Barbara Corcoran’s Top 8 Tips That Will Save You From Financial Disaster

Barbara Corcoran is largely known for her role as one of the most powerful investors on ABC’s “Shark Tank.” But do you know how she made a lot of her money?

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Well, as a matter of fact, Corcoran built her wealth thanks to her wildly successful real estate career. 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.

Corcoran’s financial advice comes largely from her experience and what she knows best: real estate and money management. If you’re looking for help with either, check out Corcoran’s eight top tips to help you succeed.

Buy a Home as Soon as You Can

When it comes to financial markets that can grow your wealth, Corcoran believes in getting into the real estate housing market early.

“I think the sooner you get in the market, the sooner you have a chip in the game. You can trade up,” she said.

She says it’s 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.

Don’t Wait for Interest Rates To Drop

While many people are waiting for financial institutions to 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’t wait — act now.

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Look for Up-and-Coming Areas

When investing in real estate, Corcoran recommends buying in areas that are on the rise. Not only can this get you property that will appreciate easily, but also help you avoid subprime mortgages. This strategy can lead to significant profits when it’s time to sell.

“If you can saddle onto the back of an up-and-coming area, you’ll make a lot of money,” she said.

Consider Areas With Poor School Districts

If you’re 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.

The one exception? Florida. Corcoran is not big into Florida right now.

“Go anywhere in the South other than the hot spots,” she said. “There’s always a cheap house to buy — always. But not Florida. Forget about Florida.”