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Real estate mogul Barbara Corcoran has shared her “golden rule” for getting rich through property investment. Picture: realtor.com
Shark Tank star Barbara Corcoran has revealed the one rule she says everyone should follow if they want to get “very rich” through real estate.
The famed real estate mogul shared her “golden rule” for getting rich through property investment—and it’s advice she wants everyone to start following.
The 75-year-old, who founded the real estate company The Corcoran Group, offered up her tip during an interview with News 12 in Connecticut, according to Realtor.com.
She later shared the clip on her personal TikTok account, where she advised budding property moguls: “Buying real estate is a slow way to get very rich.”
Her No. 1 tip when it comes to building up that wealth? You have to overspend money to make money.
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Barbara Corcoran made her mllions in the property market. Picture: Supplied/McGrath
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“I would say that I’m always willing to overspend—be the highest bidder—on any property that’s good because those are always the properties that make the most money,” she shared.
She added that when it comes to securing a prime property that you believe has the potential to be great, it’s important to let budgeting constraints go.
“Forget about the price, like with anything you buy that’s worth it, right?” she said.
But how do you know whether a property is going to prove to be a great investment? Corcoran notes that there are several things to look out for—including the location, the potential for development and renovation, and excellent natural light.
“What makes it good is the right location, the best location, the best light, the best potential, the area is changing,” she explained.
Unfortunately, properties that boast all of these attributes are also the ones that tend to command the highest prices.
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The millionaire is now a household name thanks to her role on Shark Tank. Picture: Facebook
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If you do end up securing the perfect investment property, Corcoran further advises that you allow it to sit for at least five years, rather than putting it on the market right away.
“Leave it alone,” she said.
“If you’re willing to not touch that property for five years, you’ll find that real estate is a very slow way to get very, very rich. But most people don’t have the will to not touch it.”
Corcoran, who has an estimated net worth of AUD$150 million, often shares money-building tips on her TikTok and in interviews, and recently revealed the key life lesson she learned as a child that has been essential to her business success over the years.
During an interview with podcast host Erika Kulberg earlier this year, Corcoran spoke about how she “turned $1,000” into a multimillion-dollar fortune after starting out with nearly nothing.
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Barbara Corcoran believes overspending is the only way to make it big in real estate.
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Looking back on her childhood, Corcoran explained that she did not grow up with wealth or privilege, recalling: “We had 10 kids in a two-bedroom flat. We made ends meet. However we did.”
Despite being raised in humble circumstances, Corcoran noted that her parents bestowed upon her several gifts that proved to be far more valuable than money.
“I had phenomenal parents who loved each and every one of their kids with their whole heart,” she gushed.
“So we grew up with confidence, feeling loved, and boy that’s a major card in life, isn’t it, as you play it out.”
In addition to the confidence that her parents instilled in her, Corcoran says her mother also taught her a priceless life lesson that she continues to use in her professional life to this day: the ability to spot, cultivate, and use another person’s talents.
“[My mother taught me] to identify the gift in anyone,” she said on the podcast.
“My mother was a genius at that. She could look at a child, tell you right away what their gift was, and make you perform it for the rest of your life, so you believed it.
“I think being able to spot the gift in someone and build up on it, so that they believe it, and so your business gets all the benefit of their growth, I think it’s a great gift to have. No one else taught me that but my mum.”
The post Revealed: Barbara Corcoran’s ‘golden rule’ to getting ‘very rich’ appeared first on realestate.com.au.
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