Looking for advice

[LDB]

Where is this highly experienced team coming from? Are they with the carrier you are leasing to? If not, although quite experienced overall, they are going to be just as green as any other rookie as far as that carrier's systems and zones. Are they prior expediters or one of the many t/t otr teams that are migrating to expediting? The same applies.

For some reason it seems you are dead set on owning a truck. That's fine but I just can't understand why you want this as your hobby rather than an almost totally safe, almost absolutely guaranteed double digit return from a good growth stock mutual fund. Have you ever thought about ham radio or remote control race cars or a musical instrument or stamp/coin collecting or some other hobby instead of hands off truck ownership?

I'm not trying to pick on you but it just seems this is a poor match up and should be reconsidered. Good luck either way.

Leo Bricker, 73's K5LDB
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Owner, Panther trucks 5508, 5509, 5641
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[pelicn]

x06col is correct.
I can only use our experiences as an example. Our owner is extremely experienced in this business, he is "hands off", he pays well, and he also offers a chance to buy the truck before he sells it. That being said, on the surface, it sounds like what you want to do. The difference, he does know this business and you wanted an example of why YOU would need to know.
He had a team in one of his trucks that didn't think there was anything wrong with using his truck to move personal items. When he discovered what was happening, that team was fired. He found out, because although he doesn't micro manage his drivers, he does know what's going on. In that example, do you know why the truck wasn't able to be used in that manner?

 

[sbkirk6639]

Wow...some good, thought -provoking responses. I'll try to answer one at a time and hope it makes sense.

LDB...yes, the team would come from the carrier,or at least at the recommendation of the carrier
The idea of growth mutual funds would be good for someone who is in his working years trying to accumulate for retirement. I am already retired and looking to supplement my income. This is definitely NOT a hobby. As one who sold mutual funds for a living, they do not generate the kind of return I'm looking for.

Pelicn...When I said"hands-off", I didn't mean being totally ignorant of what was happening to my truck. I simply meant that I didn't want to be involved in the day to day operation of the truck. If for example, dispatch missed a load on the settlement sheet, and the driver wasn't paid for that load, don't call me-call the dispatcher. I would send a copy of the settlement sheet to the driver with his check. Part of his job, I would think, would be to check his records against the company's.

 

[sbkirk6639]

Pelicn...I'm curious. Why wasn't it a good idea for the team to move personal items? Seems like something I would have no objection to. I just ended my sentence with a preposition, but can't think of another way to say it (to which I would have no objection?) Nah

 

[x06col]

Moving household goods, by a non household mover IS a LARGE no,no as the DOT sees it. Could get your truck taken away in a quick swoop. Seemingly simple matters like this are what get folks like you in difficulties. You really need to understand that most even "good teams" don't know the nitty gritty rules, and for the most part don't really don't care if it dosen't directly and immediately affect their paycheck. Some really could care less if you'd loose your truck, they would just move on to the next one. They are used to it. If you think your occupation was regulated, you haven't seen anything yet.

 

[LDB]

Well, I can understand your thoughts although after all the expenses and depreciation involved I believe mutual funds would equal the return, or at least come close without the hassles.

On to your reasoning. I understand your idea however there are problems with it. The biggest problem is the pool of candidates are going to be almost exclusively from outside your carrier not within. The other problem is that recruiting's goal is to sign on drivers. Just because they recommend someone doesn't mean they're any good. They have a revolving door at orientation and it's all about how many cattle can be herded through the gate, not how many stay in the corral.

Let's give benefit of the doubt and say they do actually accidentally refer a good team to you. The odds say they're from outside your carrier so we're back to them being brand new with no experience. They just delivered Thu morning in K.C., what do they do? Make that Tue morning, what now? How about Sat. morning? They only know where Acme company has freight on which days, they've never run for Widgets R Us. They're looking to you for advice.

They don't need advice. They made the run ok and knew where to go. Settlement time comes and you didn't get paid for that run. It isn't the driver's responsibility. The truck gets paid, not the driver. It's up to the truck owner to take care of pay. You still owe them no matter what. The quarterly maintenance report is due from the truck owner. Do you have all the receipts and info to complete it and send it in? These are just some of the things that are going to require you to get involved. This isn't a hands off business.

If not mutual funds, what about investor in a Subway franchise or other local business where you can truly be hands off and you can go by anonymously if you choose to whenever you want to see how things are going?

Leo Bricker, 73's K5LDB
OOIDA Life Member 677319, JOIN NOW
Owner, Panther trucks 5508, 5509, 5641
EO Forum Moderator
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Support the entire Constitution, not just the parts you like.

 

[LDB]

> Moving household goods, by a non household mover IS a
>LARGE no,no as the DOT sees it. Could get your truck taken
>away in a quick swoop. Seemingly simple matters like this
>are what get folks like you in difficulties. You really
>need to understand that most even "good teams" don't know
>the nitty gritty rules, and for the most part don't really
>don't care if it dosen't directly and immediately affect
>their paycheck. Some really could care less if you'd loose
>your truck, they would just move on to the next one. They
>are used to it. If you think your occupation was regulated,
>you haven't seen anything yet.

I forgot to address that one. Besides what the Col mentioned you most likely also wouldn't be insured. You almost assuredly will have your insurance through your carrier. It's active and in force while leased on and working for them. In the event of an accident while full of any type cargo not booked through them you will find yourself on your own. Everything you have could be at risk in that situation.

Leo Bricker, 73's K5LDB
OOIDA Life Member 677319, JOIN NOW
Owner, Panther trucks 5508, 5509, 5641
EO Forum Moderator
----------
Support the entire Constitution, not just the parts you like.

 

[arkjarhead]

i'm assuming my post got pulled. it was for the best and i trust the moderaters had the forum's best interest in mind in doing so. no hard feelings here for that. do what you have to do.
thanks

 

[Dreamer]

No offense Ark, just want to keep it on topic now that we got back there .



Dreamer
Forums Administrator


"Ability can take you to the top, but it takes Character to keep you there."

- Zig Ziglar

 

[arkjarhead]

i ran the figures. 750 a week every week for 3 years is 117k. If you buy a truck at 100k in 3 years you've made 17k. that's if you don't spend a dime on the truck. then at end of the 3 years it will be time to drop another 100k. so in all reality you could work part time as a greeter at wal mart and make more than 17k in 3 years. I'm not trying to be rude or insulting i'm just trying to be truthful. plus being a greeter at walmart will be a lot less stressful.I ran the walmart numbers. Mininum wage here is 6.50 so that's what i used. Assuming you work at mininum wage 20 hours a week for 3 years you will make before taxes 20,280. That's 3,280 dollars more than the truck idea, plus you still have your 100k in the bank or where ever drawing intrest and you can use it to supplement where you need it.

 

[highway star]

"Bang, Bang, Maxwell's silver hammer...":+

sb, you've been given great examples of the problems that could arise. Many of these I've seen and heard about happening in my years in the business. As someone with experience in investments, you understand the concept of a higher return involving greater risk. High risk is staring at you with wide, glassy eyes.

 

[pelicn]

I know this all sounds like doom and gloom, but what you're proposing to do is scary. You obviously wanted advice before you jumped into purchasing a truck, I hope that you heed it for the moment.

 

[x06col]

Ahh, er. Ark, we have a math problem here. Better get the eraser out. Believe $750 a week would be 750x52=39,000 a year x 3 yr. Anyway, yous guys help yourself to this one, i'm done splain'in.

 

[x06col]

#####. I have a math problem.

 

[sbkirk6639]

Thanks xO6, you've given me a ton to think about

 

[MOUNTAINMAN]

if i wuz going to be a truck owner i would not let anybody drive it for me especially someone i dont know.people can get friends that own trucks to lie and say they have years of exsperiance when in reallity they dont know one end of the truck from the other