Recently, an audio clip of Yo Gotti reflecting on a major tax mistake hit the internet. In the clip, he reveals that he hadn't paid property taxes on some houses he owned, and almost lost them. He's shared in the past that he enjoys dabbling in real estate and likes to fix up the houses he buys. Eventually, he decided to turn it into a business. Early on, however, a mistake he made could have gotten ugly.
Apparently, a lack of knowledge about property ownership is what led to the mishap. “I didn’t even know you had to pay property taxes on a house that you’d paid cash for,” he explained. He then says he "got some papers in the mail," about his tax debt. If one fails to pay property taxes in Tennessee, where the properties were, it could lead to them to go into foreclosure. Eventually, they could also be sold in a tax sale.
Yo Gotti Shares His Thoughts On 360 Deals
Fortunately for Yo Gotti, however, it seems as though he was able to get things squared away without any major losses. Mistakes were bound to happen in the early days, as it was still a new business venture for him. He recently opened up about another one of his ventures, his work as a record executive. Yo Gotti founded Collective Music Group in 2012, going on to sign artists like Moneybagg Yo, GloRilla, and more. He gave his opinion on 360 Deals in an interview earlier this week.
Yo Gotti spoke with the Earn Your Leisure podcast to share his thoughts. He says that up-and-coming artists should expect 360 deals, as a label would be putting in work to increase their value. "I feel like business is business," he began. "To me, you ain't thinking logical when you think you get everything and nobody get nothing from you. That's not common sense."