HAKEEM Olajuwon is a basketball legend in Houston – and one of the city’s most successful real estate moguls.
The former Houston Rockets center managed to earn an incredible $110million in his 18-year NBA career.
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Hakeem Olajuwon had a Hall of Fame career with the Houston RocketsCredit: Getty
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The center won two NBA titles with the RocketsCredit: Getty
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Olajuwon is now a real estate entrepreneurCredit: Getty
And the two-time NBA champion has managed to turn that into a net worth of over $300million thanks to his abilities in flipping properties in his adopted hometown.
Olajuwon has mastered a strategy of buying properties ripe for further development, like parcels of land near Houston’s light-rail line, in the Texas Medical Center and close to the Houston Astros’ Minute Maid Park.
He has also bought and sold centrally-situated properties near major intersections and highway exits.
With his advisors, Olajuwon studies satellite views of Houston and even traffic patterns to help him identify good investments.
“I try to see its potential; what it could be used for,” he told the New York Times.
“I like real estate because, you know, it’s real.”
Olajuwan always pays cash for his investments as it is against Islamic law to charge or pay interest.
Being a cash-buyer gives him advantage over other investors who may need time to put together funds for purchases.
“I have been blessed thus far to be able to work with my own capital, which gives me the ability to decide when I want to sell…,” he added.
“As opposed to having a bank loan hanging over my head that in some cases, can force you to sell even though you may not be ready to.”
Many real estate insiders are impressed with Olajuwon’s business acumen.
“He’s an astute and opportunistic buyer who seems to be keenly aware of opportunities,” said W. Michael Hassler, first vice president at the commercial real estate company CB Richard Ellis.
Olajuwon has not ruled out investing in other cities but his focus remains on Houston.
“It’s where I have the home court advantage,” he says.
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