Seven years ago I bought the property that we now call the lab. I had
enough left over for a down payment on property that had all the normal house stuff. There was a nice place really close for a reasonable price and they did owner financing - 5%. Most banks won't touch rural
land with acres, so that's pretty normal. So I said "my offer to you is exactly your terms" and they said "we changed our minds - we want ALL the money. No owner financing." The next house was much further away and not nearly as nice.
Some permies approached me and said "I wish I could get 5% back on my investments." Next thing ya know, seven people sent big checks and I then had enough for the house.
The jetpackers.
The cool thing is that none of them asked for a lien or even a signature. The checks simply arrived. Sweet!
Some years I pay the interest - usually around the end of december. And sometimes I skip a year and pay that interest later. We're tracking it all.
Within the first couple of years a couple of the jetpackers contacted me and said things have changed and they would like their coin back. I got that all sorted. One had a pretty big pile and caught me when I was on my back with cervical radiculopathy. It took five months, but it is all square. Another needed quite a bit last year - that made it so the well on the lab had to be postponed.
There are four jetpackers left. The idea with the whole jetpacker program is that there will be a time that this land will have an income and then all the jetpacker coin will be washed away. I think that the well will do a lot to help that forward velocity.
Recently, a jetpacker contacted me to say that another entity was being naughty and the jetpack chip needs to be called in. We just finished the kicstarter and even though we were a little shy, we think we can scrape up the difference and put in the well. But this puts the well
project in question.
Rather than put off the well project, maybe there is one more person out there that wants to be a new jetpacker. $5000 to $10,000. 5%. Just send an email to me (paul at richsoil.com) to hammer out the details.
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