Category Archives: News

Make Money As A Slumlord

Be a slumlord? Okay, I got your attention, now the truth. I really don’t recommend that anyone endanger their renters with unsafe housing. Much of what people call slumlording though, is simply providing reasonable housing for those with low incomes. It is of benefit to the renter AND the landlord.

Why Do People Rent Dumps?

People rent not-so-nice places because they can afford to. A house that needs paint, has old rusty hinges on the doors, and a dirt driveway – this is a house that cost less to buy, and therefore can be rented for less. Anything major that the landlord does to improve it will result in higher rents, and possibly drive the renter away.

In fact, this often happens. A few years ago my own town enacted its first rental regulations. The fifteen pages of new rules included many non-safety-related requirements, like a minimum of windows, to allow natural lighting, bedroom square-footage requirements, and no peeling paint.

These things are done in the name of low income renters, and yet the result is always the same: higher rent. With that and the regulations against mobiles homes, low income families are moving further away from town and jobs. I mention all this to let you know that if you offer an ugly, but safe and affordable rental, you are providing a real service.

Why Invest In Low Income Housing?

If a nice two bedroom house in a small town costs N30,000,000 and rents for N500,000 an old mobile home on a lot will probably cost N10,000,000 and rent for N200.000

Notice that the house costs almost three times as much, but the rent you get isn’t even doubled. This means the mobile gives you MORE CASH FLOW. That is why old houses and mobile homes (on land) are such good investments.

It’s important to note that you’ll have more risk and management problems with low income housing. Repairs come up more often, and rent will be late more often, on average. This is why you deserve a higher rate of return. Otherwise, who would want to provide low-cost rentals?

Treat your renters well, and make your places safe. Do these things, and you can enjoy a good return on your investment – even if some want to call you a slumlord.

Understanding How A Buyers Agent Can Help You

When purchasing a home, most people will have an opportunity to interact with one or more real estate sales people (often referred to as real estate agents or “realtors”). It is very important for a home buyer to understand the roles and responsibilities of a real estate sales person, especially who they represent in the real estate transaction. This article provides a brief overview of “typical” representation in a real estate transaction, and describes a buyer’s agent and the valuable contributions that they can make helping a home buyer to purchase a home.

A real estate sales person acts as an “agent” for one or more of the parties (buyer and/or seller) in a real estate transaction. An agent is an individual who works on behalf of another individual. Under the law of agency, which governs client/agent relationships, an individual acting as an agent for another individual must work to protect the “best interests” of their client (the person for whom they are acting as an agent). They are said to have a “fiduciary” responsibility to their client.

Typically in a real estate transaction, a real estate agent will obtain a listing from the seller of a home. The realtor and seller enter into a listing agreement whereby the realtor agrees to act as the agent for the home seller to help them to sell their home (listing their home in a listing service, marketing their home, holding open houses, showing their home etc.). This realtor is often referred to as the listing agent, listing realtor, or listing broker. In the listing agreement the home seller agrees to pay the listing agent for their services, typically a percentage of the selling price of the home. Since the listing agent often is not the individual to actually sell a home, the home seller also typically agrees to pay the agent who actually sells their home (the selling agent) for their services, also typically a percentage of the selling price of the home.

It is important for a home buyer to understand, that in the absence of any disclosure to the contrary, the listing agent acts as an agent of the home seller. The selling agent acts as a sub-agent to the listing agent. This means that both the listing and the selling agent are working for, and looking after the best interests of the home seller. Many buyers mistakenly assume they are being represented by the real estate agent who is showing them homes, when in fact that individual is usually working for the home seller. For this reason, many states require by law that real estate sales people disclose who they are working for to all parties to a real estate transaction at the beginning of any relationship. Association of Realtors  also requires in their “Code of Ethics” that realtors disclose who they are working for at the first meeting between a realtor and a seller or buyer.

Many home purchasers are not happy with the typical “arrangement” whereby real estate agents are representing the seller, and they are left to represent themselves. Many home buyers prefer to have a trained, experienced real estate professional representing them in their real estate transactions. It is for this reason that many home buyers choose to hire a buyer’s agent (also referred to as a buyer’s broker or buyer’s representative). A buyer’s agent is an individual who is hired by a home buyer to represent them in a real estate transaction. Similar to a home seller, a buyer typically enters into a contract with the buyer’s agent. The contract should stipulate what services the buyers agent will provide, and what compensation the home buyer will give to the buyer’s agent if they successfully help them to purchase a home. Buyer’s agent compensation is typically a percentage of a home selling price. Buyer’s agent contracts typically have a term and provisions for how either party (the buyer or the real estate agent) can sever the contract.

A buyer’s agent acts as the agent for the buyer in a real estate transaction. Services that they provide include:

Understanding a buyer’s home buying needs and desires.

Helping buyers to understand what they can comfortably afford.

Researching and helping to locate suitable homes in the appropriate communities that meet their buyer’s needs.

Answering questions about homes, communities, the home buying process, and more.

Helping a buyer to understand if a prospective home is fairly priced and helping them to formulate an offer for a home.

Filling out all of the appropriate purchase offer documents and presenting them to the selling agent and home seller.

Helping the buyer with negotiations or negotiating on behalf of the buyer.

Providing lists of qualified individuals for other services needed such as attorneys, and home inspection services.

Facilitating the flow of contracts between seller and buyer attorneys.

Assisting the buyer in obtaining financing for their home purchase.

A buyer’s agent should not, however, provide advice on matters for which they have no training or expertise. They should not, for example, be providing legal advice. Buyers should work with qualified attorneys for legal advice. Buyer’s brokers can, however, assist a buyer in finding an appropriate attorney.

For their services, a buyer’s agent is compensated by the buyer. What typically happens in practice, however, is that the buyer and buyer’s agent will build into the offer a provision for the seller to provide the compensation to the buyer’s agent. Remember that a typical seller has already agreed to pay a selling agent commission when they entered into a listing contract. That means that there is typically money available to compensate the buyer’s agent for their efforts on behalf of the buyer. If the seller has made available less money than the buyer’s agent is entitled to by contract with the buyer, then one of several things can happen:

The seller can agree as part of the negotiations to pay the discrepancy in order to sell their home.

The buyer pays the additional amount out of their own pocket.

The buyer’s agent agrees to accept less compensation than was originally agreed to to allow the transaction to go through.

Dual Agency, A Special Condition

A special condition can sometimes arise where a real estate agent is contractually obligated to both parties in a real estate transaction, as would be the case of a buyer’s agent showing one of their own listings. In this case “dual agency” is said to exist. The real estate agent is an agent to both parties. When this condition arises, a realtor should disclose the dual agency condition and obtain consent from both buyer and seller that they accept this condition. In many states, failure to disclose dual agency is a violation of the law for which a real estate agent can lose their license, be fined, and potentially receive a jail sentence. In a dual agency condition, the real estate agent acts as a neutral third party, not representing the interests of either party, but simply facilitating the transaction. Many consumer advocates are not happy with such arrangements because nobody is looking after the best interests of the consumers, in this case the buyer and the seller.

Conclusion

Buyer’s agents serve a very useful purpose helping to protect the interests of real estate buyers in real estate transactions. Individuals seeking to purchase a home who do not have a lot of experience with real estate should seriously consider hiring a buyer’s agent to represent them, and help them through the process, negotiations, and real estate transaction.

REALTOR

Sachio

08187692998 / 08036028085

Real Estate Basic Ideas Dont Follow The Prospective Buyers

The Stalker Homeowner: Don’t follow the prospective buyers into each room and stand there. The key is to point them in the direction then let them look. Standing over a buyer makes them feel uneasy and makes them want to hurry on their way. Give a short guided tour and point out anything that can easily be overlooked. Then tell them to feel free to open doors and closets and you’ll be in the yard if they have any questions.

Online Auctions

The Never ending Talker: Stop talking! Disclosure is necessary but prospective buyers do not need over explanation of each room and every decision you’ve made. If your appliances are more than 8 years old, there is really no need to point out the fact they may be a “brand name”. They are just old to a buyer. Drawing attention to the name is only drawing attention to their age. If your kitchen and fixtures throughout the home are more than 10 years old…your home is dated. Like it or not, your home is going to need updates from the prospective of most buyers. Although you may be proud of the brass chandelier hanging above the entry, many buyers will be calculating costs to replace it.

Nigerian Houses

The Tattle Tail: No need to point out the potential honey do list you have not had a chance to do. Once, I showed a FSBO home and the owner had hardwood floors. Rather than just pointing out the hardwood, she went into detail of how they can be refinished. Then the buyers realized the floors really could use a refinish and that was more work to do. If it is not a disclosure situation, then do not point out what is so time consuming that you did not even tackle it prior to selling. If the buyer commented about the floor, that would be the opportunity to explain a possible solution.

Know Your STUFF. Know your energy bill averages. Know your neighborhood and amenities; know where parks and schools are located (you may not have children but a prospective buyer could). Know the basics of your home construction (year, energy features, foundation type, and furnace location/type). Know your property lines (if they are not clearly defined or perhaps they extend past what may appear to be the end).

Nigerian Properties

Remove the Sentimental Feelings From You and Your House. Buyers do not care that you paid so much money to paint the dining room green…chances are, they don’t like it and plan to repaint. If you go on in detail about your decisions on what you have done to the home (or the garden you worked so hard to plant on the side yard) buyers feel guilty as they may have plans to turn your hard work into a RV driveway. Point out unique features that may go unnoticed then retreat to the front yard. Wait for them to ask questions and give them a SIMPLE answer. Be welcoming and polite, but they are not here to meet you. Clean out your personal belongings and pictures. It’s hard enough that someone is living there, and that the person who does live there is offering a guided tour…but if on top of that all of your family pictures are everywhere. It will be hard for a buyer to imagine it to be their home.

Reasons Not To Sell Your Home Yourself

Selling your home yourself can save you thousands of dollars in commissions. However, that doesn’t mean you should necessarily do it for the following reasons:

Just Suffered A Major Trauma

People who have just gone through an event which changed their lives in a negative way are also apt to benefit from working with an agent instead of selling their homes as FSBOs. You aren’t likely to be your usual calm, clear thinking self if your husband or wife just died, for example. The same thing is probably true for people who are selling and moving because they have been diagnosed with a life threatening or debilitating disease. Divorce also makes it hard to function as well as normal for a period of time. Anything which really rocks your world in an unhappy way just before putting your home on the market is an indication that hiring a good agent is probably a positive move for you to make.

You Need Someone to Blame

Some people are very independent. They weigh the pros and cons and make decisions quickly and easily. Occasionally something goes wrong. They just chalk it up as a learning experience and move on.

At the other end of the spectrum are folks who agonize over decisions, cannot stand to make a mistake, and must have someone to blame if something goes wrong. With my apologies to real estate professionals, these people will probably be better off working with an agent. An experienced agent can’t always stave off problems, but she (or he) has probably solved similar problems and is likely to be able to help you solve yours.

If either of these situations describe you or your situation, going FSBO is probably not for you.

Lets do the selling for you quick and much more easier contact us now 08187692998 / 08036028085

How To Advertise For Your Property

Now as you have decided to sell your property the point arises, how to advertise for your property so as to get the right response for it? To give an ad in any of the news letter is very simple but before that we must understand that what components should a good ad be made of? What should be the basic structure for it? What information is to be included? What information is to be excluded?

The basic mistake people make while advertising for their property is that they try and include every possible information about their property as if the property is to be sold solely on the basis of this ad. But such ad will lead to drop the ad response, as it is unable to hold the attention of the person reading it. As it seems that providing more information in the ad the lesser would be the response to it. It is not so that you should not provide any information but then it should be chosen carefully. As ad is to grab attention and give u results in the form of visitors approaching you.

It is not possible for the reader to approach each and every listed home in the newspaper, definitely they are eliminating some of them. You are not suppose to be amongst eliminated one’s. You don’t have to give them any such chance.

There are certain factors to be considered while making an ad for your property i.e. it should grab reader’s attention, should be able to pull their interest, create a desire and compel them to take an action. Now let us see these factors on an individual basis:

To grab attention of a particular individual looking for such ad you need to make them feel that this ad relates their search. The simplest way to do this is start your ad with mentioning the name of the city or place your home is in. It’s very simple. If anyone desires a place at such location will start reading your ad.

Now since grabbing the attention is not all you need to capture their interest too. The best way to it is to provide some of the financial information as people are very much interested in this information, but in most of the ads it is rarely mentioned to them. Now for giving this information you can contact any of the bank or loan officers and ask them for an estimate for your property. They can surely provide you with a figure you can quote in your ad.

You can also mention the mode of payment you would prefer. Now to create some big desire you can continue giving some positive terms like fenced back yard, fireplace… such terms makes a person feel good while reading your ad.

Now what exactly do u want the reader to do? Certainly you want then to take some action. Now to make that happen you need to provide them with some contact information. You can give then the option for calling you e-mailing you or if you have a website they be given with the URL of your site. The major responses come generally by providing them with the telephone number as its makes the interaction easy for the reader.

However you can also advertise your property on free classified ad site such as  jiji.ng 
sachiong.com  realtor.ng for quick and top views.
So now you know what to do when you are to give an ad for your property.

Rental Property Management Ten Questions

Why hire rental property management?

Because doing it all yourself is the surest way to make your real estate investment experience a bitter one. You also have more time to find the next deal when there is someone taking care of the details for you. Hire a good property manager, but first ask the following questions.

1. How much is the fee? Fees vary around the country from as low as 4% of gross rents for larger buildings, to as high as 12% for single family homes. Be sure the fee is clearly stated and understood.

2. What other properties do they manage? It is best if they handle rental properties that are similar to yours. It is also helpful to drive by their other properties to see how they are maintained.

3. Who will actually handle your property? It is best if one person handles your building all the time. They should also have some experience. Get their name.

4. What costs extra? Is it extra for showings? Do evictions cost extra (beyond the legal fees)? Any other extras?

5. How is the fee collected and when? Will you be billed, or will it be deducted from your account directly? Monthly? Quarterly?

6. What type of advertising? How do they advertise the units and what does it typically cost you?

7. Cost and time to prepare units? What is the typical cleaning fee on a vacancy, and how long will it normally be before it’s rented out again?

8. What needs owner approval? What dollar amount needs your authorization, and is this negotiable?

9. Hours of operation? What are their business hours, and who takes weekend calls?

10. Accounting? What reports do they send? How often? How are accounts set up?

There are probably other questions you’ll have as well, based on your particular needs and the particular property. Ask everything up front, and you’ll have fewer misunderstandings. With good rental property management, real estate investing is a lot less stressful, contact Sachio properties for excellence in real estate property management 08187692998/ 08036028085

How To Start Your Overseas Real Estate Portfolio

Real estate is a tried and tested asset class and the majority of people agree that as a long term investment commodity there is nothing really to beat it for consistently returning strong growth and increasing yields…however, when a country’s housing market goes temporarily cold as real estate prices move outside of the affordability gap, real estate investors often look overseas for the development of their property based portfolio.

Currently the real estate markets in  countries such as the UK and US are slow and the ability to profit from property locally is reduced – therefore more people than ever are thinking about moving their focus abroad and starting an overseas real estate portfolio to enable them to build a passive income for life.

If you would like to learn more about building a passive income for life from investing in overseas real estate here are the main five considerations to bear in mind to maximize profit, reduce risk, increase yields and capitalize on opportunities as they present themselves – but before we begin it is always prudent to mention that the value of any investment can always go down as well as up, and that investment decisions should be taken carefully and be made with the assistance of qualified and experienced advisors.

Tip One – Real estate markets around the world emerge, boom, go bust and re-emerge all over again, but they do so at very different points in time as each market is heavily dependent on the current state of the economy in the given country. As we all know economies ebb and flow like the tide and there is no such thing as a guaranteed market where property prices will keep rising. However, there are countries in the world going through major economic change where the real estate market is emerging and where the long term forecast is for a period of prolonged growth. An investor who is not risk averse and who is planning an overseas real estate portfolio should try and identify which countries have a strengthening economy and an emerging real estate market.

Tip Two – Having found an emerging market an investor needs to determine the key factor that makes an investment into real estate in the given country a good decision. I.e., if a country’s property market is simply booming because of hype and an investor can see nothing to support the long term success of the market then they should walk away. If an investor can see massive room for growth but an interfering government who may attempt to restrict property investors from taking their profits then an investor has to decide whether or not they can still make enough profit from real estate to make any investment worthwhile.

Tip Three – Having determined that there is potential within a given market an investor needs to learn how to harness the power of other people’s money! As real estate is an expensive and slow to liquidise commodity it is unwise to pay cash from personal funds for an investment property, rather it’s wise to raise finance at a low interest rate from a secure financial institution. An investor should look into whether an international mortgage or a local mortgage is possible and affordable when buying overseas real estate.

Tip Four – As previously stated, over the long term real estate is considered by many to be one of the most consistently returning asset classes – the key to this consistent success is however the ‘long term’ bit! I.e., when buying real estate abroad for capital growth and rental yield it pays to be able to keep that real estate for ten years or more to ensure the greatest reward is derived from the investment.

Tip Five – And finally, having determined that the key factors exist to suggest that a property market has legs to run and that any hype surrounding its progress is based on fundamentally accurate facts as detailed in Tip Two, an investor need to ensure they buy real estate that will suit the market demand that is making the real estate market successful! Therefore if the baby boomers are driving a given market consider buying single level properties in secure communities, if on the other hand the young professionals are driving the market think about purchasing well located, designed and facilitated apartments.

China builds solar roads that could charge electric cars as they travel on it and melt snow in sub-zero weather

China builds cutting-edge SOLAR motorway that could charge electric cars as they travel on it and melt snow in sub-zero weather

  • The two-kilometre-long highway, in eastern China, is formed with solar panels and ‘transparent concrete’
  • It’s strong enough for mini vans to travel on it and could charge electric cars when drivers are driving them
  • The smart expressway is expected to open by the end of December and will be connected to the power grid

China is set to open its first solar motorway that can generate electricity under sunlight.

The two-kilometre-long (1.2 miles) stretch of highway, situated in Jinan, could charge electric cars as they are travelling on it.

The two-lane road could also warm itself up in sub-zero weather to melt the snow on top – so drivers could drive on it more safely.

Smart expressway: The road could charge electric cars as they are travelling on it and melt snow on top on cold days
Sunshine highway: The Chinese city of Jinan is building a two-kilometre-long solar motorway that can generate electricity
The high-tech photovoltaic highway comprises the southern part of the Jinan City Expressway in the provincial capital of Shandong and is expected to open by the end of December, reported People’s Daily Online.Formed with special weight-bearing solar panels, the road can hold medium-size vans and has strong friction.

Once it’s completed, the highway would be connected to the power grid so it could provide electricity to the city.

The solar highway is formed with three layers.

The top layer is paved with the so-called ‘transparent concrete’, which is said to be as strong as the traditional road-surfacing material, asphalt concrete.

The middle layer is the power-generating layer consisting of solar panels.

The bottom layer is the insulation layer which separates the photovoltaic system from the damp earth.

Safety measures: The road has ‘transparent concrete’, which has strong friction and can bear the weight of medium-size vans
National first: The solar motorway in Jinan is the first of its kind in China and is expected to open by the end of December
High-tech system: The highway has ‘transparent concrete’ on top, solar panels in the middle and insulation at the bottom

The highway is built by Qilu Transportation Development Group, a state-owned company in charge of the transport infrastructure of Shandong Province, according to Jiemian News.

In September, the group completed China’s first solar road, also in Jinan, after 10 months of construction. The road is fitted with 660 square metres (7,104 square feet) of photovoltaic panels and has been connected to the power grid.

Last December, France unveiled the world’s first solar panel road in the small Normandy village of Tourouvre-au-Perche.

The 1km (0.6-mile) stretch of road is paved with 2,880 photovoltaic panels, covering an area of 2,800 square metres (9,186 square feet).

The road is expected to produce 280 MWh of electricity a year – enough to power the village’s street lights.

Source;Mail Online

Lagos Arraigns Developer/Stephanie Coker’s Husband, Aderinokun for Land Fraud In Lekki Phase 1

 

 

 

DSC 8755 - Lagos arraigns developer/Stephanie Coker's husband, Aderinokun for Fraud[PHOTOS]

 

The Lagos State Government on Wednesday arraigned a brother of late founder of Guaranty Trust Bank (GTB) and property developer, David Olumide Aderinokun and a staff of the New Town Development Authority (NTDA), Balogun Adeniyi Abdul-Wakil before an Igbosere Magistrate Court over alleged conspiracy, forgery, stealing and property fraud on parcels of land in Lekki Peninsula estimated at 2678.068 square metres.

Aderinokun, who is the husband of media personality, Stephanie Coker, was arraigned separately on an eight-count charge bordering on the offence before Chief Magistrate Olufolake Oshin, and alongside Abdul-Wakil on another eight-count charge before the same court.

Aderinokun, trading under the name and style of Davade Properties, was alleged to have conspired with others now at large sometime in February 2016 to commit felony to wit stealing, forgery and obtaining money under false pretense.

According to the charge, Aderinokun criminally “converted a piece of land measuring approximately 1764.44 square metres situate at Plot 7B, Block CBD.1, Lekki Peninsula Scheme 1, Eti Osa Local Government Area of Lagos State, property of Ocean Trust Limited for your own use and to the use of others, and thereby committed an offence contrary to Section 287 of the Criminal Law Cap C17, Vol. 3, Laws of Lagos State, 2015.”

 

He was said to have forged a Deed of Assignment with file number DLS/GC/110323 with the intention of using same to defraud unsuspecting members of the public.

Also, Aderinokun was alleged to have fraudulently obtained N18million from one Mrs Jumoke Fola-Alade on the pretense that he was the owner of the said property contrary to and punishable under Section 314 of the Criminal Law Cap C17, Vol.3, Laws of Lagos State.

In the other charge, Aderinokun and Abdul-Wakil were said to have conspired with others now at large to fraudulently convert a piece of land measuring approximately 913.628 square metres situated at Plot 44, Block 77, Lekki Peninsula Scheme 1 in Eti Osa for their use.

The property in question, which was registered as Number 96 at page 96 in Volume 1993p, belonged to Mr Ben Adebisi Oyekunle and Mrs Bukola Taiwo Oyekunle.

In one of the counts, Aderinokun and Abdul-Wakil and others now at large were said to have “On or about the 3rd of March, 2012 at Lekki Area of Lagos State in the Lagos Magisterial District, possessed a fraudulent document (Deed of Assignment registered as No 91 at page 91 in Volume 2399) knowing fully well that the document was false and presented same at the Lagos State Land Registry, Alausa, Ikeja for registration and thereby committed an offence contrary to Section 320 of the Criminal Law Cap C17, Vol.3, Laws of Lagos State, 2015.”

 

Specifically, Abdul-Wakil was said to have used official information at his disposal to fraudulently convert the said land for his own use contrary to the law.

After the charges were to them, the defendants pleaded not guilty, while their lawyers – Stanley Imhanruor and Sunny Ogoh urged the court to grant them bail on liberal terms.

The lawyers hinged the bail application on the grounds that the defendants had no criminal records and were appearing in court for the first time, adding that the offences for which they were charged were bailable.

On his part, the prosecutor from the Lagos State Ministry of Justice, Dr Babajide Martins applied that the defendants be remanded in custody, as well as a date for trial.

He said the application for remand was necessitated by the fact that the defendants were allegedly involved in a well-orchestrated land fraud coupled with the fact that others connected with the crime were still at large, and that releasing them on bail may jeopardize the case.

In her ruling, Magistrate Oshin admitted Aderinokun and Abdul-Wakil to bail in the sum of N10million and two responsible sureties in like sum. One of the sureties must be a civil servant not below grade level 16 in the State Public Service and must get approval of the Head of Service to stand as surety.

Oshin also ruled that the other surety must be a staff not below managerial level in a reputable organization and if self-employed must show evidence of company registration with the Corporate Affairs Commission (CAC) with a minimum balance of N1million and tax clearance.

“The defendants are to deposit their valid international passports to the court, while the official and residential addresses of the sureties are to be verified by the prosecutor,” Magistrate Oshin held.

The defendants were also ordered to be remanded in Kirikiri Maximum Security Prison pending the perfection of their bail conditions.

The matter was subsequently adjourned to February 2, 2018 for trial.

BIRDMAN ABOUT TO LOSE MIAMI MANSION

 

OVER $12 MILLION UNPAID LOAN

Birdman might have money issues, y’all

 

FOR SALE

Source: Douglas Elliman Real Estate

It’s no secret that Birdman has trouble paying people the money he owes them. We’ve watched his problems with debt tear apart his seemingly invincible relationship with protege and superstar Lil Wayne (not to mention that plenty of other artists have come calling for their checks as well).

Now Weezy can take some solace in the fact that it’s not just him. Birdman can’t seem to pay back his loans to the banks, either. According to reports by the gossip website The Blast, Birdman is set to lose his Miami mansion after failing to pay back a massive loan.

According to The Blast, Birdman borrowed $12 million from a firm called EMG Transfer Agent in 2015. He put up the house — which he purchased back in 2012 for $14.5 million — as collateral. Birdman has since defaulted on the loan and the company is seeking to have the house foreclosed upon so that they can get their money back. They are seeking the initial $12 million plus late fees and interest.

Birdman might just beat them to the punch, though. He put the mansion on the market for $20 million back in June, but that price has dropped down to $16.9 million since then.

Listings agent Brett Harris — who is showing the home on behalf of Douglas Elliman Real Estate — said that the rapper just needs a smaller home, in spite of the suspect timing.

“The rapper is looking to downsize,” Harris told The Real Deal. “It’s too much home for him,” he said. “We’re actively pursuing other properties [in South Florida] for him now.”

We can’t say we blame Birdman for wanting something a little smaller. The Miami Beach home is a 9-bedroom, 16-bath mansion with 225-foot ceilings and 100 feet of waterfront and a private dock. The master bedroom alone is 3500 sq. ft. It’s previously been owned by Rockstar Energy Drink founder Russell Weiner and The Roots keyboardist and producer Scott Storch.