Ex-ballers to NBA stars: Don’t let RE investors scam you Danny Granger and Devean George spoke at playe上海贵族宝贝 rs’ symposium
From 上海龙凤论坛 left: David Eyzenberg, Devean George and Danny Granger
UPDATED, June 28, 5:00 p.m.: In his final year in the NBA, Danny Granger took home more money from his real estate investments than he did from his Miami Heat paycheck. “That’s when it really, really hit me,” he said Monday. “What am I doing? My knees hurt, my back is killing me. That was it. I was done.”
Granger’s audience of professional basketball players erupted in a knowing laugh. Some of the veterans, like Steve Bla爱上海同城对对碰 ke and Kevin Martin, knew only too well the pain of hitting the wood day after day. Others, such as Atlanta Hawks star Paul Millsap, are still in their prime, and still others, such as Boston Celtics player Kelly Olynyk, only recently broke into the NBA. Age differences aside, the players had two things in common: they made a lot of money playing basketball and they are thinking of putting some of it into real estate.
This week, the National Basketball Players’ Association held its second real estate symposium in Manhattan. Like last year, it was taught by David Eyzenberg, founder of real estate investment banking firm Eyzenberg Company, adjunct professor at NYU and Columbia, and until recently a broker at Avison Young. The NBPA invited two ex-players who are now real estate developers as speakers to give advice. And if you believe former Indiana Pacers All-Star Danny Granger and former Los Angeles Lakers forward Devean George, real estate is a shark tank.
“These dudes, they are cutthroat,” Granger said of some professional property investors. “You always gotta be careful because they will try to screw you the quickest way possible.” Granger found that real estate pros often assumed he was stupid because he was an athlete.
“I always used that to my advantage, he said. I wasn’t dumb and stupid. And it’s helped me in deals where they just kind of underestimated me.”
When Granger was in high school, he was reportedly offered a place at Yale. He went to Bradley University instead, became a basketball star, and earned tens of millions of dollars over a decade in the NBA until he retired last year. On the side, he also built up a real estate investment company, which, he says, now has construction and property management divisions and oversees a 200-plus-property portfolio (mostly income-producing rental buildings in secondary markets).
“The last three years of上海贵族宝贝论坛 my career I was more interested in real estate than basketball,” he said.
The NBPA s real estate symposium comes after years of growing scrutiny on athlete wealth management (or the lack thereof). In 2009, Sports Illustrated published a report claiming 60 percent of NBA players go broke within five years of retirement. The main culprits: bad financial advice, divorces and extravagant lifestyles. Fraud was another issue. Earlier this year, former NBA player Tate George was sentence[……]