Learn from Young Thug, Never Skip the Home Inspection.
You’ve Got Options! You can read the post, or watch the video! Choose your own adventure
Today I don’t have any songs for you, but I do have the story of Young Thug and his 3 million dollar home ?. So herrre we go,
Once upon a time not long ago,
in ATL Georgia down Roxboro ,
thug copped house for the high
had to sell it for the low
And it’s a shame cuz this house was dope
But it’s not near funny so don’t you dare laugh
If you heed my words you can avoid this path
Young thug put his ATL mansion on the market with a listing price of $2,900,000 in November of 2018. The records also show that it’s a 2 story home with a basement, 6 bedrooms, 11 bathrooms and about 7k square feet of home. The lot has about and .39 acres which equals out to roughly 16K square feet! Not to mention this thing has been recently remodeled and has an indoor pool, 3 car garage and the list goes on.
This house definitely seems like an entertainers dream! If you want to see the details of this home ?, or any other home ? for that matter, slide in my DMS and I can send you a property profile for any home ? you’re interested in!
Now this is where it gets interesting. The records show that YSL enterprises bought the home ? in September of 2016. Which smooth move! Buying property in an LLC is usually a good idea. Why? Well, It limits personal liabilities, there’s tax exemptions to be taken advantage of and privacy purposes and so on… there are a few drawbacks but for the sake of brevity, well cover those later…
YSL enterprises bought the home for $2.75 mil from Heritage Homes, which means if he sold it at his listing price of $2.9 million, He’d come up almost a 1/4 million dollars which, is just the amount allowed for an unmarried person to skip out on capital gains… but as an LLC depending on how it’s structured, and don’t quote me on this but I believe it could be anywhere from 15-25%. I would definitely double check with a CPA. Don’t know what capital gains are? Don’t worry, we’ll cover that in depth later, or if you have to know now, hit www.MyRealEstatePlug.com/glossary
Now to my understanding Jeffrey put his home on the market in order to avoid the lawsuit that the home seller filed because of an alleged $2.2 million dollars in payments… I’m sure you’re wondering how he’s being sued for money by the seller… and sooo am III, but I believe it was seller financed because I couldn’t find any mortgage info on it.
Young Thug counter-sued Heritage Homes claiming that they were aware of the the flaws the home had, but didn’t disclose them. Among the problems, he said there was foundation problems, roof damage that led to leaks and mold in the basement below the indoor pool.
Thugger thugger didn’t pay up because he “accused Heritage homes of conspiring with his real estate agent to hire a real estate inspection firm for a faulty inspection that would fail to didn’t reveal the problems the home had.
At the end of all this young thug ended up selling the home ? for 1.8 million dollars. A 1.1 million dollar discount after 7 months… I almost feel like he should have just paid off the home ? and fixed the problems and held onto it, he took almost a million dollar loss anyways but it is what it is…
Now when selling a property, the pricing strategy and the timing is super important.
I like to price things aggressively to get as many people in the doors as possible and start a frenzy. Overpriced properties don’t usually do that. And this (the story), right here, makes me, sad ( Soulja Boy Swag Voice). For a few reasons… I believe the home ? was overpriced when he bought it, he or an agent he trusted should have checked comps in the neighborhood &&& it sounds like he didn’t do his own inspections…
Now I’m aware this story is a little dated, but this week marks the beginning of a new month and is leading into a new season, so I wanted to cover this just to remind you of the importance of a few things when purchasing property. We’re passing through winter and spring is damn near here. Which means theres going to be a lot more buzz in the real estate marketplace. Theres gonna be a lot more buyers shopping for homes, and more sellers will be putting their homes on the market. So for the potential buyers and sellers, you’re going to hear me talking about a few different recurring themes and both are important no matter which side of transaction you’re on.
You’re going to hear me mentioning comps or comparable and you’re going to hear me talking about inspections. There’s a few other important parts tied to acquiring or selling property, like appraisals and negotiations, closing escrow . But right now we’re going to cover comparables and inspections.
Quite possibly the most important things in real estate are comparables, these let us know the market value of homes based on what’s sold in the area and in what condition. If this home ? is listed at 3 million, and all the other homes in the area have sold around $1 million, $1.3 million, how the fuck did you come up with this price?… What data do you have to support this price? If I buy the highest priced home ? in this area, with no data to support the value of this home, when it comes time to sell it, I miiiight be takin a huge L…
As a REALTOR, it’s my job to get you the best terms and conditions on your purchase, and in order to do that, I have to understand the comps and the conditions, Which is where the inspection comes in… I ALWAYS recommend my buyers get their own inspections because of situations like this… The inspection usually covers who paid for it, aaand sometimes inspectors miss things, and for these two reasons alone, I encourage my buyers to get their own inspections,… There was a home in Hayward, CA that was working as a buyer’s agent, and the sellers already had an inspection on the place… I said to my client “Uncle Mark,” this home already has inspections done, but we should still get our own, trust me on this one.” Let’s get our own home inspection because peace of mind is priceless and this home inspection is a very small fraction of the price of this home. Worse comes to worse, we don’t find anything and we just spent money to find nothing, but if we don’t get an inspection and something pops up later, we’re stuck with the home and whatever problems arise. I don’t wear assless chaps and I’m not tryna be assed out. Guess what? We ended up finding somethings their inspector hadn’t and that gave me leverage in the negotiation… I’m a great black shark and I went for blood…
I always run comps for my buyers, I always get inspections for my buyers and I always get home warranties that the seller pays for, just in case something pops up after the fact.. If you’re shopping for homes, I would encourage you to make sure your realtor is going to do the same… Your realtor should be me, and I do these things off top, but if for some reason it’s not me, make sure your realtors game is tight…
SO a few things I want to leave you with ALWAYS HAVE A REALTOR YOU TRUST,
THAT REALTOR SHOULD ALWAYS RUN COMPS ( so you know what the values are)
ALWAYS GET A home ? INSPECTION (so you don’t get stuck with a home ? with problems that you’re not aware of) & Last but not least , ALWAYS GET A home ? WARRANTY.