Hoboes Louie, Mike and Fresno Phil arrive in the town of Watts with a phony will claiming that they are the heirs of the estate of wealthy Isaac Watts. Since the long-dead Mr. Watts owned all of the buildings in town, the trio claim that, being his heirs, they are owned years of back rent from the buildings' tenants. The three are distracted, however, when a charming local widow, Mrs. Wonder, also claims to be entitled to the Watts estate, and the three decide to go after her money instead of the Watts estate. However, things don't turn out quite the way they expected.