While serving time in county prison, Wallingford sees a story in the newspaper that his cellmate, Schenectady, has inherited a mansion from his recently deceased uncle. Hearing this, Schenectady dreams of luxury.

An all-black horror comedy starring Mantan Moreland and sometimes partner (and straight man) F.E. Miller, Lucky Ghost is amusing low-brow fare that exploits the more base, stereotypical elements of old-time black life (chicken thievin', gamblin', runnin' from ghosteses) for laughs -- sort of like the BET of its day. Mantan and Miller win a house-cum-casino in a craps game, only to discover that the deceased former owners aren't too pleased that their old home is being used for "jitterbugging, jiving, and hullaballooing". I hate hullaballooing. The ghosts decide to scare everyone off by opening doors and windows, pulling out chairs, even playing the drums.

Helen Fielding, heir to the fortunes of the late millionaire Roger Fielding, Sr., has broken off her relationship with the unscrupulous Lew Covey to pursue a romance with reporter Bill Summers. Covey, determined to get at Helen's inheritance, vows to win her back.

Tommy McCoy and "Dude" Markey are both in love with Harlem singer/dancer Nita. Markey robs a jewelry store and turns the loot over to gang-boss Murray Howard. Later, Markey robs the safe, steals the jewelry, and, in order to get rid of his rival for Nita, frames the robbery on McCoy. The latter's big-brother thinks otherwise and, with Nita's help, sets out to prove it.

An undercover police woman poses as a nighclub entertainer to catch the main man behind the racketeers going on around Harlem. Meanwhile two men are falling for her.

A theatrical producer puts aside his own success to boost the career of a talented singer.