By any metrics, Hakeem Olajuwon had a spectacular NBA profession. He spent almost all of his 18-year profession with the Houston Rockets. Alongside the best way, he made 12 All-Star groups, 12 All-NBA groups, gained an MVP award, and was a two-time Defensive Participant of the Yr. He additionally led the Rockets to back-to-back titles in 1994 and 1995, choosing up two Finals MVPs within the course of.
Olajuwon was rewarded for his sturdy play with a Corridor of Fame nod. He was additionally named to the NBA’s 50 Best Gamers listing, which was chosen by former gamers and coaches, common managers, and media members.
After retiring from the league, Olajuwon has solely continued to impress… simply in a distinct enviornment. As a substitute of dominating the basketball courtroom, he is rocking the actual property world.
Olajuwon began dipping his toes into actual property investing whereas he was nonetheless enjoying. On the peak of his profession within the late Nineteen Nineties and early 2000s, he would take a few of his $14-16 million in annual wage and set it apart for actual property investments. He in the end earned a little bit over $110 million in wage throughout his profession.
Whereas many former athletes strive their hand at actual property, Olajuwon’s religion makes him strategy the business in another way. As a Muslim, Hakeem doesn’t borrow cash for his acquisitions (it is in opposition to Islamic legislation to pay or cost curiosity). That may make purchases a bit dearer, but it surely additionally reveals he has no credit score dangers. This technique additionally places Olajuwon in higher positions throughout down markets when debt-laden debtors would possibly get pinched by curiosity funds.
By 2006, simply 4 years after he retired, Olajuwon’s 25 investments had grown to be value greater than $100 million.
Olajuwon has opted to put money into Houston — the place he claims to have the “dwelling courtroom benefit.”
He focuses on shopping for properties which can be ripe for growth by way of public enhancements like stadiums or practice stops. For instance, he buys giant undeveloped plots of land close to transportation traces and common freeway exits. In November 2006 he purchased a 41-acre property close to NASA’s Johnson Area Middle and developed it right into a retirement group. He owns parking garages, flats complexes, industrial buildings and single-family properties. He bought Houston’s former Federal Reserve Financial institution constructing and transformed it right into a mosque. He owns the town’s former World Commerce Middle constructing not removed from Minute Made Park.
And as we famous, he by no means makes use of borrowed cash for any of those purchases. He solely buys properties with funds he truly controls. No debt.
In a New York Instances profile, Hakeem defined:
“I’ve been blessed to date to have the ability to work with my very own capital, which provides me the power to determine after I need to promote versus having a financial institution mortgage hanging over my head that in some circumstances, can power you to promote though you is probably not able to.”
Right this moment, Olajuwon splits his time between Houston and Jordan. He’ll maintain searching for areas of alternative to put money into — and his properties will solely proceed to extend in worth.
These actual property investments have led Hakeem Olajuwon to have a net worth of…
That is sufficient to make him the seventh-richest NBA player in the world.