The TRUTH Behind the Birdman Foreclosure

The TRUTH Behind the Birdman Foreclosure that Rick Ross is talking about.
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[@LamRashon]

Check out Rick Ross' New Houston Mansion: kzbin.info/www/bejne/ep67o4GHg8RkkLc

[@cliftonmobile123]

So why did all his other properties get foreclosed on?

[@LamRashon]

@@cliftonmobile123 great question lol

[@cliftonmobile123]

@@LamRashon I mean I was just asking because it sounds like instead of just paying a 5 million dollar loan back he avoided paying it back and took out a loan with a different company and end up having to pay 12 million that kind of doesn't make any sense to me 😏 but I don't know I'm just saying

[@cliftonmobile123]

@@LamRashon I mean I'm 45 I can remember when he was going to call back and forth to court and The Court didn't agree with what he was trying to say what had happened so but I don't know

[@cliftonmobile123]

@@LamRashon if they did something illegal to him as far as when he took that loan out the second time that should have been easily proven in court 🤷🏽‍♂️

[@pharoahmonk50]

Great coverage. Rick Ross needs to watch his words, glorifying in Birdman's misfortune.

[@LamRashon]

Right on

[@Weasel_NM575]

My guy I’m not into drakes music period but Ross said if you have more money then why not buy bird man a house!! Now if you’re following this beef then you know they put bird man in the middle because he’s the one who signed Drake when he first came out

[@jovontecarmichael9184]

@@Weasel_NM575nope Rap-a-lot did Dey just took drake to lil Wayne. Jazz was responsible for finding drake

[@Sammy-sj2wo]

Birdman is broke ass f

[@realestateuniversity414]

He had A hard money loan basically

[@kareemmarshall4890]

FYI Birdman was never broke will never be they have about 10rappers everytime they make music he gets paid

[@10Trillion707]

Prove that!

[@chiefsoze3272]

@@10Trillion707 he can't bro 😄😄

[@Jayv3420]

Not broke just don't pay his bills smh should've paid that 5mil and been done with it

[@D504T]

​@@10Trillion707 prove it? Wayne, nicki, drake those 3 alone gonna keep his bills paid

[@thesurvivor4028]

Get paid what ? Peanuts ? His income is nowhere close to what he owes in debt , he's bankrupt.

[@seven1productions819]

Ballon payment. After putting 9 mil down!? He must of had bad credit

[@Whoisarthurflekk]

Birdman is a very wealthy man. A very smart businessman. He never needed money. He didn’t lose the house bcuz he couldn’t pay. The lenders definitely did some fraudulent shxt and I don’t blame Birdman for his decision

[@wishvisuals2925]

use to

[@LuckyleftyJerseytv]

@@wishvisuals2925 😂

[@aaronlewis2501]

She still lost 9 million dollars though

[@rda431]

Why he needed lenders if he got money smh you not making sense

[@aaronlewis2501]

@@rda431 because people leverage your debt and you can write off the depreciation on your taxes. Why would you pay our house off cash? If you let that money sit in a high yielding interest account you can make more money. Somebody needs to teach you a thing about money.

[@jareese1000]

Officer Ricky was just talking 😂😂😂😂

[@carolcity1919]

Y’all been saying that term since he came out and yall still broke

[@LastoftheMohicans116]

So with all the lawyering money nobody advised him on this loan before signing?

[@LamRashon]

I asked the same thing!!! lol

[@RADIOPUSHERSTV]

When you have alot of money, you move when and how you want. Fast and uncalculated. Having millions of dollars can blind common sense at any time

[@LastoftheMohicans116]

@@RADIOPUSHERSTV but money gives you access to the best of. He can buy diamond ice cubes but can’t buy the best advice or close to it?

[@distantfear1250]

This wasn’t about his lawyer; I’m almost certain that if his lawyer didn’t advise him losing that much money…he would have been fired. I’m thinking this was a move to make more money for a loan. It’s called using others money instead of your own

[@taraking8555]

Thanks for breaking this down for us. I figured it wasn't an actual foreclosure.

[@empacttv3954]

Why even have a mortgage if you have that type of money?

[@kennygsmooth83]

Why not? Most wealthy people utilize debt or other people's money to buy assets that will generate more wealth (also mortgage interest payments are tax deductible). He should have gotten a more conventional residential mortgage loan, hold and sell for a profit down the road. The house would have been worth at least 3 times what he bought it for today. If he was properly insured the house could have been fully restored for little out his pocket. He mismanaged his money here.

[@aaronlewis2501]

You leverage your debt. However it was silly to put 9 million dollars of cash down

[@josephmillar2370]

I’d be nervous to buy any house on the coast of Florida. hurricanes man. They come all the time

[@LamRashon]

Right! You know for a fact you're going to experience a hurricane.

[@hatedbymany1101]

That's why you get insurance 😅

[@josephmillar2370]

@@hatedbymany1101 yeah but… how much is insurance… on a 10s of millions of dollars mansion… in a place where hurricanes constantly show up n wipe out houses?? maaaan. I don’t know about all that

[@hatedbymany1101]

@@josephmillar2370 the price of living in luxury 😆 🤣 😂

[@larrylemons5265]

@@hatedbymany1101 the insurance companies are crooks in Florida and it is hard to get it out there!

[@distantfear1250]

I think this was a well calculated move based on assets only….assets are more profitable than cash when it comes to making propositions.

[@stephenthompson133]

Great Contents On (Bird Man) AKA Brian Williams Foreclosure Home 🏡. 💯💫💥💢👏

[@LamRashon]

Much appreciated

[@thelegendofBigRay]

Excellent break down. Educational and to the point

[@LamRashon]

Thank you!!! I appreciate it.

[@airbornetrucker9464]

Definitely need some new lawyers

[@KeevinPrry]

And Everybody Thought Birdman was Going Broke!...😎😆

[@GRAPEST823]

Thought***

[@GNovaSound]

💎 Amazing break down #FinancialLiteracy!

[@LamRashon]

Appreciate it!!!

[@begkc1128]

Sounds like he should have help with the balloon payment

[@LamRashon]

Look like it lol

[@thomasgreen9999]

This is Facts. I live in N. Miami and we knew all this aleeady cause that hurricane messed ALLLL us up here. My 1st one moving here from Philly in '16.

[@LamRashon]

Thank you brotha, I appreciate it.

[@daboss6385]

If he worth a 100mil why not outright by when you have multiple lines business credit 😢

[@5hunnidCG]

He owes Universal for that 500 million dollar loan they gave him and you gotta pay this back with interest🤦🏾‍♂️

[@poundtrader1414]

@@5hunnidCG Most people don't know that, I heard he was balling on that money Instead of using most of it for his record label, don't know if that's true or not

[@daboss6385]

@@poundtrader1414 sad I just saw video where he said they maid billions. That much mean poor investments or just mishandling of money

[@ronaldedwards1022]

Exactly!

[@poundtrader1414]

@@daboss6385 👍👍

[@tmvernon12]

Beautiful house.

[@realestateuniversity414]

Sounds like a died in lieu of foreclosure. So he just signed it away instead of using his liquidity to pay it off . It sounds like it wasn’t much opportunity for bird man in long term financing for the place so he just gave up . He just needed help finding a long term fixed loan which would of 90 percent likely have been from a bank which whom usually gives African Americans and small business owners challenges anyway

[@LamRashon]

I need to have you on the show to explain this lol

[@kennygsmooth83]

Being a banker by day, I'm a bit puzzled by his decision not to get a jumbo loan on the house over a 20-30 year amortization period. As someone mentioned, he likely didn't have the credit score to qualify. So, he agrees to a bigger commercial loan (for typically a shorter term) and essentially cashes out above the prior loan amount which is illegal if the property is not zoned as commercial use. I would never agree to that. Financial education is important at all stages of wealth.

[@shingaikaswa4695]

Where did you get this info?

[@Jayv3420]

One of the real estate website covered it statements thru his lawyer

[@EducatedBlackMan]

Bad financial management leads to bankruptcy for many entertainers and athletes. Getting a balloon payment loan is stupid.

[@LuckyleftyJerseytv]

We all know birdman not broke Ross still funny tho

[@doctorj7112]

This happens to wealthy people more than you think.

[@michelewilliams2920]

Why didn’t his lawyers read the contract and see that it was illegal. Sounds real suspect to me on Birdmans part

[@timmyjones1921]

The legal problem trap in America is when to help someone financial wise they can make a claim in court for keeping their level of living standard up to the level raised, while Birdman likely would not do this lawyers would advise their clients not to reach a helping hand out. In fact a estate attorney told me you can give someone free money up to the poverty level of a family of 4 that used to be 14'700 dollars but told me you better have a dam good legal reason reason if you give more money than that . I see people letting friends come to their home after the friend lost a job or their place to live only for Sheriff's to show up with a restraining order for the home owner not to return home because friend filed court case on them 50 Cent's friend girl pulled this crap on 50 Cents so his friends burned the home down to end that back stabbing black beaches rouge move to screw 50 Cents for being nice to her and giving her a free place the live until she could get on her feet.

[@bossballheaddawg2588]

Yes, like russle Simmons never needed money... right yall better wake up!!! I don't care how much money you have!!! You still have to manage your money correctly!!! Look at Nicholas cage!!

[@eyehear10]

The house forgot the put respek on birdmans name

[@thecoach11]

How do you file a claim against someone you financed their home with a fraudulent loan that’s scamming on the highest level 😂😂😂😂😂😂😂😂

[@RMA8159]

So he came back for his clothes and shoes, but not the awards?🤔

[@itsjustwest4811]

Naw the fact that Birdman didn’t pay the first balloon payment on the first loan proves there was money problems. Who refinance on the first payment?

[@LamRashon]

😁

[@michaelpierre864]

That’s not true. He didn’t have a traditional loan u kno. Seems he used a hard money lender. Those loans are short term 1-3 year type loans. Lender wanted nearly 8 million on top of the 5 million he barrowed + 24% interest. That’s robbery some people just be having too much money and forgetting the credit can save them in most situations. Of course cash is king. But like another commenter said-his credit must of been messed up. Any bank should’ve financed that last portion of the 5 million owed. It’s also hard to get insurance for hurricane prone Florida, especially if the property sit on the water. That can be a whole other reason he couldn’t find a bank to finance the last 5 million

[@itsjustwest4811]

@@michaelpierre864 Well the fact that he had to take such a crappy loan proves there was money problems. Especially since he’s suppose to have all this cash and be super rich. Why didn’t just pay the 5mill… Stop making excuses for he’s been having a bad reputation with money every since juvenile left in like 2001, and the reputation kept getting worst as more and more artists left… The bottom like is he don’t like paying for shit

[@michaelpierre864]

@itsjustwest4811 he put 9 million down and finance the last 5 million. Don’t sound like money problems at all. Dropping nearly 70% on anything means u have intentions to own it outright. No matter what type of terms u include. Not making excuses either. The lender preyed on his ignorance is exactly what happened. With a traditional loan, he would have probably paid 1-2 million on top of the 5 million for the life of the term. But the predatory lender wanted 8 million back + 24% interest on a short term hard money loan. That’s robbery like I said. And anybody that would’ve paid the predator would be a fool. My advice to Birdman is clean ya credit up bro-there’s no reason it’s not already A1 anyway. Having money is great, but credit saves u in these type of situations

[@itsjustwest4811]

@@michaelpierre864 The lender preyed on his ignorance? lol So what’s the excuse for all the other people they still to this day that say Baby owe them money or Baby didn’t pay them? People he grew up with and even call his son had to take him to court… smh You believe what you want tho, I’ll stick with the documented facts.

[@rob7295]

This man spent millions on a house thst went into foreclosure. These rappers do not read contracts so their easy targets for bad business and investments as a result. All of that money doen the drain.

[@nonamehawg7068]

Okay, birdman told y'all. He is gonna pull up.

[@LamRashon]

🙃

[@makingmoney8470]

Birdman is broke your only as good as your name. Going into foreclosure and claiming or bragging about your expensive lifestyle is not a good look.

[@dboi1010]

Stop the 🧢, boy baby make at least 30 to 40 mill a year off his label

[@user-jr6vh8sy6k]

Rick Ross is a clown he always goes back and be lower you two people who help him he trying to talk about Cash money and Birdman. Let’s not forget that he help save his car because it was over for him and what did he do. He went over there and stole her Man sauce, stole all his way, he use the cash money to come back up

[@MoneyT-vm5dr]

Officer a. Ricky a hater 🤣

[@josephcross2240]

Baby was a teenage millionaire so he been making bread and gone always have

[@rda431]

If you believe dat you crazy

[@user-ei4ki8mb2n]

😅😂😂😂

[@LastoftheMohicans116]

I always think back on that cribs episode with the diamond ice cubes. Im beginning to think these moguls aren’t moggling like we all think.

[@consumerunite3118]

Ask anybody in the music business what a 90/10 split looks like.

[@Tony-vm3kt]

Man Bird sold dat house.. where is Wal’e & Miguel?? U need to pay them dudes or cut them loose u running mindn errbdy bizz but ur own…,?!suckin for a feature..music is ova for da👮🏿‍♂️..he so bored lonely all left to do is troll or get sum1 indicted..control ya BM..Take care of ur sons you don’t, but u boss rite..MIA shud b ready to disown u cuz u still paying draft..lol

[@ammusic1327]

😂now rick ross talk about bireman foreclosure, and suddenly you want to talk too.. birdman is rich and he Will be forever rich... rick talk shit

[@virgiliopizarro3188]

Ross word is trash, always talking about the real G’S

[@arkeiocraig3400]

Bullshit

[@batsoup8338]

this post is moot , rozay was right no matter how u slice it

[@LamRashon]

explain...

[@whitefire322]

Rozay wasn’t right he saying it like he couldn’t pay for it when he clearly can he just didn’t want the hassle anymore it was a bogus investment due to all the fraud and stuff Ross pocket watching without knowing the facts

[@Y.O.-le5tk]

@LamRashon..yeah I got you bro...not surprised Birdman did that to his Artists..had the $ but didn't wanna pay..sounds very believable 😂💯

[@LamRashon]

@@whitefire322 right on

[@LamRashon]

@@Y.O.-le5tk lol right on

[@mrblack8673]

What happan to cash money millionaires 😂 these boys broke living off credit

[@haveagoodday5148]

Ross a cop he not real he fake I don’t listen to new Ross only port of Miami other than that’s he weak

[@prosperitythickgirl]

Hey @LamRashon

[@LamRashon]

Hey there!!!

[@Whatuon]

If birdman is so rich…. Why is he failing to make monthly payments on time? If his property wasn’t confiscated why is he needing a court order to retrieve his items? So he upgraded from a mansion to a penthouse? So he tried to AirBNB the mansion to a prince, and he rejected ? So he has 2 mansions that are unlivable ? You say he spent a few million to renovate, when he first bought it for 14 million, he paid 9 million upfront right ? Why didn’t he spend that few million to pay it off ? I have more questions… lol How was a 5 million mortgage turned into a 12 million mortgage? Sounds like the down payment was really 2 million… or HE TOOK EQUITY OUT OF THE HOUSE! And couldn’t pay it back or the interest was added onto the total cost. 🫨 my mom say I shoulda been a lawyer, but my dumbass went to the Army 🤷🏾 my bank wanted me to take equity out of my house , I refused when I figured out taking equity out is a slick way to make you pay more for your house than you are already paying, They basically put cash money in your pocket (which is a carrot being dangled) , they talk you into refinancing your house at a HIGHER interest rate.

[@Sonofthemoon94]

Basically bird got in bed with the wrong people

[@LamRashon]

Sounds like it