The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1920-10-30
lGREER BACKS UP
BUILDING FIRM
Cites Advantage of Pro-
posed Company to Put
Up Houses Here
FAVORED AS SOLUTION
Member of Rent Committee
Think, Loan Association Is
Only Way to Cut Rentals

n prupor transportation service
90, b, assured, the high rent situa-
g,, an Tulsa can be relieved within
short time through the agency of
home huildlng corporation such as
s,s,s in Minneapolis and other cities.
J, the belief Of Frank II. Greer,
rspibrr Of the chamber OF commerce
,s,t investigating committee. And
No believes this is the only perma-
cont solution of the problem.
sees solve for Tulsa.
Such company operating In
Tulsa could be. capitalized for
cher 325O.O0o or $5O0.O0OO Greer
ov, lie has hadc care
mi study Of such companies octivl-
ue In other cities, and has local
"a thcm--appiied them toward a
solution Of tho Tulsa situation.
\ II the company were capitalized
Nor t50O000 he says N''f .N.e
I!amourt could be spept acquiring lots
IN quantity in various p4....
city. but especially in the outlying
districts whore they may be pur-
chased more chcaply man closer in.
The proper idea. he contends. Is
property 80 the property when i'm
proved will not be too costly for the
average working man 10 buy.
Three Types Would BE Built
Three types of homes would be
built--a siX-room bungalow, a seven
room two-story house, and an eight
rooms two-tory house SO provision
might be made for families of va
sf 4 l..
gaQdlrdized not only to save on con-
strucuon but to avoid delays caused
by tn Use of varying plans and TN
tried types Of architecture.
Some banking concern could be
connected that would handle the
paper on these houses after compile
ton. Provision would be made for
Ia first mortgage of so per cent FOR
IA period of five years, and a second
mortgage OF 25 per cent to be paid
off IN monthly installments, both
mortgages to bear six per cent in
ierest. For It's assistance in handling
these mortgages the bank or trust
company would be paid five per
cent This latter amount would be
added TO the building companys ten
per cent profit, and paid by it to the
banking institution.
Would Take is Per Cent Payment
Greer believes 1t possible that the
building company could operate upon
n 10 per cent basis. That is, Il could
'sell the property for Is per cent
payment by the purchaser, allowing
him 10 repay the other 10 per cent at
some future time. II this were pos-
Aole, the building company could
90 business on y 10 per cent basis
with capital of 100000 it could
properly finance s5,00O,0O0 worth nj
building. Capitalized at $25O.OOO and
on the same basis, II could finance
N,oOO,OO0 worth of building. If II
we're necessary for it to hold 25 per
cent IN the property, on a capitaI
I sE5DoOO 1t could still finance ST.
VVV'OOO worth of building.
IN most of the cities where. the
nome building company Is a reality.
y mas purchased lumber Yards and
hardware supply houses. and conduct
s9 'hem Tor It's own operations. They
nave even sent Nmen into tlmbered
country to purchase lumber i'm the
Uee' and at n substantial saving
o'tr regular retail prices.
Hreer believes that even though
d nome building company in Tulsa
suouId be organized ana should
0Hdi sc 10 per cent net profit Il
eouIu sell 10 home purchaser at n
pllce at least 25 per cent less than
ue could buy the material and buitd
n.,unlself, because Of the company,
Il,liy to buy in mammoth quantities
prices. SAVING III