Barbara Corcoran is an established household name, and rightfully so. With fifty years of experience in the real estate business, Corcoran is a seasoned veteran with unprecedented insight into the ins and outs of the business.
Widely known as one of the original sharks on ABC’s “Shark Tank,” Corcoran has gone on to make appearances in all fifteen seasons of the show. In addition to this, Corcoran has invested in over eighty businesses herself.
Over the years, Corcoran has shared valuable insights into the real estate business, providing quotes on some of the most troubling and difficult hurdles many first-time homebuyers face. Here is a collection of some of the best advice Corcoran has offered over the years.
Best place to buy a home
“Go anywhere that has a poor school district where prices are really low… Go anywhere in the South other than the hot spots. There’s always a cheap house to buy, always. But not Florida; forget about Florida.”
Best time to buy
“I think the sooner you get in the market, the sooner you have a chip in the game. You can trade up. It’s always a good time [to buy]. You only get one chance to live. You are not buying an investment only; you are buying a home to raise your kids in, to have good times, and to cook in your kitchen. You want to get in the market. Prices always long term go up … so why wait?”
“Interest rates will never come down to two to three percent; that’s history, and still, people believe they will. So why wait? Forget about the timing. The timing of what you earn on that home has more to do with when you have to move than when you buy in. You’re not in charge of that; your life is.”
Invest Early
“I believe the best thing you could do is buy something as fast as you can. When you’re in your 20s, you have a big ego… Hit up [your] parents. There’s no shame in that. Nobody buys under 40 in New York without the help of their families.”
Common Mistakes
“You don’t go back for another look. That’s when you discover the noisy neighbor, the barking dog, and the party house right across the street. Go back for another look. People fall in love with the house and think at that moment in time it’s their new house.”
“You’ve got to see it in the morning, and you got to see it at night. Do your snooping.”
Golden Rule of Real Estate Investing
“If you can buy a property with 20% down, you break even, you get the tenants to pay your mortgage, you always make money,” Corcoran said. “And if you can saddle onto the back of an up-and-coming area, you’ll make a lot of money.”
Focus on Key Areas
“Realize that the buyer walks in and judges that house within 30 seconds. You want to spruce up the front entrance to your house, repaint the door, make sure the bushes look good, make sure the garden looks in order, and power-wash the sidewalk and the driveway.”
