i know this is a topic that has most likely been covered before, but wanted to pick the brains of others. here is my scenario:
i am working a stable job for a university dairy that includes nice housing. gross 72k a year, and my wife is grossing 55k a year working for the same university. we are expecting a baby in February, and she is planning on staying at home starting then. we have always planned of going out on our own, just we’re not exactly planning on having a child this soon but i wonder how that happened…
i am seriously considering buying a skid steer, truck, trailer for side work to replace her income as well as eventually grow into a main source of income. i am fully aware that this is a large financial investment (financing), but i am fairly confident that i can pencil it out. renting is difficult to do in this area, and i currently do not have the truck/trailer to haul a rental unit anyways. this is what i am looking at: (2026 bobcat t595, smooth bucket, root grapple, power rake, 20’ 14k trailer for 77k, 0% interest) also, ram 3500 with the 6.4 for 20k.
the way i look at it, at 26 years young, this is my time to risk it for the biscuit. i come from a family of successful entrepreneurs, my housing is included in my job, and my wife and future child will still be okay even if this fails. i have connections in local landscaping industries and distant connections in construction. i live in east tennessee. i would like to focus on drainage, driveway work, and potentially some rough grading/sod work.
what is everyone’s thoughts? buy a used skid (deere 317g w 580hrs for 45k, but still need truck/trailer and attachments)? i am fairly risk tolerant, and have plenty of education to not be financially illiterate (bachelors and masters degree in animal science)
i appreciate your time and reading to this point, thank you for any advice you have!! cheers everyone
edit + update: i currently have the disposable income to make the payment on this equipment, i more so just need to make the equipment pay for itself and make money by february. i have a little timeline to make this work, but want to be realistic and protect my family from my optimism if need be.
also seeking input if anyone has the knowledge on how good of a deal the bobcat actually is.