Saturday, July 21, 2012

FundPCX

I have a bit of a dilemma.

As many of you know, it took me a long time to find this awesome job that I started in March, 2012. Now, because of the crushing boot of the state, I find myself without a vehicle. Fortunately, I've had use of a borrowed spare car for the last month, but that can't realistically continue much longer.

With the attendant horrible credit score and no money saved up, one option would be to buy a car at a  buy-here-bend-over-here lot, paying too much for the car, paying way too much interest, and then having to carry insurance that I can't possibly afford on said car. Then of course there's the fuel economy issue, where I would be paying at least double to fuel a car every week compared to what I've spent on Bad Penny's gas (a beater car that gets 35MPG is probably hoping for quite a lot).

So, I would like to propose to my readers this: An investment fund that will yield 15% compounded interest annually which will finance a new Honda PCX scooter. The 2013 PCX150 that Sloan's has in stock can be had for just under $4200, gets over 100MPG, and it's a Honda -- the most reliable machines on the planet. Sloan's also has a 2011 (new, in-crate) PCX125, like the one pictured above, that they are willing to deal on, but I couldn't lock down a price over the phone on it, this morning but $3923 doesn't sound like that great a deal.

If, say, the PCX150 were $4200, and "shares" were made available to you, my friends @ $100 each, each share would pay out $152.09 in August, 2015. I know it's a high-risk proposition, but I would rather pay my friends this money than some sleazy car lot, and I think 15% is a fair return (and less than I would be paying the sleazy car lot for a questionable, overpriced beater of a car).

Anyway, I'm not sure how to get the ball rolling on this, or if enough people would even entertain the idea... I have relied on your kindness far too much over the years. That's why I would definitely only want to do this as a loan/investment deal, if there's enough faith left in me out there to make this happen, that is.

I would welcome all ideas, concerns, criticisms and commentary in the comments, here, if you would be so kind. Thanks.

UPDATE: At the catblog, where I originally posted this to spitball with my pals, some commenters suggested more shares at a lower price. That makes sense to me. And with an annual payout, too, so the risk gets further diluted. So, if this idea moves forward, I think I'd look at 168 shares for sale at $25/ea., with an annual payout per share of $12.67. That's a 152% return over three years. Two years, break-even; third year... profit!  :)

If interested, please contact me @ jprestonian@gmail.com, and state how many shares at $25 each you'd be willing to buy on the above terms.
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