What did I get my self in to?

[travistodd1]

So I recently had a great idea...I bought a dump truck. Here is my thought process, flawed as it may be. I have been looking for a way to make some extra money for my family and I. I grew up on a farm and have operated all kinds of heavy equipment and can pretty much drive anything. The problem was, I never really needed a CDL in such a rurl area so I never got one. I am now in the process and will have it shortly. My schedule will allow me to work my full time job and operate a truck 3 days a week.

So I had been pondering this wonderful idea for a couple of days and as fate would have it stumbled in to one of those deals that I feel was so good I had to jump or loose out on it all together.

I stumbled in to a guy who had a 1995 Mack RB690S 10 wheel dump truck for sale....cheap! He needed the money and the truck needed a little love. It is sounds and runs great! All brakes, hydraulics, lights, gauges and most other important things seem to operate as they should. I have a couple of brake lines that I feel should be replaced and it will need all 10 tires. Luckily, I think I can put a very good used set on it for about $1,500. to $2,000. A little cleaning and polishing and it should be ready to hit the road. After going to the local DMV and nearly falling out of my chair when I went to register it I went to insure it. The original quote that I received nearly trippled! I don't know why it was suddenly so expensive but I am starting to think that I may have bitten off more that I can chew. The truck will be paid for but the whole key to making money on this was low overhead. If I am going to be paying several hundred dollars a month for insurance, several hundred for registration and the total price that I will have in the truck I am starting to wonder.

I am in the truck $5k right now not including the registration. Anyone have any sugestions?

Thanks

Travis

[hatcity]

Do you have work lined up yet?

They didn't mention the HHT-IRS form 2290 due July I think

$2000 for a good set of USED? tires. I hope the dealer will stand by them

You get what you payed for

Auto liability insurance? General liability?

Being into it $5k right now is not bad. You may want to try to save for major breakdowns.

What is the REAL history of the truck?

[travistodd1]

There are lots of used tire places around here and I can get pretty good deals. My thoughts are I would just like a set that will last me long enough to get this thing up and going. If it looks promising I can go out and get new tires that should last me a very long time. I am avoiding re-caps because I just dont see it being a good idea on a dump truck.

I am looking at all insurance options right now and the bsolute chepest I have found is $282 a month. If I had this up and running full time that would not be a bad deal I guess but I suspect it will be slow to start. I have some very good leads on work right now but I have not comitted to anyone until I have the truck ready to go.

And now it seems I have something else to check in to, Im not famaler with the IRS form that you just mentioned...probably another expense to deal with.

[hatcity]

2290 is based on the gross wt rating that you are registered for.

In Florida, you have to have the form to re-new registration.

That way you register the truck for X wt and pay same tax.

If caught over that wt by DOT, well that will cost also.

You stated the truck runs good. Was that empty or loaded?

I would really look into getting work lined up.

10 wheeler may be good for delivering stone,sand, etc. to homes.

Most of the time, tri-axles would be for hauling. More yardage per trip.

Yes fuel is dropping right now. But how long before it makes a jump up. That could be your profit going into the tank. So price yourself accordingly

Tires, if they are in good shape, how do you really know. Caps aren't bad if running local. Y'all get hot roads out there. I run caps only because I mostly work local, and if I gross over 50,000, its heavy

[lucerne tractor]

2290 is the Federal heavy road use tax paid to the IRS. $500.00 last year, $550.00 this year I believe. Don't insure the truck, just get liability. They won't give you anything if you wreck it anyway. Cargo insurance you don't need, if you flip it, you can afford to buy another load of dirt. If it makes you feel any better, my insurance is almost $800.00 a month on a perfect record. It is all calculated out so the trucker, who has the most invested, makes the least amount. The fed, state and local gov, insurance,truck manufacturer,parts supplier,repair shop,oil company, and DOT, do much better per dollar invested in your truck. If it is a hobby you will enjoy, consider it a bass boat,most hobbies aren't proffitable, maybe if you need the deductions? If you want to make money on the other hand,maybe sell garden vegatables road side. Trucks are all or none and then they are a poor investment.

[vision386]

2290 is the Federal heavy road use tax paid to the IRS. $500.00 last year, $550.00 this year I believe. Don't insure the truck, just get liability. They won't give you anything if you wreck it anyway. Cargo insurance you don't need, if you flip it, you can afford to buy another load of dirt. If it makes you feel any better, my insurance is almost $800.00 a month on a perfect record. It is all calculated out so the trucker, who has the most invested, makes the least amount. The fed, state and local gov, insurance,truck manufacturer,parts supplier,repair shop,oil company, and DOT, do much better per dollar invested in your truck. If it is a hobby you will enjoy, consider it a bass boat,most hobbies aren't proffitable, maybe if you need the deductions? If you want to make money on the other hand,maybe sell garden vegatables road side. Trucks are all or none and then they are a poor investment.

Got to tend to agree with that! could'nt have said it any better myself,now aint the time to get into a truck (anytruck) in my honest opinion...............................Mark

[travistodd1]

The only reason that I was looking at doing this is because of my particular area. There is actually a demand for it right now in my local area and does not seem to be a shortage of work. Thant being said, I don't know that there is enough in it for me to justify the expense involved and hours that I ill be using up. I was hoping to make this a profitable venture but am having second thoughts. Fortunately, I feel that with local truck prices being what they area I can make my money back easy enough on this rig.

[mowerman]

well,,,i think you will do ok,with dirt hauling,,,at least out here,,,it pays very well...its not as gypo as freight trucks have become,,best,of luck,,,wish you the best,,,best tip i can give save your money...as much as you can.and welcome to the site,,,enjoy..bob

[tboome]

I also just recently purchased a Mack CH 360 but for a septic business with my friend whos family has been in the business for 30 years but had just bled every dime out of it and not maintained their equipment. They had been using an independent insurance agency for their required truck insurance and were paying almost $4000.00 a year on a truck half the size of this one. We checked with State Farm as both of us have our private vehicles and homes insured through them and we were able to get an entire year for $1200.00 for the same amount of coverage. So shop around. It is well worth it and good luck to you.

[travistodd1]

Thanks for all the tips and info. I am still moving forward and taking care of the little things that it needs. I figure that it will need to be done if I sell it or keep it. It seems to have several minor things that I plan to address to get it up to spec.

[hatcity]

Any questions you may have, thats what we're here for.

[travistodd1]

How do I determine the GVWR on this thing? I found the sticker but there is nothing written in the space behind it. Its a 10 wheel with a 14 foot box. It has the Dayton rear type wheels and the standard 10 bolt type up front.

[milk hauler]

as far as weight, 34,000lbs for the tandems(rear axles) and 12,000lbs for the steer axle is standard (unless you have floats on the front- then the steer is 20,000lbs) so the gvw you should tag for is 46,000lbs (or 54,000 in the case of floats). as far as i know, you only have to pay the 2290 if you are tagging your truck for more than 56,000lbs, you should double check with your registrar to make sure before you shell out the $550. make sure you ask the right questions, the government will happily take your money and conveniently forget to mention that you do not have to give it to them. if you do need to pay the 2290, you will have to get a TIN (taxpayer identification number) to even pay it, you can't use your SSN. also, if you are operating " for higher" you will need either a state or federal operating authority. in ohio you can get a PUCO number for intra-state operation, but if you cross state lines, you also need a federal authority( MC number)

[slpwlker]

as far as weight, 34,000lbs for the tandems(rear axles) and 12,000lbs for the steer axle is standard (unless you have floats on the front- then the steer is 20,000lbs) so the gvw you should tag for is 46,000lbs (or 54,000 in the case of floats). as far as i know, you only have to pay the 2290 if you are tagging your truck for more than 56,000lbs, you should double check with your registrar to make sure before you shell out the $550. make sure you ask the right questions, the government will happily take your money and conveniently forget to mention that you do not have to give it to them. if you do need to pay the 2290, you will have to get a TIN (taxpayer identification number) to even pay it, you can't use your SSN. also, if you are operating " for higher" you will need either a state or federal operating authority. in ohio you can get a PUCO number for intra-state operation, but if you cross state lines, you also need a federal authority( MC number)

Keep this in mind. Just because you put floats on the front of the truck does not mean it can and will handle the weight. Bigger axles,and different steering set up. Frame is generally double framed also.if they check under the truck or check your door tag and it is a 12k axle and your at 20. get a shovel becuase your gonna be shoveling it to another truck. don't think Oh won't look either they look at everything when they stop you. Just rolled thru today and they had a truck in the rest area hood up I was like ugh

[Apple dog]

travistodd1 the old saying that if you own a truck you make alot of money. Now you can see there is not much money in trucking. Everytime you turn around someone has their hand out for some money.

Edited June 23, 2012 by jrbnelson

[Bollweevil]

The road use tax schedule starts at 55,000, and is prorated according to registered weight. Register for 54,000 and forget it, NO ROAD USE TAX.... You cannot get enough dirt in a 14 foot box to get in trouble.

[Bobby Covert]

Make up some business cards and or flyers. Place them in a couple of grocery stores. It is like baking a cake you have to wait for it to rise for it to be what it should be. Remember this If you do what you said you will do you will have more work that you can handle.

[Olivetroad]

It is like baking a cake you have to wait for it to rise

[lucerne tractor]

Keep this in mind. Just because you put floats on the front of the truck does not mean it can and will handle the weight. Bigger axles,and different steering set up. Frame is generally double framed also.if they check under the truck or check your door tag and it is a 12k axle and your at 20. get a shovel becuase your gonna be shoveling it to another truck. don't think Oh won't look either they look at everything when they stop you. Just rolled thru today and they had a truck in the rest area hood up I was like ugh

!00% correct, floats are liked by dot but front axle weight is was counts. If it's a tandem dump 14600 to 20000 front would be nice. 46 rears also. If you run air ride and light rears they don't have the diagonal strength and you will find yourself swaying in the corners or crowned roads, I have seen some so bad I backed off to give myself room to get around them when they flopped.

[lucerne tractor]

A few +'s insurace is cheaper since there is no cargo and I wouldn't do collision either. No log books, only fuel tax and you only need to ifta 1 state so you shouldn't have to pay anything quartly. Don't forget mulch,pea stone, rock,crushed stone,all that pretty stuff, people love it and pay good for it. Add to the per yard cost as any business does when they sell a product plus your trucking charge. Find a good supplier of different materials. Learn what good packing gravel looks and feels like, one bad driveway isn't a good thing. What goes around foundations, under slabs,etc.