Need advise on becoming an O/O

[Rookie at 53]

First of all please don't try to talk me out of becoming an O/O. Also, I do not want to lease out to anyone. I appreciate your concern but I don't have much of a choice. So my question is what are the next steps I need to take on getting myself up and running. I 've driven trucks on and off for 30 years. Have not driven a truck in the last 10 years. I got my CDL back and Passed my DOT physical. I'm in Texas and I want to drive in TX and the 5 state area and west. I know that is interstate and I would have to get a MC and DOT permits. Are there any other permits that I will need and what is the procedure for getting these permits? I know there are companies out there like Getloaded.com that offer a package to obtain these permits for you for a price. Is it worth paying someone to get these for me or am I better off getting them on my own? I have not purchased the truck yet I am waiting until after the first of the year.
Next: I am thinking about a 2004 Volvo auto shift. 460,000k miles the price is about $55,000.00. For a trailer I am thinking about a 48' step-deck or flatbed. And of course I'll need ins. Can anybody tell me anything else I'm overlooking before I take the plunge?

[DEVIL'S ADVOCATE]

I put the micro wave pop corn in and got the butter warmed up...

This is going to be gooooood!!!

Be good, Jim

[GMAN]

To start with, if you plan on getting your authority, you will be a carrier, not an owner operator. An owner operator leases his equipment to a carrier. Insurance will be the first obstacle to over come. Since you haven't driven a truck in 10 years and allowed your CDL to expire, that will be your first challenge. Some insurance companies want to see at least a couple of years of recent experience. They will check to see how long you have had your CDL before committing to cover you. Before you start spending money on equipment, you should first look at the insurance and see if you can get a policy.

If you plan on running interstate, you will need interstate authority from the Feds. The cost is $300. Some states require intrastate authority to pickup and deliver in the same state. Texas is one of those states. New Mexico requires a permit which costs $2/yr per truck. You can get trip permits, but that is more expensive. Colorado requires you to have the last 8 of your vin number on the side of the truck or stop at every scale to show them your paperwork. California requires you to obtain a state MC number if you do intrastate runs. Oregon requires you to either purchase trip permits or put up a $2,000 bond. There are changes to the SSR that are supposed to take place next year. We do not as yet know what those changes will be. Base plates and permits should run no more than $2,000. You will need to pay a 2290 and pay a fee for heavy highway use tax before you will be allowed to get your base plate, etc., I would also count on getting a business phone. Some states require you t have a business line before you can get your single state registration, etc.,

There are services which will do this for you, but everything can be done on line and you will only pay the state fee. DOT numbers are free, but some companies will charge you for the number. I assume that you have flat bed experience, since you plan on buying one. Unless you can find some used securement equipment, you will spend about $2,500 for tarps, binders, etc., in addition to the cost of your trailer.

I just got my authority and started running about 5 weeks ago. I've had to put out more than $6,000 from my own pocket and have not seen a check come in yet. I expecting at least one this week then a steady income after that but there is some cash you will need to survive while waiting. My truck cost me $39,000 and my flatbed cost me $17,000. When all was said and done with all the bells and whistles I'm into it for close to $100,000.

Fill up tanks (trucks come empty) $900
PM, inspection, check out head to toe. $1,000
Tarps $900
Insurance $6,000 to the moon!
Cash for running while waiting for checks to come in $10,000
Chains, binders, winches, edge protectors, straps, bungee $2,500

Wireless Internet, laptop, printer, scanner, fax, cables, inverter, TV, Mr. coffee, DVD player, stereo, CB, first aid kit, emergency triangles, flares, fire extinguishers, truck lettering, 10,000 little things that bug the crap out of you that you fix, mattress, sheets, pillows, comforter, blanket, floor mats, mirror on wall, smoke/CO detector, dust buster, steam clean inside of truck, GPS, new chrome steering wheel finished with fine walnut grain..(oops....wanted that...must have), paper towel dispenser hung on wall, automatic air freshener, cell phone, 2 load boards, 3 million faxed pages of agreements with brokers, hard hat, safety glasses, steel toed boots, winter work jump suit, summer coveralls, work jacket, extra oil, W/W fluid, fuses, head lights, tool kit, diapers, duct tape.

Not sure how much that all cost me but I'll tell you I was non stop making lists and running to the local truck store, ordering stuff on the Internet and hitting up Wally Mart.

I pretty much thought, buy a truck and trailer and your off. Now all my money is gone.

[mmiikkee]

What are the advantages of running under your own authority, because it sounds like a headache and a sea of uncertainty?

[Papa Rick]

First of all please don't try to talk me out of becoming an O/O.,

WOW that sounds like me 3 months ago! It didn't matter what anyone said to me, I was going to buy my Truck and Trailer and start my own business.

Well 3 months later, I did it, and am making it. But there is some difference between what you are planning on doing and my way. I bought a 1985 FLC Truck and Log Trailer, which was not very expensive to get started up with.

I have had minor problems since start up, nothing major, but enough to go through 10,000 from start to now.

Plates, Insurance, Registration, New steer and drive tires, etc,....., heck I spent $2000.00 trying to find vibration in my Truck, and nope I have not found it yet, just learned to live with it.

Would I go back and do it again! NO DOUBT ABOUT IT! It is great to be your own boss, until the money is tight and your wondering if you made a big mistake becoming a o/o, or you hear a ticking noise in your engine and worry it is going bad, but are relieved to find out it is only an injector that has to be replaced.

My advice to you would be read the post on this and other truck driver forums. Before you buy the Truck or Trailer, check around from different sale sources and see if this is a fair or bad price.

Pay the price of having the Truck checked out:

a. Dyno Test
b. Oil analyzed
c. maintenance records

If you are going to spend a good bit of dough, spend a little bit to ensure you are getting the best bang for your buck.