In the ESPN 30 for 30 documentary "Broke" sad stories are told of professional athletes who seemingly had it all financially, only to lose it all in shocking falls from grace. But not every former athlete is destined to lose their money after retiring. In fact, there is a growing number of athletes who are becoming successful in real estate.
A recent therealdeal.com report highlighted the second annual NBA Players' Association real estate symposium in New York City. The forum was led by real estate banking firm Eyzenberg & Company was featured a panel of former NBA players who were now real estate developers who gave advice to those considering how to plan their post playing lives.
For former Indiana Pacers forward Danny Granger, the decision to embark on a real estate journey was easy. He explained that he made more in real estate in his final year in the NBA than he did from playing basketball.
The story exemplifies the possibilities that a savvy real estate investor can take advantage of, and the importance of having an experienced real estate attorney can have. As former Los Angeles Laker Devean George explained, the real estate market can be "a shark tank." This is because many pros in the market will assume that new investors will be naïve and believe anything they think will make them money. A skilled lawyer can help you understand the benefits of a particular purchase, as well as the risks involved, so you can make informed decisions.