The Dickinson press., 1890-08-23
REAL ESTATE eAkIRs.
How u Young Western Man Began q
Nnfhlnr tn NInln NANCY.

How n Young Western Man Began ON
Nothing to Make Money.
"While fakirs are numerous in all
classes Of business" said a prominent
real estate dealer, II think that there are
more of them in our business than in al
most any other. The real estate fakir is
usually an ambitious young man whose
imagination has been fired by the daring
exploits of such men as Napoleon Ives.
He thinks that in nothing else can he SO
quickly attain riches, at the same time
avoiding the fall that blighted Ives ca
| reer.
"Thcse fakirs, dressed in their best
suits of clothes,' call ut II brokers' Office,
talk of their property, of large deals on
hand and of options held by them, rs
though they possessed the wealth of a
Gould. The unsuspicious broker re-
ceives them with open arms, but soon
discovers that is all talk. These add
venturers go from Office to another.
and it is always the same story-dreams,
empty dreams. Once in u while a bright
young fellow succeeds on nothing but
nerve, as did Il young acquaintance of
mine. The fellow l speak of lived by
working OH u salary of $50 a month, and
decided to open real estate Office. With
n capital of 500 ho rented an office, had
handsome cards engraved, and fearlessly
embarked upon the real estate market.
He succeeded beyond his widest expec-
t%ations, and is today worth $4,000, and
all in one year"
what was his method of operations"
queried tho reporter.
"It was simply this" responded the
broker. "The young mar discovered a
vacant lot in n desirable location for
which the owner paid 10000 about two
years previous. He called on tho owner
and agreed to pay him $751; 900 for the lot.
His offer was promptly accepted.
"'Hold on said the young man, 4
haven't n cent, but this is what 1 propose
to do: convey the lot to mo and put the
consideration at $4,000. will execute
n trust deed to you for $4,000, which !
want you to withhold from record for n
few weeks
"This was agreed to, and the young
inancier had plans and specifications
drawn, advertised for bids and received
bids running from $4,000 to $1,000.
He concluded to let the contract to the
lowest bidder. Now came the vital
question of obtaining the money. The
young man was equal to the emergency.
He called on a well known capitalist,
showed him his deed for the lot, assured
him he had paid $50, 900 cash for it, and
stated that ho had contracted for the
erection of q $4,000 building. This,
added to the value of the lot, would
make 100000. After an examination of
the situation the capitalist agreed to loan
him $50, 900, secured by mortgage on the
lot and tho building to be erected.
"My young friend paid the $4,000
due on the lot, and a handsome building
now stands there. He also refused SSss5,-
600 u few days ago for a. half interest in
his equity in the property. The building
yields IL good income, and in q few gears
will pay for itself. Ican say that while
this young fellow deceived in the first
instance, he has lived up to his prom
Uses and is now doing good business"
Another broker relates an amusing en-
counter with u crank.
"We meet with plenty of cranks in
our business" said this broker. "They
all have some wild scheme with millions
in it. One came into my office today
with a great scheme. He assured me in
seriousness that he would make my for
tune. AS I was not busy l listened to
him. His plan was to buy the space
above buildings of moderate height. 'Of
COURSE said this crank, we won't tell
the property owners what we propose to
do with this space, and they will think
they have struck ~ snap and that we are
fools when we offer them a few hundred
dollars for the air above their buildings.
When we have obtained this space we
can build on as high as we please. Don't
you seer
"1failed to see, and he left, muttering
how many fools there are left."-Chi-
o--1 D..