This little volume is the result of being called upon, a few years since, to read a paper before the Kansas City Real Estate and Stock Exchange upon the subject "Real Estate Considered as Investment and Income Property.” That first sog. gested to me to put my ideas on real estate investment in an orderly arrangement. It then occurred to me that an outline of the general principles and considerations which should control such investments would interest a large number of people. Because I have put my thoughts in book form, I do not arrogate to myself any superior knowledge upon the subject as compared with hundreds of other experienced business men in the West who have had largely to do with real estate and real-estate securities. Many of these men could have written better and would also, perhaps, have made fewer errors in their observations of land and its improvements considered as a commodity.