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Getbig Main Boards => Gossip & Opinions => Topic started by: Quickerblade on June 04, 2010, 01:37:20 AM
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Chamillionaire -- I Chose to Be Foreclosed On
A Houston mansion owned by rapper Chamillionaire was repossessed by the bank recently after the place went into foreclosure -- but according to the rapper, it was all part of a calculated business decision.
TMZ has learned Chamillionaire lost the 7,583 sq. foot home -- which he picked up for roughly $2 million back in 2006 -- after failing to make several payments.
But, yesterday in New York we spoke with Chamillionaire -- real name Hakeem Seriki -- who told us he "decided to let that house go" because the real estate market had turned and the house had become a bad investment.
Chamillionaire also noted that he was never at the home because, "I was always on the road touring" adding, "I just didn't feel like it was a good business investment to pay that much mortgage for a house I was never at."
But Chamillionaire claims he's far from broke -- quipping, "I still got all the cars
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But Chamillionaire claims he's far from broke -- quipping, "I still got all the cars
Yeah, fuck the house, keep the massively depreciating assets instead.
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He fell off the face of the earth after ''Ridin Dirty''
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He fell off the face of the earth after ''Ridin Dirty''
If only he'd hit something hard on the way down.
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He never to though to rent the mansion out, he thinks the car will actually go up in value.
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When a famous bodybuilder wears a posing trunk it appreciates in value considerably. Does the same apply to a rapper and his ride?
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He never to though to rent the mansion out, he thinks the car will actually go up in value.
He is an African businessman. They don't stick to conventional wisdom, thats why they are so successful and rich.
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He is an African businessman. They don't stick to conventional wisdom, thats why they are so successful and rich.
them north american negros sure dont.
(http://www.thelifefiles.com/wp-content/uploads/2008/04/50_carrie.jpg)
50 loves his grape juice vit h2o n white women. FWiggs n O'Tre approved
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He is an African businessman. They don't stick to conventional wisdom, thats why they are so successful and rich.
lol
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them north american negros sure dont.
(http://www.thelifefiles.com/wp-content/uploads/2008/04/50_carrie.jpg)
50 loves his grape juice vit h2o n white women. FWiggs n O'Tre approved
Who is his agent? A white man?
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Yeah, fuck the house, keep the massively depreciating assets instead.
Exactly, Sooty would have been better getting rid off the cars, rent out the house if only
to cover the mortgage repayments and wait for the property market to eventually turn around
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Exactly, Sooty would have been better getting rid off the cars, rent out the house if only
to cover the mortgage repayments and wait for the property market to eventually turn around
Um, do you know what the mortgage is on a $2 million home? Even with 20% down (which I doubt he paid), you're still talking about almost $10,000/month *before* property taxes.
How many people in Houston have the ability to pay $12,500 in rent?
them north american negros sure dont.
(http://www.thelifefiles.com/wp-content/uploads/2008/04/50_carrie.jpg)
50 loves his grape juice vit h2o n white women. FWiggs n O'Tre approved
Love me some Carrie Underwood. Not sure why, but a few years back, my kiddo thought Carrie was my girlfriend. lol
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Um, do you know what the mortgage is on a $2 million home? Even with 20% down (which I doubt he paid), you're still talking about almost $10,000/month *before* property taxes.
How many people in Houston have the ability to pay $12,500 in rent?
Well, obviously not this poster boy for free dental care.
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All gold teef, jolly ranchers and orange drank.
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Um, do you know what the mortgage is on a $2 million home? Even with 20% down (which I doubt he paid), you're still talking about almost $10,000/month *before* property taxes.
How many people in Houston have the ability to pay $12,500 in rent?
Love me some Carrie Underwood. Not sure why, but a few years back, my kiddo thought Carrie was my girlfriend. lol
What about the value of "all his cars" the sale of those would surely make a big dent on the mortgage thus reducing his payments.Also He should easily be able to pump a couple hundred more grand into it as he said "im always on the road touring" in other words making money.
Or maybe a better idea would be to give the house back to the bank thereby losing his deposit plus all the mortgage payments he made since 2006 and
instead hold on to his cars that are worth less and less every year.That makes great business sense.
regards
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Maybe the reason why he was or is always on th road touring is because he has no money...one of the main reasons why James Brown was still touring. Record Companies are known parasites that take all the lifeblood out of a artist, especially ones that aren't smart. Remember how the Locks were crying on Hot97 about Puffy locking them up in a record deal and saying that they couldn't get out of it or wer not getting money, Puffy was on the air and he ended up giving them money, buy he is shrewd businessman. These other yahoos don't know how to work the game like working a ho on the track.
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What about the value of "all his cars" the sale of those would surely make a big dent on the mortgage thus reducing his payments.Also He should easily be able to pump a couple hundred more grand into it as he said "im always on the road touring" in other words making money.
Or maybe a better idea would be to give the house back to the bank thereby losing his deposit plus all the mortgage payments he made since 2006 and
instead hold on to his cars that are worth less and less every year.That makes great business sense.
regards
He bought an overpriced home that he couldn't afford.
People who don't understand money think "Oh, I'm taking home $25K a month, so I can afford a $12K a month mortgage". He doesn't realize that, while he has the ability to make the next payment and even the one after that, he cannot afford the next 30 years of payments...or even 7-8 years, unless he were a superstar.
But people don't like to admit being poor (or poorer than they used to be), especially when they've built an image based on appearances, so that's why he's playing the 'I chose not to pay it' card.
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He bought an overpriced home that he couldn't afford.
People who don't understand money think "Oh, I'm taking home $25K a month, so I can afford a $12K a month mortgage". He doesn't realize that, while he has the ability to make the next payment and even the one after that, he cannot afford the next 30 years of payments...or even 7-8 years, unless he were a superstar.
But people don't like to admit being poor (or poorer than they used to be), especially when they've built an image based on appearances, so that's why he's playing the 'I chose not to pay it' card.
Good point, gotta keep up appearances for the public, wonder what kind of cars he owns or does he even own them
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Good point, gotta keep up appearances for the public, wonder what kind of cars he owns or does he even own them
Producer Scott Storch blew 30 mil on blow. And he was buying cars (A Bentley) for Lil Kim, and the repo man came and took it away...Scott couldn't pay for it. I think his Mclaren Mercedes SLR and Bugatti Veyron were also repoed as well.
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Who is that beautiful white angel with 50?
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::) ::)
the only thing he chose was Chapter 11 Bankruptcy instead of chapter 7. ::) ::)
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tre,
does rent typically cover the entire mortgage on a house in the states?
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tre,
does rent typically cover the entire mortgage on a house in the states?
paying rent and paying a mortgage or different things.
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paying rent and paying a mortgage or different things.
no shit sherlock... the question was is the rent from a tenant typically enough to cover an entire mortgage payment for the owner of a house or does the owner typically have to kick in more to make the entire payment?
where I live it the rents don't even come close to covering the owner's mortgage payments.
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no shit sherlock... the question was is the rent from a tenant typically enough to cover an entire mortgage payment for the owner of a house or does the owner typically have to kick in more to make the entire payment?
where I live it the rents don't even come close to covering the owner's mortgage payments.
duh, the owner would charged atleast enough to pay the mortgage.
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Producer Scott Storch blew 30 mil on blow. And he was buying cars (A Bentley) for Lil Kim, and the repo man came and took it away...Scott couldn't pay for it. I think his Mclaren Mercedes SLR and Bugatti Veyron were also repoed as well.
Are you serious? That's a lot of blow!
The dude is a geeky looking dude too.
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duh, the owner would charged atleast enough to pay the mortgage.
the property bubble in sydney is so bad houses are 9-10 times median income so rents don't come close to covering the loan payments and rents are high.
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he owns a car pimp shop?
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Are you serious? That's a lot of blow!
The dude is a geeky looking dude too.
Yeah. Dude had yachts as well. He used to brag about the sound system in one, that everybody knew was coming and that Diddy had borrowed it one time. He married some 19 yr old Lil Kim (post surgery) look alike, she had his kid. Dude looks like a stroke victim. And his best beat was Fat Joe's "Lean Back".
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I dont understand these guys, he should have bought a nice house for 800k and paid it off immediately, never to worry about payments, even if its more expensive to pay it all at once, its a good investment, doesnt keep you awake at nights.
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the property bubble in sydney is so bad houses are 9-10 times median income so rents don't come close to covering the loan payments and rents are high.
USA is different then.
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Um, do you know what the mortgage is on a $2 million home? Even with 20% down (which I doubt he paid), you're still talking about almost $10,000/month *before* property taxes.
How many people in Houston have the ability to pay $12,500 in rent?
Love me some Carrie Underwood. Not sure why, but a few years back, my kiddo thought Carrie was my girlfriend. lol
a lot actually....remember, if you have electricity in your home, you are sending a check to houston business men every month.....your car uses fuel to right?.....you paying a guy in houston for that also...
bench
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Who is that beautiful white angel with 50?
carrie underwood.....she was my 1st wife, until i kicked her ass to the curb...
bench
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SWISHA HAOUSE
i literally know where all that shit in that video is ;D
Paul wall is cool as hell if you ever meet him too....
bench
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Do you know Ronnie Rosser?
doubtfull...
bench
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Do you know Ronnie Rosser?
Yea dawg I know him
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They say Scott Storch produced the new Jay-Z/Dr. Dre track that Dre keeps putting off putting out...he'll be alright...as for his mother, ??? ;D
http://www.thisis50.com/profiles/blogs/mother-of-producer-scott
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Are you serious? That's a lot of blow!
The dude is a geeky looking dude too.
Imo Dudes career has being going down hill since he called timbaland the nword in a diss song. 95% of your clients of black that not a
good idea.
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Why didn't he just buy the property outright?
Since these rappers all talk about how much money they have I would have thought two mill would have been chump change
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Why didn't he just buy the property outright?
Since these rappers all talk about how much money they have I would have thought two mill would have been chump change
Cause he had too much money tied up in his cars and bling..not many rich rappers anyway, besides Snoop, T.I, Nelly, 50, Eminem, Jayz, Diddy (not really a rapper) and those guys made heaps off cd sales before the downloading boomed......
I figure the rest must live week to week, hoping for gigs and shows to get paid, no more getting paid off sales, downloading has killed it, thats why you see 50cent, beyonce, rhianna travel the world so often to make the money there use to getting when there cd's are released, instead of sitting at home and collecting cheques, they need to work for it, they have millions of fans around the world,so its worth it.
chamillionare probaby has 10,000 fans outside of the US..or even in total.
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tre,
does rent typically cover the entire mortgage on a house in the states?
Lol @ 'negatively geared investments'
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They say Scott Storch produced the new Jay-Z/Dr. Dre track that Dre keeps putting off putting out...he'll be alright...as for his mother, ??? ;D
http://www.thisis50.com/profiles/blogs/mother-of-producer-scott
Shit, Dre could produce it, or Jay could get Kanye to produce it...
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Cause he had too much money tied up in his cars and bling..not many rich rappers anyway, besides Snoop, T.I, Nelly, 50, Eminem, Jayz, Diddy (not really a rapper) and those guys made heaps off cd sales before the downloading boomed......
I figure the rest must live week to week, hoping for gigs and shows to get paid, no more getting paid off sales, downloading has killed it, thats why you see 50cent, beyonce, rhianna travel the world so often to make the money there use to getting when there cd's are released, instead of sitting at home and collecting cheques, they need to work for it, they have millions of fans around the world,so its worth it.
chamillionare probaby has 10,000 fans outside of the US..or even in total.
rappers make more off of CD sales because of low production cost. 4 tracks (sometimes 2) and that's it. they can do a album on protools if they are cluefull and cut it gold in hrs in a studio. but yes...real cash is from touring. and they all live "trying to keep up with the jones"...so the money is usually not about the future like a hand full of the most successful ones.
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Cause he had too much money tied up in his cars and bling..not many rich rappers anyway, besides Snoop, T.I, Nelly, 50, Eminem, Jayz, Diddy (not really a rapper) and those guys made heaps off cd sales before the downloading boomed......
I figure the rest must live week to week, hoping for gigs and shows to get paid, no more getting paid off sales, downloading has killed it, thats why you see 50cent, beyonce, rhianna travel the world so often to make the money there use to getting when there cd's are released, instead of sitting at home and collecting cheques, they need to work for it, they have millions of fans around the world,so its worth it.
chamillionare probaby has 10,000 fans outside of the US..or even in total.
Nah, eminem got famous at the high of the dl movement. Napster.
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Nah, eminem got famous at the high of the dl movement. Napster.
Ok, I did not know that.
also eminem makes money off 50cents sales
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Producer Scott Storch blew 30 mil on blow. And he was buying cars (A Bentley) for Lil Kim, and the repo man came and took it away...Scott couldn't pay for it. I think his Mclaren Mercedes SLR and Bugatti Veyron were also repoed as well.
If you mean while on blow sure. Not a chance though he spent 30 mil on coke. Thats close to a metric ton of coke. So unless he gave out or did about 100 8balls a night he's trying to make being broke look cool.
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i literally know where all that shit in that video is ;D
Paul wall is cool as hell if you ever meet him too....
bench
hahah paul wall and the chamillionaire both went to my high school, the chamillionaire lived in my neighborhood growing up we used to play basketball together after school...woodland trails west bitches!!! ;D ;D ;D
believe it or not paul wall used to walk around school with a Bible...
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hahah paul wall and the chamillionaire both went to my high school, the chamillionaire lived in my neighborhood growing up we used to play basketball together after school...woodland trails west bitches!!! ;D ;D ;D
believe it or not paul wall used to walk around school with a Bible...
I believe it, paul wall looks like a total dropout.
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I believe it, paul wall looks like a total dropout.
he was older than me but my brother was about his age and from what im told he got picked on quite a bit in school.
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this guy peaked when "Grillz" came out, and thats only because Nelly was featured on it. he probably doesnt blow his cash as he must realise his 30, his white, and his not eminem..
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this guy peaked when "Grillz" came out, and thats only because Nelly was featured on it. he probably doesnt blow his cash as he must realise his 30, his white, and his not eminem..
actually paul wall can rap pretty damn good he just looks like a moron...
iono if youve ever heard of swisha house and iono if they are even around anymore but paul wall hung out with them alot
both chamillionaire and paul wall have better raps than most I think they actually can say shit and convey a message as opposed to just stupid ass chorus' that are played on most rap radio stations these days...but they dont play those tracks on the radio you have to listen to the tracks that arent played on the radio.
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LOL this used to go hard back in the day
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Yeah paul wall just looks like shit, fat guy, horrible image, he doesnt have star appeal.
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Ok, I did not know that.
also eminem makes money off 50cents sales
Yeah, producers, writers, and ghost writers makes the really $$$
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Kanye West had a car involved in a Diamond Head crash where hsi car went through a house
http://www.kitv.com/news/23807182/detail.html (http://www.kitv.com/news/23807182/detail.html)
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Kanye West had a car involved in a Diamond Head crash where hsi car went through a house
http://www.kitv.com/news/23807182/detail.html (http://www.kitv.com/news/23807182/detail.html)
Are you insinuating that Africans are bad drivers?
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this guy peaked when "Grillz" came out, and thats only because Nelly was featured on it. he probably doesnt blow his cash as he must realise his 30, his white, and his not eminem..
I think he has some stakes in strip clubs---and his "thick black wife", I wonder if she has gotten bigger since the kid
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Are you insinuating that Africans are bad drivers?
He insinuating the blacks wither be ridden then ride in cars?
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Kanye West had a car involved in a Diamond Head crash where hsi car went through a house
http://www.kitv.com/news/23807182/detail.html (http://www.kitv.com/news/23807182/detail.html)
Was hit car, but he was not driving it, fucken media report every little thing attached to a celeb
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no shit sherlock... the question was is the rent from a tenant typically enough to cover an entire mortgage payment for the owner of a house or does the owner typically have to kick in more to make the entire payment?
where I live it the rents don't even come close to covering the owner's mortgage payments.
I think it depends on the location of the house. I have a house that i rent in a highly desireable location in Salt Lake City and i pay the mortgage and pocket some cash after that. I live in a townhome on the other side of town and there are tons of places to rent. I would probably have to fork a couple of hundred in payments to make the mortgage after rent is applied.