Rap star Lil Boosie dropped some knowledge on real estate, straight from the barber’s chair.
Lil Boosie may have made millions in rap money, but he has been smart and investing his proceeds into real estate.
In 2015, the rapper saw opportunities in not just buying or selling real estate, but in actually building the properties.
The rapper bought a 40-acre property in 2015 with money from doing live shows on the roads. According to Boosie, he pulled down $225,000 in less than three days and immediately invested the proceeds in land.
“I took about $215,000 of that and I went and bought my 40 acres, and then I kept $10G’s in my pocket,” Lil Boosie said.
The people who owned the property prior to Lil Boosie paid upwards of $975,000 for the same house, which he snagged for less than a quarter of a million dollars.
That is an absolute steal in regards to the real estate business.
According to Boosie, he also spent $2.6 million building his own personal 24,000 square ft. house on the property, making the total value of his home around $2.8 million.
“The moral of all of what I’m saying is buy your own shit, build your own shit, own your own shit. I’m just trying to motivate them. Once you’ve got your money, fuck buying a house, build your house.” – Lil Boosie
When buying a house pre-built, there are costs built into the price that may not be “built into” the physical foundation of the home.
A house that is bought finished for $4 million may only have an actual building cost which is a fraction of what it costs to build.
The rest of the money is for the land and whatever else the builder chooses to add into the final price.
Boosie is saying that for the same $4 million you can have four houses built if you own the land.
“It’s all about building, fuck that shit, I’m looking for some land right now, bout to build me another mutha fucker.”