Podcasts Barry Mcguire: Real Estate Lawyer, Edmonton

Podcast Episode 76: “The Power of Trust.“ I’ve got a real bee in my bonnet about Asset Planning & Protection (APP). I have done Focus Workshops all about Legacy Planning, Asset/Corporate Structure, Insurance, and Tax Planning, but now it’s time to bring this focus back to my blog and podcast. It’s hugely important for all … Continue reading Asset Planning & Protection

Podcast Episode 75: “Help, I Can’t Make My Mortgage Payments!” To mark the 75th episode of Tales from the Trenches, we have a Special Extended Edition all about foreclosures. This Tale is so packed full of helpful information that it had to be nearly half an hour long! The recent economic downturn in Alberta triggered … Continue reading What to Do About Foreclosure

Podcast Episode 74: “Unconditional Mortgage Commitment: Are You Sure?” Sometimes a “sure thing” can come apart at the last minute. In this Tale, we have a buyer who found her dream home and was all ready to purchase. Or so she thought! Unfortunately, an inspection revealed major problems with the foundation. She was able to … Continue reading Financing Conditions

Podcast Episode 73: “Real Property Reports and Sellers.” Did you know that a land survey certificate of building locations on a property is no longer valid if there have been improvements like a deck or a garage? In the Canadian province of Alberta, an up-to-date Real Property Report (RPR) is a requirement built into the … Continue reading Do You Need a Land Survey to Sell a Property?

Podcast Episode 72: “The Basics—The Legal Side of Landlording.” In my 40-plus years of experience as a lawyer, I have observed many common situations that real estate investors have the same questions about. My answer is: it’s all about The Basics. One of those questions is how to be a landlord. As an attorney, I … Continue reading How to be a Legal Landlord

Podcast Episode 71: “Some People Aren’t Honest.” It’s sad to say, but there are dishonest people out there. Some real estate buyers, sellers, lawyers, and realtors will try to pull the wool over your eyes. A classic trick unscrupulous people use is to slip a clause into a document or take one out without you … Continue reading How to Defend Against Dishonesty

Podcast Episode 70: “Small Town Advantage.” Smaller municipalities can be an ideal place to invest in real estate. This is particularly true if you focus on an area where there might be many opportunities and little competition. Prices are often lower in small towns, and even medium-sized cities can provide an advantage over big metropolises … Continue reading Real Estate Investing in Small Towns

Podcast Episode 69: “Lawyer? I Don’t Need No Stinking Lawyer!” Experienced investors sometimes do real estate deals without the help of a lawyer. But even knowledgeable people can miss things that a professional wouldn’t! In this Tale, we have a seasoned investor who acted for himself when he bought a property, but got help from … Continue reading I Don’t Really Need a Lawyer, Do I?

Podcast Episode 68: “Disaster at Penhorwood: Update.” In a previous Tale, we reviewed the calamitous and stomach turning events at the Penhorwood Condominium complex in Fort McMurray, Alberta. Our review looked at events occurring in 2011, but in 2014 things really came to a head. I thought this was serious enough to reprint some our … Continue reading Worst Case Condo Investment

Podcast Episode 67: “Coaching Successful Lease-Options.” When a qualified tenant wants to be a homeowner, but can’t get a mortgage, investors can offer him or her a lease-option. This creative investment strategy is also known as rent-to-own. The trick is doing enough diligence on the tenant to make sure that they will be able to … Continue reading Rent-to-Own aka Lease-Options

Podcast Episode 66: “Creative Cash Takes Time And Effort.” The foundation of real estate investing is to buy and hold property. Sometimes, however, opportunities come along that require a different strategy. A highly motivated seller with a low/no equity property could be approached with an Agreement for Sale. This is both a creative real estate … Continue reading Agreements For Sale

Podcast Episode 65: “Diligence with Friends and Experts.” It doesn’t matter who you are working with in a real estate deal, you still need to do your diligence. This means asking questions and reading the documents—even if dealing with a friend. Don’t assume an expert is infallible either; professionals can still be wrong or make … Continue reading Do You Always Need Diligence?

Podcast Episode 64: “Development Is a Senior Strategy.” Buying and holding single-family homes is a great strategy for anyone starting out in real estate investment. Many people eventually get into multifamily properties, which builds on the experience of basic buy-and-hold. Becoming a developer is a very different type of strategy and is much more difficult. … Continue reading Should I Become a Developer?

Podcast Episode 63: “Real Property Reports and Realtors.” In this Tale, our investor was right to walk away, but they will probably lose their deposit. Avoid using the same realtor for both buyer and seller. Know the difference between a Real Property Report and Title Insurance. Make sure your team members are real estate investment … Continue reading Real Rules of Real Estate: RPRS & Realtors

Podcast Episode 62: “Holdbacks or Drawbacks?” A holdback clause can help insure that the seller takes care of a property’s deficiencies before closing. The language of this item in your purchase contract needs to be very specific in order to be effective. Some lenders, however, don’t like cash backs, holdbacks, or credits. Download the audio … Continue reading How to Get a Seller to Do Repairs

Podcast Episode 60: “Timing and the Lender’s Sandbox.” When you want a mortgage, you need to play by the lender’s rules. Be sure to disclose the facts of your application or risk losing your funding. Timing is key, so leave yourself extra room after removal of final conditions. Download the audio file HERE and the … Continue reading Rules for Getting Mortgages

Podcast Episode 59: “Travel and Tenants.” Managing properties when they are far from where someone lives can be tricky. Use this fact to help you find motivated sellers. Beware that pre-possession inspections require custom clauses and you can’t just kick existing tenants out if they are a problem. When finding replacement tenants, know the difference … Continue reading Buying Long-distance Property

Podcast Episode 58: “You Are Buying the Neighbourhood.” When buying a property, you are buying the neighbourhood and neighbourhoods are not homogenous. Do some diligence around schools opening or closing, new public transit soon or in the works, and rezoning. Check parking lots and dumpsters where you intend to buy; these will give you an … Continue reading Multifamily Location Is Key

Podcast Episode 57: “All the Suites Look Just Like this One.” When buying a multifamily building, inspect all the suites. Your vision of what is satisfactory and the vision of a seller anxious to sell are likely to be completely different. Failure to inspect meant substantial extra expense after closing for this investor. Download the … Continue reading Inspecting a Multifamily Property

Podcast Episode 56: “You’ve Got How Many Vacancies?” This is the story of one investor’s path from single-family dwellings to multifamily properties. Multifamily lenders fund mortgages based on rental revenue. On closing day, every vacancy reduces the amount of mortgage money. What does it mean when two vacancies turn into eighteen vacancies on closing date? … Continue reading Multifamily – Mortgages and Unrented Suites