Did you know Joe Biden is Extremely Passionate about Real Estate?
“Even as a kid in high school I’d been seduced by real estate,” Joe Biden
Part of Joe Biden’s political appeal derives from his humble beginnings. From these beginnings, Joe Biden has used real estate to show his love. He later purchased his childhood home, bought a home that was used on the underground railroad for his parents to live in, offered to sell or mortgage his home to help his son’s family, Beau Biden, during a tragedy. Maybe real estate is more to many of us than just dirt, sticks, and stones. Maybe Joe Biden’s examples help to clarify what real estate can be and mean to us all. Read the article below about Joe Biden and his love for real estate. “Cup of Joe” has an understanding of what it means to struggle painstakingly, climbing the ladder of success. That said, most of us can relate to Joe Biden as we climb our daunting ladders.
Joe Biden and Dupont?
Joe’s passion for real estate began before he became a senator and father of two when he stretched his ambition along with his pocketbook, purchasing a 10,000 sq ft Dupont mansion.
Uncle Joe bought the Dupont mansion located in Greenville for a meager $185,000 in 1975. Keep in mind, his annual salary at the senate was only $42,500. Most financial planners would have advised Joe to abandon the idea, and I am sure they did. But Joe Biden saw this property was slated for demolition, perhaps thinking an excellent opportunity was buried somewhere in a mess. Needless to say, his love for real estate triumphed over the warning of financial planners. This is one of the first examples where Joe Biden’s love for real estate shines. As with a lot of bold investors, major renovations did not scare the politician away. In fact, he made the mansion his home until he sold it to John R. Cochran III, the vice-chairman of MBNA, for $1.2 million in 1996 after a 21-year residency.
Though Biden was there for twenty-one years, he still made a nice return, I am sure. As added icing on the real estate cake, John Cochran gave him his full asking price, another victory for Joe Biden.
Joe Biden, willing to use Real Estate to help his family?
After a stark victory on super Tuesday, keeping Joe Biden in the race continues to present himself as a middle-class pillar. Joe Biden has referred to himself as “one of the poorest members of Congress” many times in the past. In fact, in 2014, as vice president, Biden discussed the possibility with president Obama of taking out a second mortgage on his house. The reason being was to help out his son, Beau Bidens family, during and after Beau Biden’s terminal diagnosis and fight with brain cancer. Mr. Biden told then-President Obama that he might need to take out a second mortgage on his house to help support Beau’s family. Fortunately, for Joe, he didn’t have to do that.
For most Americans, their homes are their primary investment, their safety net, and it was no different for vice president Joe Biden during his vice presidency. Maybe Joe can relate to the ever-shrinking middle class and the safety net that real estate can provide.
Biden fell in love with a home, but his parents moved in instead.
Joe Biden fell in love with 228 North Star Rd in Wilmington, Delaware. This colonial home was built in 1723 and sat on 300 acres. Owned at one time by T. Coleman Du Pont, the home was named “North Star House” and purportedly played a role in the famous 19th-century underground railroad. As the story goes, slaves were hidden in the root cellar as one of the many stops to freedom along the underground railroad. If Joe Biden wanted to become its’ next owner, he would have to sell three of his existing properties to come up with a down payment. That is exactly what Joe Biden did. However, that was not the only hurdle Uncle Joe faced. Unfortunately for him, “North Star House,” as it was called by deed, was located outside his council district.
Joe Bidden has always proved himself to be creative, especially when it is something he wants, and this time was no exception. Cleverly, Joe Biden had his parents move into the home while he remained in his district. The desire to acquire real estate can fuel the real estate investors’ ingenuity bringing them to new levels, as in Biden’s case.
Joe Biden, Financially Brazen or Irresponsible?
It is true that while Joe Biden was in congress, he was as he puts it, “one of the poorest members of Congress.” Mr. Biden made continuous efforts to keep up with some of his wealthier Senate counterparts of the time. In order to “keep up with the Jones-es, “he had to borrow money against the value of his life insurance policies and his real estate. Joe Biden routinely reported negative net worth.
Though it must be said, while most of his colleagues left the office in favor of more lucrative positions in the private sector, Joe Biden remained firm and steadfast, serving 44 years in office.
Money is a means to an end, the Biden Prospective
Joe Biden did quite well after his vice presidency in terms of money. He netted approximately fifteen million in two years from books deals and speeches. Anyone republican or democrat who looks at Joe Biden’s history can not argue the fact that he loves his family. I don’t believe Joe Biden is a money-hungry politician who would sell his mother’s soul if the price was right. I am not endorsing him nor any other candidate, just pointing out some interesting character traits. In terms of real estate, I believe Joe Biden saw it as a way to show his family that he loved them, so much so, sometimes making somewhat risky moves. One may dare to say he, at times, even lived beyond his means. Not all for himself, but his family as well. He wanted what we all want, or at least most of us, the American dream.
Looking for Real Estate is Fun
My idea of Saturday fun was to jump in the Corvette with Neilia and drive around the Wilmington area scouting open houses, houses for sale, land where we could build.” Joe Biden
Like many of us, Joe Biden enjoyed the same thrill for shopping real estate as we do. Being a real estate agent I can that I appreciate the thrill of others as long as their intentions are honest. Once again, we see an example where Joe Biden merges family and real estate together. I am sure he had thought of his house hunting as quality time with his wife.
Life is a beach
“I kept a commitment that I made to my wife who was raised on the Jersey Shore that one day we would have a place in Rehoboth Beach. I had no idea what the hell it cost! And so I was able to just, with the money we made, I was able to buy her a house.” Joe Biden
After years of public service, being vice president, unintended Gaffs, it all came down to beach living. Joe Biden committed himself, his wife, and his family to acquire a beach home. They would eventually have a seaside home where his family could gather. We do not know how much Joe Biden paid for the Rehoboth Beach home, but we do know it sold for $3.258 million in 2007. Again this is just another example of how Joe Biden shows love through real estate.
Joe Biden gives us an example of how close and personal real estate can be to each of our lives. It is more than just materials and numbers. We form deep connections with our property, whether it is valuing memories or using equity from our investment for a greater good. Real estate has always been the investment vehicle of choice for the middle class, but it is so much more to offer. It is how we protect our families, provide a familial gathering place, and offer our loved one security. Real estate is and will continue to be the place where we leave our legacy.
About the author
Benjamin Ross is a real estate expert, investor, writer, and professional who serves his clients by writing unique content to incorporate into their blog, marketing strategy, or website. Benjamin offers his clients real estate content written by an experienced industry professional and top writer who has been quoted by Forbes, Us, and World News, Realtor.com, and Yahoo Finance, to name a few. Many writers are efficient and skilled, but few have any actual real estate experience or an intimate understanding of the industry. Benjamin can offer you this unique blend to further advance your real estate business. Contact him today!
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