Foreclosure Flipper

Scouring the internet for interesting, amuzing, or helpful articles about real estate flipping is, more often than not, a rather futile effort.  The majority of foreclosure articles simply state and re-state boring real estate market statistics.  I can only read so many times that California tops the nation in foreclosed homes, foreclosures are at an all time high…yadda, yadda, yadda.  Rarely do articles have much substance, and often it is clear that they are the lame efforts of real estate websites to build link popularity in order to promote their websites….Well guess what!  I found a tid bit of celebrity real estate gossip that breaks through all that monotonous clutter. 

 After 17 seasons of dominating the hardwood floors playing professional basketball for the Houston Rockets, ”Hakeem the Dream” Olajuwon is now making a name for himself as a real estate flipper.  While I myself am a self-proclaimed Foreclosure Flipper, I still like to pay attention to the big guns in the real estate market who could more accurately be reffered to as Mansion Flippers.  And that is exactly what Olajuwon is.  “He buys high and sells higher,” according to David L. Cook, executive vice president with the commercial real estate firm Cushman & Wakfield, who has represented the all-star on several occasions.  According to the Chicago Tribune he has been able to make as much money in real estate in the past 10 years as he did playing in the NBA for 17 years.  Olajuwons real estate flipping mostly takes place in and around Houston, TX.  From is 25 total transactions it is estimated that his profits exceed $100 million.  When asked why does not invest his money in the stock market he replied, “I like real estate because I know its real.”  Olajuwon is also fortunate enough to only use cash in his transactions.  It is against Islamic law to use any form of credit or pay interest, so in this case his risk is greatly minimized….Olympic Gold Medal winner, NBA leader in blocked shots, leads real estate market in cash-only transactions… If only we could all be so lucky.

“The Dreeeeaaaaaaammm Fliiippper,…I believe that you can get me through the niiiiiite.”