Did you know that Abraham Lincoln was a real estate investor? President Abraham Lincoln’s image as a poor farmer’s son is famous, but it isn’t entirely true. Lincoln created a comfortable, middle-class life for his family by investing in real estate and lending money at interest when he entered the White House. Almost all of this money that he invested came from his presidential salary.
What Did Abraham Lincoln Do for Real Estate Investment?
It all started when Lincoln surveyed the town of Huron and received title to several lots. How many lots he had can’t be determined, but we know that Lincoln didn’t have any profit from them. After that, at Springfield, he entered a forty-seven-acre tract in Sangamon for a price minimum of $1.25 an acre. So, it makes $58.75 for the forty-seven acres. On May 9, 1837, Lincoln sold an undivided half interest for $30 to Gershom Jayne, a Springfield physician, and kept the other half until October 27, 1848. Later on, after he got married, he and his wife gave the warranty deed for the tract to Pleasant Armstrong and John Yardley for approximately $100.
Lincoln’s first step in purchasing his house at the Springfield was taken on January 7, 1844. He drew a contract deed with Rev. Charles Dresser, pastor of St. Paul’s Episcopal Church in Springfield. After the minister agreed to deed to Lincoln the premises, he resided for $1200 and a lot on Adams Street, the building occupied by H. A. Hough as a shop. The contract listed the land as the premises transferred to Lincoln & Logan for $400 by N. W. Edwards and his wife on March 17, 1842. Lincoln paid Seth M. Tinsley, a Springfield storekeeper, and owner of the building where Logan & Lincoln held their legal office, $750 a month after the contract was signed up.
Lincoln acquired two sites in Bloomington, the county seat of McLean County, seven years after purchasing his Springfield home. Judge David Davis, who was acting on behalf of his relative Levi Davis, received $325.08 for the lots from Lincoln. He had both lots until April 12, 1856, when he sold them to Francis Thomas for $400.
The Places Where Abraham Lincoln Lived After He's Elected
When Abraham Lincoln was elected, he leased his home in Springfield to Lucian Tilton, the president of the Great Western Railroad, who lived there until May 1, 1869, four years after Lincoln’s death. On February 11, 1861, President Lincoln abandoned the residence a few days before leaving town when he boarded a train at the neighboring Great Western Terminal. We can say that it’s one of the first real estate businesses he did during his real estate investment career.
After a long journey to Washington, the Lincoln family remained at the Willard Hotel, a few blocks east of the White House. They lived on the second floor of the White House after President Lincoln’s inauguration on March 4, 1861. President Lincoln’s sons, Willie and Thomas (Tad), resided in the presidential quarters while Robert Lincoln attended Harvard College and was rarely present.
The family spent the summers of 1862-1864 on the grounds of the Soldiers’ Home, which is today a military retirement community a few miles north of the White House. This location provided them much more peace and seclusion yet near enough for President Lincoln to ride his horse or carriage to work. The home they used is now known as the Lincoln Cottage and is available to the public.
Abraham Lincoln Quotes About Property
I take it that it is best for all to leave each man free to acquire property as quickly as possible. Some will get wealthy. I don’t believe in a law to prevent a man from getting rich; it would do more harm than good.
Property is the fruit of labour; property is desirable; it is a positive good.
Lincoln put half of his presidential income into government bonds. He might have made more money by investing in the stock market or betting on gold prices, but that was not his purpose. Instead, he decided to put his money to work to secure his family’s and country’s future. By leasing his properties and investing in securities, it’s known that President Abraham Lincoln had created a nest egg worth $59,781.04.
By following his steps, humanity created a unique real estate investment model: serviced apartments! A serviced apartment is a completely furnished apartment that is available for short- and long-term visits and includes daily amenities, housekeeping, and a variety of other services as part of the rental payment.
If you want to be a real estate investor like Abraham Lincoln but don’t know where to start, serviced apartments may be the best model. Especially if you’re going to have a real estate property in a foreign country, API GROUP has an offer for you: Royal Blue Montenegro Project. In the heart of Montenegro, they created a serviced apartment business with Zen Concept. With their relationships over the last years and through their subsidiaries, they effectively market, maintain, and service your apartment. So, you won’t have to get involved in all the hassle.
If you have more questions, feel free to contact their Montenegro specialists and let them tell you more about the diamond of Europe.
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