I have the opportunity to buy a piece of property that I normally would not be be able to afford, except the owners are willing to owner finance it to me. They REALLY want to sell it to me. They don't want to go through banks. They're an older redneck hippy couple. They're offering to sell it to me at 9% below what the county taxes it at. They also don't want to charge interested, but they are worried about inflation, so they want to make the payments based on the price of gold (but paid in cash). For example, say I owed them $100,000k over 5 years and on the day the property sold the price of an ounce of gold was $2,000. Well, if the price of gold stayed static at $2000 then I'd owe $100,000/10/12 or $833.34/month. But what it really means is I owe them 50 ounces of gold over 10 years or 0.4167 ounces of gold/month. But all of this is paid in cash it's just the price that's based on gold. So if gold goes up I pay more, if gold goes down I pay less. It's a little wild but I'm pretty sure I'm all in. What do y'all think? No interest... price based on the price of gold. It's also a building I currently run a business out of and pay rent too... so there's that too.
Submitted February 22, 2022 at 12:18AM by Mr_Quiscalus https://ift.tt/EyZwlf1
