QuestionI have a chance to rent a truck from a business owner who does not use it. He is not in the trucking industry, but understands the difficulties a Owner/Operator faces. Although old, the truck is solid and has less than 500k miles.
He has agreed to price it by the mile. I wanted my rent to be able to decrease if I don't get as many miles as expected or if I take time off. In exchange I would have a tractor, decent 53' dry van, and 48' flat bed for use at my discretion. I would pay .12/mile and would budget about $1,000/month for tires, maintenance, and repairs. Eventually he will need all the equipment back, but not until I have had enough time to save cash for my own tractor. (used) At that point he will be operating seasonally and I could continue renting his truck as a second vehicle using his (good) driver during his 8 month off season.
This "plan" seems to me to be the most responsible way to get into the owner/operator business. I've seen way to many people become captive in their truck for months on end just because they wanted big, nice, fast right away. I'm old school. I can "suffer" with a small sleeper on a C/O until I have cash for a little better truck. Am I on the right path?
AnswerSounds like you have a plan.
Make sure you have good business advisers, an accountant and lawyer to protect your interests.
Check here if you need an attorney:
https://tlamember.goamp.com/Net/TLAWCM/Lawyer_Locator/TLAWCM/LawyerLocator.aspx?hkey=9de5f1ea-b699-4b05-bbb8-b8c427bbfc5a
Best of luck.
Jim
