It’s easy to forget that while rappers love flexing, it doesn’t mean that they have endless money to blow. In an eye-opening post for the New York Times, Slim Thug details his financial issues, and how crossing a professional line with a real estate agent drove him straight into foreclosure.
The story starts “a few years ago,” back when the housing industry was in a much more “delicate” place. “I was interested in selling my house to buy another one," he writes. "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.”
After he found a real estate agent, the situation evolved beyond business, and into sex. “Over time we became very close,” admitted the 34-year-old. “In fact, we became too close and found ourselves at a point where pleasure became more important than business.”
In the end, “hurt feelings, mixed emotions and resentment” ruined the real estate deal, and Slim missed the short-sale deadline. “I ended up in foreclosure. So not only did I lose out on money from a potential sale, but I ruined my credit as well. I’ve suffered financially from not being able to do business in my own name and probably lost around $200,000 directly and indirectly through my mistake.”
Clearly unaware of the adage that warns of mixing business with pleasure, Slim can now count himself more enlightened on the subject. And even with his credit score still struggling, and his finances not being where he'd like, the experience paid off.
"The lesson I learned is certainly priceless."
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(Photo: Stephen Lovekin/Getty Images)