The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-28
= VEN with the admonition Of real
- estate men. material dealers and

eSGdGe moH, MdLeIldA uedAoAo eno
- contractors to 'tbuild now,o the
salaried clerk who has never had any
thing to do with building, or with any
timid about venturing on the contract
sea. It all seems bewildering to him
and the leap into the whirl Of finance
seems so dangerous that he hesitates
to enter into an agreement to pay q
monthly sum toward the cost Of new
home. I'll 1s
The experience Of one Of heSsub-
stantial business men in making his
start is an example of what the Amer
securing q home.
In the first place, the conditions under
which this. man began did not seem
favorable. He had wife and two chill
dren to support on his income OF 81 a
day, but he was determined to put the
equivalent Of rent expenditure into pur-
chasing something substantial to show
contracts, secure his home and at the
same time established credit at a
leading bank.
Lot Is Large and House Small.
The house and lot selected are at
Twelfth avenue N and Third street
The lot is large and the house 9 small
family agreed to pay 81, 900 for the
property, per cent interest and taxes.
He signed notes to pay 800 month up
to $1,000. The note was discounted at
| the bank and the payments were kept
up without a miss for the four years
and more required to take care of the
principal. Meanwhile the family wa
lbills were small, but the little appetites
developed into big. appetites as tn
children grew month by month, The
Young fellow was not discouraged: H
kept his family we'll, responded to thu
4 increase in the cost, and best of all
kept up his payments at the bank. al
on So day wages. :.
to his brother and on the space which
was not occupied by the original hous,
they built two new houses, working
after hours in the evening, or early IL
the morning.
Everything Except Plastering.
The two did everything on the hous
except the plastering. The foundation
work and the carpenter work and finish
ing was soon completed by this piece
meal way Of working Attic the tw
young men had their noses pretty clos
to the grindstone for a time, the
achieved foundation for future pros
s per1Cy ana dCQuIItu nedlInJ UtolHoo
discipline which stood them IN goo
stead.
The actual cost Of the two houses wa
81 $50. Added to this was the purchas
price Of the original homestead,
$1,000, making a total cost of $2,850.
The two embryo business men the
sold the entire property for $4,75O,.
gain Of about 100 per cent on their II
vestment. Meanwhile the first brotht
had been saving $40 a month, about tf
rent average for a house such as he o.
d cupied. Tits amounted in the five yea
to 5000. This would more than OTIS
9 the interest on the origlna! cost
:. $1,000 and the taxes and repairs. WI
: the proceeds Of the sale. nearly $500
the young man was able to start
business. Broadened by his personal e.
FL perience, he now frequently adya n
q buy or build homes, and he finds t!
. venture very successful one in &
:. effect Of home ownership on his me
:, and for the benefit Of the city at lare
!. He saws today: Build instead
{, e paving rent. Now is the time
800 What H. N. leighton Says.
H. N. Leighton Of the Il. N, Leightt
company. leading contracting flrl
throws some light on the cost Of bull
ING now. as compared with conditio
FL for several wears back. He is one
Il the majority who advise men to bui
G homes now instead of waiting. Price
le he saws, will not be lower and the pre
r. Ipect is for an increase. So long
n lumber is on the rise increased cost
d assured. 81
Brick is about the only thing tn