The great thing about many hip-hop artists is that their entrepreneurial spirit ignites their desire to make money outside their craft. Still, venturing into other fields without possessing the proper knowledge can be dangerous. For Yo Gotti, it almost cost him properties he’d purchased over the years.
According to HipHopDX, the Memphis rapper born Mario Mims admitted that although he had the actual cash to purchase many homes over the years, due to not knowing, he almost lost 15 homes because he did not pay real estate taxes.
Gotti had yet to learn that when you buy houses, you have to pay property taxes on those houses.
“I didn’t even know you had to pay property taxes on a house that you’d paid cash for,” he said.
By gaining the knowledge and expertise he learned through what was almost a fatal blunder, we see that he has the same mindset regarding his music and business. In a recent interview with GQ magazine, Gotti discussed his approach to his record label, CMG (Collective Music Group), and the artists signed to it (GloRilla, EST Gee, Moneybagg Yo, and 42 Dugg).
“I’m involved in every aspect. I try to be involved in everything unless they don’t want me to be involved, in which case I respect that. But when it comes to the album process, the marketing process, I’m in it, I’m 200 percent in it, across the board. I’m trying to help anywhere I’m needed,” he said.
With that businessman’s mindset, we can see how he was able to correct his earlier mistakes and continue making great business moves to sustain himself.
“I think my biggest attribute is just my hustle. You’re just not going to outwork me,” he said. “It’s not even good in certain instances—I don’t go to sleep, I stay up longer than I should. When I’m in a campaign, and I’m working, sometimes I don’t go to sleep for days because I’m trying to put the plan together. I take it seriously; it’s my passion. I’m also a learner. I believe in change. I’m always looking for what’s new instead of trying to do the same shit over and over again.”
And it looks like that is why he was able to save those 15 homes.