Chapter One: School Teacher

Chapter One

School Teacher — Builder

This book came into being as the result of a request from a young friend of mine. He is forty years old and has taught school for almost twenty years.

He has pursued a moderate life style and his savings have grown, until he is financially able to acquire a single-family house.

My friend has been interested in building since childhood. When he was six years old, he started a "construction business" in a one-room office which his father built for him in their rear yard.

His dad was not a carpenter but also followed the teaching profession. Still, the hut was so well built that it is in good condition and carries the original sign, "Construction Office."

My would-be entrepreneur never proceeded beyond the office stage of the business. I suppose this was partly due to the fact that all of the members of his family were engaged in the teaching profession and there was no one to guide him. He has never lost his urge to have a hand in construction work. He would like to have a property, which he could sell at a profit. Then acquire and sell another and another.

At that point he would probably retire from teaching and devote full-time to his real estate interests, since they would represent a greater income.

But as of now he has a problem. He has saved enough money to invest in real estate and wishes to do so. However, he feels that lack of knowledge might jeopardize his hard-earned savings. In this respect, he shows a degree of wisdom which might well land him in a bed of roses.

His "look before you leap" policy is sound business procedure. Any other method would involve too much confidence placed in Lady Luck.

He came to me for guidance, since he was aware of my career as a speculative builder. Obviously, there are too many angles to the business to transmit orally. Thus I offered to prepare a written account of procedures which I have found to be profitable and safe.

There is nothing new about my operations. They date back to the beginning of business. But they tend to be lost in this day and age of charge, charge, charge, and borrow, borrow, borrow.

One thing or another interfered with starting the book, until a recent incident forced me into action. It is a chronicle of how not to be successful in the real estate investment business. I believe I should discuss it now and then proceed down more fruitful avenues of endeavor.

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