Okay be honest

[Prarysun]

>OK everybody has chimed in here with a DO NOT DO this
>deal.Your exposure is huge,you or your co driver could wind
>up with an illness that would keep you off the road for
>weeks. You are working for the truck and not for yourself.
>Step back and reconsider.
>
>There is a member of EO that I communicate with by Phone and
>E mail. He is putting on a $28,500 reefer unit and will be
>an outside contractor for Fedex,Panther, and LEA. This type
>of operation makes big bucks with a minimum investment. If
>things go bad he has no huge payment hanging over his head
>and could walk away if he had to. This is the way to go.
Please expand on that post, a reefer for 28K doing loads for major expedite co's, how? Are they independant, how does he walk away from any obligation? thanks





















Dianne

 

[garman351]

(Thermagicoen)
You were busy running your but off in January last year?
What is your secret?

I do not beleive your story at all.

Garman351

 

[greg334]

I guess I have a dumb question, how long have you been in this line of work?

I mean not to belittle you but I can't see a capital investment of $130K for anything unless you have at least a few years and know the ups and downs.

My truck(s) payment is 28% of yours and I had to jump hoops to get that all aranged with none existing credit. Yes I got help, and if I miss one payment the bank is the least of my worries. I went throught the numbers, I could not justify anything over $50K with my experience. OK I got a used truck and yes it has it's problems but hey I have much more flexiblity in my situation that you will ever have with yours. I think the problem is I can deal with the breakdowns, the going 65 MPH all the time, the 8 to 10 MPG and pay my loan off in two years.

 

[themagicoen]

Ive ran my own business doing 1099 work for 6 years, driving for the last 1. Been to driving school. Ever since I dropped out of school after 14, passed GED test at 98% in 2 hours (normal time is 8-10) at 15, Started college hatted that, joined military and left right after my 17th birthday, discharged for medical reason before I was even 18 and since then I've done my own things. I'm a VERY smart person... Okay enough of tooting my own horn...

On the issue of the 07 - all trucks sold before 1/1/07 don't have new emissions - even the 07's, 2nd gen 07 after 1/1/07 will have it though.

 

[terryandrene]

Magicoen:

Okay be Honest. I count 12 well meaning folks that seem to be honest with their replies to your request to be honest. Each of these folks have been cautioning you about the venture which you seem determined to enter regardless of the advice to reevaluate your business plan.

Okay be honest...Are you and your cosigner still comfortable enough with your plan to leap into this business, despite the advice?

 

[davebeckym]

The 6 year old problem with your credit will disappear after 7. Wait a year and you may not need a cosigner, another good reason to wait. Best time to sign on a truck is right ahead of the busy season. June, August and September have been the best months for me over the last 5 years.

 

[greg334]

Sorry but I hope this doesn't offend you, doing 1099 work is not a qualifier for business experience. I too am smart, but I don't agree that this is a good thing.

I wonder who is really advising you, do you have an accountant?

or Lawyer?

did you check with them?

Don't laugh but do you have a business plan that is written in a form that the bank can use it?

I too did 1099 work but also owned and ran a few businesses with employees, insurance and dealing with the IRS issues. Balancing an ivestment of say $15,000 for IT or construction work (1099 work) is far easier and simpler than balancing a payment of $2K plus amonth, dealing with a $130K ticket and than having a co-signer to deal with IF you can't make a payment or two.

 

[Broompilot]

This is gona sound like I am a smart Azz here. But my recomendation is keep the yellow pages handy under A for Attorney one that specializes in Bankruptcy. 2,600 a month is gona be impossible to remain profitable every month a couple yes but probably only 50% of the time.

Someone is desperate to loan that much $ in a business they obviously know nothing about. With that said this is also why all those no $ down home loans with ballons are being foreclosed on in record #s right now.

PS those that have a paid for truck are $31,200 a year more profitable than you will be or cash in there pocket. Cash is King in any business, even if your gona live in the truck.

I could afford one heck of a home that is building equity, with just 30% of that payment. On second thought I AM.....

 

[raceman]

I could tell you stories but my experience has taught me folks getting into this business rarely listen and that included me. You are nuts if you do anything close to what you describe unless you are buying this more for a home instead of a business.
If you are doing this as a business, STOP! You are not mentally ready to run a business if any of what you are typing actually makes sence to you.
I wish you the best of luck but the way to get in new is with very low overhead, learn it then you can do what you please and you will to it with knowledge and succede not the lack of and fail.


Raceman
Dedicated O/O
OOIDA 741748

 

[garman351]

(THEMAGICOEN)
Dont be modest tell us about yourself?
Garman351

 

[jaminjim]

Step away from the I wants for a minute. Just because there were no major breakdowns, or tire repairs, or tow bills, cracked windshields, stolen fuel tank lids, broken headlight lens on the truck you drove does not mean they won't happen when your co-driver stays home or quits. ( you did not mention weather all of the income will be split between you and Joe shome or your wife/girlfried ) That maks a LARGE difference. It's great that you ran the numbers, but some are not that good for future numders. No tire maint. number of oil service's seemed very few and far between.

Step away put the check book down and build up some more money, and make a bigger down payment on something you can make money with.