First "Taxpayer" Property

First property co-owned and managed by the author
John M. Fox

I started asking around among the landlords that I knew for buildings in the area that were available. Abe and I looked at a few buildings and eventually decided to go in together on what was called a “taxpayer”—a one story commercial building with a row of stores. Taxpayer buildings were simply built structures with brick bearing walls and wood or steel beams, usually with a common attic and basement. You wouldn’t get rich owning a taxpayer, but you could definitely get a revenue-generating property at a low entry price. 

Our taxpayer was off Ocean Parkway near to Prospect Park South. I remember that we bought the property for $65,000, of which we had to put down $15,000. I actually loaned to Abe a portion of his share of the down payment, a sum which he paid me back later. The first thing I did after we bought it was to put a new roof on the building.