You should mention the percentage the company charges as well as quarterly taxes so o/o get a more complete picture. Thanks for the comparison of two companies and some of the “junk fees” some charge.
@@MakeMoneyTrucking I'm still looking to get my CDL A and start with wilson just waiting on getting my permit first. Had to book my appointment two months in advance because it was the only time available lol. So my 2 cents probably doesn't mean much. But if it's the dispatching you don't want to deal with you can always hire a dispatching service and still have more profit. I'm all research and no experience though so I guess I'll learn. Butt I'm extremely good with money and business.
@@MotoVlog-lh9td alot of it comes down to the type of work you want to do or the type of work you can find. I haul hazmat so my only option is to lease on under someone else's authority and the added pay for hazmat usually makes up for the pay I would be making with my own Authority and DOT. Hazmat Authority and insurance is way too expensive for just one person as an owner operator. I have had and still have my own authority and dot with my other company it is just not used anymore.
This was really helpful. We currently have our own authority, but we're thinking about leasing on to a company. I needed to know more about the fees to see if it's worth it. Thanks!
I have to admit, this videos and others, have given me every reason not to lease with a carrier. To many expenses they take out. Plus, you didnt have in here your truck lease payment
This is not the same as a lease to purchase program. I am talking about leasing onto a company to run under there authority and dot but with your own truck. That's how most hazmat haulers operate you come with your own truck and you use either your own trailer or use there's for a fee or lower rate
@@MakeMoneyTrucking Interesting. If that is the case, why not jut operate under your own authority if you have your own truck? Not being a wise guy, just don't understand. A third party taking all these fees out just does not make sense. Especially insurance, breakdown etc.
@@tonygaga1540 when it comes to hazmat hauling getting your own hazmat authority would cost way too much to justify with just having one truck or a couple trucks
For bobtail I don't believe I had to put anything down. Now with the policy for my own dot and authority they run a credit check and I put down 10 percent
Very helpful video. I’m going from my own authority to leasing on to a small company and am researching what is common practice in lease agreements. Did you have to contact anyone when you stopped using your DOT and MC numbers? I know when I take insurance off of my truck my MC number will “go to sleep” so to speak.
Yes correct you don't have to do anything only thing is in the future like a couple years you just have to re activate it which is no big deal takes a couple weeks and about 600 dollars to have 3rd party company re activate it
Yeah. I m thinking LEASING instead renting, thru Ryder or Penske. and you could write that off on ur taxes. They have maintenance programs as well. That way you could have brand new or slightly used semi truck every few yrs without headache.. All the best bro ..
@@ajdasa6169 it all depends on the cost of the lease and how much your making hauling whatever your hauling. If the numbers make sense than it is an option
Been driving for 4 years now, i want to get a tractor n start by my own. But sht im scared to do it. How much would it take, after buying the truck to start getting leased onto a company, im 26 n want to start as soon as I can
I have a unique situation and wondering if you can help answer this I'm semi retiring in 1 yr and want to haul RV's. I've already purchased my truck or tractor which is a 2006 pre-emissions Freightliner SportChassis 106 that will be stored until I start this new venture. I registered it under my name with the State and paid sales tax but no license plate yet. I was just told because its in my name that I may be required to pay sales tax again when I get Apportioned license plates.... I assume if I want it in a company name that I may have to come up with. My question is as a semi retiree not too concerned with tax write offs....can I get Apportioned plates as an owner operator and not pay Sales Tax again? Or doI need to pay the Sales tax again and come up with a company name and lease the truck to my company.....where ill get a tax write off to offset this? Thanks
I'm not 100 percent sure on the exact tax situation but usually the apportioned plates is the tax so they might take off some fees if you already paid tax on the purchase. As with commercial vehicles if your using it for your business you can write off everything regardless if its in you name or companies name. If your the owner of that company or have an LLC. For example one of my semi truck is registered under my personal name but I still write off any expenses because I'm using it for business. As long as you are the sole owner of that business. Hopefully that helps and talk to you state's apportioned plates office to find out about the tax payment stuff.
Hello dear, I would like some help here if I may please ask, what do you need to lease your truck onto a carrier?? Obviously the truck, but what paper work? Do I need my own LLC any types of permits? What’s the paper work needed? Thank you in advance.
You will need an LLC or just a name doing business as yourself. They will want a 2290 possibly plates but some will get plates and charge you back for them. They will want a direct deposit form. An annual inspection for your truck as well as a scale ticket some want to see a title or proof of purchase on semi. Also you will need bobtail or insurance on semi if they don't offer it
I dont know of all the companies it depends on where you live where you wanna work and what kind of work you want to do. Do you want to be local or over the road. You will need to talk to companies and vet them.
Depends on the contract or agreement you signed before going to work there. Many contracts will state the rate that is given by contractor or leaser to lease is the rate. Some will say that company does not and will not release rate or what they charge for the load to customer. This is common in trucking industry I don't know that its illegal just bad practice. When I lease on I'm usually given a rate sheet and told that's what it is take it or leave it I usually don't know what company makes for the loads I haul just what I make.
Thats cause hes stealing money from you. You shouldnt be doing business with anybody that wont show you what the load is actually paying. If there was nothing to hide and you guys are doing good business together and building trust. That wouldn't be a problem. Not only should you leave. You should get DOT to run through there
Usually doesn't cost anything. They take there expenses out when they pay you which is usually for insurance admin and eld ect.. or they tell you you get 75percent they keep 25percent
hey man came across your page and have been glued to it for the past 2 hours or so. Im 26 and been driving for 6 years. Really been having the desire to become and O/O but im so worried about the costs and constant break downs of the trucks. Im starting from $0 right now and feeling overwhelmed as to where to even start. Trucking companies in NJ all pay next to nothing for drivers. How long did it take you to go from Company to O/O?
It took me around 2 to 2 and a half years to become an owner operator. Right now I would make sure the trucking job you have is stable and will last through this economic down turn. Then save your money you need some money to become an owner operator. Hang in there💪 try to find better paying driving job even if you have to relocate. Things will hopefully turn around soon. Watch my videos or comment any more questions.. Good luck 👍
Hey whats up I love your channel I just bought a truck and its been hard to find a company to lease on to with only 1 year experience. Do you have any ideas 💡 to help me out ?
@@XxBringBackThePastxX it might work but it might not make as much money as you think or are hoping just be prepared to pull the plug if it's not making a lot of money or costing you too much money
@@MakeMoneyTrucking interesting I appreciate the response, my cousin is pretty thorough with business and it’s working well for him, he’s getting about 10 trucks and has guaranteed work and has given me a rundown of everything it will cost me and it’s not bad imo to pretty much do nothing lol
@@XxBringBackThePastxX that sounds good usually guys find most success driving there own truck as well as having maybe 1 or 2 more.. but just being realistic I have a video on this subject it can work but just might not produce as much as you might think or want due to so many un forsence draw backs break downs maintenance driver problems. Usually you need about 5 to 10 trucks plus to scale if your not going to be driving. Good luck keep me updated in the comments how it goes
You want to look for companies that take on owner operators or leasers. If you have the experience with your cdl stick to specialized industries that's where the money is at.
@@weylandthomas9031 right now is definitely a slow time but after things return to normal, I suggest heavy haul oversized loads, flatbed, stepdeck, lowboy for equipment, oilfield once oil prices recover a little, construction end dump belly dump or side dump, hauling anything hazmat related or fertilizer.
@@MakeMoneyTrucking I have a. Truck and driver that works for me and am leased on to a company, I am trying to figure if I have to deduct my car nots payment as expense before paying my driver.
Usually a few days if you have everything ready to go like insurance plates cab card ect.. Waiting on drug test and background check if they do one. You have to add them on your bobtail or insurance policy as additional insured. Sometimes they require some type or orientation in the form of online videos and tests.
Please let me know what is the average income in general by purchasing a long haul truck (cash) and hire a driver.....what is the income difference between new truck and used one in this case?
Thanks for the informative video. I have a question (sorry, it might be a stupid question but since you didn't mention in the video), the numbers that you showed do not include the salary for the driver right? Are there any leased-on carriers that have the drivers as well, so we don't have to worry about hiring drivers?
Some carriers might hire drivers for owner operators but it doesn't usually work that way. No the expenses does not count company driver wages that was just for a single owner operator so you would have to take driver pay expenses out of that.
@@MakeMoneyTrucking Thanks. And also these costs dont include monthly payments for the truck either right? In this case, If one wants to finance a truck and hire a driver for a lease-on contract, he would basically loose money I suppose.
I have a question im leasing on to company but hiring a driver to drive for me. What would you recommend cpm if the driver driving 3000 miles a week. I know that i can offer whatever but your opinion would be appreciated.
You need to find out current market rates and match that. Then Incentivize driver that if he or she does well you will raise pay after 30 or 90 days your choice. The driver needs to prove themselves before raise happens though.
@@MakeMoneyTrucking thank you sir. Ive been asking folks for the last 2 days nothing but vauge answers, one even flipped on me. Im super new just bought a truck that's already to go, im looking to interview this week. Thanks again. Ps i subscribed to your channel
That might work but most companies want you to at least have a cdl and be able to operate the truck just in case. The money won't be that good once you pay the expenses and drivers salary your left with very little.
@@MakeMoneyTrucking Im investor Im into computers Cyber Security I never was into driving I can drive more than 6 hours without getting sleepy and tired im just looking at it from an investor or real East or stock if I had 5 trucks on the road vs 1 truck on the road vs 10 trucks the road
Hi,iwant to buy a truck and hire a driver to lease to a good company.how much profit I will get per month ,after deducting the whole month s experience only related with the truck and driver.I want a ruff idea,how much I can save???
I need to find a trucking company to lease on where do you find those companies how much money do break even and just have a truck company Did you lose money take loss?
Need to make around 250 a day to break even at least for me. I usually don't take a loss but it is possible when you break down some weeks or slow weeks.
@@MakeMoneyTrucking Thanks for prompt reply. In such cases what will be the range of income per week for an owner operator who has no payment of loan for the truck.
That sounds a little high usually I pay about 250 to 300 per month for my bobtail and the company I lease to charges around 400 to 700 per month for insurance under there hazmat authority thats on the high end due to it being umbrella hazmat coverage
I dont know why they would charge that much I never paid that much even with my own authority and dot the bobtail plus general liability was around 1200 month
@@MakeMoneyTrucking he can charge whatever he wants i guess if you want to lease on enough im thinking about just getting my own authority and insurance and just pay him 10% to book my loads?
