Real Estate

Barbara Corcoran says young people should 'get in the game of real estate' as fast as they can—here's why

Barbara Corcoran's best piece of real estate advice is to get in while you're young.
Eric Mccandless | Disney General Entertainment Content | Getty Images

Barbara Corcoran has made quite a name for herself in her more than 50 years in the real estate business.

Corcoran, 74, is widely known as one of the original sharks on ABC's "Shark Tank." She has appeared in all 14 seasons of the show and has invested in over 80 businesses, according to her website.

The entrepreneur has also written several books, including "Shark Tales: How I Turned $1,000 into a Billion Dollar Business!" and hosts the hit podcast "Business Unusual with Barbara Corcoran."

Recently, Corcoran was a guest on the Chicks in the Office podcast and shared why she suggests young people invest in real estate early.

"I believe the best thing you could do is buy something as fast as you can," she said. "When you're in your 20s, you have a big ego... Hit up [your] parents. There's no shame in that. Nobody buys under 40 in New York without the help of their families."

The typical first-time buyer in New York is 37 years old, compared to 34 nationwide, according to StreetEasy.

When asked about the time to buy, Corcoran always has the same answer: "Right now"

Corcoran believes it's better to buy as soon as possible versus continuing to wait for a better moment.

"Forget about the timing. The timing of what you earn on that home has more to do with when you have to move than when you buy in. You're not in charge of that, your life is," she said.

Corcoran attempted to buy her first apartment at the age of 26 — a top-floor walk-up studio in Greenwich Village — but she backed out of the deal and lost her $84,000 deposit.

It took Corcoran another seven years to buy a studio again. Something that she regrets to this day.

"You have to get in the game of real estate... You have to beg, borrow, and steal. You need a chit to trade up with. How are you going to get in it?"

In 1973, Corcoran co-founded The Corcoran-Simone with her then-boyfriend, Ramone Simone.

Seven years later, she went on to start The Corcoran Group after Simone left her for her secretary. In 2001, Corcoran sold her real estate brokerage for $66 million.

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