I have an opportunity to get a f450 and a variety of trailers (dump trailers, car haulers, 20-40ft tilt). $30k would get me the truck (18k miles) and two trailers. I work full time but am about 80 percent remote so I have free time.
Ideas:
1. Sell the truck and trailers and make quick cash. Dealer offered 30k for the truck alone.
Start a hotshot business since I would have all the equipment and do it as a side hustle.
Rent out the trailers and be able to provide delivery.
@honeybeezzz I think the easiest thing is to just sell the equipment. True hot shot driving is not something you can easily do as a side hustle with already having a full time job. Sure, you can get a load from one place to another, but are you willing to pay for the fuel to drive back home without another load? Are you willing and able to stay out on the road until you get a return load close to home? Although you have the equipment, do you have a commercial driver’s license? You need one to be a hot shot driver. Do you have any commercial driving experience? If you don’t, start calling around to see how much insurance is for you. It will probably be eye opening. You will also need to get a DOT number as well. The only thing I think you could do with your situation is junk hauling, but that business lends itself to a “race to the bottom” with regards to price.
@brokenwings88 I agree that would be the easiest. I would also think that’s I could make 30k from the equipment in 2 years which would pay off the assests
@honeybeezzz Who is renting the trailers? I can go to Uhaul and rent a 6x12 cargo for 30 bucks a day. There are lots of places renting bigger trailers, dump trailers. And trailers are generally pretty cheap to just buy, especially for construction companies. Not trying to talk you out of it, just questions to think about to see where you would sit in the market. Are you competing on price? Is delivery the main thing you are selling? Most people who need trailers have a truck so delivery is decent but not make or break.
Then how do you plan on actually finding customers to rent to? Website, GMB? Obviously typing trailer rental will being up uhaul and the big construction rental companies.
@spantax I guess that's a market, your obvious competition being roll off dumpsters with much bigger cubic yardage. So you need to know the price they charge and then see how you can make your service more attractive. You have to compete with insurance costs, unsecure loads, mixed loads and dump fees and price accordingly, on top of figuring out if this gig is worth it.
@ecign8 In my area it’s $50 for a ton and they are very loose on that. Definitely not any competition that could beat my price because I’m it it so cheap
@ecign8 I briefly looked into this and the insurance was just obscene for a start up doing this without a proven safety record. Even then you’re trying to insure it for people you don’t have a history on really so it’s probably going to stay high.
@ecign8 Thanks for the input! I live in the mountains in Colorado and there’s no place to get big trailers or dump trailers. My cost on the trailers is so cheap that I only need to make $700 a month to break even.
@rupereta It’s not that “I really want to” but because two big trips would put me in the green. Just need the truck and trailers to profit 30k so the assets are paid off
@honeybeezzz You could lease your equipment onto a larger company (oilfield hotshot pipe is pretty decent). That way when your driver you stick in the truck is being a bitch. You hop in. Otherwise keep him steady and shuffle paperwork.
