: MediaTakeOut.com just caught wind of an interesting piece of information. Apparently Jay Z's NY apartment appears to have an adjustable rate mortgage on it.
According to public documents that MediaTakeOut.com EXCLUSIVELY uncovered, the apartment has two mortgages on it - one with an initial principal amount of $1,600,000 and another with one of $5,600,000.
Gee ... wonder why he didn't use any of the 80 MILLION DOLLARS that Forbes said he made last year and pay that one off??? Maybe he ain't got the kind of paper that everyone says he does ...
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*** this illuminati camel, why sale your soul to the devil an your not reaping the benefits. This goes back to this tucan sam nose man that he and Old Yeller are not ready for a baby cause they have to make more money. I guess this double decker nose man doesn't got it like he says. I can't stand him. I wonder has he been around KrazYE' consoling him threw this mess.
**********ATTENTION MTO READERS***************
Why not just buy it out Jay Z?
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What Jigga Did is Smart! You gotta understand. The key to wealth is to let your money work for you WISELY. Why would he pay 6 mil to make 5.25% off of it (A dollar saved in interest is a dollar earned), when he could invest that money into a company like "Carols Daughter" and get a nicer return on his money and also keep his name in the press (add to his brand)...Wealthy folks dont have poor(pay off bills) mentality. MJ died owing alot of people, yet had more assets and lived a comfortable life. SMARTEN UP YALL.. things are seldom as they appear...
-KP_Talks, talking to ya
He has someone handle his finances and this is most likely an error on their part. More proof that he knows far less about business than he'd like us to think, though. If he addresses this, which I doubt seriously, he'll just laugh it off arrogantly, saying it's something like not his main pad, it's sort of like a million dollar storage room. His wife does have a several million dollar closet, you know? Her old apartment...lol
@Speedy- Well I hope so because if Jay can't pay a measly 1.5 million for his condo, he doesn't have as much paper as he claims. But you know what? Maybe he doesn't have a lump sum of 1.5 million in the bank to pay his condos off. Musicians, actors, athletes have to pay for basically everything. They have to pay for managers, lawyers, agents, publicists, PR spokesperson, travel expenses, tour management, etc. By the time they are done paying them, they haven't got that much paper left for themselves. This is why JAYZ and BEyonce cannot retire right now. They got bills they have to pay off.
cont- After they pay off their management team, they have to pay for mortgages, car notes, nannies, maids, butlers, the list goes on. I predict bey will be coochie popping for a long time to come; Jay will be rapping until he's 60. They talk that mess but they don't have Bill Gates, Oprah, or Warren Buffet paper.
@Off topic- MTO did you have to offend our eyes today with that pic of JayZ?? LMAO
I found a great dating site ________W e a l t h y F i s h . C o m________. The best dating club for seeking the rich singles, sexy beauties and even hot celebs.. what's the most important is that you dont have to be a millionaire.but you can meet one. I think everyone need to meet some miracle after all the terrible stuff in the news and the economy. What's kind of relationship do you want?
OMG I don't care, he has the $$ for it.
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Not a good look at all. With the government trying to buy it's way out the recession, foreigners will no longer want to buy US debt which will drive interest rates even higher. If a group of innercity kids from Brooklyn can figure it out then why can't adults? To learn more go to http://www.newyorkshockexchange.com/content/view/52/59/
mto acts like he got his 80 mil in one day. did you ever think about expenses? some people spend outside their means and most people were not prepared for a recession. maybe he was living in his until it hit. he is still going to have the same old bills but less money coming in. what would you do if all of a sudden your cake with icing turned into batter?
@NicNasty032- Exactly! Jay made a NET WORTH of 80 million. That doesn't mean the ENTIRE 80 million is sitting pretty in a bank. He, like us regular people, got expenses-if not more expenses to pay. People don't realize that stars have a team of people that WORK for them and are PAID by them. Jay, Beyonce, Kayne, etc all of them have to WORK hard to keep that money coming in. It's their JOB.
@NicNasty032- People become blinded by jay's "bling" and "flashy cars" without realizing he doesn't OWN EITHER. MOst companies allow the ARTIST to BORROW and WEAR their products as a form of ADVERTISEMENT. If Jay is seen rocking a 20 million Bugart Watch, he's only ADVERTISING the watch and after a set term, the watch returns to Bugart. Its the same for the bling.
Dag, y'all are some stupid people. SMART people don't put all of their money in property - that's what mortgages were created for. He is paying on 5.25% on MILLIONS! He can EARN more than that in other investments and he still has use of (and can sale) the property. A SMART business person uses other people's money to finance their property (and he is paying so little - only 5.25%) to OWN property. Y'all couldn't get 5.25 adjustable rate on a loan! That is an extremely low rate and worth doing on an adjustable. Please educate yourself!
First of off Idiot at Media Takeout you don’t pay right out for a mortgage like that for tax and benefit purpose. It’s more cost effective to hold a mortgage instead of paying it out right. That tells me most of the writers for this site lives with mommy or has a basement apartment. Focus on your 32k a year income before you concern your self with grown folks business. Haters
I'm surprised he lives in a condo thought no animals are allowed,lol is there where he spends his vacay when he is not on the desert,Dame dash brother already exposed that even when Jay was featured on Forbes Jay has to split his money three ways the only reason his name was featured on Forbes because he is the Co-owner lets not forget there is a recession not to mention the cost of keeping his inflated Ego relevant
(Says Jay-Z Should Not Have Been On Forbes Magazine Cause Money Was Split Up & More) (video) ... Dame Dash's opinion on Jay-Z blackballing Chris Brown (video) ... CEO Dame Dash Is About To Spill All The Beans With His "Tell All" Book. ... hiphopblips.dailyradar.com/.../bobby_dash_dame_dash s_brother_explains_h is_true_reaso/ - Cached - Similar
This is what i have been preaching since i been on this site, why do you have a mortgage in the first place??? a lot of these rappers and entertainer send mix message out to our children, talking about how much money they got and what kind of car they drive, man pluck all that get you some real investment and let your money work for you!!! now is Jay-Z broke? NO but why waste money on a freakin mortgage!! If you got it buy it!!!
WHO CARES..he got more money than most of us
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omg i agree with misssixty about mto bloggers some of you anyway
MORONS TYPING ONLINE...LOVE THE IDEA
I work in this indusrty and CLEARLY people who do this know these type of loans are designed for people with money not the average man..
because this may be one of many properties why would he down right buy it and pay cash he can pay the interest on it ..bacuase the rate is adjusting means nothing LIBOR RATES ARE DOWN SO HELL HE MIGHT BE SAVING A FEW THOUSANDS...what does this have to do with anything..
because people don't pay for houses in cash they don't have money CON"T
this means absolutley nothing..
these loans hurt the average man who CAN"T afford which is why IM taking LOan appliations for people who need modifications because someone sold them a bad loan... they can't afford and now the ruin the risk of a high rate and payment they couldn't afford the new payment..THIS IS WHY WE HAVE SO MANY FORECLOSURES BECUASE PEOPLE SIGNED LOAN AGREEMENTS AND DIDN'T UNDERSTAND THEM... these loans are designed for those with spare change not average joe...DO BETTER PEOPLE UGGHHH
I mean I don't like Camel & never will, but I aint gonna start creating insults that hold no weight. I mean he is ugly as all hell, self-absorbed, greedy etc.....but one thing he isn't is broke!! So regardless of what the issue is regarding the mortgage, IT WILL GET PAID. He has waaay to much pride to be looking like some broke homey who is financially unstable. So please MTO....you can't get the bloggers in an uproar over this one. Try again!!
so yawl think celebs don't have mortgages.>COME ON I could give you a list..but i ain't getting fired.PROVING A POINT ON THIS SITE.. from a listers to z-listers they HARDLY flat out buy this properties.... nfl,nba.rappers,singers..actresses, actors all of em.. I am approving and denying these people everyday.. they have money but ain't paying they bills..
they have these cars that ain't bad for 6 different mortgages from here to Thailand..
WELCOME2HOLLAND is right celebs to have to pay their bills on time 2, money or not, no credit no loan, refin, job or etc.
It can take seconds to mess up your credit, and years to rebuild your good name, famous or not your credit should be your first financial priority. Credit counselor are like psychologist for your finances. (www.creditsweepersllc.com)or 1-888-212-6552
Miss_, Why Why? DONT YOU CARE?, WHEN THIS ISH START HITTING CELEBS, IT SPEAKS FOR ITS SELF. THE RECESSION AINT OVER, OR HE HAS SOME BAD ADVISORS
It can take seconds to mess up your credit, and years to rebuild your good name, famous or not your credit should be your first financial priority. Credit counselor are like psychologist for your finances. (www.creditsweepersllc.com)or 1-888-212-6552
DAMMIT MTO! I CANT PULL UP DA DAY 26 DUDE! All my celebrity baller boyfriends, kicked me to da curb fo older red bones or 20ish red bones...Sad, sad day...So tomorrow, BRING ON DA EYECANDY!! Please nobody suspect or *** please! I know...in dis business, thats askin alot...What R kelly lookin like these days? He will be performing her next month, might make a sista GO...
This is just crazy. I'm telling y'all like I've told many more, fck all this "so & so is worth blah, blah, blah!!!" When the smoke clear and if any of these guys ever had to cash in their chips for straight cash, a lot of feelings would be hurt. He could've bought the place for probably an even 6 mil had he/if he could've paid cash. And who with real money & smart advisors would accept and keep an ARM when rates have been going up?? Either Jay's credit wasn't good enough to change to fixed rate a year or so ago or he's stupid. He best either pay that thing off or get a fixed rate somehow.
@guessjeans--you make a valid point--a lot of these celebs live above their means--not to mention the amount of ppl they have to pay to sustain their celebrity status....and it's not cheap. In a way..they're just like the rest of us--trying to make ends meat and living within their means. No wonder so many of them skip out on paying taxes and such. I wish I was living the celebrity lifestyle--but then again..I like being able to walk down the street without being followed by cameras.
A mortgage is for people who don't have money. If your rich it's a sucka move. Why would you pay a fixed or ajustable if you don't need to? Buy in cash if you got it. STOP living beyond your means! Wealthy people don't care about Houses, cars, jewelry, entourage etc. They grow wealth... Not blow wealth. You can't take it with you when you die anyway. Life is about experiences not material objects. How happy were you when you bought those spinners? Now you look like an *** if you got'em! Put the $$$$ up stop wasting it, if not one day YOU WILL REGRET IT!!
@trixie that's an ignorant *** for you...forget were he comes from. He really thinks he's powerful and can talk to people any kind of way. He better look pass that double decker nose and see reality. KrazYE' learned the hard way white folks will deal w/you for the moment and when they through w/you they will chew you up and spit you out. I guess the Croatia incident wasn't a wake up call, but then again he and his giraffe/steroid neck Old Yeller looking wife don't have good sense.
This is a very silly and uneducated headline...
As you can clearly see from the signature, "Brooklyn Projects, LLC" owns the property. They are paying it on Jay's behalf. It's obviously a company Jay owns.
Doing it this way benefits him on multiple levels. Firstly, he cannot be held liable in any legal ramifications (like someone deciding to sue a celebrity for tripping in his home), because he doesn't personally own the home.
Secondly, no financially literate person would tie up $6,000,000 in a non-performing asset (if homes can even really be called that). Like someone said before.
Also, to add to what I was saying before...there are also tax benefits to Jay Z's company "Brooklyn Projects LLC" for paying for his home.
Now let's look at it another way...
If you had $200,000 in the bank, would you buy a home worth $150,000 in cash and be left with $50,000, or would you invest most of the $200,000 to triple and quadruple the amount in only a few years?
Think about it!
@Reco Dante...
Lol. I am not certain i understand your point. Shawn Carter aka Jay-z is still the signature on the ***....(*dead*) Owning and operating a company and subsequently placing it on a mortgage contract does NOT mean he is not liable for any slip falls on the property, or for any assumed damage or forclosure. It's still his property. Listing it as a corporatation has tax benefits..but that's it. Even that seems suspect. Is he operating the business out of the condo? If not, he's shady and the IRS should take a closer look. lol The point that MTO is making is that he signed an adjustable rate mortgage. why? Arms are tricky. He's rich, why? What i will say is good about his mortgage is that there is a cap on how much the interest can changebut it's still an ARM.At the end of the day, a fixed rate is better and safer.He profits nothing! lol How is he profiting? He, like many others got caught with their hands in the cookie jar mortgage scams perpetrated on minorities. *** crooks.No wonder he's touring back to back. I now see why he came out of retirement as well. Sell that property, Jay-z. If you can. lol
GuessJeans Flag post @Speedy- Well I hope so because if Jay can't pay a measly 1.5 million for his condo, he doesn't have as much paper as he claims. But you know what? Maybe he doesn't have a lump sum of 1.5 million in the bank to pay his condos ------- right! because to borrow 1.6 million dollars from a bank that is going to make interest off it seems dumb. I'm trying to figure out why people would view this as a good move. DEBT means that you have to work harder, and lessen your retirement options. Between the 2 of them, they should "even with other bills" be able to pay off that blood sucking nuisance of a mortgage. Bad business.Wealth is owning property on paper, not only through banks who can come along and take it. lol
Keep playing with Lions while in the den ok?....idiot. Stick to slang-in..you're better at it. Rap for 2 more minutes and THEN?...Retire for Good!....better start movin those offshore accts!...be careful tryin to play with the Big Boys Boo....mess round and need that health care for rea....you joked about..on ole boy's show but you keep it up.Dangerous game.
MTO... His rate probable went down BECAUSE rates have come down a lot this year. Plus, there's caps on ARM rates to limit how high they can go. So he's got no worries. Just think, he got in four years ago at 5.25 and probably sitting at 3.25 today. I think Mr. Carter likely made a smart move. And like another reader said, he has the money so what's the big deal?
@***
It's the same reason why wealthy executives don't pay for their own cars yet get their companies to lease the cars for them. Incidentally, they do the same with their houses as in this case.
While I'm not privy to Jay's finances, I can use some common sense in this matter. Rich people don't spend their money like the middle class. That's why they're rich and keep getting richer. It's all about making your money work for you.
As far as an ARM is concerned... It can be a wise move in certain situations. Besides, most owners with 5-1 ARMs intend to move or refinance before 5 years.
Hadeem is right. in 2004 the market was crazy. this would have been a investment property why would he pay it off. the bubble burst in 2006 if he had paid off his mortgage he would have lost millions. I bet yall *** lose at the board game "Monopoly" alot dont yall lol. learn the rules of the game then exploit. never ever ever give away your money people.
RecoDante @***
It's the same reason why wealthy executives don't pay for their own cars yet get their companies to lease the cars for them. Incidentally, they do the same with their houses as in this case.
While I'm not privy to Jay's finances, I can use some common sense in this matter. Rich people don't spend their money like the middle class. That's why they're rich and keep getting richer. It's all about making your money work for you.
As far as an ARM is concerned... It can be a wise move in certain situations. Besides, most owners with 5-1 ARMs intend to move or refinance before 5 years. -------------@ reco dummy...
But he has NOT moved or financed anything, dummy! hence the point! I think that you are just making up things as you go along sweetie. You sound like an educated fool. Bottom line is ,..Outstanding loans and incurred debt are the reasons ignorant negro people such as yourself end up filing bankruptcy and dying with debt.
Explain to me how his money is working for him, when he has purchased property via a loan, has a mortgage with an interest rate that fluctuates, and has not yet paid off the property. Your mention of him paying off the propety in five years is not apart of this story..it's an option, but it did not happen. He purchased this in 2004...and has NOT paid it off? So let's comment on the current facts we have in front of us.
Even If he takes that option, it still is not equivalent to, nor was it less costly than purchase of the property out right. Interest over 5 years still increased the bottom line. Yes, in some instances the wealthy use credit in lieu of capital...to their advantage.But in my oppinion when it comes to a purchase(that you can afford out right) why finance? Leasing and rental for PROFIT is what brings wealth as it relates to homes. Flipping the property brings wealth. Paying a bank interest on your cars and a home that was this inexpensive was not very bright. smdh
How do we know this is for his home.
Besides, Jay is a millionaire and his wife is filthy rich as well. This adjustable rate cost is probably pocket change to him.
I doubt he is losing any sleep over this!!! Now if this was us po' folk....(lol)
Plus it looks like this is for some Brooklyn Projects, LLC....
@Fire4u--- Pretty girl you are hurting your brain with all your thinking Give it a rest sweetie Thats enough for one year Go lay down and take a asprin or something all you financial talk is stupid. You dont even sound like even you know what the hell you taking about. Sean Carter and Beyonnce will survive just fine regardless...
@***
I'm a dummy now? LOL! You are obviously insecure with low self-esteem. Haven't been called a dummy since elementary school...
You keep glossing over one big fact... Jay is personally not the owner. Brooklyn Projects, LLC is the owner. Corporate and personal assets and liabilities are different obviously...
There are possible legal and tax advantages for purchasing a home this way. It is stupid to think that his myriad accountants and lawyers would advise him on this deal if it didn't have advantageous ramifications.
So ***, go turn some more tricks and invest wisely...
he probably owns the bank!
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There is something to be said about a black man who has dealt dope and learned how to allow his money to make even more money. Some of these guys are not stupid. In fact, I believe that many of the brothers who are in jail, have knowledge that is not being used! It is most unfortunate but most of the rappers who have made it big - started out doing the wrong thing. They are sensitive enough to know how to employ attorneys and financial advisors on their behalf to keep them rolling in it. Don't think he does not have a financial agreement with B. He has his - and she has hers!
