Slim Thug's Real Estate Advice: Don't Screw The Agent
Slim Thug found himself in deep financial struggle after diving into the real estate business several years ago. With dreams of money trees, the Houston rapper was instead left with a hard lesson and major debt.
For his new piece in the The New York Times, Thug offered up some sound advice for aspiring house sellers: don't sleep with your agent.
See an excerpt below:
There’s never much surprise when hearing stories of artists mixing business with pleasure, but it is surprising when too much mixing results in the artist ending up with financial losses.
A few years ago, I was living in a five-bedroom house. Because of the delicate real estate market Houston was facing, I was interested in selling my house to buy another one. While planning this business move, I heard about an opportunity the Obama administration was offering that would assist homeowners with short-sale deals, where the lender settles for a sale price below the amount owed on the mortgage. I jumped on the opportunity and reached out to a real estate agent to assist with the process.
It didn’t take long to find an agent, and over time we became very close. In fact, we became too close and found ourselves at a point where pleasure became more important than business.
Slim Thugga goes on to reveal that he lost around $200,000 because of the fickle fiscal scenario. Sounds like the beginnings of a new reality show for HGTV meets VH1. Read on here.