Barbara Corcoran is an American businesswoman who became famous on the show "Shark Tank". She is famous in the business world for her decades of successful investments in real estate. After participating in 14 seasons of "Shark Tank", Barbara Corcoran invested in more than 80 startups in the US.
This businessman is also the author of a series of famous books, including "Shark Tales: How I turned 1,000 USD into a billion dollar business".
She also hosts a podcast called "Business unusual with Barbara Corcoran".
In many talk shows, the 74-year-old businesswoman shared her views on real estate investment for young people.
“I believe the best thing you can do is buy an asset like real estate as early as possible,” she said.
Contrary to the views of many Americans who promote independence and self-reliance, Barbara Corcoran advises young people to put their ego aside and borrow money from their parents to buy real estate if necessary. She believes that this is normal and nothing to be ashamed of.
“No one buys property under 40 in New York without family help,” Barbara Corcoran emphasizes.
Barbara Corcoran advises young Americans to invest in real estate as soon as possible (Photo: CNBC).
Investing early in real estate forces young people to form the habit of saving, a habit that is rare for young people in developed countries like the US. Financial pressure helps them to have long-term goals and learn to manage themselves better than those who only know how to save money for enjoyment.
When asked when to buy real estate, Corcoran always has the same answer: “Now.” Corcoran believes in buying as soon as possible rather than waiting for a better time.
"Get rid of the idea of timing your investment. The moment you start making money from that house has a lot to do with when you decide to spend money on it," she shares her experience.
Barbara Corcoran tried to buy her first property at age 26, a top-floor studio apartment in Greenwich Village, Manhattan, New York. But after procrastinating, she backed out and lost her $84,000 deposit.
It took Barbara Corcoran another seven years to buy another apartment. She still regrets that decision to this day.
"You have to get into the real estate game early, even taking out a loan, so you don't miss out. But you need a professional friend to exchange knowledge with," Barbara Corcoran advised.
In 1973, Barbara Corcoran co-founded the real estate brokerage firm The Corcoran - Simone with her boyfriend Ramone Simone.
Seven years later, she founded her own company after falling out with Simone. In 2001, Corcoran sold her business for $66 million.
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