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BUYING AN OLD PLACE
The previous chapters have to do with an entirely
new establishment, and it seems fitting that some
thing should be said here about the purchase of an
established saloon, although the buyer frequently dis
covers, when his money has been paid, that he has
made an exceedingly bad investment and that the
"good old stand" is a gold brick of the worst kind.
The best and safest way is to take nothing for
granted, and look upon the proposition from the
worst possible side.
As with a new place the locality must be first taken
into consideration, and the value fixed accordingly.
Then the question of mortgage must be considered—
and it is very likely that the business and fi.xtures
will both be well blanketed by a mortgage, held prob
ably by a brewer or wholesale liquor dealer.
Now, before you go any further, find out this one
vital point:
If the property didn't pay the original owner, how
is it going to pay you?
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