Barbara Corcoran is largely known for her role as one of the most powerful investors on ABC\u2019s \u201cShark Tank,\u201d with an estimated net worth of $100 million. But do you know how she made a lot of her money? Corcoran built her wealth thanks to her wildly successful real estate career.<\/p>\n
She has been wheeling and dealing on the national stage for quite some time, and she has learned a thing or two about money along the way. If you\u2019re looking for ways to improve your financial situation, Corcoran has a lot of advice to offer. Here are eight of her top tips, with a focus on the things she knows best: real estate<\/a> and money management.<\/p>\n When it comes to financial markets that can grow your wealth, Corcoran believes in getting into the real estate housing market<\/a> early. Yes, this may be an ambitious short-term financial goal, but the long-term benefits make this a solid asset purchase.<\/p>\n \u201cI think the sooner you get in the market, the sooner you have a chip in the game. You can trade up,\u201d she said.<\/p>\n According to Corcoran, it\u2019s always a good time to buy, because even if the market feels high now, house prices usually go up in the long term. If volatile economic activity as of late is any indication, you might want to get your financial assets lined up so you can heed her advice.<\/p>\n Be Aware: Warren Buffett: 10 Things Poor People Waste Money On<\/a><\/p>\n Up Next: 6 Things You Must Do When Your Savings Reach $50,000<\/a><\/p>\n While many people are waiting for lower interest rates before buying a home, Corcoran warns against this strategy. She believes that when rates do drop, there will be a rush to buy, driving prices up by 10% to 20%. Her advice: Don\u2019t wait \u2014 act now.<\/p>\n When investing in real estate, Corcoran recommends buying in areas that are on the rise. \u201cIf you can saddle onto the back of an up-and-coming area, you\u2019ll make a lot of money,\u201d she said.<\/p>\n Not only can this get you property that will appreciate easily<\/a>, but it can also help you avoid subprime mortgage-backed securities. This strategy often leads to significant profits when it\u2019s time to sell.<\/p>\n If you\u2019re not planning to raise a family, Corcoran thinks you should look at areas with poor school districts. Why this instead of areas with better infrastructure and financial systems? Well, those areas often have lower property prices and also serious growth potential.<\/p>\n The one exception? Florida. Corcoran is not big into Florida right now.<\/p>\n \u201cGo anywhere in the South other than the hot spots,\u201d she said. \u201cThere\u2019s always a cheap house to buy \u2014 always. But not Florida. Forget about Florida.\u201d<\/p>\n If you can afford it, Corcoran\u2019s \u201cgolden rule\u201d of real estate investing is to buy multi-unit properties with at least a 20% down payment. This may seem like a big ask upfront financially, but the payoff can be exponentially higher.<\/p>\n The reasoning behind this is that it allows you to break even and have tenants pay your mortgage. This will basically lead to you making the big bucks in the long term.<\/p>\n If you\u2019re selling a home<\/a>, Corcoran thinks you need to make sure your property looks inviting.<\/p>\n \u201cRealize that the buyer walks in and judges that house within 30 seconds,\u201d she added.<\/p>\n So, if you\u2019re in the market to sell your house, make sure to give it a refresh \u2014 fix up the entrance, the living room and the kitchen, as these are the areas that buyers focus on.<\/p>\n This is a rookie mistake, and one Corcoran thinks you need to avoid. Don\u2019t settle for the first mortgage rate you\u2019re offered. Instead, she thinks you should visit multiple banks and ask about special discounts for loyal customers.<\/p>\n \u201cIt\u2019ll often save you a full quarter of a percent,\u201d she said. \u201cThat doesn\u2019t sound like a lot, but it adds up.\u201d<\/p>\n For young people looking to invest in real estate, Corcoran thinks you should start as early as possible. If your family has means, she also thinks you should ask them for help, especially for a down payment.<\/p>\n \u201cThere\u2019s no shame in that,\u201d she said. \u201cNobody buys under 40 in New York without the help of their families.\u201d<\/p>\n Caitlyn Moorhead<\/a> contributed to the reporting for this article.<\/p>\n More From GOBankingRates<\/p>\n This article originally appeared on GOBankingRates.com<\/a>: Barbara Corcoran\u2019s Top 8 Tips To Save You From Financial Disaster<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Barbara Corcoran is largely known for her role as one of the most powerful investors on ABC\u2019s \u201cShark…\n","protected":false},"author":2,"featured_media":448299,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[83361,28,7905,147,530,1170],"class_list":{"0":"post-448298","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-barbara-corcoran","9":"tag-business","10":"tag-financial-markets","11":"tag-personal-finance","12":"tag-personalfinance","13":"tag-real-estate"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/448298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=448298"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/448298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/448299"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=448298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=448298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=448298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}