Possibly starting a tow truck business in WA
 

So today I got a call from someone I know that has a ton of money and nothing to spend it on. He said he wanted to start a tow truck business, but he didnt have time. I said "ok". He said if I'm willing to run it, he will give me 70,000 to start up this business and get it all running nice and smooth. So of course I'm gonna take it ... But since I dont know the first thing about running a tow truck company, I'm off doing a bunch of new research. He wants to have atleast one flatbed and 2 regular tow trucks. Those are about the instructions I have, I have creative control over everything else. So if youre in washington and like 6 months to a year from now you need a tow. Let me know! :)

From what I gathered so far, you must have the business for 2 years before you can get government contracts (such as state patrol, PD, etc...) and once you secure a contract like that, I guess youre tow truck company is pretty much set. So, taking on a 4th project is gonna be time consuming ... very ... time consuming... But its definatly moving in the right direction for me to become millionaire status in 5 years. :)

If I do make it to millionaire status in 4 years and 335 days (started working at it about a month ago), I will buy you all some stealth mode oil lines! and maybe give you a free pizza card! haha

Re: Possibly starting a tow truck business in WA
 

I know 2 experienced tow truck drivers in the north seattle area, if your looking for employees.. i'm sure they would jump on the opportunity for something fresh.

-Ryan

Re: Possibly starting a tow truck business in WA
 

You know a way of contacting them? Or could you have them email me or something. I would love to ask them some questions and stuff, and I will be looking for atleast a few experienced guys! That would help out a ton if I could get them interested.

Re: Possibly starting a tow truck business in WA
 

I know a guy here in eastern NC who started a tow truck company with one truck and within a matter of months he is up to 5 employes on 24 hour call, 3 trucks and doing very well. in fact the last time i talked to him, he said he would have never thought there was so much money to be made in the business. he is a retired guy, was just looking for a side job...now its becomming crazy and out of control.

good luck, and watch your back with someone giving you $$ like that...even if it is a friend.

Re: Possibly starting a tow truck business in WA
 

Travis,

Just want to verify that your email in your profile is current? ..
I passed it on to them.

-Ryan

Re: Possibly starting a tow truck business in WA
 

what certifications or whatever does it take to be able to tow cars that park in no parking zones?? cause in a city that seems like big bucks!!! down here in VA and DC, especially in the city parts around all the nigt time and club spots, that seems to be the big money maker! I remembered I got my old car towed once and it was $200 and their yard was only 5 mintues away from where I was illegally parked... so $200 for a 5 minute trip around the block for them!!! :o me and a buddy were also looking into this too, and a decent truck on Ebay isn't that expensive, ESPECIALLY since you have $70k to play with. good luck

Re: Possibly starting a tow truck business in WA
 

Yeah that email is correct, thank you for your help :)

As for the certs and whatnot, I'm not totally sure, Im still pretty brand new to this type of industry.
So its quite a bit of research I'm gonna be working on.

Also with the venture capitalist thats fronting the money, I've worked with him before on other projects. And I've worked with him for 3 years now and know what kind of money he makes and what kind of person he is. That mixed with him just being pretty much a major investor, is pretty much secure for me. I know im capable of running any business, no matter what it is. So as long as he gets his paycheck, I'm sure he'll be happy. :) And since this obviously wont be his main source of income, it shouldnt be too hard to please him.

That and while we were talking I turned him onto some market investments that I can take a chunk of profit off of. Municipal bonds, options, mutual funds, commodities ... you can make some serious dough if you have a bit to start off with. Also the nice thing about this, is that if I can make him money, I will get others with even more money attracted to the idea of venture capitalism. Which means I can make more money off more people.

Making money is easy, and I want to show people that if you want to be rich, and you have nothing to start out with, you CAN do it. :)

Re: Possibly starting a tow truck business in WA
 

hah.. its something different every week eh trav?

Thought you were heading to alaska ?

Re: Possibly starting a tow truck business in WA
 

I was gonna leave tomorrow, but their only gonna be doing 2 more trips before they shut down for a month. Which means 4,000 dollars roughly, based on their past 3 month average. Now 4,000 dollars for 15 days isnt bad at all, but when you include the expenses, like 1300 dollar airfaire, and since I left all my gear on a different boat thats not in alaska right now, thats another 300, and my license for this year, is another 150. I'd only walk away with like 2,000 dollars. Still not bad for 15 days, but I need to get my taxes in order and that would be hard if I was in alaska tomorrow.

But aparently they are gonna be running next month toward the end of april, which will work out wonderful for me.
So I will go up at the end of april for like a month or 2. For personal money. :)

yeah, I'm trying to carry a heavy load right now, I took on 2 other design projects, working a part time (with full time ------- hour) job, trying to keep up with the stock market and now this towing thing and I've been turned onto real estate, which i think i might try in the following year. Not exactly leaving me with a lot of free time :(
Oh well, if I have one million in the bank by 2010 I will be very happy and will just live comfortably off mutual fund allowences ;D

Re: Possibly starting a tow truck business in WA
 

so when do you want to share the knowledge?

Re: Possibly starting a tow truck business in WA
 

---- it, it's not your money. What do you have to lose? :)

A friend of mine who lives in Vegas received $70,000 from his mom for helping her out with her house payments over the years. She would have lost the house if he didn't help her, but now she has sold the house and moved on and handed him $70,000 to start a business. Lucky bastard.......

My roommate is on a constant search for a new invention or a new business idea or anything that might make a couple bucks. It's funny sometimes....
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Re: Possibly starting a tow truck business in WA
 

The plan is to make 1 million dollars (in assets and liquid) starting from 0 dollars. That is my project for the next 5 years. I completed everything that was on my list of things to do before I die a little early. lol.. so I had to come up with other things. One of them was to technically be a millionaire atleast once in my life. And making money is very easy if you just use your head and dont think like an employee. :)

If I do it, which I am really confident I will, I will write a book on it. :)

Other than that, all I can tell ya is good ideas, NETWORKING with people, and just put yourself in the right spots at the right time. :-p

But hey, im poor right now. :)

Re: Possibly starting a tow truck business in WA
 

I can kind of lead you in the right direction as far as towing for the local PD's and whatnot. When I applied for my salvage dealers license I had the option of doing that if I want to, but I'm not really interested. So you'll have to become a salvage dealer first and then go from there. You can also get into repo's which can bring in a lot of money too. You have to get a bonded though which isn't too bad.

Re: Possibly starting a tow truck business in WA
 

hey anythings possible, I mean Martha Stewart just made a boat load of people millionares last week..

Re: Possibly starting a tow truck business in WA
 

Can you ellaborate a little more on the salvage dealers license, why you need it, what does it enable you to do, etc.. and also on the repo's. Because there are already 2 dealerships around here that have said they would use us for repos. thanks!

Re: Possibly starting a tow truck business in WA
 

hey, travis i used to work of a tow company.. i have a lot of experiance with towing and all if u need any advice let me no.. plus it looks like im going to be looking for a new job soon.. so keep me in mind ;)

Re: Possibly starting a tow truck business in WA
 

I got a 20 spot says your probably still living at home in 5 years. When my 240 gernades I'll be sure to call up 1-800-TOWARKET


btw love the sound effects on your front page, totally... "rad" ? ^-^

Re: Possibly starting a tow truck business in WA
 

Whew Trav, I'm calling you when I blow up my car!

Re: Possibly starting a tow truck business in WA
 

You know, I just might be living here in 5 years, who knows :) But I will definatly have a ton more money that you :-*
And those sound effects were used as an inside joke. But since youre not hip to the nerd style, you dont get it. :)

Re: Possibly starting a tow truck business in WA
 

taxes you can just get an extsion so you can deal with them 4 months from now

Re: Possibly starting a tow truck business in WA
 

Thats true, but when you get an extension you have to pay a high interest rate. :(

Re: Possibly starting a tow truck business in WA
 

Gary Love strikes again
-CF

Re: Possibly starting a tow truck business in WA
 

Oh, I love a thinker.


If you can't do police/government tows, the first thing I'm thinking about is parking violations, picking up junk cars and towing them to the junkyards, repo's is a good one, towing for auto shops with broke down customers that don't have a truck available, and maybe even get into AAA stuff. It seems like everyone that's in it is doing well.

Do everything that you intend to, and if you fail, it's only more you learn.

--------------------------- is something I started with nothing. I don't think it will ever make me even wealthy, but it allows me to express this "business mentality" that I feel inside of me. It could be something big in the future, but I look at it as "management" training for when I come up with that "life income" idea. It could be my new painting company, or it could be something else, but all in all I would just encourage anyone who feels they have this "mentality" to use it in SOME kind of way. Good luck.

Re: Possibly starting a tow truck business in WA
 

Roam towing and tresspassing towing is the dirtiest business I know of.. well that and mortgage brokers.

Re: Possibly starting a tow truck business in WA
 

No business that turns high profits is going to be 100% clean. But I know what you mean.
So far I've been calling the state patrol and AAA to see what requirments they have for the towing company before a contract can be made. That and contracts with local auto shops and dealerships... So far its looking like it can be very profitable. Like I said.. we'll see how it ends up in the next 6 months.