July 18, 2010
The old-school of thought of viewing your home as your personal castle is gone. Take a look at Chamillionaire, for an example of the new-school viewpoint, where homes are now just seen as disposable assets.
The Houston rap star recently saw his 7,583 sq. foot Dallas mansion – which he bought in 2006 for $2m – in foreclosure.
Opposed to selling his house, and paying off his debt, he let the asset go into foreclosure… Heck, opposed to buying a home that he could maintain, he let his home go into foreclosure. But Chamillionaire says it was a “calculated business move”.
He said he “decided to let that house go because the real estate market had turned, leaving the house as a bad investment.”
Oh yeah, he isn’t there very often, so it is not such a big deal. “I was always on the road touring. I just didn’t feel like it was a good business investment to pay that much mortgage for a house I was never at.”
Yikes! The new-school generation doesn’t see their homes as a personal castle but as a disposable asset. Where has the pride of ownership gone?!
In any event, I think that a better “business decision” would be to sell the house, opposed to ruining your credit. Or, maybe the best decision would have been to buy a home that he could have afforded.
Don’t cry for Camillionaire, he says “I still got all the cars.” At least he still has his fly cars!