Nigerian-born Hakeem Olajuwon has taken his success in the basketball court to the real estate sector. In his play days, Olajuwon led his team twice to win NBA Championship while playing for the Houston Rockets. In addition to his incredible success on the court, he made 12 All-Star teams, won an MVP award, and was a two-time Defensive Player of the Year, and also picked up two Finals MVPs.
What is more, Olajuwon got a Hall of Fame nod and was also named to the NBA’s 50 Greatest Players list, which was chosen by former players and coaches, general managers, and media members, according to Celebrity Net Worth.
He amassed around $102 million over his almost 20 years in the NBA and unlike many sportsmen who engage in reckless expenses, Olajuwon planned his retirement. He committed a chunk of his earnings into real estate.
His approach to real estate was different from the norm. His Islamic faith did not allow him to borrow money for investment to make a profit. In other words, he only buys properties from the monies he controls. The former NBA star decided to invest in the real estate sector in Houston because they have a “home-court advantage.”
According to Celebrity Net Worth, Olajuwon specializes in buying properties in places that have growth potential and are closer to important facilities like stadiums and train stops. He reportedly bought a 41-acre property near NASA’s Johnson Space Center and developed it into a retirement community.
Some of his properties include apartments, commercial buildings, garages, and single-family homes. The Hall of Famer also owns Houston’s former World Trade Centre building as well as Houston’s former Federal Reserve Bank building which he converted into a mosque.
Olajuwon makes his money by reselling often within a year or two of purchase, thereby making double or quadruple of his money.
“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 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,” Olajuwon told the New York Times.
Celebrity Net Worth reports that Olajuwon’s real estate enterprise has led to him accumulating a net worth of $300 million.