Speaking to Blender, Houston rapper Slim Thug – who has been pretty successful in the real estate market – explains his concept of ‘Flippin Houses’. Here’s what he had to say:
Do Research
“I hire a researcher to find me property, but you can look on the Internet or go to auctions. Then have an appraiser inspect the house. Hopefully you can find somebody who’s about to be in foreclosure and be like, ‘Can you sell me your house rather than having these people just take everything from you?’”
Do More Research
“With auctions, research the list that they publish in advance. Once I said, ‘Fuck it,’ and spent $7,000 for a house without seeing it. Turns out, there wasn’t even a house on the land! Also, run comps (comparable sales) on the Internet — a house is worth what the last house that was sold nearby it is worth.”
Fix Things Up
“After buying the house, redo the restroom, the kitchen, the wood floors — simple shit that makes the house look better. If it’s worth $100,000 and you bought it for $60,000, spend no more than $20,000. Hire a manager; he’ll oversee a crew.In Texas there are Mexicans on the corner who are ready to work.”
Close the Sale
“To sell the house, you can get a realtor or, preferably, just put a FOR SALE BY OWNER sign on your front lawn to avoid fees. When you’ve got a buyer, run a credit check on him. Then, as long as the bank can make the loan go through, it’s good. When you have the money, then you go and flip another one!”
Finally! It’s great to see one of our rappers being smart and investing their wealth – something not enough of them do. Though Slim may not neccessarily be riding high on the charts, he will have made alot more than your average ‘Rims Flaunting’ rapper.
Your thoughts?
7 COMMENTS
Anonymous
September 8, 2007 at 8:07 pm
good for him
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Anonymous
September 8, 2007 at 10:07 pm
Good … better to put your money in things that appreciate rather than having five cars in your driveway that are worth no where near what you paid for them.
Another point … search the housing markets in areas you don’t live in as well. Try flipping when it’s a sellers market … in a buyers market you might find youself loosing money on your flip
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Anonymous
September 9, 2007 at 7:38 am
I think it’s great that he is investing his money wisely instead of just flaunting his wealth around like so many other rappers do—maybe someone should do a show about other rappers or entertainers who are doing stuff like this also, maybe we just don’t know about other black celebrities investing their money. I think it would be inspirational to the the black community
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Ru
September 9, 2007 at 9:29 pm
he just a deadbeat.
yall think this dood do this shit but think about it..he dont have the notiriety and half the money he talk about.
stave aint shit. he just talk it.
*yea i know him..dont even get me started on this dood*
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Anonymous
September 11, 2007 at 9:11 am
U ALREADY GOT STARTED to finish it…so u saying its all talk…frim what i’ve seen slim thugga stays on the low making that quiet money…BUT SPEAK ON IT IF U KNOW
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Anonymous
September 11, 2007 at 7:49 pm
Its good to see rapper making smart money instead of quick money. I love it when they invest right
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Nga Popec
February 8, 2012 at 5:39 am
constantly i used to read smaller content which also clear their motive, and that is also happening with this paragraph which I am reading at this time.
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