Money Rehab with Nicole Lapin - A Masterclass on Making Big Money in Real Estate with THE Barbara Corcoran
Episode Date: March 28, 2024There’s a whole lot of bad "financial advice" on TikTok — especially when it comes to real estate. Today, Nicole goes through some of these hot trends with THE real estate expert Barbara Corcoran.... They talk about which hacks are true… and which are totally BS. They also talk about which celebrities need to get realistic about their wild real estate listings, how often Barbara checks her bank account and which of the Sharks on Shark Tank Barbara would start a business with. For more Barbara, join her community Barbara In Your Pocket: https://www.patreon.com/BarbaraCorcoran $ If you're ready to find your dream team, use LinkedIn Jobs. Post a job for free at: linkedin.com/mnn $ Want to level up your money moves? Check out Facet. Facet is the next generation of personalized financial planning that is making professional financial advice accessible to the masses, not just the rich. Facet will help you understand and expand your financial opportunities by providing you with a team of financial planners (with the CFP® certification you want) and a team of professionals across all the major food groups of your financial wellness: retirement planning, tax strategy, estate planning and more. To claim Facet’s offer for Money Rehabbers, go to: https://facet.com/moneyrehabÂ
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I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand.
It's time for some money rehab.
There's a whole lot of bad financial advice out there, especially when it comes to real estate.
I see real estate hacks on TikTok all the time that literally make me want to throw my phone across the room and some that are totally legit and super helpful. So today I'm going through some of these hot trends and tips with the real estate expert,
Barbara Corcoran herself. We talk about which of the hacks are true and which are totally BS,
but because it's Barbara, we couldn't just talk about that. We also talked about which
celebrities need to get realistic about their crazy real estate listings, how often Barbara
checks her bank account, which absolutely
shocked the hell out of me, and which of the sharks on Shark Tank she would want to start a
business with. Here's Barbara. Barbara Corcoran, the queen, the one and only. Welcome to Money
Rehab. That's a nice introduction. I like the way it sounds. Wait, you don't get the queen at every
podcast you go to? No, no. I used to in my
brokerage business, people readily called it if they wanted to raise or want to impress me,
all the politicians that worked for me. I never promoted them. Even when they called you queen?
No, not at all. And giveaway. That's a queen move. All right, let's go to real estate. I saw you
recently say that if someone's sitting on the sidelines waiting for interest rates to drop
before they get into the real estate market,
they could be making a very expensive mistake. Can you explain what you meant by that?
Of course. You either pay the bank a higher interest rate, like right now that people are
complaining about, or you pay a homeowner a higher price. When interest rates go down,
prices always shoot up. And then even worse than that, more insulting, is you compete with
two, three times as many buyers. So it's so hard to get what you want. So I think the sooner
somebody gets in the market, ignores the rate, you can always refinance later. It doesn't always
make sense immediately, but there's always a point where it makes sense, the smarter you are.
And the other reason I think you have to get in the market is I just feel always that people have
to get in the game. If you're not in the market, you have no chips to play at the board. You can't trade up.
You're not making money on appreciation over time to make your next house affordable.
You've kind of like missed the train. So there's never a good time. There's always a good time to
buy real estate, which is now. I would love to play a little game with you. I'm going to call
it TikTok trend or truth. There's so much real
estate fugazi out there on TikTok. So I would love to give you a tip that we've seen on the internet
and then for you as a real real estate expert to tell us if it's a trend or truth and why.
Easy enough.
If you're buying an investment property, you should buy it through an LLC. Truth or trend?
Trend. It sounds cool. I mean, it's helpful to
have it because you have less liability, but you don't always buy it through LLC. I have some of
my properties own in LLCs and others not. I don't think it's a big deal. Use the BRRR method for
real estate, the BRRR method, which stands for buy, renovate, rent, refinance, repeat. Truth or
trend? Trend. It sounds so jazzy, doesn't it? It sounds
so fancy. No way. It's too confusing. I don't even know what they're talking about. That's not a real
thing. Burr method? Well, I guess you could call that formula a method. Okay. But life isn't that
way. Life is scrapping the right listing at the right time, seeing what you could do with it,
and maybe renovating, maybe holding it, maybe not renovating.
You have to play every circumstance independently.
What those kind of slogans do is it makes people feel like,
I've got the formula, I just do this and apply it,
and I'm gonna get rich.
It doesn't work that way.
Yeah, it's case by case.
All right, choose a 40-year mortgage if you can get one.
Truth or trend?
Well, it's a lower payment,
but you'll pay probably roughly 25% more in your overall payments than you would if you were with a standard 30-year
mortgage. I'd go the other way, a 10-year. 15, as short as you can possibly, 15 is better than 30,
10 is better than 15, because you'll pay much less interest over time. You want to get out of
your mortgage as fast as you can. However, your payments are higher and a lot of people can't afford that. What if the interest rates are super low though
and you can make more money in other investments? If you can make more money in other investments,
you'd have a hard time convincing me that you can make as much reliable more money in other
investments because the other investments you don't have as much control. Real estate
is solid. You can trust it. It goes up, it goes down with the mark,
but you know where you stand.
And most people are decent at owning a house.
Not a lot of people are decent at playing the market.
A REIT is a good way to invest in real estate
without needing to buy a property
and deal with all the no chagas that might happen.
Truth or trap?
Definitely true.
Although you'll make a little less money
than if you did it on your own,
but for someone who is risk aversive, it's a very good way to go. You don't have to get your hands dirty.
You're just buying somebody already successful in the field. Real estate investment trust,
you can buy it and sell it like a stock and you don't have to deal with tenants and their plumbing
problems or whatever. Absolutely. It's easier. Take out a HELOC and use it to put a down payment
on your next house. Truth or trend? Trend because a HELOC is more it to put a down payment on your next house. Truth or trend?
Trend, because a HELOC is more difficult to get.
You're better off getting just a plain old bridge loan from your current bike
for a short-term loan because you're going from one house to another.
Bridge loans are usually the way to go.
A mortgage broker can help you buy a house if you have poor credit or a wonky financial situation.
Truth or trend?
Definitely true, but not a good idea because you use that mortgage broker for a home you really shouldn't be buying in the first place
because you need extra help to be able to get the mortgage. It means it's a home you probably
can't afford. 70% of Gen Zers would say they would buy a house with someone other than their
romantic partner. Yeah. Do you think it's a good idea to go splitsies on a house with your friends?
It's a lot of fun to go in and you get a house that you could afford, but when the situation
changes, it's a terrible idea. The guy wants to get married. She wants to move. What do you do
then? You have to have a good, solid partnership agreement drawn by an attorney that cover all the
possibilities. Then sometimes it's a good idea, but I just don't think so. Better off going for
something smaller on your own.
Put as small of a down payment on a house as you can.
Invest the rest in the stock market.
You'll be able to make more in the market than you'll have to pay an interest on your mortgage.
So a real estate interest arbitrage, essentially.
A false.
Assuming the person knows what they're doing can make a killing in the stock market.
It usually doesn't work that way. house hacking truth or trend it's a real estate move where you buy a
multi-family property you rent out one unit and you live in the other very true it's the best way
to get involved in residential real estate or investment probably overall people who do that
have hedged their bet they get a place to live and the person upstairs from when is paying off most
of their mortgage it's a great way to get into real estate. Most successful.
Is it hard to transfer single family houses into duplexes or triplexes?
No, most people do it off the books and collect the money on the side. But if you want a zoning
change, yes, that's impossible. Not a good way to do it. It's just treated by the IRS as an
investment property. When you go to sell, you have to account for all the, if you want to do it legally,
have to account for all the rental income. But it is the greatest way to get rich fast
and affordable for a lot of people. Okay. Buy a foreclosed home. Truth or trend?
Great if you get a foreclosed home at a good price, but you can't. The market's not
that way right now. You have to wait till the market sinks before you go into the foreclosure business. And you have to know what
you're doing. It's not so easy. You have to have contractors lined up. You have to know values,
like what's worthwhile putting in, what isn't worthwhile putting in. It takes a certain
expertise and a certain judgment that most people don't have. Flipping houses is a great way to get
rich. Truth or trend? It's a great way, but it's got to
be in a low market. And most people in a low market where interest rates are high and everybody's
afraid of buying, most people aren't comfortable going into that market. They talk a good storm
about flipping houses. It's the right market for it then, but they don't really do it because
they're afraid. People like to buy houses when everybody else is buying houses. It makes them feel smart, which is usually the worst time to
buy a house. Right? Buy low, sell high. But our emotions want us to do the opposite. Yes.
If your spouse has a property, make sure your name is on it. Truth or trend?
I say also, yeah, true. And also make sure that your spouse's name is on your mortgage. A lot of
people forget that. They put the house in two names and they forget about the mortgage going
in two names. Very important. Because then you're left with debt if
something happens. Which often does happen.
More often than not. You can get a home before it hits the market by writing a letter
to the current owner. Truth or trend? Definitely true. I got my last three homes doing exactly that.
The keys to the letters,
you have to profess how much you love the house,
why you love it, whatever you could come up with.
And the other thing is you have to express
that you're totally flexible on closing day.
You'll even wait five years if they would like it.
Gets people to think.
And each time I bought my house three times in a row,
I had to wait
like three months to get a response, but they eventually call.
And that's a great house to buy.
Take it right off the market.
Why does that work?
Because you're tugging at the heartstrings?
Because you're putting the idea in someone's head to sell their home before they're thinking
about it.
And it causes them to sit and actually think about it and say, well, we would like to,
we were going to sell eventually, but, and that's usually how the conversation starts out we were
thinking of selling but was certainly not ready we'd be happy to call you when
we get ready no problem I'll wait forever I'll wait forever I'm no no rush
it's just I'm in love with your house and I have to have it because there's a
price for everything no some people are so stuck on their home they're never
gonna move no there's no price for everything especially when, some people are so stuck on their home, they're never going to move. No, there's no price for everything, especially when it comes to a home. People feel very emotionally
attached to it, particularly older people have raised their children there and have no plans on
selling. And you could whistle Dixie for the next five hours and they're never going to change their
mind on it. So how long did it take before you got the house when you wrote a letter? I got my LA house within the week
after she told me she had no intention to sell, a week later. And I closed the deal because I said
to her, I'll give you a life estate whenever you want to come back. So she had family in the area.
Whenever you want to come back as many weeks as you wanted each year, you come back, you could
use my house. It's a part-time house for me and i didn't mind that and she's been back every year for two years she loves it and i had a good deal because of it my beach house i just simply left a
note under the door and by coincidence they were planning on listing it soon and i got that house
and in my second beach house i asked the broker if i could just peek in the window because i heard a
rumor it might come available in the next year and i want to get in early. And then she showed me a peek and I locked her in the house until she called
the owner and asked if he would sell it to me. That one didn't include a note. I went in person.
Yeah. Did you write your name? Yes, of course. She knew who I was. Yeah. I'm sure I overpaid
for it. I didn't mind. It was a beautiful house. This is a juicy, good piece of advice. So basically
if you're in an area and you think the house is just so sexy
that you must have it, why not? Write a note. You know, I was in the Cayman Islands last week,
and I kept having a recurring dream of buying a two-bedroom little yellow beach cottage. I kept
having the dream, waking up and going back to the dream. Kind of strange. The next morning,
I walked the beach in one direction, and I came across the house exactly like I saw it in my
dream. Now I felt right away, knowing me, I'm always buying real estate. I walked the beach in one direction and I came across the house exactly like I saw it in my dream.
Now I felt right away, knowing me, I'm always buying real estate.
I love the Cayman Islands.
This is a dump of a house.
I can make it a cream puff.
I'm going to write a letter to the owner.
And then I was with a good friend who said, what are you at?
Am I in a project at your age?
And I didn't write the note.
I'm still thinking about it.
I'm regretful that I didn't leave the note.
I could have decided later if I wanted it. I should have just put a note under the door.
Under the door in the mailbox, that's it?
Yep. Well, there were no mailbox on the beach, but under the door would have worked.
You recently told Kylie Jenner and Travis Scott to get realistic after listing their house super,
super high and having to then drop the price. Is that right?
Definitely. You have to be realistic. And I don't even think it's a good idea to drop prices on expensive or lower priced real estate because
it always is a signal to the buyer, oh, there's a problem here. And they immediately try to figure
out what the problem is. And they're encouraged to make an even lower offer. You're much better
off taking your home off the market, waiting three to six months, listing with a new broker
and coming on with a new listing, coming on as a new listing. Listen, you'll forget more than I'll ever know about real estate,
Barbara. But as someone who's obsessed with real estate porn myself, when I see a house
price drop, I'm like, what the heck is wrong with this thing? You're right. You respond the way
everybody else says, what's wrong? It puts the emphasis, it underlines what's the new news there,
which is the price dropped. Why, why, why?
This is also, as I'm sure you've seen, the problem facing NFL player Russell Wilson and music icon Sierra,
who put their Washington mansion on the market for $36 million in 2022.
They slashed the price by $10 million.
It is still on the market.
I mean, what would you suggest to them?
I would say the exact same thing.
Take it off the market and list it in three to six months at a new price. I mean, what would you suggest to them? I would say the exact same thing. Take it
off the market and listen three to six months at a new price. Do you know what is a reality of real
estate sales? Is famous people always pay more for the real estate and almost always overpay.
I distinctly remember being a young broker and one of my colleagues that worked for me
was working with Jerry Seinfeld when he was at his peak and he bought a magnificent apartment
on Central Park West. And you know what happened?
Once he saw the apartment, the owner increased the price.
I think it was by like $2 million on a $6 million home thereabouts.
It's been a long time. And you know what Jerry Seinfeld says? That's okay.
He closed on it anyway.
And then he wanted to buy a townhouse building that houses collection of cars
next door,
converted to a multi-story garage.
And they raised the price on that.
He said, no problem.
I really want it.
It was next door.
I think celebrities are used to being overcharged because, you know, when you're coming in and
you got a lot of hoopla about you, the seller always knows it.
They don't want to leave any money on the table.
Typically, a celebrity overpays for
their real estate. Is it the case that the other way around is also true? Do people overpay if a
celebrity lives in a house or do they just think they will? It depends. Sometimes people will pay
a little extra if it's not overpriced to begin with, because they could say, you know who used
to own this house? It gives you bragging rights. But it's a premium that isn't
worth all that much. It's a little bit more sex appeal. But in the end, people would rather pay
the lease for the house anyway. Without bragging rights, right? Hold on to your wallets. Money
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One of the most stressful periods of my life was when I was in credit card debt. I got to a point
where I just knew that I had to get it under control for my financial future and also for my mental health. We've all hit a point
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SpotMe eligibility requirements and overdraft limits apply.
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And now for some more money rehab. Have you ever needed money rehab?
Not really. Thank God always was good at making money. I was almost running out when something good would happen. And I really believe that money was meant to be spent. So I never really took it so seriously. I still don't.
How often do you check your bank account?
I don't. I have no idea.
Really?
I mean, why do people keep a lot of money in a bank account? I guess I should check my portfolio once in a while, but I don't do that either.
I just trust the people that manage it and hope it's there when I need it.
We'll see.
They probably got it down yesterday.
So if somebody, you know, God forbid, put a gun to your head and said,
Barbara, how much do you have in your brokerage?
You would have no idea?
No, I have no idea.
What difference is it going to make?
I hope I don't sound ignorant to you saying that,
but I'm such a good delegator. Once I start something and give it to somebody,
I don't feel like I have a check on them. They're just terrific people.
You did something so awesome on your 70th birthday. I loved it so much. You threw yourself
a funeral. Why did you do that? I can't live that party down. I didn't
do it as a PR event, but my God, it keeps coming up.
I did it for one reason.
I don't like surprises.
I overheard two friends talking.
They didn't know I heard them about the surprise party they were going to give at my house.
I played along like I was being fooled.
But meanwhile, I planned like crazy to surprise them, to turn the tables.
I really wanted to.
So they thought they were coming to a surprise
party. They were throwing, but when my brother invited them downstairs, Barbara's coming in
downstairs. How are you down the stairs? I was in a coffin and I was dead. And I did surprise them.
And what a great party it was. It was so much fun. Because I eventually came out of the coffin,
of course, and it was a dance party. What do you think the takeaway was for you from that party?
People love fun if it's a surprise.
People will do anything to have a good time and people don't have enough good times.
I am the queen of having fun.
Everybody came, everybody laughed and everybody's still talking about it.
That's a good party.
That's for sure.
Even at a funeral, you know how to have fun.
You know what?
It's a benefit. What are you going to be dead? You never hear what people say about
you. I got there to lie there and hear the speeches and what people said about me. So
I don't care if I died on here and they already heard it.
I love to think actually, I know this sounds morbid and dark, maybe not to you,
about my eulogy. What would I want people to say about me? And then am I doing those things
right now? Well, that's a good measuring stick for yourself. I agree with you because you'll
question whether you're living life as you should. Are you putting the emphasis on the
important things? It's a great idea. I'm not going to do it, but I think it's a great idea for you.
I've had it with funerals. What was one of the eulogies that you enjoyed?
Well, I had a rabbi giving a eulogy and i
had a month senior giving a eulogy i can't remember who said what but they had the similar things that
they said they said how much fun they had with me as a friend how they always had fun with me that's
a great compliment to me how i inspired them not in a business way but just inspiring them to be
their best self and how to make time
for all the fun things in life because it's really all that counts. I'm not sure my kids
bought into it. I think they were a little embarrassed by the whole thing, but all my
daughter said, who was probably 13 at the time, is, when are we going to read the will?
And she's not money-oriented at all was really i almost popped out of the coffin for
that one all right barbara before we let you go i want to do one more quick game with you because
you are the queen of fun all right in honor of season 15 holy moly of shark tank there's a
lightning round of questions for the sharks.
Ah, happy to talk about the sharks.
Which shark would you say is best dressed?
Definitely me with that.
No, I'm not saying that to brag, but clearly me.
Listen, I knew.
I knew the Barbara signature.
I was ready for you.
Which shark would you want to be trapped on a desert island with?
Damon, because he knows how to hustle.
He would somehow find us a meal in the berry bushes and build us a small shelter.
I'm sure he would.
Yeah, I would go with Damon.
Which shark would you want to start a business with?
Oh, definitely Mark, because he's a straight shooter.
He's got all that money.
He would probably front all the cash.
I wouldn't have to do anything.
Which shark takes the longest to get camera ready?
Oh, God.
Robert. My God, he'd drive
you crazy. Come on, Robert. You have the right cufflinks on. Come on, Robert. Oh my God. He makes
a woman look easy. Which shark makes you laugh the most? Kevin, surprisingly. And everybody thinks of
him as a bad guy, but he's got great comic timing and he always catches me by surprise. I think he's
the funniest guy on set.
Which shark is the most compassionate?
Well, Lori pretends to be, but we all know better than that. I would say Mark, again. Mark is most compassionate because he puts his money where his mouth is. He says, I feel for you. I know what
you're after, and I'm going to give you a million dollars. That's different than just saying,
you're incredible. You're just the perfect person, and they're not giving over the million.
By the way, Mark will respond to every single email.
Yes, he's terrific.
And he doesn't care who you are.
He'll respond.
Don't give out his address, his cell number though, or we won't be able to get through.
Which shark is most competitive?
I'd say Robert because he has to compete with Mark.
He's insecure enough, like he just wants to be like Mark. So he competes
like crazy. Always goes after the same deals Mark's wants all the time. Which shark has the
best work-life balance? Probably Robert again, because he plays so much. He doesn't work that
much. I don't think from what I can see. Which shark would you go halfsies with on a house?
Halfsies? Oh, Mark. Because he'd buy a bigger, better house. He'd never use it.
Who was the best guest shark? Kevin Hart, without a doubt. The smartest guy we've ever had on the
set. I hope he comes back this season. He's hard to get, but he's brilliant. He's not funny on set.
He's just brilliant in sizing up people and slicing a deal in a way that makes it very
appealing to whoever he's talking to. He's a genius, I think. All right, Barbara, we end our
episodes by asking all of our guests for a tip that listeners can take straight to the bank.
I would love one actually for myself. I just turned 40 last week. What would you tell your
40-year-old self? I would tell myself exactly what I told myself. You deserve a mink. And I
went out and bought it. And then right after that, I thought, you deserve a Porsche. And I
went out and bought it. I think whether you're 40 you deserve a Porsche and I went out and bought it I think whether you're 40 or
30 or 20 or whatever you set a goal something you dream about my first big
splash was my first deal I spent the whole check on a brand new coat I never
regretted it I wore it up and down the streets for four years and looked the
part I think whatever you think you deserve go out and spend it maybe not
prudent because you say,
oh, what if I don't have the money?
Go on a hock, charge my Porsche.
I found a way to pay it off eventually.
Maybe a little late, but I paid it off eventually.
No, I think you have to live life
as though you'll never get another chance.
I mean, some people live like they're gonna die tomorrow
and some people live and spend
like they're gonna live forever.
I think that there's somewhat of a balance
that you should find there, but it sounds like you live as if you're going to die tomorrow.
Yes, I do.
Money Rehab is a production of Money News Network. I'm your host, Nicole Lappin.
Money Rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes.
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