Former Footballer Omer Barami Buys Two Apartments by Age 26
Translated & summarized from Globes by baba
Former professional footballer Omer Barami has purchased two apartments by age 26, investing savings from his sports career. His first acquisition was a 50 sqm apartment in Be'er Sheva for 812,500 shekels, which he rents out. He recently bought a pre-construction 63 sqm apartment in Petah Tikva for 2.1 million shekels under a 10/90 payment plan. Barami is now strategizing on financing and tax implications for his growing real estate portfolio.
The story in 5 lines · by baba
- Former footballer Omer Barami bought two apartments by age 26.
- His first apartment in Be'er Sheva cost 812,500 shekels.
- He recently purchased a pre-construction apartment in Petah Tikva for 2.1 million shekels.
- Barami leveraged low interest rates for his initial real estate investment.
- The second apartment was bought using a 10/90 payment scheme.
Omer Barami, a 26-year-old former professional footballer, has successfully invested in real estate, acquiring two apartments by the age of 26. He saved approximately 200,000 shekels by age 21 from his football salary, which he then invested. Barami leveraged low interest rates during his military service to take out a loan for his first investment property, aiming for rental income to cover mortgage payments.
His first purchase was a 50-square-meter, two-room apartment with a balcony in Be'er Sheva for 812,500 shekels. He chose Be'er Sheva due to its large student population from Ben-Gurion University, affordability, and proximity to his family, who assisted with property management. The apartment was rented out for 2,900 shekels per month, reflecting a gross yield of about 4%. With a down payment of 300,000-350,000 shekels, partly from parental assistance, his initial mortgage payment of around 3,000 shekels was almost fully covered by rent.
Barami recently purchased a second apartment, a 63-square-meter, three-room unit in a pre-construction urban renewal project in Ramat Verber, Petah Tikva, for 2.1 million shekels. This purchase was made under a 10/90 payment scheme, requiring a small initial deposit with the bulk of the payment due upon completion in about four and a half years. He anticipates this apartment will also be attractive to renters due to its efficient layout and potentially lower price per square meter compared to larger units.
Barami is considering his options for the second apartment, weighing tax implications and financing requirements. He notes that while the project is expected to be completed in four and a half years, urban renewal projects can often take much longer. He plans to use the intervening years to save more money, potentially allowing him to finance the second apartment without selling his first one.