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?