Senator Marco Rubio Facing Real Estate Trouble

The right-wing Cuban-American and Tea Party Senator, Marco Rubio, of the State of Florida is the child of poor Cuban immigrants who fled Cuba. Mr. Rubio grew up poor in the sunshine state. Federal indictment shows that his relatives were heavily involved in narcotics trafficking.

According to the Observer, when Rubio entered politics, he started making big money with the help of intimate friends. It happened during the time when he became Florida House majority leader in early 2003. Based on financial disclosure forms, his income was tripled from $122,000 to $330,000. His income rose again in 2008, when he became Florida House Speaker in November 2006.

Florida allows politicians to simultaneously hold public office or work as "consultants" which made him work for the powerhouse lobbying firm of Broad and Cassell, which is the reason why his income eventually increased.

Rubio was also making money on real estate deals. His first house in West Miami that he bought for $175,000 in 2003 was bought by Nora Cereceda in 2007 for $380,000 cash, netting him a huge profit of about $205,000.

His second profitable real estate deal involves his current Coral Gables residence that he bought for $550,00 in December 2005, which he only put 10 percent down on, and got a $495,000 mortgage. More than a month later, he took out a $135,000 home equity loan on the property, as reported by Slate.

When Rubio was so broke, he and his wife moved into his mother-in-law's West Miami home so they could save on rent. But they quickly recovered and bought a 1,200-square-foot residence in 2003 with a no-money-down loan.

Rubio and his wife realized that the 1,200 square feet was not enough for their growing family, and they bought a 2,600-square-foot home with a pool for $550,000. This time, they put 10 percent down--only to quickly see the home appraised for $735,000. The couple quickly took out $135,000 on a home equity line.