Aloysius T. McKeever (Victor Moore), a New York City hobo, makes his winter home in a seasonally boarded-up Fifth Avenue mansion, entering and exiting the property through a loose board in the back fence, while its owner—multi-millionaire Michael J. O'Connor (Charles Ruggles)—winters in the South. McKeever winds up taking in homeless ex-GI (military) Jim Bullock (Don DeFore), who has been evicted from an apartment building O'Connor is tearing down for a new skyscraper, and runaway 18-year-old Trudy "Smith" (Gale Storm), who is actually O'Connor's daughter. Jim soon invites war buddies Whitey (Alan Hale, Jr.), Hank (Edward Ryan) and their families to share the vast mansion while they seek permanent homes of their own.