With all this property on his hands, the lawyer got busy. Over the long-distance phone he called up a bank in the British Columbian town where the clear lot was located, offered it at $250, and the offer was at once accepted. That left the two city houses and the three Montana lots out of which to realize the remaining $150 of his fee.
The 5-room house was in fairly good condition, so he moved into it with his family, and improved its general appearance by making a few needed repairs himself, and adopting the theory that a man’s property is dignified by his occupancy, and its selling possibilities increased. He then looked for a buyer or a trade.
A southern family, living across the street, greatly admired the little cottage, and offered in exchange for it a 160-acre farm, not far from the city, valued at $3,000, but encumbered for $330, provided he would pay cash $300 in addition. The lawyer made the trade on this basis, though in making this deal, as in all others, he adhered to his established rule never to assume an encumbrance upon a piece of property, but to take it subject to the mortgage, the purpose being not to be made personally responsible for the mortgage obligations.
Immediately upon securing title to the farm, he obtained a loan of $1,250, out of which he paid off the encumbrance of $630, and still had $620 in cash from the proceeds of the loan. Therefore, as a result of this deal, he had paid out $680, and had $620 in cash, and an equity in the farm which he sold for $2,700.
Then he moved into the 8-room house, which was in need of cleaning and painting, and at a total expense of $100 he made it look like a new house. And it was close to the business section besides.
Not long after moving into this place, he was offered another farm of 80 acres, valued at $6,000, which was later sold for $5,000, but encumbered for $1,500, for the 8-room residence, and he accepted that offer also, taking the farm subject to the $1,500 mortgage.
The paying off of the mortgage on this house, added to the $100 spent for painting, etc., required an outlay of $575, and by giving a mortgage for $2,000 on the farm, he cleared off the first mortgage, and had $500 in cash left to pay the $575.
When he figured up the totals he found that for a $400 attorney’s fee he received more than $3,500 inside of eight months.
This attorney adopted the plan of accepting equities considered of no value in other people’s hands, in lieu of small cash fees and found a use for the property which enabled him to deal.