What would you do if you had just 90 days to make $1 million? For Barbara Corcoran the answer is simple — stick to what you know and move fast.
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During a live Q&A episode of “Barbara in Your Pocket,” the “Shark Tank” investor and real estate mogul shared her plan to build major wealth in a short amount of time.
Start With What You Know
To make $1 million in 90 days, Corcoran said she “would do what I know best,” which for her means investing in real estate.
“I would go into a market I know,” she said.
In her case, Corcoran would invest in New York City, purchasing the cheapest apartments or office spaces she could find.
“I would start at the bottom of the pot, things that have been on the market a long time, and I’d make a very low offer, try to fix it up really fast and flip it,” she said. “In 90 days, you could do that.”
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Minimize Risk With Expertise
When you’re trying to make a lot of money quickly, it’s easy to get caught up in get-rich-quick schemes, but this can be avoided by sticking to what you know.
“I would do real estate, but that’s the only thing I’m totally comfortable in,” Corcoran said. “I wouldn’t really feel at risk in that period because I feel like I have a good judgment, a good eye for what’s valuable, a good eye for how to fix things up, and I have a good eye on what it can sell for. I move with confidence in an area that I know well.”
Corcoran said she wouldn’t invest in anything that she didn’t feel that confidence about.
“I wouldn’t get involved in any venture that I don’t know anything of,” she said. “That’s a sure way to lose your money.”
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This article originally appeared on GOBankingRates.com: Barbara Corcoran: Here’s How I Would Make $1 Million in 90 Days
