Show #38 - Barbara Corcoran

A few weeks ago, we brought you an exclusive interview with Julie Aigner-Clark at the NY Times Small Business Summit. I also had the privilege of meeting the Keynote speaker    there, Barbara Corcoran. This week, I will share with you our one-on-one conversation, including some of my favorite parts of her speech.

My first impression of Barbara was that she was extremely down to earth. Growing up in New York City, it is next to impossible to not have her name branded in your mind as the "Queen of NY Real Estate." However, by the end of our conversation      I felt so comfortable, it was as if I had know her for years.  Both in our personal conversation and in her speech, she emphasized  that everything is really based on perception and most things are actually based on bulls**t. I found this refreshing.

Barbara Corcoran started her real estate brokerage with a $1,000 investment and eventually sold it to Cendant for a reported $66 million. Now she owns a TV production company, and gives speeches and seminars on real estate and entrepreneurship.                    

View my favorite highlights from her speech.
http://www.truenyc.com/interview/barbara-corcoran.html

To see Barbara at her next speaking engagement visit: http://barbaracorcoran.com/home?/see_me/see_me_in_person/                    

Comments

[Erik Rodriguez]

Hello Barbara,

I own a 3 family house in South West Yonkers (which isn't the best area). I've owned the house for 6 years & my longest tenant only stayed 2 years. I'm in the process of renting an apartment, which isn't easy because the area is really bad & the rooms are very small, but I have renovated every apartment & they all look amazing. My other dilemma is once I have all my apartments rented I'm still short $150 on mortgage, not including monthly expenses. I am drowning into an abyss with debt & I know if I sell now I'll get just get enough to pay off my mortgage. Should I put it on the market & take the loss or should I continue to be optimistic and hope the area will change. Then maybe 30 yrs from now I'll be 55yr old ( I'm only 28) with a house paid in full.

Please Note: South West Yonkers is in the process of a renaissance, recently a $3.1 billion makeover was approved which should be completed within a 10 year period and it is walking distance from the location of the house.
http://www.thejournalnews.com/flash/yonkersredev/yonkersredev.swf

As I'm writing this, I kinda already have the feeling your going to tell me, "Hold on your sitting on a golden egg" - My problem is my debt is too heavy and the egg will crack - Any suggestions?