What is the best deal in real estate and why?
Let us draw a sad, slow curtain over the bad choices I made in those days and
begin to specify the right beginning for your guidance.
I will assume you are a small investor, and that you have only $1,000 to $1,500
to invest. If you have more you can speed the process and get started quicker,
pyramid more quickly, and reach your goal sooner.
But you cannot improve on the method unless you have phenomenal luck—and we're not planning on that. Our method is based on a universal public need for one of the essentials of life and our ability to supply it at a good profit. Luck has little to do with it.
Wherever you live in the United States, you are likely to have near you some
rental units of the style of Aunt Toby or their equivalent in housing. This may
take the form of duplexes, row houses a la Philadelphia, or apartment buildings.
Everything we say here about Aunt Tobys applies to class of rental and not a
type of building.
Wherever you are, there are rental units for the average working-man.
It is entirely unimportant that the FORM of the rental unit may be drastically
different from the style of Aunt Toby that is commonly called a three-decker. In
every part of the world I have seen that there are one or more forms of lower
middle class or workingman's housing. They are Aunt Tobys.
These buildings were built 30, 60 and even 90 years ago. Often the 90-year-olds
are more profitable than the sparkling new apartment houses!
You may find workingmen's housing in your area in any one of the dozen forms.
But you can be sure it is there, and you will find that the directions here will
guide you in appraising it and buying it.
In the Southwest Coastal cities, particularly Los Angeles, I have seen Aunt
Tobys take several forms. Sometimes there is a four-family duplex. There are
single lots on which four separated single houses have been built, each
"free-standing."
In San Francisco there are many row houses, with one or two units to each house.
All of New England generally has the type of Aunt Toby from which I drew its
name, three-deckers and some joined to form six-family blocks, all on one lot.
In Montreal and Quebec, the frugal French have divided their own houses that
front on the street, many even putting the staircases outdoors to utilize inside
space more efficiently, and then they have built an additional house, and
sometimes two, on the land in back of the house—for income.
In New Orleans there are other versions.
A lot is split down the center with an
alley, on which several units front. Thus four, eight and often 12 or more units
may be rented out on the one lot.
New Mexico has the one-story Spanish-style three-to-six apartment rows, and some
have added a second story for additional units.
Baltimore and Philadelphia have the small single units, wall-to-wall, in rows,
often divided into two units to a house. North Carolina has these too, and
several other versions of working-men's housing. There are some row houses in
New Jersey too, but many others take the form of free-standing three-family
blocks.
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