Chapter 17: A Man of Deeds

Rather than using cash as a down payment, the hugely rich oil companies want me to put up my deed to the land as a down payment on the proposed ‘NOW’ (I’m naming it.) truck-stop.

This is an entirely new concept for me. Land AS money? Certainly real-estate is worth money, but using land deeds as currency? A new idea in my experience and it’s awoken a monster in me. Real-estate means real-wealth! Talk is cheap, only deeds count. I want more deeds to more real-estate.

In my greedy hands is clear title to the two acres along the blacktop at the head of a mile long strip connecting to my hundred acre parcel in the remote back. Nominally, I’m the owner of a hundred and thirty six acres in total, but it’s a misnomer. I only own two acres. The bank owns the other hundred and thirty four. Seems to me, I’m renting my land from the bank, with a thirty year lease.

Mr. Moses understands finance, likes it, would wallow in it, and mire me down in it too. I do admire Mr Moses’ business acumen. I can afford it, he assures me, but it’s not rent, it’s rent to OWN! At the conclusion of that lease, I’m handed the deed.

The reason it’s good for the bank, my previous ten year and twenty year loans are now a thirty year loan. Or, lease to own, if I prefer.

The reason they were willing to cut loose the two acres? It encourages new business. New businesses represent growth, for the community and the bank. Particularly, for the bank. Banks count their wealth or worth, by how much is owed to them, the amount out on loan. I made the bank a hundred and twenty four thousand dollars richer, on paper. My loan balance. Security for the bank for the next thirty years.

This idea makes me sick. I screwed myself by not understanding the game. Traded a ten year debt and a twenty year debt for thirty years of indebtedness. Why did I miss that trap!

Mr. Moses tries to turn my head around, get me to see things clearly. This is good debt, he says. A quick glance at history teaches us real-estate values escalate and currencies devalue. My land to eventually be mine free and clear, becomes more valuable every year. I’m postponing most of the paying for it, until the future when money is cheaper and worth less. Buying land that’s temporarily cheap now, with devalued future dollars. I feel better. It’s a nice outlook.

Mr. Moses continues. I’m wise to understand, free and clear title deeds are currency. Acquiring them is good financial planning.

Negotiations continue for whose gasoline I will pump.

We’re looking at standardized blueprints for various sized stations. Each oil company has their own designs in their own style, though all share similar features. Costs of new facilities varies by size. All three want me to build a gigantic truck-stop, costing a million dollars.

Why? They show me a map highlighted in color, with a proposed new four lane state highway truck route already in the works. It’s coming our way. The county is ceding the state the blacktop in front of my property. That’s the corridor for the new soon to be cast in concrete highway. Commercial real-estate values will skyrocket.

Very few people are in the know on the new road construction. Keep my lip buttoned, I’m advised. I can be sued for letting the information out, if it causes certain speculators to have to pay exorbitant prices. These are rich companies with staffs of lawyers anxious to sue for advantage. Keep it quiet.

Mr. Moses concurs. He’s been sitting in on these meetings, at my invitation, because I’m out of my depth. Call it, holding my hand.

The sunburned fields around me have lain fallow for years. Farmed out! Good land for many purposes except not for farming any more. Mr. Moses suggests I try to buy the strip along the blacktop, both sides, if I can. A four lane is obviously a much wider road. The state will use imminent domain to take the required land along the proposed corridor. The amount of money awarded to compensate the owners, depends upon the appraised value. Current right of way is fifty feet wide, shoulder to shoulder. An addition seventy five feet will be annexed by the highway department each side, totaling a hundred feet from the current centerline. Buy it cheap now and sell it to the state at a high appraisal price when they take it. Why will it appraise at a high value? Because of the new million dollar ‘NOW’ truck-stop just down the road!

Mr. Moses wants in as my partner. Why would I accept a partner? I need his experience and expertise to pull this off. Oil companies don’t make these kinds of investments out of love for their fellow man.

Mr. Moses wants to know why name the truck-stop ‘NOW’?

“Hey Mack, where you stopping for supper?” ‘NOW’

“Daddy, I need to use the ladies pretty quick.” Stopping ‘NOW’.

“Nearly out of gas, better look for a station.” Getting some ‘NOW’.

“Can you meet me, so I can follow you to your house?” ‘NOW’.