Podcast Episode 45: “ You Don’t Know What You Don’t Know . “ A new real estate investor managed to avoid a rookie mistake. He was about to enter into a rent-to-own agreement with someone, but the paperwork was so vague as to be useless. Luckily he brought it to me, and I told him to run! Download the audio file HERE and the text/handout HERE. (control click or right click + save as). Rent-to-Own Fiasco: You Don’t Know What You Don’t Know I once received a voicemail and a couple of e-mails from s...
Sep 30, 2015•6 min
Podcast Episode 44: “ Illegal Suites Are Everywhere. “ People often add onto or subdivide their properties, which can make diligence tricky for investors. Did the seller have a permit for a secondary suite? If so, did they actually build what they were supposed to? You need to figure these things out before purchasing or else you might not be able to use that extra suite. Download the audio file HERE and the text/handout HERE. (control click or right click + save as). Illegal Suites Are Everywhe...
Sep 22, 2015•6 min
Podcast Episode 43: “ There’s A Dead Guy In My Suite! ( Follow-up)” This Tale follows up on the previous one about what you can do when a tenant passes away. Our example shows the steps taken by a landlord to deal with next of kin, and what happened when the family didn’t end up taking responsibility for the tenant’s estate. Download the audio file HERE and the text/handout HERE. (control click or right click + save as). How to Deal with a Deceased Tenant: There’s A Dead Guy In My Suite! (Follow...
Sep 14, 2015•3 min
Podcast Episode 42: “ There’s A Dead Guy In My Suite! “ What do you do when a tenant dies? Most landlords will want to re-rent their property as a soon as possible, but wills and estates can take a long time to resolve. There are, however, still legal ways of preceding that can be quicker. https://barrymcguire.ca/wp-content/uploads/2015/07/dead-tenant.mp3 Download the audio file HERE and the text/handout HERE. (control click or right click + save as). What to Do with a Dead Tenant’s Possessions ...
Sep 09, 2015•6 min
Podcast Episode 41: “ Rubik’s Cube Condo: An Investor’s Near-Miss. “ Purchasing a condominium unit as an investment can be tricky business because of the many other parties you need to deal with. There are also laws surrounding condos that you need to take into account. As always, due diligence is the key to avoiding a bad deal. This Tale looks at a condo that seemed fine, but turned up a puzzling array of problems upon closer inspection. https://barrymcguire.ca/wp-content/uploads/2015/07/rubiks...
Sep 01, 2015•9 min
Podcast Episode 40: “ Diligence with Alberta Health Services. “ The Public Health Act in Alberta also includes statutes regarding Minimum Housing and Health Standards. Investors and landlords need to be aware of their obligations. This is especially important because there is no grandfathering clause for older properties. https://barrymcguire.ca/wp-content/uploads/2015/07/minimum-housing-health-standards.mp3 Download the audio file HERE and the text/handout HERE. (control click or right click + ...
Aug 26, 2015•14 min
Podcast Episode 39: “ Fourplex Diligence. “ A ‘fourplex’ is not a legal term, and so we’ve done some digging through bylaws to show how this idea is actually expressed in the law. Many duplexes have illegal basement suites, and so you need to do your diligence before purchasing a so-called fourplex. Always confirm that the zoning allows it and that all building/development permits are correct. https://barrymcguire.ca/wp-content/uploads/2015/07/fourplex-diligence.mp3 Download the audio file HERE ...
Aug 21, 2015•7 min
Podcast Episode 38: “ Do I Need a Real Property Report (RPR)? “ Due diligence is one of the most important aspects of success with real estate. In this third part of our series on Real Property Reports, we look at three more examples of how a Survey Certificate can save you a lot of time, trouble, and money. https://barrymcguire.ca/wp-content/uploads/2015/07/real-property-reports-3.mp3 Download the audio file HERE and the text/handout HERE. (control click or right click + save as). Real Property...
Aug 17, 2015•11 min
Podcast Episode 37: “ Who Needs a Real Property Report? (Part 2) “ Continuing from our previous Tale , we have another example of what can happen in a real estate deal without getting a proper survey done first. In Alberta, the seller is supposed to provide a Real Property Report and written confirmation that the property complies with municipal bylaws. No matter where you are, insist on this before you agree to purchase! https://barrymcguire.ca/wp-content/uploads/2015/07/real-property-reports-2...
Aug 12, 2015•6 min
Podcast Episode 36: “ Who Needs a Real Property Report? “ Before buying a piece of real estate, make sure to get an up-to-date survey of the property done by a professional. This report will help you to insure that there are no encroachments and that everything complies with municipal bylaws. This Tale illustrates the kind of problems that can occur if you don’t get a Real Property Report or Survey Certificate. https://barrymcguire.ca/wp-content/uploads/2015/07/real-property-reports-1.mp3 Downlo...
Aug 04, 2015•8 min
Podcast Episode 35: “Follow-up Is Essential.” Why follow-up on a slam-dunk, for-sure mortgage? Sometimes paperwork just gets lost; having a Plan B is essential. https://barrymcguire.ca/wp-content/uploads/2015/07/credit-hassles-part-3-follow-up.mp3 Download the audio file HERE and the text/handout HERE. (control click or right click + save as). When Mortgage Instructions Are Delayed Three in one. It doesn’t happen often, but this Tale on credit woes comes from the same set of circumstances as the...
Jul 31, 2015•6 min
Podcast Episode 34: “Lenders Are Not Reasonable.” Here’s three examples of how lenders can sometimes be unreasonable. Logic and a good track record will not necessarily change the lender’s mind or policy when you try to get a mortgage. https://barrymcguire.ca/wp-content/uploads/2015/07/credit-hassles-part-2-unreasonable-lenders.mp3 Download the audio file HERE and the text/handout HERE. (control click or right click + save as). How a Caveat on Title Can Get in the Way of Refinancing a Mortgage O...
Jul 27, 2015•8 min
Podcast Episode 33: “$200 Is No Big Deal, Or Is It?” Your good credit can be affected by inaccurate credit reporting. Even a small, bogus claim reported to Equifax or Trans Union may give you major grief, staining your good track record and fabulous credit rating. This podcast and blog post tell the tale of a client whose credit rating was sullied with a mere $200 claim. https://barrymcguire.ca/wp-content/uploads/2015/07/credit-hassles-part-1-200-is-a-big-deal.mp3 Download the audio file HERE an...
Jul 22, 2015•6 min
Podcast Episode 32: “Condominium Parking.” In this episode, Barry explains how condominium parking works. Do you have title to your parking unit, exclusive use of that parking unit, or is it simply your assigned space? Perhaps it is a combination of all three… https://barrymcguire.ca/wp-content/uploads/2015/03/condominium-parking1.mp3 Download the audio file HERE. Download the PDF file HERE. (control click or right click + save as) Condo Parking Can Be Confusing for Buyers You buy a condominium;...
Mar 31, 2015•7 min
Podcast Episode 31: “Disaster At Penhorwood.” The 168 unit Penhorwood condominium complex in Fort McMurray, Alberta suffers from many deficiencies including structural, mechanical, electrical, building envelope, and roofing. This situations led an engineer to say there was a possibility of, “potential hazard to life, health, safety or building integrity.” Lawsuits ensued. https://barrymcguire.ca/wp-content/uploads/2015/03/disaster-at-penhorwood1.mp3 Download the audio file HERE. Download the PDF...
Mar 24, 2015•11 min
Podcast Episode 30: “Condo Reserve Fund Studies.” This episode is about the collective woes that buying a condo makes into your personal problem. Condominiums /strata corporations exist Canada wide. They are complicated in all aspects and especially on the financial planning side. It is essential to examine the reserve fund study/reserve fund plan (different provinces have different wording) to ensure that a qualified professional has done the math costing out what financial contributions are re...
Mar 17, 2015•10 min
Podcast Episode 29: “Home Inspections Part 2: Painted Ladies.” Part two of this mini-series on home inspections covers houses that look good but have hidden flaws. Show homes are sometimes described as “painted ladies.” Despite their designer flair and top-end appliances these homes can conceal a multitude of problems. https://barrymcguire.ca/wp-content/uploads/2015/01/the-basics-home-inspections-part-2-painted-ladies.mp3 Download the audio file HERE. Download the PDF file for parts one and two ...
Feb 18, 2015•6 min
Podcast Episode 28: “Home Inspections Part 1: Knob and Tube.” Sometimes Tales from the Trenches shows narrowly avoided real estate disasters, and this is one of them. Old, unsafe knob and tube wiring was discovered by a home inspection. The buyer avoided a $30,000 repair bill! https://barrymcguire.ca/wp-content/uploads/2015/01/the-basics-home-inspections-part-1-knob-and-tube.mp3 Download the audio file HERE. Download the PDF file for parts one and two HERE. (control click or right click + save a...
Feb 11, 2015•5 min
Podcast Episode 27: “Is It Black, White, or Grey? (Part Two).” Part two of this mini-series on the basics of real estate investing continues the discussion of situations as black, white, or grey. You’ll hear three more real-life scenarios to make the idea of mortgage fraud concrete. https://barrymcguire.ca/wp-content/uploads/2015/01/the-basics-is-it-black-white-or-grey-part-2.mp3 Download the audio file HERE. Download the PDF file for parts one and two HERE. (control click or right click + save ...
Feb 04, 2015•9 min
Podcast Episode 26: “Is It Black, White, or Grey? (Part One).” This mini-series on the basics of real estate investing starts with a discussion of how to describe situations as black (bad, stay away), white (legitimate, perfectly okay) or grey (uncertainty, could be offside, heading for black). Part one covers two real-life scenarios that illustrate the concepts of black, white or grey. Learn to tell the difference and stay away from mortgage fraud. https://barrymcguire.ca/wp-content/uploads/201...
Jan 28, 2015•8 min
Podcast Episode 25: “When Is Your Portable Mortgage Not Portable?” This Tale explains some of the pitfalls of relying on the portability clause in your old mortgage to buy a new house. It also talks about why your credit track record doesn’t trump bank policy. Consider making your sale subject to achieving an unconditional purchase. https://barrymcguire.ca/wp-content/uploads/2014/09/when-is-your-portable-mortgage-not-portable_.mp3 Download the audio file HERE. Download the PDF file HERE. (contro...
Oct 09, 2014•4 min
Podcast Episode 24: “Fourplex Puzzle (Part Two).” The second part of this podcast mini-series on fourplexes gets into some problems that can arise after the deal closes. When buying a fourplex, or any property with more than one dwelling, you must do at least two things. Number one, check to see that the zoning allows the number of suites. And, number two, confirm that the proper permits have been issued with final inspections done. A real property report (RPR) with the proper zoning stamp is no...
Oct 02, 2014•8 min
Podcast Episode 23: “Fourplex Puzzle (Part One).” In this episode, you’ll hear about things to consider when changing your real estate strategy from single-family to multifamily. How your success changes the attitude of family and friends. One way to raise your multifamily down payment. https://barrymcguire.ca/wp-content/uploads/2014/09/fourplex-puzzle-part-1.mp3 Download the audio file HERE. Download the PDF file HERE. (control click or right click + save as) Build Success First with Buy & ...
Sep 25, 2014•7 min
Podcast Episode 22: “How Snoopy Should You Be?” This episode delves into commercial financing of real estate (usually six units or more ). NB, it’s quite different than retail/residential financing. Lenders have their own lawyers and require more diligence. If buying in a corporation, your lawyer usually has to provide the lender’s lawyer an opinion that your corporation is properly incorporated with the power to make a purchase and mortgage property. Your minute book must be up to date or delay...
Jul 22, 2014•7 min
Podcast Episode 21: “It’s Just Paperwork, Right?” This Tale is about the problem with getting behind on your paperwork as a real estate investor. Not filing your annual tax return is serious business. Big fines or potential jail time. Not filing your annual corporate return with corporate registry will have your company dissolved. Would you invest in a badly run company? https://barrymcguire.ca/wp-content/uploads/2014/07/its-just-paperwork.mp3 Download the audio file HERE. Download the PDF file ...
Jul 15, 2014•6 min
Podcast Episode 20: “Developer = Issues.” In this episode, Barry talks about the differences between buying a property from a developer vs. a previously owned home through a realtor. Developers have custom contracts, which means nothing is standard. You must do more diligence, and you should also customize the contract with a clause to protect yourself. https://barrymcguire.ca/wp-content/uploads/2014/07/developer-issues.mp3 Download the audio file HERE. Download the PDF file HERE. (control click...
Jul 08, 2014•9 min
Podcast Episode 19: “Taming Your Legal Bills 4/4 – Dos and Don’ts.” The conclusion of this podcast mini-series on legal fees finishes up with some miscellaneous advice on saving money. Real estate law is complex, but there’s still a lot you can do to make your lawyer’s job easier, which will cost you less! https://barrymcguire.ca/wp-content/uploads/2014/06/taming-your-legal-bills-4-dos-and-donts.mp3 Download the audio file HERE. Download the PDF file for all four parts HERE. (control click or ri...
Jun 26, 2014•9 min
Podcast Episode 18: “Taming Your Legal Bills 3/4 – Hourly Fees.” Complex legal work on real estate deals is typically billed by the hour. In this episode, Barry provides helpful tips to improve service, get better results, and reduce legal fees. https://barrymcguire.ca/wp-content/uploads/2014/06/taming-your-legal-bills-3-hourly-fees.mp3 Download the audio file HERE. Download the PDF file for all four parts HERE. (control click or right click + save as) Complex Legal Work Costs More; Watch Out fo...
Jun 19, 2014•6 min
Podcast Episode 17: “Taming Your Legal Bills 2/4 – Fixed Fees.” A continuation of Barry explaining how your lawyer figures out your legal bill for a real estate transaction. Fixed fees only apply to plain, straightforward deals, so if your transaction becomes more complicated, the cost rises. Listen to this episode to get helpful tips on keeping your fixed fees fixed. https://barrymcguire.ca/wp-content/uploads/2014/06/taming-your-legal-bills-2-fixed-fees.mp3 Download the audio file HERE. Downloa...
Jun 12, 2014•6 min
Podcast Episode 16: “Taming Your Legal Bills 1/4 – Fees Disbursements Taxes.” This episode explains how your lawyer figures out your legal bill for a real estate transaction. It also features discussion of how speed, risk, and benefit can influence the cost of more complex deals. https://barrymcguire.ca/wp-content/uploads/2014/06/taming-your-legal-bills-1-fees-disbursements-taxes.mp3 Download the audio file HERE. Download the PDF file for all four parts HERE. (control click or right click + save...
Jun 05, 2014•9 min
