New-York tribune., 1921-11-20

a made ray drst venture in real
...sts at co. writes Lotion II. Slawson
!. sbs current issue Of Forbes ~r
- saved up $3.50 and. with a boys
stnrsi ambition 10 see what could do
IN It. searched fer an investment.
!. view Of my fathers experience. nv
md quite naturally turned to real
STATE.
AIN 1866 my father had come to New
yota City from Tioga County, N. Y,
s.ss about $500 in cash, and a wife
~ ehild. He started in the dairy bust
ssss and. as profits increased. he in
ssssed in real estate. He followed 4
sv,tsn: he would buy piece of vacant
,,sperty. clear off the mortgage as
ssss as possible. and then buy an
,,s,r piece. which he would handle in
,ss sane manner. Under no circuna-
.ssaces could he BE induced to buv
svsn the most desirable plot until his
~ost recent acquisition was clear of
nartsaye. When he bought, ne fixed
,ss price for its resale and he held the
sroperty until he got that price. That
s the scundest possible purchasing
,,nciple for vacant property. Nc man
should purchase it unless he can afford
!, clear it and hold it for resale or i'm
usuveniert.
when my fsther offered to take me
a with him in the purchase OF va
ant PLOT jumped at the chance. MY
hare was to cost me 5000 had $3.50
i nv own and borrowed $3.50 from
nv father. Within eighteen months
tae property WIS sold, and I received
$500. After paying father S2,65e and
interest | bought share in his milk
BUSINESS.
First Real Estate Deal
"As long ago as 1890 / remember be-
ne impressed by the shifting of neigh
bprhoed centers and the many for sale
and for rent signs. With a naturally
analytical mind, tried to discover the
reason. It WAS experience gathered in
this manner which finally brought about
the results attained in my first inde-
pendent operation in real estate, for
vas able to visualize such alterations
in the property as would make it yield
rroDer returns.
Several years after my first invest
ment | became convinced of the value
Of piece of property at Broadway
and 10th Street. l purchased the plot
for s14o 600, intending to place mort
gage Of about 100000 on it and erect
tsxpayer building. I visited the office
of q mortgage lender and was offered
slS50eo on the land alone-whether a
taxpayer was built on it or not. Incl
ientally he inquired whether that was
more than / had paid for the property.
showed him my purchase contract, the
zeal was closed. and / have had many
satisfactory dealings with the same
nan.
When | made the purchase the prop
rsy was in shocking condition. / dis
assessed the tenants, graded the plot,
Nsated grass seed and put up neat,
Ehite picket fence. And in less than
hree months / sold the property, with
ut further improvements, for SITS 900.
From this early experience in buy
ng and selling unimproved property
gradrally became more and M ore in
crested in Building up locations, and
sturally my mind turned toward con-
truction and the handling of large
uildings TO produce q maximum in
cnhe One of the functions of the
.cton II. Slawson Companay is the
nancing and supervision of the con-
tructioa of large business buildings,
'here they are being erected for pur-
oses Of investment Another is the
essoration Of what is peculiarly known
Is sick buildings" which has an in
.erest all its own, because of the in
evitable stimulation that results from
any really constructive work.
Those who are unfamiliar with the
'peration Of business property are
'tten puzzled to know why building
suddenly begins to lose it's character,
md, without any, very evident reasons,
llso loses its desirable tenants 1t
becomes known as "sick building"
md, unless very prompt action is
AIKEN, serious results are likely to fol-
ow
"Ths first step in the restoration of
sick building to a normal condi-
aon is to put it into proper physical
shape
Every building has an individuality
II It's own. When you enter business
'uildfng you are unconsciously i'm
'ressed with its general atmosphere.
! may be an old type of architecture,
acklng in some of the modern essen
.als; but if you find a well-traired
orce, perfect cleanliness, and little at
empt at ornate decoration, you are
impressed with the same quiet dignity
iou would feel in entering an old-time
'esldence. You think OF it's tenants as
'oad and substantial men whose bust
iess is Of long standing; it's prestige
$ shared by its tenants. Such an i'm
preston is given by many Of the older
suldings on lower Broadway and In
much Of the neighborhood adjoining