# Do banks honor trucker driver's income for mortgage?



## Pax_Buster (Apr 2, 2019)

I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


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## mbd (Aug 27, 2018)

Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


You can only drive certain number of hours , so upside is limited for the first 3 years. Once you have experience, you can get your own truck and make over 15,000 a month.


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## sellkatsell44 (Oct 25, 2015)

It’s harder to get a mortgage when you’re 1099 vs W2. It’s not a matter of you being an uber 1099 or graphic designer 1099 it’s about the ability to repay a loan and your income on uber is not going to realistically support a mortgage and all the other expenses unless you put up a bigger down payment then you might find a bank that will play if you show consistency, bank statements, credit score, etc.

trucker is not just anyone can sign up and drive.

You’re better off if you put more than 50% as down payment or getting a job with good income for 2 years.


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## SHalester (Aug 25, 2019)

I've asked you before if you had a relationship with a bank? It is pretty easy to see if you can get 'pre-qualified' for a mortgage loan. Note a prequal is kinda useless if you go searching for a house as it is very far from being actually approved.


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## Pax_Buster (Apr 2, 2019)

mbd said:


> You can only drive certain number of hours , so upside is limited for the first 3 years. Once you have experience, you can get your own truck and make over 15,000 a month.


For $15000/month I don't mind being a truck driver for the rest of my life. That's crazy amount of money. I don't want some stupid office job. How much does a truck cost? I am sure I can finance one.



SHalester said:


> I've asked you before if you had a relationship with a bank? It is pretty easy to see if you can get 'pre-qualified' for a mortgage loan. Note a prequal is kinda useless if you go searching for a house as it is very far from being actually approved.


I have been with Chase for more than 10 years. I will talk to them once they open.


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## SHalester (Aug 25, 2019)

Pax_Buster said:


> I will talk to them once they open.


...all can be done online. And it's pretty fast, near real-time for an answer. It will show you what is needed to 'improve' your chances.


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## Pax_Buster (Apr 2, 2019)

SHalester said:


> ...all can be done online. And it's pretty fast, near real-time for an answer. It will show you what is needed to 'improve' your chances.


Wait this guy injected $15000/month idea in my mind. I want that. With that money I can buy a house in California. Why to buy a house in some stupid Oregon. I am young, I have good credit score and I have some cash. Nothing can stop me from making $15000/month &#128170; I am going to truck driver forums now. Thanks.
Chao!


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## mbd (Aug 27, 2018)

Pax_Buster said:


> For $15000/month I don't mind being a truck driver for the rest of my life. That's crazy amount of money. I don't want some stupid office job. How much does a truck cost? I am sure I can finance one.
> 
> 
> I have been with Chase for more than 10 years. I will talk to them once they open.


New trucks will be 120-140k
Team driving makes good money, since you want your truck to be driven 20+ hrs a day
I gave a ride to a lady who made 25,000$/month , Ex RN, her own truck. She did not like the nursing profession.
You can get a good truck for 50k.
First 3 years will be rough, but you will still make more than a Uber driver.
Driving for somebody, you will make 6k a month. Competition from African continent is heavy&#128516;
You can also buy a truck and split with the driver. Another guy I picked up, did not know how to drive a truck but had 3 trucks . Him and his wife ran the company with 3 drivers. He was Somalian and all his drivers Somalians. He said they will stay until they get their own trucks .&#128077;


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## SHalester (Aug 25, 2019)

According to Indeed, an *independent truck driver's* gross pay averages $183,000 per year, but expenses can run over 70% percent. Thus the average owner operator pay drops to around $50,000-$60,000 take-home. Many *independent truck drivers* sign with a carrier to get consistent work.


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## Asificarewhatyoudontthink (Jul 6, 2017)

Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


Make 2000 or net worth 2000 big difference.

My wife and I, driving as a team in a company truck were netting 2000 a week not driving more than 16 to 18 hours a day.

Can you do that solo? Not in a company truck. And if you go Owner Op/Lease OP your expenses make it a break even as compared to company driver.

Now, go in as an owner operator with minimum of 30% down on a good used truck (minimum 150,000miles) and pay it off as fast as possible... After it is paid off and you set aside to buy a replacement and you will be making serious bank.


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## SHalester (Aug 25, 2019)

SHalester said:


> pay drops to around $50,000-$60,000 take-home.


....not enough to qualify for a mortgage in calif. Specially with a rig loan on top of that..........


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## ANT 7 (Oct 14, 2018)

Some of you guys are confusing GROSS REVENUE with NET INCOME again...............all financial institutions will really care about is VERIFIABLE NET INCOME.......not gross, or whatever.


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## Jperez3737 (Feb 16, 2019)

Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


Banks are looking for net income and debts. Drivers making 100k gross with 30k net is very hard to get a loan.
If you live in SF or NYC with car payments and credit card debts you need to be lucky to rent a small apartment.


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## sellkatsell44 (Oct 25, 2015)

ANT 7 said:


> Some of you guys are confusing GROSS REVENUE with NET INCOME again...............all financial institutions should care about is VERIFIABLE NET INCOME.....nothing else really matters.


You're from Canada. Op is in America, and Bay Area of all places.


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## Pax_Buster (Apr 2, 2019)

Same shit like Uber. Big gross but not much net :cryin:


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## SHalester (Aug 25, 2019)

ANT 7 said:


> .all financial institutions will really care about is VERIFIABLE NET INCOME.......not gross, or whatever.


yeah, but that is only half of what they look at. they do look at total expenses per month as well. If that ratio is too high; forget about it...... The also call employers; that could kill it too right there.

which leads me back to my reply weeks ago would an underwriter accept RS as consistent income. Best to attempt a prequal and see what happens.


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## ANT 7 (Oct 14, 2018)

And it's that net pretax income that will be used to GDSR/TDSR based on what you show on your federal tax returns, and declare as debts.

Sure, you generated $200K driving truck, but you only actually showed $50K as personal income on your taxes, after your self employed expenses were deducted.

It's just like driving Uber. I create about $65K a year in gross revenue. In reality, I keep all of it except for about $800 +/- at tax time, because of my employment expense deductions. What's left over gets declared as my pretax personal income, and then my personal deductions get applied, at which point I pay little to no tax, but also have a declared income for tax purposes (and banking purposes as well, of about $18K per annum).....which as my bank account shows, is no where near being true.....heh. One of the pitfalls of being self employed.

If the bankers here had their excrement assembled, they'd use an income of $95K to GDSR/TDSR for my credit applications, because that is the actual pre-tax income amount I'd have to get paid at a corporate tax deducted at source jobby job, in order to have to account for the $64K I am clearing every year after tax at present driving Uber.

I hope AMEX doesn't decide to do a financial review of my platinum card........as on paper I don't even qualify for a green card anymore.


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## Lissetti (Dec 20, 2016)

As a former semi trucker I've seen drivers put everything they own in storage and live (in a company truck) for 2 years, before buying a house outright, fully paid off in the state if their choosing, for around the price of$200k.

I've not known of any to buy houses in the state of California for that price except in Needles and Blyth. Most the truckers I knew who bought homes in this manner chose Southern states, the Prairie states, or the Midwest. The key to making this money was these were specialized truckers. They drove Flatbed, Curtain Van, or an Auto Hauler.

These are the higher paying divisions of trucking that pay better and are more frequently running as opposed to sitting and waiting on a load. These truckers also made sure they worked the states that had the highest market for their type of truck. Even as a company driver this can be accomplished. You get in good with your dispatcher, meaning you make sure you are safe, reliable and your loads are delivered on time, then they will make things happen for you too. You scratch their back, they scratch yours. (Many dispatchers are paid part commission of the load.)

Here's a Salary finder to help you make up your mind. Owner Op vs Company hire:

https://www.salary.com/research/sal...river-tractor-trailer-salary/san-francisco-ca
https://www.salary.com/research/salary/posting/truck-owner-operator-salary/san-francisco-ca


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## SHalester (Aug 25, 2019)

ANT 7 said:


> .as on paper I don't even qualify for a green card anymore.


ha! I got my first green card while I was in college and working pt at Orange Julius. AmEx gives them out like candy. ....as long as one pays it off every month on time........



Lissetti said:


> for around the price of$200k


in calif, Bay Area that will barely get you a dump condo. studio maybe.....


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## sellkatsell44 (Oct 25, 2015)

SHalester said:


> ha! I got my first green card while I was in college and working pt at Orange Julius. AmEx gives them out like candy. ....as long as one pays it off every month on time........


In America yup.

I got 10k for my first amex most likely due to credit score not income.

now I have a charge card and A $44k credit line probably more due to income then credit score as credit score hasn't changed.



SHalester said:


> ha! I got my first green card while I was in college and working pt at Orange Julius. AmEx gives them out like candy. ....as long as one pays it off every month on time........
> 
> 
> in calif, Bay Area that will barely get you a dump condo. studio maybe.....


$100k for a nice studio in San Bruno for a steal. Owner tried to back out and the buyer, my client, was quick to wire cash, it was 100% cash. He brought it as investment property, renting the place out.


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## SHalester (Aug 25, 2019)

sellkatsell44 said:


> $100k for a nice studio in San Bruno for a steal


Sheltered Dumps? The Place?


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## Lissetti (Dec 20, 2016)

SHalester said:


> ha! I got my first green card while I was in college and working pt at Orange Julius. AmEx gives them out like candy. ....as long as one pays it off every month on time........
> 
> 
> in calif, Bay Area that will barely get you a dump condo. studio maybe.....


Yep. Notice I did not include the Pacific Northwest either, nor the northeast Tri-State area.

I know SF very well. Every trucker I knew from close to that area, if they didn't already own a home (Sacramento and further north) and they were looking to settle down, they opted to find a new home outside of California. Most still chose the Southwest so they could be close to family and friends.


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## Uber's Guber (Oct 22, 2017)

Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


Yes, banks readily do mortgages to truck drivers; your income is steady and the mortgage is backed by secured property. And yes you bank good money, though it can be a rough industry if you're OTR and you'd prefer to be home.


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## SHalester (Aug 25, 2019)

I'd leave Calif in a heartbeat. Nothing keeping me here. Just need wife unit onboard and a regional or larger hospital for wife unit to transfer to. Decent school district and we are gone. Any where else almost I could have a bigger house, more land and NO mortgage or a very tiny one for tax purposes. Ah, the dream......


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## Uber's Guber (Oct 22, 2017)

mbd said:


> You can only drive certain number of hours , so upside is limited for the first 3 years. Once you have experience, you can get your own truck and make over 15,000 a month.


Several carriers will owner/op you within the first year, however company drivers can bank good money as well. I don't suggest becoming an owner/op until you worked this industry at least a couple years, and choose to run under your own authority if you do decide to owner/op.


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## Lissetti (Dec 20, 2016)

A trucker I know, started with Swift for 2 years. They paid for his CDL. Then he hired on with a well known Flatbed company and put all his stuff in storage. He lived in that truck 2 more years, ran specifically the midwest to Texas, and California to South Carolina while working the Bible Belt heavily. He hauled a lot of steel, and lots of loads had to be tarped, which pays more. He ended up at the end of those 2 years buying a large 3 bedroom Rambler with a garage and large back yard, in a very nice neighborhood in Dawson Georgia. He paid for it in full. Now he just drives for living expenses and property taxes. No mortgage.


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## sellkatsell44 (Oct 25, 2015)

SHalester said:


> Sheltered Dumps? The Place?


Nope


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## Uber's Guber (Oct 22, 2017)

Lissetti said:


> A trucker I know, started with Swift for 2 years. They paid for his CDL.


You can also check the job training programs within your state if you're unemployed or considered lower-income, several programs will pay for your CDL training with no obligation to pay back, and recruiters are constantly drafting prospects from these CDL schools before your training period is even complete.


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## Lissetti (Dec 20, 2016)

Uber's Guber said:


> You can also check the job training programs within your state if you're unemployed or considered lower-income, several programs will pay for your CDL training with no obligation to pay back, and recruiters are constantly drafting prospects from these CDL schools before your training period is even complete.


Yep I went to a trucking school. I paid for my courses but many of my classmates had their tuition fully paid for by the state. The key was they had to be on unemployment first, and the current field they worked in, or have expertise in, is not high demand. Truck Driving is a high demand field. A couple former furniture makers and woodworkers were in my truck driving class.


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## Uber's Guber (Oct 22, 2017)

Lissetti said:


> I know SF very well. Every trucker I knew from close to that area, if they didn't already own a home (Sacramento and further north) and they were looking to settle down, they opted to find a new home outside of California. Most still chose the Southwest so they could be close to family and friends.


If you have no roots and you want to be a trucker that owns property, consider regions like Phoenix AZ or Salt Lake City UT; good real estate opportunities and a massive number of home-based carrier hubs you can choose to work from.


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## Pax_Buster (Apr 2, 2019)

Homelessness is really helping. Cash is accumulating so fast my head is spinning. I should have more than $33000 by Sunday night. At this pace I should have more than $55000 by the end of the year. Easy peasy lemon squeezy 💪


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## Pax_Buster (Apr 2, 2019)

mbd said:


> New trucks will be 120-140k
> Team driving makes good money, since you want your truck to be driven 20+ hrs a day
> I gave a ride to a lady who made 25,000$/month , Ex RN, her own truck. She did not like the nursing profession.
> You can get a good truck for 50k.
> ...


6k working for a company is not bad either. Truck, maintenance and fuel is theirs.


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## TheDevilisaParttimer (Jan 2, 2019)

Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


Sorry one of us should have told you but it didn't even cross my mind.


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## Wildgoose (Feb 11, 2019)

Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


It depends on your steady incomes with 2 ( or 3 ) years tax return. You will need to claim tax return with schedule C.


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## mbd (Aug 27, 2018)

Uber's Guber said:


> If you have no roots and you want to be a trucker that owns property, consider regions like Phoenix AZ or Salt Lake City UT; good real estate opportunities and a massive number of home-based carrier hubs you can choose to work from.


Salt Lake City is not cheap. Remote techies moving to Salt Lake City. It is one of the youngest states.


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## Uber's Guber (Oct 22, 2017)

mbd said:


> Salt Lake City is not cheap. Remote techies moving to Salt Lake City. It is one of the youngest states.


Listen to what you just said regarding techies & movers - the population in SLC & the surrounding cities is expected to double in 20 or more years, forcing real estate to yield equity over time that nets a nice future return. Compare SLC's outlook & potential to what has already happened to established "tech-hoods" in the country, and suddenly SLC real estate looks like a bargain at this current day & age.


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## goneubering (Aug 17, 2017)

Lissetti said:


> A trucker I know, started with Swift for 2 years. They paid for his CDL. Then he hired on with a well known Flatbed company and put all his stuff in storage. He lived in that truck 2 more years, ran specifically the midwest to Texas, and California to South Carolina while working the Bible Belt heavily. He hauled a lot of steel, and lots of loads had to be tarped, which pays more. He ended up at the end of those 2 years buying a large 3 bedroom Rambler with a garage and large back yard, in a very nice neighborhood in Dawson Georgia. He paid for it in full. Now he just drives for living expenses and property taxes. No mortgage.


Great story!!!!


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## Lissetti (Dec 20, 2016)

goneubering said:


> Great story!!!! :smiles:


Thanks, Yeah remember him well. He told me if I was going to stay on the road, put everything in storage and save for a house. I didn't do it then but I'm saving now. Of course not in Seattle though. Lots of truck drivers at my local terminal had done the same thing. Many had come off a few years of OTR and had purchased homes as well. It's a good gig to get into and if you work it right you can make good money.


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## Trafficat (Dec 19, 2016)

If you drive a truck you don't need a home mortgage. Why buy a home if you'll never be there?


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## Another Uber Driver (May 27, 2015)

Wildgoose said:


> It depends on your steady incomes with 2 ( or 3 ) years tax return


This is really what the banks want to see: verifiable and consistent income. This is why they ask for things such as bank statements in addition to tax returns. They can pull your credit report and see your bank balances, what credit cards you have, how much you owe (if anything) and your payment records. They can see bad debts, tax liens and other adverse items. They will write a mortgage for an Uber driver as long as he has the income that he can verify to make the payments on the mortgage.

They look at the bank statements to see that you are depositing funds and paying bills while still leaving something in the bank. I got my original mortgage and had it re-written twice. Three different banks wrote those mortgages. On the second re-write, I did not have a W-2 job. All that I had was my hacking income. The bank still issued me the mortgage. This was back before credit cards were mandatory in cabs. While I did accept plastic at the time, most of my fares were cash. I had the bank statements that showed the money's being deposited. I paid for everything (except for a pack of gum for girlfriend or a dollar or two here and there for a lottery ticket) with plastic. When the bill came, I wrote the check. I owed nothing on my cards, my cab was paid off, I had the income documented and had the documentation documented and I had documentation for the documenting of the documentation. It is not unlike dealing with the Internal Revenue. You must have your ducks in a row and be prepared to jump through hoops.


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## mbd (Aug 27, 2018)

Uber's Guber said:


> Listen to what you just said regarding techies & movers - the population in SLC & the surrounding cities is expected to double in 20 or more years, forcing real estate to yield equity over time that nets a nice future return. Compare SLC's outlook & potential to what has already happened to established "tech-hoods" in the country, and suddenly SLC real estate looks like a bargain at this current day & age.


All cities that is not named SF, NYC, SEA will be growing , total population will be approaching 400 million &#128516; in 20 years.
Facebook announced that 50% will be remote work in 10 years, but salary will not be SF.
Avg house in Salt Lake is 400-500k
https://www.sltrib.com/homeprices/


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## Uber's Guber (Oct 22, 2017)

mbd said:


> All cities that is not named SF, NYC, SEA will be growing , total population will be approaching 400 million &#128516; in 20 years.
> Facebook announced that 50% will be remote work in 10 years, but salary will not be SF.
> Avg house in Salt Lake is 400-500k


And remember the original discussion: _Where should a trucker buy property?_
SF, NYC, SEA not ideal for a trucker; massive job opportunities for truckers are in major trucking hubs with less hassle, such as Phoenix AZ or SLC, UT. WTF wants to truck in & out of NYC or the Bay Area?
$400-500k buys a nice home in the SLC region, you can't hardly purchase ghetto for that in SF, NYC, SEA.


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## TBoned (Sep 25, 2019)

Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


Are you talking about company drivers? Local drivers? Drivers with their own authority? No.your average company driver can not make 2k a week. Yes they are paid by check and can qualify for a mortgage assuming they have a few years tax returns.


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## mbd (Aug 27, 2018)

Uber's Guber said:


> And remember the original discussion: _Where should a trucker buy property?_
> SF, NYC, SEA not ideal for a trucker; massive job opportunities for truckers are in major trucking hubs with less hassle, such as Phoenix AZ or SLC, UT. WTF wants to truck in & out of NYC or the Bay Area?
> $400-500k buys a nice home in the SLC region, you can't hardly purchase ghetto for that in SF, NYC, SEA.


https://www.google.com/amp/s/www.go...estate/best-places-buy-home-under-250000/amp/


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## WokeUP (Dec 19, 2018)

Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


they have automation and robts doing most of truck drivers jobs now. Only a failing bank would approve a trucker for a mortgage when that industry is being converted to automation.


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## Seamus (Jun 21, 2018)

Uber's Guber said:


> And remember the original discussion: _Where should a trucker buy property?_
> SF, NYC, SEA not ideal for a trucker; massive job opportunities for truckers are in major trucking hubs with less hassle, such as Phoenix AZ or SLC, UT. WTF wants to truck in & out of NYC or the Bay Area?
> $400-500k buys a nice home in the SLC region, you can't hardly purchase ghetto for that in SF, NYC, SEA.


Plus don't forget the impact of property taxes. I pay close to 24k per year in property taxes. Add about 2k per month on top of your mortgage payment!


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## Wolfgang Faust (Aug 2, 2018)

Seamus said:


> Plus don't forget the impact of property taxes. I pay close to 24k per year in property taxes. Add about 2k per month on top of your mortgage payment!


Wwowww.
You are being robbed.


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## Mpls55345 (Dec 8, 2018)

Wall-Mart starts at $85,000 a year with benefits for truckers.


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## ANT 7 (Oct 14, 2018)

Seamus said:


> Plus don't forget the impact of property taxes. I pay close to 24k per year in property taxes. Add about 2k per month on top of your mortgage payment!


And that cuts into debt servicing pretty heavily too eh ? My mortgage is only $1,400 a month, and taxes are $150 a month.

Was in Omaha one time buying a car, and the dude's house was what I would call high end for my home market.

Says it's worth $500K and I am like  because where I live it's $2-3MM. Apparently his taxes were $1,500 a month though. Another RE price factor is the cost of insurance in certain markets.


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## Stevie The magic Unicorn (Apr 3, 2018)

The thing about Uber 1099s is that the word is out about how many miles you really have to drive to make $1.00.

Also your taxes (which is something that lenders have access to), if they show a loss on paper that means that your credit report shows next to zero income.

Your also driving for an F rates compmany on the BBB.

To make matters even better if you get canned you don't even have unemployment:

Objectively speaking if you came to me with only Uber income showing... I'd reject you in 8 seconds flat, especially knowing that pay is constantly down sliding....

Driving a truck?

if your a w2 employee there's no reason to question it: there's also no reason to suspect your career isn't stable. It's a high demand field with good future prospects (self driving? Sure....)

if you were an owner operator that truck is one of 2 things. I financial asset, or proof you can make structured payments on time, both would support business sense.

Really, driving a truck is one of the better blue collar jobs, on par with union construction.

When your looking at Uber drivers the deeper you look the more grisly it gets.



WokeUP said:


> they have automation and robts doing most of truck drivers jobs now. Only a failing bank would approve a trucker for a mortgage when that industry is being converted to automation.


self driving vehicles have been 1-2 years away for like... how many years? I don't even know, I think like 4-6 now. I see these things like I see flying cars. Prototypes have been made, they got lots of press attention but it just never worked out.

Reality is they arnt even much use as a robo taxi even if they did work most of the time in most weather.

A. A few bad high profile accidents will kill their demand (and a few pedestrians)

even if it's Statistically safer a false belief could kill demand.

B. Unless they can operate in the worst weather humans can drive in, they will be pontless. As I've always noticed that demand always spikes during bad weather....

The companies who can operate the best during the worst weather will get a better reputation for reliability. Guess who is gonna get hailed first?

Drunks are notoriously bad at operating Uber. It will be hilariously awesome when a drunk on vacation accident gets a ride home and proceeds to pass out..... while on vacation 1000 miles from home.


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## SHalester (Aug 25, 2019)

Wolfgang Faust said:


> Wwowww.
> You are being robbed.


For calif property tax rate is north of 1%. Can't pay that, no need to worry about a mortgage.


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## pengduck (Sep 26, 2014)

You will be required to provide the previous 2 years tax returns. If you deduct your mileage to reduce your tax liability that will also reduce your income.


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## SHalester (Aug 25, 2019)

pengduck said:


> You will be required to provide the previous 2 years tax returns


the big question is how the bank and underwriter will react to no W2s being provided? No history of paying rent etc etc. Only way to find out is to get pre-qualified.


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## Frontier Guy (Dec 27, 2015)

mbd said:


> You can only drive certain number of hours , so upside is limited for the first 3 years. Once you have experience, you can get your own truck and make over 15,000 a month.


If only it was that easy, if only.


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## Moesley (May 25, 2020)

The Mexicans in Tulsa and around take all our jobs.


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## MarkR (Jul 26, 2015)

Pax_Buster said:


> For $15000/month I don't mind being a truck driver for the rest of my life. That's crazy amount of money. I don't want some stupid office job. How much does a truck cost? I am sure I can finance one.
> 
> 
> I have been with Chase for more than 10 years. I will talk to them once they open.


A used truck can go for $75,000 if you want a sleeper, then much more. But you have to start somewhere.


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## Frontier Guy (Dec 27, 2015)

Pax_Buster said:


> For $15000/month I don't mind being a truck driver for the rest of my life. That's crazy amount of money. I don't want some stupid office job. How much does a truck cost? I am sure I can finance one.


LMAO
$15,000 per month is the income to the truck/company
Subtract
$1,000 to $2,000 per month for truck payment (if you buy a trailer add another $400
Fuel $5,000 per month
Insurance $750 to $1,500 per month ($750,000 minimum liability plus cargo insurance, etc.)
Misc expenses $600
$2,500 per month to savings for tires, repairs, future truck/trailer replacement, permits, taxes, etc.
Oh, and figure $300 to $500 every 15k for PM service (lube, oil, etc.)
Then you get to pay yourself from whatever is left over, my numbers above leaves you with $2,900 per month gross income, now take out personal taxes...&#8230;&#8230;&#8230;&#8230;.

The average owner operator starts off with at least $15,000 in the bank, and that's after putting 10% down on a used tractor. Oh and your first annual registration/IFTA with 48 state apportioned plates will be $4,500 to $6,000 depending on the state. Let's not also forget, as an O/O you'll need your own authority, $600 to the feds, annually. A decent used tractor, something in the 450,000 to 650,000 mileage range will run $40,000 to $75,000 depending on the model, year, miles, and who you buy it from. I just looked at a 2017 Kenworth T680, 70" sleeper, 400,000 miles, $57,000 with 6 month warranty, no money down $1,000/month for a truck payment at 8% interest.

Right now, the trucking industry is in free fall, in April 88,000 truckers lost their jobs, that number will continue to climb, on average 100 owner operators fail each month, declare bankruptcy and go out of business. Consider this, if you think Uber sucks for passenger service, imagine trying to service driving a semi for $1.00 per mile, the current average Uber freight load pays about $1.05 per mile to the truck, with an average length of haul of 1,000 miles.



mbd said:


> New trucks will be 120-140k


That's a cheap new truck, we just ordered 4 new KW sleepers at $165,000 ea and 3 new day cabs at $100K each



mbd said:


> Team driving makes good money, since you want your truck to be driven 20+ hrs a day


That better be the nicest, closest person in the world, because you will spend 20 hrs per day with them in an 8'10' box for 6 weeks at a time



mbd said:


> I gave a ride to a lady who made 25,000$/month , Ex RN, her own truck. She did not like the nursing profession.


Depending on what she's hauling, maybe, but not consistently



mbd said:


> You can get a good truck for 50k.


How's your diesel mechanic skills?



mbd said:


> First 3 years will be rough, but you will still make more than a Uber driver.


Maybe



mbd said:


> Driving for somebody, you will make 6k a month. Competition from African continent is heavy&#128516;


6K as a company driver, not likely, maybe with 10 or 15 yrs exp., but brand new, you'll be lucky to make $3,000 per month



mbd said:


> You can also buy a truck and split with the driver. Another guy I picked up, did not know how to drive a truck but had 3 trucks . Him and his wife ran the company with 3 drivers. He was Somalian and all his drivers Somalians. He said they will stay until they get their own trucks .&#128077;


LMAO



Asificarewhatyoudontthink said:


> Make 2000 or net worth 2000 big difference.
> 
> My wife and I, driving as a team in a company truck were netting 2000 a week not driving more than 16 to 18 hours a day.
> 
> ...


Oh yes, the good old fleece operator, when Celadon folded in December, 500 fleece operators lost everything, their money, their trucks, everything. When HVH folded, 600 owner operators/lease operators were left holding the bag, many have now gone bankrupt. Trucking is a bloodbath right now, and not getting better any time soon.



Lissetti said:


> A trucker I know, started with Swift for 2 years. They paid for his CDL.


No, he sold his soul to SWIFT for 2 yrs



Uber's Guber said:


> Several carriers will owner/op you within the first year, however company drivers can bank good money as well. I don't suggest becoming an owner/op until you worked this industry at least a couple years, and choose to run under your own authority if you do decide to owner/op.


And some companies will fleece operator you on day 1: SWIFT, CRE, Werner, Knight, etc.



Mpls55345 said:


> Wall-Mart starts at $85,000 a year with benefits for truckers.


After 3 yrs or 450,000 miles exp., the Loveland, Colo DC takes 300 applications every month, for 2 driver positions

I've been in trucking 24 yrs, local/regional, depending on the market, sure you can make $2,000 per week gross, take home, not likely, unless you're a senior driver with union benefits or Wal-Mart. Good friend is senior UPS line haul driver, IIRC, #10 on the totem pole, he grosses $100K annually, not even $2k per week, he works 5 days per week, that $100K includes shift differential as he works 10 pm to 8 am. All this advice being given about trucking is based on at least 2 years ago, right now, the trucking industry is a bloodbath, it's in free fall. I live 3 blocks from the Denver Werner Trucking yard, drive by it every day, for the last 3 months, 50% of the trucks have been parked, I've got several friends who are owner operators (own trucks and trailer, own authority), 3 of them have enough money in the bank they are now parked until summer, it's hard to make a living at $1.20 per mile, when you need $1.50 per mile to break even. A couple of them are doing local work making enough each week to cover expenses and that's it.


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## Jperez3737 (Feb 16, 2019)

Frontier Guy said:


> LMAO
> $15,000 per month is the income to the truck/company
> Subtract
> $1,000 to $2,000 per month for truck payment (if you buy a trailer add another $400
> ...


Making a lot and expending a lot. Not too much left.


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## Frontier Guy (Dec 27, 2015)

Jperez3737 said:


> Making a lot and expending a lot. Not too much left.


Exactly


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## Jperez3737 (Feb 16, 2019)

SHalester said:


> the big question is how the bank and underwriter will react to no W2s being provided? No history of paying rent etc etc. Only way to find out is to get pre-qualified.


After checking for good credit & net income underwriter will decide if a bigger downpayment is needed for the loan.


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## mbd (Aug 27, 2018)

Frontier Guy said:


> LMAO
> $15,000 per month is the income to the truck/company
> Subtract
> $1,000 to $2,000 per month for truck payment (if you buy a trailer add another $400
> ...


Nurse lady did NY trips and she got extra few hundred dollars per trip. Most truckers don't want any part of NY.

She wanted to go to a illegal casino  so I took her to the place at night. She was a Nigerian.
Another Nigerian I took did fuel stops for gas stations . He said he did 200,000 , start time 12 am every day. He used to work for Halliburton in Midland , then went the trucking way. He got paid extra hauling fuel.
https://www.indeed.com/m/viewjob?jk=82fb2e1a357dfa5e&from=serphttps://www.indeed.com/m/jobs?q=Truck+Driver+$200,000


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## Seamus (Jun 21, 2018)

mbd said:


> Nurse lady did NY trips and she got extra few hundred dollars per trip. Most truckers don't want any part of NY.
> 
> She wanted to go to a illegal casino  so I took her to the place at night. She was a Nigerian.
> Another Nigerian I took did fuel stops for gas stations . He said he did 200,000 , start time 12 am every day. He used to work for Halliburton in Midland , then went the trucking way. He got paid extra hauling fuel.
> https://www.indeed.com/m/viewjob?jk=82fb2e1a357dfa5e&from=serphttps://www.indeed.com/m/jobs?q=Truck+Driver+$200,000


I don't know but I think I would listen to @Frontier Guy Since he's been in the business for 24 years. I think he's giving a much more realistic picture then some Nigerian in the back of your Uber who is most likely bragging and pumping the numbers high.They're doing the same thing a ton of Uber drivers do that claim they make 2000 a week.


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## SHalester (Aug 25, 2019)

Jperez3737 said:


> underwriter will decide if a bigger downpayment is needed for the loan.


no, that isn't how it would it work. You would be denied and they 'might' tell you what amount of loan the would approve. WHICH, is the entire reasons banks offer pre-qualifications; they will tell you what you qualify for and/or if you qualify for nothing.

Just know a prequal letter means nothing to a seller.


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## mbd (Aug 27, 2018)

Seamus said:


> I don't know but I think I would listen to @Frontier Guy Since he's been in the business for 24 years. I think he's giving a much more realistic picture then some Nigerian in the back of your Uber who is most likely bragging and pumping the numbers high.They're doing the same thing a ton of Uber drivers do that claim they make 2000 a week.


200 a day is 1400 a week
250 a day is 1750 a week
Some slaves do make 1500 a week. If you make 1500 in LA, it is like 500 in Columbus &#128516;
Right now all business is down 80% , so you just have to disregard it. Airlines are down 85%-90% business .
Furniture- CDL - not required, they make 2500 a week. Own truck, and they get commission on the furniture. It's bad for your back &#128077;
Another Uber driver I picked up, he did Costco or Somebody else... he paid his helper 100$ a day, and brought furniture, workout equipments to homes, installed it and cleared 3000$ a week. Sometimes on Saturday's he would get $ 600 for 1 drop, 100-200 mile drive . You are a contractor to the contractor who deals with the Sams, Costco, Sears( now bankrupt). Sometimes it could be faulty equipment returning it back to the warehouse.Box truck, no CDL required.
African truck drivers- they will work hard .


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## mbd (Aug 27, 2018)

From reddit, person drives for a local company , 7-7.5 hrs a day 

Saftey_Vest_J
Wiggle Wagoner
6d
That is not always the case for local jobs, I work 7.25 hours a day with weekends off. 
I make good money I think. 72k last year and should be 80k this year.
Not all local jobs are 12-14 hours a day. It's a notion I see alot online.


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## Frontier Guy (Dec 27, 2015)

mbd said:


> Nurse lady did NY trips and she got extra few hundred dollars per trip. Most truckers don't want any part of NY.
> 
> She wanted to go to a illegal casino  so I took her to the place at night. She was a Nigerian.
> Another Nigerian I took did fuel stops for gas stations . He said he did 200,000 , start time 12 am every day. He used to work for Halliburton in Midland , then went the trucking way. He got paid extra hauling fuel.


Most companies pay slightly more, like a few sheckles for going to NYC, and fuel haulers in general make decent money, if he's making $200K hauling fuel, he's an owner operator or a liar, and even then, I'm questioning his $200K, I know guys that haul JET A, to places in Nevada, California, Arizona that don't show up on maps, that don't make $200K and they have clearances that make your head spin, and I've seen their credentials.



SHalester said:


> no, that isn't how it would it work. You would be denied and they 'might' tell you what amount of loan the would approve. WHICH, is the entire reasons banks offer pre-qualifications; they will tell you what you qualify for and/or if you qualify for nothing.
> 
> Just know a prequal letter means nothing to a seller.


Actually, that is sometimes how it will work. When you do the prequal, they want to know what you have to put down, and how much you want, if it's not enough, they will either deny it outright, approve it for a lower amount, or return and tell you to come up with more.



mbd said:


> 200 a day is 1400 a week
> 250 a day is 1750 a week
> Some slaves do make 1500 a week. If you make 1500 in LA, it is like 500 in Columbus &#128516;
> Right now all business is down 80% , so you just have to disregard it. Airlines are down 85%-90% business .
> ...


So, you're working 7 days, for $200 per day, to make $1,400 per week. Hmm, I worked 5 days last week, logged 48 hours, got paid for all 48, plus an extra $100 for breakdown pay, my gross should be $1,500. The previous week was kind of slow, made $1400 gross, the two weeks prior were decent weeks, one week I worked 6 days, gross was $1,870, the other was $1,790.

Also, not needing a CDL to haul furniture, they are either operating illegal, or playing it fast and loose, $2,500 per week, yeah, I'm questioning that, I know guys that do furniture delivery, maybe in L.A. they make that, oh and it's cash, but in most of the country, no, they aren't. Those guys contracting for those companies, yes they are contractors, driving junk trucks, or rental trucks, being paid cash under the table to be a "contractor", often not paying any taxes.



mbd said:


> From reddit, person drives for a local company , 7-7.5 hrs a day
> 
> Saftey_Vest_J
> Wiggle Wagoner
> ...


Yes, Reddit is a reliable source. Also, keep something in mind when a truck driver tells you he makes X, unless he shows you a check stub, don't buy it. This guy claiming to make $36/hr, is he a Union LTL driver in L.A., Chicago, or NYC? If not, I call BS.

Want to know how bad most truck drivers lie, go sit around the counter in a truckstop diner and listen to the braggers and the guys being quiet. The one's being quiet, or laughing, they know the truth, the one flapping his gums, 99% of the time he's lying. Something else, the driver who brags the most about raking in the money, go look at the kind of truck he drives, the guys claiming to make the most money, often drive the crappiest trucks, the most quiet ones, often drive the nicest, or cleanest or newest, they don't need to brag about what they earn.


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## SHalester (Aug 25, 2019)

Frontier Guy said:


> When you do the prequal, they want to know what you have to put down, and how much you want, if it's not enough, they will either deny it outright, approve it for a lower amount, or return and tell you to come up with more.


pretty much what I said, except the down payment portion. A pre-qual or preapproval will display the max amount of loan. Not gross purchase max amount.


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## Jperez3737 (Feb 16, 2019)

SHalester said:


> no, that isn't how it would it work. You would be denied and they 'might' tell you what amount of loan the would approve. WHICH, is the entire reasons banks offer pre-qualifications; they will tell you what you qualify for and/or if you qualify for nothing.
> 
> Just know a prequal letter means nothing to a seller.





SHalester said:


> no, that isn't how it would it work. You would be denied and they 'might' tell you what amount of loan the would approve. WHICH, is the entire reasons banks offer pre-qualifications; they will tell you what you qualify for and/or if you qualify for nothing.
> 
> Just know a prequal letter means nothing to a seller.


Why will be denied? Good credit big down payment and in case you do not have enough income they request a co signer.


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## SHalester (Aug 25, 2019)

Jperez3737 said:


> Why will be denied?


are we talking pre-qual letter? Simple. If you are denied a pre-qual you ain't qualified...period. How much you have for a down payment is not relevant. The total of the loan is the key for a prequalification. In a preapproval request all info is relevant as it will list the max purchase price, max loan etc you are approved for.


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## waldowainthrop (Oct 25, 2019)

WokeUP said:


> they have automation and robts doing most of truck drivers jobs now. Only a failing bank would approve a trucker for a mortgage when that industry is being converted to automation.


This is relentlessly delusional.


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## Jperez3737 (Feb 16, 2019)

SHalester said:


> are we talking pre-qual letter? Simple. If you are denied a pre-qual you ain't qualified...period. How much you have for a down payment is not relevant. The total of the loan is the key for a prequalification. In a preapproval request all info is relevant as it will list the max purchase price, max loan etc you are approved for.


Sound like we are talking with a loan officer from a Prime Lender.


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## Bigdog702 (Apr 26, 2016)

Lissetti said:


> As a former semi trucker I've seen drivers put everything they own in storage and live (in a company truck) for 2 years, before buying a house outright, fully paid off in the state if their choosing, for around the price of$200k.
> 
> I've not known of any to buy houses in the state of California for that price except in Needles and Blyth. Most the truckers I knew who bought homes in this manner chose Southern states, the Prairie states, or the Midwest. The key to making this money was these were specialized truckers. They drove Flatbed, Curtain Van, or an Auto Hauler.
> 
> ...


This is exactly how it works.I was smart enough to get my CDL on my own when I was 21, so I didn't get stuck with a specific company under contract. Put everything in storage for 2 years and drove non-stop. It was fun at first, after about 8-9 months it was just a job. sufferd thru until I had a really nice chunk in the bank, put 30k down on my first house, and haven't done OTR since. I now do local hazmat for a pretty nice hourly wage, and am home every day. 15k a month is more like 5k a month after all expenses, don't let people blow your skirt up with numbers.


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## Lissetti (Dec 20, 2016)

Bigdog702 said:


> This is exactly how it works.I was smart enough to get my CDL on my own when I was 21, so I didn't get stuck with a specific company under contract. Put everything in storage for 2 years and drove non-stop. It was fun at first, after about 8-9 months it was just a job. sufferd thru until I had a really nice chunk in the bank, put 30k down on my first house, and haven't done OTR since. I now do local hazmat for a pretty nice hourly wage, and am home every day. 15k a month is more like 5k a month after all expenses, don't let people blow your skirt up with numbers.


Yep I paid for my own CDL and went to an independent trucking school. I too still have my valid hazmat, all endorsements, Clean MVR, plus an enhanced CDL and TWIC card. I still have all that and just paid $750. out of my own pocket (since I haven't worked for a trucking company in 4 years) to renew everything including my DOT physical, which I passed (before I caught Coronavirus.)

In my early trucking career, I drove 1 year OTR, plus ran a season on the ice roads of northern Canada, stayed a spell in Dalhart Texas running farm freight, Then a few months in South Gate, Compton, and Ontario CA, before heading to Seattle Washington to drive local Intermodal freight for the last 7 years of my trucking career. After 9 years of trucking I got out because my asthma got too bad from spending hours daily at DC's alongside hundreds of other idling trucks. Plus, the local "politics" of the large commercial carriers. &#128580;










I made a lot of money as an OTR trucker, but unfortunately as a wide eyed noob and seeing the whole beautiful country for the first time, I spent most all of it on experiencing life, culture and having fun in every state in the US continental. Hot air balloon rides, helicopter rides, mule packing, hiking, Vegas, parades/festivals, Mardi Gras, Universal studios, NASCAR, Graceland.....

I also brought back trinkets as well as lavish clothing and gifts for my family from the road. Lots of gifts from The Bible Belt, Navajo reservations, Route 66, mega trucks stops like I-80, and the like....&#128184;&#128184;

Any time I had no load going out by Friday at 5PM, I knew I was there in that city until 5 AM Monday morning Central Time.

I left trucking in 2016 and went to school for Computer Science. Now I managed to find a good paying job again and this time, hell yeah I'm saving the money. I'm not buying a house in Seattle Washington, where I live though. The prices are just a hair below California, but when I move to a more affordable place and I like where I'm at, I'll def buy a home. I'm still at a nomadic stage in my life, so I'm not sure where that will be. I have the advantage that my job can transfer me to almost anywhere in the world.


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## Frontier Guy (Dec 27, 2015)

WokeUP said:


> they have automation and robts doing most of truck drivers jobs now. Only a failing bank would approve a trucker for a mortgage when that industry is being converted to automation.


Since when? Best do some real research and learn that this is at least 10 yrs off, if not more, the reality is more freight will move to rail before you see enough automation for it to make a difference

Here's two trucking realities for you from discussions with friends this morning.

One guy is an OTR driver for Crete Carrier, he's been there 13 yrs, so he's in the top 20 of drivers. Every year, he works non-stop, then takes off 3 weeks at Christmas/New Years, it took him 10 yrs to build up the seniority to be able to do that. This year, he was home till Jan. 6th, his base pay is $.57 cents per mile, plus various adjustments, he actually makes $.62 cents per mile. In January he ran 7,480 miles, for gross earnings of $4,637.60. In Feb., worked all month, but only ran 8,600 miles for gross earnings of $5,762. However, early in the month he sat in Rawlins, Wyo. for 3 days waiting out a blizzard, then later in the month he sat for 4 days in Wamsutter, Wyo. waiting out another blizzard. When he sits like that, he get's $50 per day after the first 24 hrs. In March, he got home for the first time, he was home for 40 hours, he ran 11,400 miles, most of it doing pandemic relief freight, for $7,638 in gross earnings. In April, he ran 6,360 miles, on April 18th, he was hit by another semi and run off the road outside Billings, Mt. He spent 3 days in the hospital, then retrieved his stuff, got a rental car and came back to Denver. He didn't get a new truck assigned to him until May 3rd. His gross mile earnings for April were $4261.20. In May, he ran 9,600 miles $6,432. Now, all that money looks great, but remember, that's gross earnings, taxes, health insurance, all have to come out, not to mention all his living expenses on the road, plus the money he sends home to his wife.

The second one is this, another friend is an owner operator, 20 yrs exp., 15 as an owner operator, he owns his own truck and trailer. The trailer is paid for, in Nov. 2019, he bought a new 2020 Kenworth W900, $204,000. They gave him $35,000 trade on his other truck, and he put $30,000 down. His truck payment is $3,400/month, insurance is $1,200/month, fuel is $6,000/month, $1,800 to savings, he pays himself $1,500/week, his minimum monthly expenses are $18,400. He doesn't haul any loads that pay less than $2.35/mile. HIs earnings, are to the truck/company. January $21,400. February $24,600. In March, he picked up a super good paying oversize load, that paid $6.50/mile for 1,800 miles. Yes, the load paid him $11,700. But, he also paid $300 for oversize permits, and $3,500 for 3 pilot/escort car services, unfortunately, because of weather, that 1,800 mile load took him 7 days to complete, so he lost out on other earnings. His truck also broke down and had to be towed 90 miles $1,400 for towing. His total gross earnings for the month were $20,400, unfortunately, after expenses he lost $3,000. In April, his earnings were $15,600 because of slow freight volumes, he sat for 4 days twice trying to get a good load.


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## Rad-One (Jul 27, 2018)

Uber's Guber said:


> You can also check the job training programs within your state if you're unemployed or considered lower-income, several programs will pay for your CDL training with no obligation to pay back, and recruiters are constantly drafting prospects from these CDL schools before your training period is even complete.


I am in this process currently. A state agency is paying for my CDL school and everything because my income , on paper is low, I drive ride share. lol


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## nurburgringsf (Aug 26, 2016)

Nope, you need an actual job. 2+ years of stable income and good credit of course. Until then:










ROFL



Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


I thought you were 26 years old, when I was 26 years old that last thing on my mind was financing a house. You must be over 70 years old or something. At 26 years old and living in a camry you should be thinking about the life ahead of you and your career.

Now you're trying to get a mortgage with a 1099 delivering food which is not impossible but pretty much close.



Pax_Buster said:


> Wait this guy injected $15000/month idea in my mind. I want that. With that money I can buy a house in California. Why to buy a house in some stupid Oregon. I am young, I have good credit score and I have some cash. Nothing can stop me from making $15000/month &#128170; I am going to truck driver forums now. Thanks.
> Chao!


young my ass. I call bullsht. Young people at mid 20s are partying getting started on their careers. Not thinking about financing a house with a 1099. Sorry to say but you're shit out of luck and need to be looking at getting a trailer and finding a trailer park to be totally honest at the ripe old retiring age that you're at. If you want honest advice from people you gotta be honest yourself. Youre not in your mid 20's thats for sure.


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## UStaxman (Aug 14, 2016)

Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you


Uber drivers- like truck drivers and other independent contractors are Self Employed; your 'taxable income'- which is what banks use - is your net income on Schedule C. In theory, if you were a W2 Employee of said company and the company paid your operating expenses, the Sch C net income would be your salary. 
- Banks will add back 'non-cash' expenses such as Depreciation. 
- Generally banks will require 2 years 'self employed' within same industry or with same employer.


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## Pax_Buster (Apr 2, 2019)

nurburgringsf said:


> Nope, you need an actual job. 2+ years of stable income and good credit of course. Until then:
> 
> View attachment 467164
> 
> ...


At 26 years of age you didn't have a house in mind, and now you are old, sick, fat, and your landlord is your master. Do want me to follow your foot steps? &#129318;‍♂&#128591;

Oh, you depend on handouts from uncle Sam too.


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## B - uberlyftdriver (Jun 6, 2017)

i have been self employed more than 20 years

as long as you can prove income/taxes and you have good credit, you will be able to buy/ finance anything


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## RoseParr (Dec 10, 2020)

Bigdog702 said:


> This is exactly how it works.I was smart enough to get my CDL on my own when I was 21, so I didn't get stuck with a specific company under contract. Put everything in storage for 2 years and drove non-stop. It was fun at first, after about 8-9 months it was just a job. sufferd thru until I had a really nice chunk in the bank, put 30k down on my first house, and haven't done OTR since. I now do local hazmat for a pretty nice hourly wage, and am home every day. 15k a month is more like 5k a month after all expenses, don't let people blow your skirt up with numbers.


it seems to me that I have never encountered such problems before


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## Wildgoose (Feb 11, 2019)

B - uberlyftdriver said:


> i have been self employed more than 20 years
> 
> as long as you can prove income/taxes and you have good credit, you will be able to buy/ finance anything


That is true. 
When a person could be able to make income for consecutive years ( Tax claim files will prove that ), that means that person is not lazy, hardworking and knows how to get a job or how to make income for himself.
That's the reason banks ask to show two years tax file.


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## Amos69 (May 17, 2019)

Cash flow trumps all

I haven't worked for someone else in 15 years show consistent cash flow and the doors of every bank will open.


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## SHalester (Aug 25, 2019)

Amos69 said:


> I haven't worked for someone else in 15 years show consistent cash flow


the key variable is you have to be able to prove multi years of income (or cash flow) via IRS forms, not just a spreadsheet that was created. AND if for something like a mortgage, the bank will call and VERIFY said income; so be careful......


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## Frontier Guy (Dec 27, 2015)

Bigdog702 said:


> This is exactly how it works.I was smart enough to get my CDL on my own when I was 21, so I didn't get stuck with a specific company under contract. Put everything in storage for 2 years and drove non-stop. It was fun at first, after about 8-9 months it was just a job. sufferd thru until I had a really nice chunk in the bank, put 30k down on my first house, and haven't done OTR since. I now do local hazmat for a pretty nice hourly wage, and am home every day. 15k a month is more like 5k a month after all expenses, don't let people blow your skirt up with numbers.


How did you do OTR at 21? Maybe Intrastate, not Interstate, at least not legally


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## Another Uber Driver (May 27, 2015)

Frontier Guy said:


> How did you do OTR at 21? Maybe Intrastate, not Interstate, at least not legally


I do not know if you still can, but in Canada, you could do it at eighteen. I could do it cross-border. I drove for a bonded customs carrier that was going bankrupt.


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## Bigdog702 (Apr 26, 2016)

Frontier Guy said:


> How did you do OTR at 21? Maybe Intrastate, not Interstate, at least not legally


Got my CDL at 21 years old, started driving at the first company that would take me. Went over the road. Seems simple enough to me. I think the rule is you have to be 21 to get a CDL.


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## Frontier Guy (Dec 27, 2015)

Bigdog702 said:


> Got my CDL at 21 years old, started driving at the first company that would take me. Went over the road. Seems simple enough to me. I think the rule is you have to be 21 to get a CDL


You can get a CDL at 18, but you cannot legally run Interstate until 23 by federal law, unless the company is a family owned business, and you are a legal member of the family


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## Bigdog702 (Apr 26, 2016)

Frontier Guy said:


> You can get a CDL at 18, but you cannot legally run Interstate until 23 by federal law, unless the company is a family owned business, and you are a legal member of the family


Maybe, but current federal law I found is 21, you're going to have to post a link to your information...

Currently, federal law only allows *CDL* holders *21* and older to operate interstate. ... Though federal law prohibits truck *drivers under* the age of *21* from crossing *state* lines, 48 states allow *drivers* 18 and older to operate Class 8 trucks within *state* borders.Feb 27, 2019


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## Stevie The magic Unicorn (Apr 3, 2018)

I was driving the big trucks before 21 in the army.

But I had to wait until I was 21 to get the official CDL to drive civilian vehicles. At that time West Virginia counted the army training as a state recognized CDL class. I just had to take the road test.

These days however you can in theory if you have 2 years driving experience in the armed forces and under 21 get waivers to get a CDL sooner but... *(i don't know all the buts)*

However if you have 2 years experience driving army trucks you don't' even need to take the behind the wheel test anymore.


Honestly I did my first deployment with the behind the wheel training/test without any of the knowledge tests, then did the knowledge test after my first deployment before the army would let me drive stateside. Then I got shipped off to South Korea


So.. yes it's POSSIBLE to get a CDL under 21 from the army, but that's only Army hardware and you'll be close to 21 before you can get a Civilian CDL anyway. But these are special circumstances that are granted to folks who are genuinely experienced driving large trucks/vehicles in the military.

Any other situation? No.. not going to happen.


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## Frontier Guy (Dec 27, 2015)

Bigdog702 said:


> Maybe, but current federal law I found is 21, you're going to have to post a link to your information...
> 
> Currently, federal law only allows *CDL* holders *21* and older to operate interstate. ... Though federal law prohibits truck *drivers under* the age of *21* from crossing *state* lines, 48 states allow *drivers* 18 and older to operate Class 8 trucks within *state* borders.Feb 27, 2019


It falls under part 383 and 383.71, it's usually also referred to as a restricted CDL for those under the age of 21, very common on the farms and some other industries, and actually, with a "wink", I know 16 yr olds doing it.

Yeah, I forgot the laws changed a couple years back, but there are also caveats to it.


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## Skystar (Jun 8, 2020)

a) Have a decent down payment
b) If you have your act together smooze the seller
c) Have him take back the mortage so you make payments (and interest) to him instead of the bank


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## Furie216 (Nov 11, 2021)

Asificarewhatyoudontthink said:


> Make 2000 or net worth 2000 big difference.
> 
> My wife and I, driving as a team in a company truck were netting 2000 a week not driving more than 16 to 18 hours a day.
> 
> ...


I net 2k a week as a solo company driver for a small company out of Illinois. Once I become O/O I will gross about 25k a month since I will get a higher percentage of the loads. I will net more than 2k after expenses and get an extra 1k to go to NY and/or Canada. So it is possible to net 2k a month.


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## Oscar Levant (Aug 15, 2014)

Pax_Buster said:


> I am told banks don't give mortgage to 1099 Uber drivers. What about truck drivers? And can truck drivers make $2000/week if they work hard? Thank you



Well, I bought a brand new prius and told them I was an Uber driver. But, I had good relationship with the dealer, having bought cars, and paid off the loans, in the past plus that my credit rating is in the mid 700s So, I guess it all depends on the size your down payment, your credit rating, and your relationship with the bank AND what property you are purchasing. 
I have met truck drivers who do own homes, so the answer must be yes. I think you have to be an owner operator to do $100,000 per year.


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## Kandagor (12 mo ago)

The bank doesn't care how your business calculates income on your tax returns; Form W2, year-end income, dividends, etc. This is the same income. If the business is yours, or at least 25% of the business belongs to you, the bank considers you a self-employed businessman, thus calculating your average income for the last two years. Mortgage Broker Lincoln once told me that the bank does not care who owns the business. It makes a difference because the bank lends you the money and takes the risk. And as a rule, not large companies go out of business more often than others. Therefore, the bank must determine the stability of your income and its risk. But since you have a trucker job instead of a business, the risk that you won't pay the bank is reduced.


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## Haydepunch (7 mo ago)

A lot depends on what documents you provide to the bank and whether you can prove your financial viability. I bought my house with a mortgage many years ago as a heavy truck driver, but my tax returns confirmed that I am solvent, and the mortgage was approved for me. All I can advise now is to save money because having cash is very important. Now I have used reverse mortgage services with What is a Reverse Mortgage? | GoodLife Home Loans since I needed to repair the house's roof. Conveniently, there are such services, but I think it would be better if I had my own money.


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