, then you could get your own authority. Unless you have at least 6-12 months experience, most carriers are hesitant to sign a contract with an owner operator.

Running your own authority is not rocket science. You need some money to get started and a lot of initiative. It costs $300 for the authority. The big cost is insurance. Most require about 20% down and then monthly payments. There are quarterly IFTA filings. A few states also require quarterly filings, such as New York, Kentucky and New Mexico. You don't need to worry about those states unless you plan on running in them. Probably the two most challenging aspects of running your authority are finding, negotiating decent rates and booking the load. Another is billing and collections. You either need to have the money to run your business until the money begins to come back in, factor receivables or work with brokers who offer quick pay. Quick pay is where the broker discounts the rate (usually 1 1/2-3%) to pay you in a short amount of time. Most pay in 24-48 hours from the time they receive your bills and invoice. Cash flow can kill your business. Or I should say the lack of cash flow can kill your business. Anyone who owns trucks should know their breakeven point. There are dispatch services around. JB Hunt and a few other major carriers will allow those with their own authority to pull their trailers. You should be able to get your money quickly with this type of arrangement. Rates are not great, but they will find your loads and all you have to do is drive the truck to the destination and then drop and hook. If you want to pull your own trailer and not look for your own loads, there are dispatch services around. Fees and the level of competency vary. Sometimes, you need to just jump into the water and sink or swim.

 

Oregon requires an account to.

Leasing would be an excellent place to start and learn the trade since you already own the equipment. I sold my dry van and bought a reefer because of better revenue averaging almost 35-40 cents per mile over dry van.