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Barbara Corcoran: Investing Like THIS Will Make You Millions
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- Опубликовано: 4 авг 2024
- Episode #842
You’ve seen Barbara Corcoran on "Shark Tank," heard of her unbelievable real estate deals that make millions of dollars, and might own a product or two that she’s invested in. She’s spent her entire career betting on New York real estate, and her risk has come with tens of millions of dollars in rewards. And while Barbara is known for her “go with your gut” type of investing, her son, Tom Higgins, went a completely different direction-and it paid off.
Tom has flown under the radar for most of his real estate career, never relying on his Corcoran lineage thanks to his different last name. He worked at a real estate brokerage in college, attended real estate finance classes at night, and eventually found himself in the industry as a real estate development professional, helping develop and renovate over 2,000 multifamily rental units!
Tom is a hard-numbers guy. He knows the cash-on-cash return, loan-to-value, and acquisition cost of every deal he’s done. Barbara, on the other hand, self-admittedly, can barely remember which metrics are which. Today, Barbara and Tom debate whether you should go with your head or heart when investing in real estate and why using a little bit of both could make you richer than all the other investors.
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Barbara Corcoran’s Wild Real Estate Tactics You’ll Want to Repeat:
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FIRE by 27 Using the “Chick-Fil-A Rule” of Real Estate:
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Show notes at: www.biggerpockets.com/blog/re...
00:00 Intro
00:31 Quick Tip
00:59 The Queen of NY and the Prince of Monopoly
05:34 Barbara: Invest Like a Local
08:46 Don't Touch a DIME of Cash Flow!
13:13 Tom: Know Your Numbers
16:28 When to Trust Your Investing "Gut"
22:57 ALWAYS Do This Before You Buy
28:47 Signs of a Solid Contractor
32:01 Where Barbara Says to Invest
35:27 Stay AWAY From This
41:05 Tom's Favorite Real Estate Tool
43:53 Head vs. Heart Investing
46:45 Connect with Barbara and Tom!
48:28 Trust Your Gut!
Great info and I appreciate the guests… one thing that totally grinds my gears though is rich kids telling people to buy with cash and refi later! One time I was pitching a partnership to a wealthy person and I was explaining that if we find a deal we would like to get his funds upfront even if it’s just a 30 day loan so we can put it under contract. He looked at me and was like “why not just get it under contract first or buy the lot and then bring me in?” I was frustrated because if I could randomly buy a $700k property first I would not be looking for a financial partner. You have no use to me if your not the money guy. I have experience but and the ability to execute the build but I don’t have $700k cash sitting in the bank that I piss away flippantly. 97% of the country does not. That’s why I am sitting here pitching our partnership and how you can make money with your money. If I had the money I would be doing the deal and not paying you shit. 😂I think people with high net worth get disconnected and get used to only talking to people with high net worth… because this guy could not understand why some one would not have such a low amount of cash as $700k
Monkey, I feel your frustration BUT I will say this: I have more than $700K sitting in an account doing nothing but I don't piss it away. I don't consider myself a HNW person as I have been grinding my entire life. That's how the money got there. Whether I have $.7MM or $1.2MM is not important to me. What is important is all about productive capacity. Finding the right tools to build the machine. WMC.
@@wmc9722 well most normal humans who grind a 9-5 could never get $700k savings in their lifetime with the cost of living today … because more than 40% the average income goes to rent. So if your like me and grew up in poverty and you make make $70k a year in California you need a financial partner just to get a property under contract in the 700k range You can’t even get the contract unless you commit fraud or have a HNW partner. Do the math… I make way more than the average American who makes 31k… so if I take my 70k and subtract taxes and somehow lived off $1000 a month by living in my car and only eating the cheapest food without ever buying a single thing it would take me 16 years of living in my car to get to 700k… if I tried to do that with the average American income it would take 37 years of living my car and never ever buying anything other than food to amass 700k in savings. So if there are a few people in the top 3-5% of earners sitting around giving advice to just use cash or “work harder” and “buy less avocado toast” it’s not practical advice for the rest of humanity
@@wmc9722 but if you have $700k in savings and want to turn it into 900k in a 1.5 year timeline I have a nice deal lined up and I already purchased the property I just need 400k more investment to complete the deal and should profit 500k range so that could be a clean 200-250k profit for the investor :)
I’ve never clicked on a video this quickly I love Barbara!
Shes my favorite shark. Shes seems the most down to earth and relatable even though I am nowhere near her level wealth.
This was an awesome show with this dynamic duo Barbara & Tom. Great insights on making Real Estate deals and great sense of humor. Thanks for having them on.
Love them both. Straight to the point, great advices. Just what I needed to hear on these times. Thank you for this insight
I'm not a regular on this channel but the knowledge shared by Barbara is invaluable. Thank you.
Very helpful Thank you for sharing
I enjoyed all of the conversation regarding commercial real estate and the comparison between that and residential. I would advocate for more of these types of conversations!
I love Barbara's comment that the "gut feeling" is a culmination of years of experience!
Awesome video lesson
Barbara, your story about Fort Greene in Brooklyn is relatable - being competitive and finding the right partner paid off big time! Nice video guys!
Love listening to Barbara!
💖💖Great information, advice and fun episode. Real estate royalty here!
😂😂😂don’t do your walk abasolo do it abapartner 😂 got ‘em
My three favorite channels: Biggerpockets, StockBrotha, & Bitcoin University. Great to watch! 🔥 🔥 🔥
Amazing ...great to see a mom and son in the same field,it was heart warming..Mille Merci
Thanks!
I love this, she's so straightforward, no BS. Do have the breakeven, do you believe in your investment, don't touch your profits, reinvest. Excellent.
This is the kind of content I could binge-watch all day!
Now where in the world Am I suppose to get 200k cash down for a first property!!😫
Excellent episode, best I've seen in a long time. Practical recommendations. I work in a world where these terms are standard but Tom.. great job, you know when someone understands a complicated concept when they can explain in everyday language.!!!! True story: my brother (Long Island broker) has a photo of him and your mom from a conference years ago.
Oh man... The moment I saw Barbara's name I got so geeked! Thank you both for sharing your knowledge! And thank you Bigger Pockets for doing the same!
We should start a Spanish version this is really great content, can I ? David 🎉😅
What bank does Barbara like to use for Cash out Refi?
Only doing deals with all cash or little leverage was the best comment in this video.
Amazing episode. There is a lot of bs I need to get out of my mind and out of my vocabulary. Thank you for this episode
My approach to investing is to trust my gut (intuition) then build conviction later with deep dive into the weeds on numbers.
Great interview! She nailed the point about "breaking even" and not drawing income from an investment property. I see a lot of investors struggling with this. They NEED the income so they can't survive small setbacks, they make short-sighted, profit-above-all-else decisions or they become stingy which provides a horrible customer experience.
We just keep pumping profits back into our RE business in the form of new investments, capital improvements or expanding our cash reserves. This has led to a 350% return over the past 6 years.
David, David, David….David……..I concur..😂😂
I really enjoyed this presentation.
When Barbara told how she looks at a deal I smiled and felt great because this is the method I use.
Anyone reading this who has NOT watched this show: It's a valuable way to spend one hour.
I love the mother/son relationship!!! My son and I are in our first year working together. I trust him more than anyone else!
Hahaha yes that's right.
I almost bought a hotel that supposedly was fully booked all the time, but when I traveled over to sign I noticed there were no cars parked in front of the rooms at 5 in the morning! Luckily I checked.
Thanks so much! Remarkable video with Remarkable people! ❤
*Barbara said: "If the gay community's moving in there, it's a sure-shot! I bring my money right in there!" (33:20)
*Rob said: "Yeah, you know we had a guy on the podcast once who had what was called the Chick-Fil-A rule and he said if there's a Chick-Fil-A in the area, that's where he'd invest cause they already sort of done all the market research."
Unless you've been living under a rock, you'd know how much Chick-Fil-A OPENLY HATES people who are gay and has spent tons of money to suppress them. Thank you, Barbara, my friend, for speaking so eloquently about the gay folks! Rob, the Chick-Fil-A comment would have been OK in any other context just NOT in response to Barbara's previous comment about following the super creative, gay folks. Cheers!
blah
@@pitohead77 Are you mocking Barbara?
I just wish I had enough money to buy cash for my first place, the banks telling me not enough income but my 401K is growing and I cant wait to use it to buy my first place.
We are not in New York so I find this hard to relate . I understand to attempt to break even but you need time and money . This market s high ! Now for us that bought in a recession in 2010-2015 we got deals and rich ! Now it’s pretty pretty tough for the spread sheet to balance
@33:51 not just old ladies, old white ladies. that's the clincher.
Break even on real estate 🏡 for twenty years without cash 💰 flowing 💔🔥👎🏾🤔
Haha cool! Real estate undercover work. Getting the scoop from the locals at the bar. Love it!
These New York City elites are disappointing 👎🏾🔥💔😡
I don’t believe at all that he won monopoly due to buying boardwalk and park place that is at best the 4th best monopoly on the board .
Hi are you looking for a professional youtube thumbnails designer?
I love this pod and respect the guests but man some of the advice in this episode seems a bit unrealistic for most people.
“My biggest recommendation is buy all cash”.
Yes I too agree that buying in all cash is the best way to go but I don’t have 300k to pull out of my ass at a moment’s notice.
Edit: shoutout to Rob for the follow-up question and mentioning how it’s not very relatable for most people. Kudos to the hosts!
Worst Atari game, "E.T. the Extra-Terrestrial" 😂
drive through Bedford-Stuyvesant at night with a guard was a cringe comment. if there are gays, then the community is heading in the right direction....heavy sigh!
Nothing magical about not cash flowing immediately!! Am I missing something here? Or am I a fool? Or is Barbara a fool? Wtf? Break even ? David let her off the hook 🪝 and so did Rob 👎🏾🔥💔
David teaches it's ok to be negative a few hundred bucks a month. So it's right up his alley.
No, it's the build equity model instead of the cash flow model. Those who've already built up their networths go this route verses cashflo. It maybe more profitable in some cases. But you may wind up in the same place over time if you do the research and plan right.
You mean getting lucky could make you millions?
Barbara did get incredibly lucky with the timing, however, she did work very very hard. I wouldn't listen to her advice now though. The timing is not right. One could argue that the timing will never be as good as when Barbara started investing.
Barbara is a babe
Nothing 🧙♀️ about not cash 💵 flowing immediately!! I’m sorry she is foolish!!
Rob, I LOVE you so I just want to mention that when you came in with your comment about Chick-Fil-A, it was actually in opposition to Barbara’s point and also sounded homophobic. I’m sure you didn’t mean any harm…we’re all learning!
I very rarely comment on RUclips videos that I’m in because I’d never have time to myself if I did. And since you seem to be trying to be helpful, I’m going to keep my response short and concise.
You are wrong on both points you made in your comment lol.
@Robuilt agreed! I think the commenter doesn't understand or wasn't listening. Starbucks, Whole Foods and ChickflA do not go in places that are not up and coming or already have arrived.
I also agree w/ Barbara in Going in even before them because the value is in buying there 1st or before these guys get a whif of the area to even want to move in to do business. Most ppl will be too scared to go in that early. You'd have to research city plans etc and get boots on the ground, etc. Neither of these views are homophobic. 😮
*Barbara said: "If the gay community's moving in there, it's a sure-shot! I bring my money right in there!" (33:20)
*Rob said: "Yeah, you know we had a guy on the podcast once who had what was called the Chick-Fil-A rule and he said if there's a Chick-Fil-A in the area, that's where he'd invest cause they already sort of done all the market research."
Unless you've been living under a rock, you'd know how much Chick-Fil-A OPENLY HATES people who are gay and has spent tons of money to suppress them. Thank you, Barbara, my friend, for speaking so eloquently about the gay folks! The Chick-Fil-A comment would have been OK in any other context just NOT in response to Barbara's previous comment about following the super creative, gay folks. Cheers! 😄@@almmason7
“I like nothing better than a fat tenant on my third floor paying me a lot of rent, and I raise it up, raise it up!” Yeah she said that. The rich are greedy, never forget.
Fat tenant on a 3rd floor 😆