Episode #842 You’ve seen Barbara Corcoran on "Shark Tank," heard of her unbelievable real estate deals that make millions of dollars, and might own a product or two that she’s invested in. She’s spent her entire career betting on New York real estate, and her risk has come with tens of millions of dollars in rewards. And while Barbara is known for her “go with your gut” type of investing, her son, Tom Higgins, went a completely different direction—and it paid off. Tom has flown under the radar for most of his real estate career, never relying on his Corcoran lineage thanks to his different last name. He worked at a real estate brokerage in college, attended real estate finance classes at night, and eventually found himself in the industry as a real estate development professional, helping develop and renovate over 2,000 multifamily rental units! Tom is a hard-numbers guy. He knows the cash-on-cash return, loan-to-value, and acquisition cost of every deal he’s done. Barbara, on the other hand, self-admittedly, can barely remember which metrics are which. Today, Barbara and Tom debate whether you should go with your head or heart when investing in real estate and why using a little bit of both could make you richer than all the other investors. ~~~~ Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?utm_source=owned_media ~~~~ Expand Your Investing Knowledge With the BiggerPockets Books: https://store.biggerpockets.com/?utm_source=owned_media ~~~~ Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch ~~~~ Find Investor-Friendly Lenders: http://biggerpockets.com/findlenders ~~~~ Grab David’s New Book, “Pillars of Wealth”: https://store.biggerpockets.com/products/pillars-of-wealth?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Meet Your Next Partner, Contractor, or Investing Buddy on the BiggerPockets Forums: https://www.biggerpockets.com/forums?utm_source=owned_media ~~~~ Barbara Corcoran’s Wild Real Estate Tactics You’ll Want to Repeat: https://www.biggerpockets.com/blog/real-estate-763?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ FIRE by 27 Using the “Chick-Fil-A Rule” of Real Estate: https://www.biggerpockets.com/blog/real-estate-716?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Connect with Barbara: Instagram: @barbaracorcoran or https://www.instagram.com/barbaracorcoran/ Podcast: https://podcasts.apple.com/us/podcast/business-unusual-with-barbara-corcoran/id1378685290 TikTok: @barbara.corcoran or https://www.tiktok.com/@barbara.corcoran X/Twitter: @BarbaraCorcoran or https://twitter.com/BarbaraCorcoran ~~~~ Connect with Tom: BiggerPockets: https://www.biggerpockets.com/users/thomash40?utm_source=youtube&utm_medium=description&utm_campaign=none X/Twitter: @tomchiggins or https://twitter.com/tomchiggins ~~~~ Connect with David and Rob on BiggerPockets: David: https://www.biggerpockets.com/users/davidgreene24?utm_source=youtube&utm_medium=description&utm_campaign=none Rob: https://www.biggerpockets.com/users/robuilt?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Connect with Rob (Robuilt): Instagram: https://www.instagram.com/robuilt/ TikTok: https://www.tiktok.com/@robuilto X/Twitter: https://www.twitter.com/robuiltchannel YouTube: https://www.youtube.com/c/Robuilt ~~~~ Follow David and BiggerPockets on Instagram: @davidgreene24 or https://www.instagram.com/davidgreene24/ @biggerpockets or https://www.instagram.com/biggerpockets/ Show notes at: https://www.biggerpockets.com/blog/real-estate-842?utm_source=youtube&utm_medium=description&utm_campaign=none 00:00 Intro 00:31 Quick Tip 00:59 The Queen of NY and the Prince of Monopoly 05:34 Barbara: Invest Like a Local 08:46 Don't Touch a DIME of Cash Flow! 13:13 Tom: Know Your Numbers 16:28 When to Trust Your Investing "Gut" 22:57 ALWAYS Do This Before You Buy 28:47 Signs of a Solid Contractor 32:01 Where Barbara Says to Invest 35:27 Stay AWAY From This 41:05 Tom's Favorite Real Estate Tool 43:53 Head vs. Heart Investing 46:45 Connect with Barbara and Tom! 48:28 Trust Your Gut!