Are There Still Good Buys In Real Estate Continued:
Now flash yourself through 1952, for much the same scene, and pause a moment at
1955. In that year, I sold Len and Lois G. a package of Aunt Tobys soon after
they had graduated from my course.
They, too, consulted their "best friend and advisor." Need I say that
the advice was much the same? But they bought them. As I write this, I pause to
phone the G's. Are they happy? Deliriously! Of course, I could go on and on with
this, but you get my point.
As you place yourself in each of these years, and see that the pattern never
changes, you should now be able to see the crepe hanger in the light of these
experiences.
He or his counterpart is saying almost the same words at this moment to someone. In most cases he succeeds in scaring him and he settles back in his rut, side by side with the crepehanger, and ten, twenty and thirty years from today, they are just where they were, but both of them bitter.
Now, with this background for your thinking, let us see what happened
with Dorothea's No. 3.
She and I went to look over No. 3. It was a little off the pattern of the usual
Aunt Tobys, but interesting. It consisted of a row of eight single houses in
Philadelphia style, that is, wall to wall. Each had two stories, attics and
basements. Some had their toilets in their cellars. Some had been partially
modernized.
The exterior had been covered with the cheap, ugly asphalt siding material
that is often sold by high-pressure home-improvement salesmen. The present owner
had neglected everything except collection of rent. Of course, we should
consider first, the thing of first importance Location.
The property was on Avenue N, some five minutes' walk from the center, schools
and shopping. It was in a very desirable residential neighborhood consisting
largely of single homes which were nicely maintained by their owners.
It was a nice place to live, and anyone could see that the rentability (or saleability) would benefit by excellent location. As a matter of interest, we later learned that this property was considered the eyesore and ugly duckling of the otherwise good neighborhood and the homeowners in the area hoped and prayed it would be demolished.
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