Tales from the Trenches: Recent Episodes
Barry C. McGuire
Podcast featuring stories of real estate landmines—and how to avoid them. Coming to you from the desk of veteran Canadian lawyer Barry McGuire.
Podcast Episode 135: “AFS Paperwork and Education.” About four months ago, I got a call from a client who wanted to sell his property by way of Agreement for Sale (AFS). Unfortunately, he had only a skimpy notion of the AFS concept and no actual education on how to apply the strategy. This blog post and … Continue reading Learn How to Write Agreement for Sale Paperwork in Canadian Real Estate
Podcast Episode 135: “AFS Paperwork and Education.” About four months ago, I got a call from a client who wanted to sell his property by way of Agreement for Sale (AFS). Unfortunately, he had only a skimpy notion of the AFS concept and no actual education on how to apply the strategy. This blog post and … Continue reading Learn How to Write Agreement for Sale Paperwork in Canadian Real Estate
Podcast Episode 135: “Win-Win Real Estate Investing.” Here’s another success story from the lucrative Creative Real Estate Investing space. For would-be Canadian real estate investors, two of the biggest obstacles … Continue reading How to Buy Property Without a Mortgage in Canada by Solving a Seller’s Problems
Podcast Episode 134: “Wholesale Home Run!” For a change of pace, here is a positive Tale about a massive success in Canadian real estate investing. Longtime readers/listeners know that my … Continue reading How Much Money Can I Make Quickly in Canadian Real Estate?
Podcast Episode 133: “Foreclosure Timing Traps.” When searching for the ideal piece of real estate to buy, properties in foreclosure can be an interesting place to look. Are you an … Continue reading How Long It Takes to Buy a Foreclosed Property
Podcast Episode 132: “(Un)attached Goods, Defects, and Stigmas.” Negotiating an Offer to Purchase for a piece of real estate is about more than just the price. In this blog post, … Continue reading Three Issues to Negotiate When Buying or Selling Real Estate: Chattels, Defects, and Stigmata
Podcast Episode 131: “Renovation Heartbreak.” Dishonest, fly-by-night, or even inexperienced renovators can leave a trail of heartbreak. Buyers happily move into their newly-purchased, freshly-renovated home, but problems often don’t show up … Continue reading Renovated Basements Without Permits and Inspections Come Back to Haunt Buyers
Podcast Episode 130: “Third Flood.” Recently, some Alberta homeowners finally ran out of patience when their property was flooded—again. They lived on the lower end of a sloped street, and … Continue reading Third Preventable Flood at Alberta Home; Who Is Liable?
Podcast Episode 129: “Home-buyer’s Dilemma.” Seems like I’m always finding examples to write about regarding real property reports (RPR) and how they fit into a real estate transaction in Alberta. … Continue reading Should a Buyer Accept Title Insurance in Lieu of a Real Property Report and Compliance?
Podcast Episode 128: “Secondary Suite Grudge Match.” Would-be Calgary Landlord Builds Legally-Approved Secondary Suite but Gets Stifled by Restrictive Covenant on Title for Neighbourhood’s Single-Family Dwellings. And now for the … Continue reading Real Estate Cage Fight: Restrictive Covenants vs. City Bylaws
Podcast Episode 127: “3×3 Permits.” This is the third Tale in my recent mini-series on Real Property Reports (RPR), municipal compliance, and building/development permits. Our first two Tales dealt with the maze … Continue reading Three Examples of Real Estate Woe with Permits, Surveys, and Compliance
Podcast Episode 126: “Trapped in a Permit Maze.” This Tale from the Trenches is the second in our ongoing mini-series on permits for real estate. You know, those sometimes-nasty bits … Continue reading Rules and Regulations for Secondary Suite Permits Getting Stricter
Podcast Episode 125: “Hot Tub Trials and Tribulations.” This episode of Tales from the Trenches is shocking! A client had retained my legal services to help with purchasing her dream … Continue reading You Can’t Fight City Hall on Real Property Reports and Compliance
Podcast Episode 124: “Non-Resident Taxes Part II.”Like all things tax related, non-resident tax is complicated when it comes to buying and selling real estate in Canada. In February, 2016, I … Continue reading Negotiating Tax on Real Estate Deals when the Seller Is not a Resident of Canada.
Podcast Episode 123: “Creative Real Estate Investors Panel.”Special one-hour dive into the trenches of Creative Real Estate in Canada… and Africa! Barry has gathered a panel of experts, veritable rock … Continue reading Panelists Share Experiences with Creative Real Estate Investing – plus Q & A
Podcast Episode 122: “Water Is Coming”: Climate Change Preparedness for Homeowners and Real Estate Investors. Damaging floods are on the rise, whether as sewer backups, swollen rivers and lakes, rising … Continue reading Protect Property Against Flooding
Podcast Episode 121: “Subdivision Nightmare.” Across Canada, there is an ongoing discussion about the lack of affordable housing. In some areas, developers won’t build rentals because building condos is more … Continue reading Subdividing Property to Increase Density Can Raise Issues with Mortgages on Titles
Podcast Episode 120: “Property Management Nightmare.” I got an email recently from an unhappy investor about problems with his property manager in Edmonton. Real estate investing is all about relationships, … Continue reading How to Work with a Property Manager
Podcast Episode 119: “A Deal That Went Bad and the Lessons Learned.” This edition of the Tales from the Trenches podcast features special guest Arden Dalik, a senior advisor in … Continue reading How to Avoid Bad Real Estate Deals
Podcast Episode 118: “Big Changes To The Standard AREA Contract.” September 2016 (with mild tweaks in July of 2017) brought numerous and meaningful changes to the existing 2014 residential purchase … Continue reading Get to Know the Real Estate Purchase Contract in Alberta
Podcast Episode 117. Real estate can cause all kinds of problems when a family member passes away. This Tale is about what happened when someone inherited a piece of property and almost went into foreclosure with it.
Podcast Episode 116. In August 2017, a buyer walked away from a real estate deal in BC and was sued by the seller when the house later sold for 28% less. Not only did the buyer lose his deposit, he was also on the hook for the difference in the sale price! Furthermore, the buyer was responsible for associated costs to the seller, adding to his loss.
Podcast Episode 115. In a hot real estate market, flipping properties by assigning your interest in the purchase can be lucrative. Just make sure to do it legally because the CRA is cracking down on so-called "shadow flipping" and undeclared income!
Podcast Episode 114. When real estate deals with friends and family go bad, you almost never recover your position. Because, what are you going to do, sue your friend or your brother? It’s often very easy to get into deals with friends and family because you know and trust each other. Actually, with friends and family, you have to do more diligence than you would with third parties just to ensure you are doing enough!
Podcast Episode 113. "Flipping" is when an investor gets control of a property by signing a purchase contract, but rapidly sells it to someone else for a profit. It is risky business, which a client of mine discovered the hard way...
Podcast Episode 112. Insurance adjusters are hired by insurance companies to make sure that any claim is covered by the claimant’s insurance policy. The reality is that the most successful insurance adjusters are those who produce the best results for their clients, the insurance companies. By best results, I mean the smallest dollar claims.
Podcast Episode 111. My entrepreneurial client had found a 30-unit apartment building in Alberta for a very decent price, organized 15 people to put up the money, and closed on the deal. He did get a decent Joint Venture Agreement signed by all parties and then started managing. Fast-forward to seven years later and it looks like it’s time to sell. Sadly, one of the investors passes away. The deceased investor’s estate is now not nearly as cooperative as the deceased investor had been...
Podcast Episode 110: One of the seller’s classic mistakes was to take any tenant who came along. If the proposed tenant could pay the first month’s rent and the security deposit, then the seller would rent to him. He didn’t even have an application form. That lack of training and lack of paperwork led to my client’s issue.
Podcast Episode 109. This Tale is about taking good notes when you appear in court as the buyer of real estate in foreclosure. My client was a creative kind of guy and he found a property in Alberta where the mortgage payments weren’t being made. The seller was still living in the home but trying to sell and get out from under the foreclosure. After some conversation, my client put together a creative deal that the seller and the seller's lawyer both liked.
Podcast Episode 108. In this post we are going to focus on the commercially reasonable requirement for RRSP mortgages in Canada. If the CRA decides to audit your RRSP, will you be onside or offside their rules?
Podcast Episode 107. The notion of doing or accomplishing your own Due Diligence is what allows you to make a buying decision. Will you buy or not buy? In this Tale, a deal falls through because of a lack of diligence regarding financing conditions.
Podcast Episode 106. Are you looking to buy a property with a secondary suite? Ideally, you want to buy properties with legal secondary suites. But guess what? A Real Property Report doesn't prove a suite's legality in Alberta.
Podcast Episode 105. For a quick review, probate is the process whereby an executor of a Will, usually through a lawyer, makes application to the Probate Court here in Alberta for what is known as a Grant of Probate. The application process involves the executor gathering in all the assets of the deceased, figuring out whether the deceased owed any money, filling out the paperwork, and then waiting for a response from the Probate Court.
Podcast Episode 104: “Sellers, Are You Guaranteeing Title?” Wow, a recent bombshell of a legal case from the Ontario Court of Appeal is causing huge ripples in the Canadian real … Continue reading Guarantees, Title Insurance, and New Legal Precedent in Canada
Podcast Episode 103: “Unpredictable Seller Motivation And Agreement For Sale Magic.” An investor recently showed up in my Edmonton law office with this absolutely marvellous Tale about a unique … Continue reading Rare Investing Opportunities with Creative Real Estate Strategies
Podcast Episode 102: “Corporate Matters Matter.” My law firm in Edmonton, Alberta is the corporate registered office for many corporations. We get lots of letters addressed to those corporations because … Continue reading Struck Corporations, Land Titles, and Tax in Alberta
Podcast Episode 101. Houses with legal suites or houses zoned for legal suites are all the rage in Alberta. Easier to do in Edmonton, though. In Calgary, secondary suites are only allowed in certain areas.
Podcast Episode 100: “A Tale of Real Estate Investing Success.” I’ve been doing Tales from the Trenches for 15 years. These are amazing stories from real estate investors, mostly from … Continue reading Success with Buy and Hold Real Estate Investing
Podcast Episode 99: “Happy Assumptions & Corporate Rollovers.“ This episode of Tales from the Trenches contains two stories about transfers: one is about transferring mortgages and the other is about … Continue reading Assuming Mortgages and Transfering Property to a Corporation
Podcast Episode 98: “Don’t Wait, It Only Gets Worse; Discharge That Caveat.“ The first part of this Tale is about an Alberta landlord with tenant problems. The renter usually paid … Continue reading Disappearing Tenants and Vanishing Buyers
Podcast Episode 97: “Mortgage Fraud.“ The simplest way to avoid committing mortgage fraud is to fully disclose everything about a deal to your lender. If they are satisfied, then you’re … Continue reading How to Avoid Mortgage Fraud
Podcast Episode 96: “RRSP Mortgages.“ In Canada, it is possible to use money held in a Registered Retirement Savings Plan (RRSP) to fund mortgages. While this strategy can yield a … Continue reading Interest Rates on RRSP Mortgages
Podcast Episode 95: “A Couple on Due Diligence“ I talk a lot about due diligence because it is one of the most important aspects of achieving success with real estate. … Continue reading Due Diligence Fails
Podcast Episode 94: “Removing Conditions—Should I or Shouldn’t I?“ Conditions on a real estate purchase contract should only be removed once the due diligence is complete. But what if the … Continue reading Removing Conditions on Purchase Contract
Podcast Episode 93: “Inspection Reports & Multi-family Diligence.” Under Alberta’s Residential Tenancies Act, an inspection report must be made whenever a tenant moves into, or out of, a rental property. … Continue reading Property Inspections, Reports, and Permits
Podcast Episode 92: “A Few Quick Tales.” Here’s some great stories about people buying and selling real estate in Alberta. These five quick Tales from the Trenches are short, but … Continue reading Joint Ventures, RRSP Mortgages, Due Diligence, & More!
Podcast Episode 91: “Keys & Cash.” Here are two quick Tales from the Trenches: 1) tips on keeping a property buyer motivated and 2) contract language to fix the cash … Continue reading Giving Keys to a Buyer and Fixed Cash Deals
Podcast Episode 90: “Diligence Pays Off.” I’ve said it before and I’ll say it again: when you’re buying a property, never remove conditions on the purchase contract until you’ve done … Continue reading When to Remove Conditions on a Purchase Contract
Podcast Episode 89: “Transfer of Land.” A Transfer of Land is a document that allows the Land Titles office to register a property in the name of a new owner. … Continue reading Transferring Property Without a Lawyer
Podcast Episode 88: “I Ain’t No Ho!” As a landlord, you need to be proactive about what is happening with your tenants. Be concerned if you suspect that a renter … Continue reading Tenant Running Illegal Business
Podcast Episode 87: “Fun with Mortgage Payout Math.” Paying off a mortgage early can result in penalties. However, there are ways of minimizing the financial repercussions. In this Tale, Barry … Continue reading Mortgage Penalties
Podcast Episode 86: “Joint Venture Blues.” Partnering up can be a good way to buy more property, but you still have to be careful. As with everything in real estate, … Continue reading Personal Responsibility in Cooperative Investing
Podcast Episode 85: “Hurry Up and Wait.” When dealing with trustees or lenders, there are many things that can delay a transaction. The type of payment can trigger a processing … Continue reading Getting Payments through a Trustee
Podcast Episode 84: “Why the Ultra-Rich Like Real Estate.” Investing has its ups and downs. Real estate has some definite advantages in smoothing out the bumps. Ultra-rich people usually have … Continue reading Advantages of Investing in Property
Podcast Episode 83: “Lead Isn’t Dead.” Lead pipes are a very real risk with older houses; it’s a toxic metal and can make the water unsafe to drink. In this … Continue reading Lead Pipes in Older Homes
Podcast Episode 82: “Diligence Time Bombs And Letters Of Intent.” When trying out a new real estate investment strategy, it’s important to know when to walk away. In this Tale, … Continue reading When to Walk Away from a Real Estate Deal
Podcast Episode 81: “Agreements for Sale 2.” I introduced Agreements for Sale (AFS) in a previous blog post and podcast, and now it’s time to review with a bunch more … Continue reading Buying Property Without a Bank
Podcast Episode 80: “Rent-to-Own.” Rent-to-Own (abbreviated as RTO and often interchangeably called a Lease-Option) is a two-part strategy. You start with a lease (the ‘Rent’ part) and add an option … Continue reading What is Rent-to-Own?
Podcast Episode 79: “Creative Real Estate Strategies.” What is Creative Real Estate Investing? It is a method for making money with real estate that uses strategies like Rent-to-Own, Agreements for … Continue reading Creative Investing
Podcast Episode 78: “Contract Assignments.” The practice of selling one’s interest in a real estate purchase contract—a.k.a. an assignment—has been getting a lot of bad press in BC lately. In … Continue reading Assignments: Clever Investment Strategy or Malicious Shadow Flipping?
Podcast Episode 77: “Is Title Insurance Worth It?“ In Western Canada, title insurance was created to cover problems with real property reports, but did you know that it also covers … Continue reading Title Insurance
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, … 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 … 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 … 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 … 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 … 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 … 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 … 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 … 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 … 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 … 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 … 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 … 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 … 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 … 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 … Continue reading How to Get a Seller to Do Repairs
Podcast Episode 61: “New Homes And Subdivision.” Purchasing a new property before it is built is far more complex than buying an existing one. There are even more possible issues … Continue reading Say No to Condos Less than 8 Units
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 … 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 … 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, … 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 … 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. … Continue reading Multifamily – Mortgages and Unrented Suites
Podcast Episode 55: “It Took How Long?” Many things can slow down a mortgage application. Two weeks is a minimum for your financing condition, but some sellers might not like … Continue reading Mortgage Delays
Podcast Episode 54: “Get it in Writing.” What happens when a real estate deal is delayed past the closing date? The seller can choose not to sell, but they still … Continue reading Written Documents
Podcast Episode 52: “Some Deals Have It All.“ When doing joint ventures with friends and family, you still need formal documentation. If problems arise, deal with them promptly or pay … Continue reading Is a Handshake Enough?
Podcast Episode 51: “30 Days to Close Is Crazy.“ There are many things that can delay real estate transaction. 30 days is a minimum, but keep in mind that closing … Continue reading How Long to Close a Real Estate Deal?
Podcast Episode 50: “Cornerstones Program.“ In Edmonton, AB, we have a program where homeowners can get a loan from the City to put in or fix up a secondary rental … Continue reading Caveats on Title
Podcast Episode 49: “Nailing It Down.“ When an inspection reveals problems with a potential property, these need to be fully resolved—even when they seem like they might be OK. Before … Continue reading Inspection Issues
Podcast Episode 48: “Plan B.“ Money and financing are essential parts of any real estate transaction. Always make sure to have a backup in order to make sure that you … Continue reading Plan B $$$
Podcast Episode 47: “Lender Lessons.“ Let’s look at five different aspects of ensuring financial success for your real estate business. Banks like things plain and simple. You need to deal … Continue reading Mortgage Madness
Podcast Episode 46: “Current Realities.“ Lending policy changes, as does the interpretation of existing rules and regulations. Make sure you stay on top of the current situation with your lender, … Continue reading Financing Facts
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 … Continue reading Rent-to-Own Fiasco
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 … Continue reading Illegal Suites
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 … Continue reading How to Deal with a Deceased Tenant (Follow-up)
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 … Continue reading How to Deal with a Deceased Tenant
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 … Continue reading Condo Diligence
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 … Continue reading Housing Health Standards in Alberta
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 … Continue reading Zoning Bylaws Re Secondary Suites in Duplexes
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 … Continue reading Real Property Reports (Part 3)
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 … Continue reading Real Property Reports (Part 2)
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. … Continue reading Real Property Reports (Part 1)
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. Download the audio file HERE and … Continue reading Credit Hassles (Part 3)
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 … Continue reading Credit Hassles (Part 2)
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 … Continue reading Credit Hassles (Part 1)
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 … Continue reading Here’s How Parking Spots Work in Condominiums
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 … Continue reading Lawsuits Against Poorly Built Condo
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 … Continue reading Before Buying Condos, Hear This Tale of Woe
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 … Continue reading The Basics: Show Homes’ Good Looks Can Conceal Problems
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 … Continue reading The Basics: Inspect the Electrical Wiring Before Buying an Older Home
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, … Continue reading The Basics: Trying to “Bend” Mortgage Rules is Fraud
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 … Continue reading The Basics: How to Avoid Accidental Mortgage Fraud
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 … Continue reading Transferring an Old Mortgage to a New Home Rarely Possible
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 … Continue reading Permits for Suites in a Fourplex: More than Zoning or Land Surveys
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 … Continue reading Joint Venturing Existing Properties to Raise Cash for New Investments
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. … Continue reading Be Prepared: Rules for Commercial Mortgages Are Strict
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 … Continue reading Here’s Why Even Small Corporations Must File Taxes with the CRA
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 … Continue reading This One Clause Will Save You When Buying Real Estate from a Developer
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. … Continue reading Taming Your Legal Bills (Part 4 of 4)
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 … Continue reading Taming Your Legal Bills (Part 3 of 4)
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 … Continue reading Taming Your Legal Bills (Part 2 of 4)
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 … Continue reading Taming Your Legal Bills (Part 1 of 4)
Podcast Episode 15: “Parol Evidence Rule.” In this episode we revisit a sad truth: people lie. You are not allowed to use verbal evidence to vary a written contract, so … Continue reading Handshakes and Promises Not Enough to Vary Written Contracts
Podcast Episode 14: “Tax Charity Scam.” This podcast tells the sad Tale of a real estate investor who tried too hard too avoid tax by contributing to a charity. Tax … Continue reading Scam Alert: Charity Claiming Tax Deduction Bigger than Donation
Podcast Episode 13: “Happy Tale.” Usually, the Tales from the Trenches podcast is about how people mess up when buying and selling real estate, showing what we can learn from … Continue reading How to Get a Mortgage for Both Purchase and Renovation
Podcast Episode 12: “Condominium Conundrums 3/3 – Rental Pool Mysteries.” In this podcast, you’ll hear about issues to watch out for when purchasing a condominium unit with an existing tenant … Continue reading Three Condominium Conundrums (Part 3 of 3)
Podcast Episode 11: “Condominium Conundrums 2/3 – Caveat on my Condominium Title.” In this episode, Barry tells a tale of failure to pay a special assessment, which allows the Condominium … Continue reading Three Condominium Conundrums (Part 2 of 3)
Podcast Episode 10: “Condominium Conundrums 1/3 – Rules…, What Rules?” This episode is a primer on the law surrounding condos in Alberta. It covers your responsibility to be in compliance … Continue reading Three Condominium Conundrums (Part 1 of 3)
Podcast Episode 9: “Mortgage Basics 9/9 – True and False 3.” Here’s the final episode in this podcast mini-series on mortgages, chock full of common questions. Can lenders put caveats … Continue reading Mortgages and Related Security… How Are You Liable? (Part 9 of 9)
Podcast Episode 8: “Mortgage Basics 8/9 – True and False 2.” The episode continues with the FAQ about mortgages. If lenders can’t pursue deficiencies when an Alberta walks away from … Continue reading Mortgages and Related Security… How Are You Liable? (Part 8 of 9)
Podcast Episode 7: “Mortgage Basics 7/9 – True and False 1.” Having covered the different types of mortgages in the last few episodes, this podcast turns to frequently asked questions. … Continue reading Mortgages and Related Security… How Are You Liable? (Part 7 of 9)
Podcast Episode 6: “Mortgage Basics 6/9 – Corporate Mortgages and Personal Guarantees.” Continuing with our mortgage podcast mini series, let’s look at assuming mortgages from a corporation and the issue … Continue reading Mortgages and Related Security… How Are You Liable? (Part 6 of 9)
Podcast Episode 5: “Mortgage Basics 5/9 – The Chain of Responsibility.” A continuation of how mortgages work in Alberta including discussions of conventional mortgages, high ratio (CMHC) mortgages, personal guarantees, … Continue reading Mortgages and Related Security… How Are You Liable? (Part 5 of 9)
Podcast Episode 4: “Mortgage Basics 4/9 – The Alberta Difference.” The next part of this mortgages mini series looks at how things are different in Alberta. There is a unique … Continue reading Mortgages and Related Security… How Are You Liable? (Part 4 of 9)
Podcast Episode 3: “Mortgage Basics 3/9 – Personal Guarantees.” The third part of this podcast mini series focuses on personal guarantees to secure a mortgage. This short episode discusses situations … Continue reading Mortgages and Related Security… How Are You Liable? (Part 3 of 9)
Podcast Episode 2: “Mortgage Basics 2/9 – Types of Mortgages.” This episode of Tales from the Trenches continues the mini series on mortgages with a discussion of conventional mortgages and … Continue reading Mortgages and Related Security… How Are You Liable? (Part 2 of 9)
Podcast Episode 1: “Mortgage Basics 1/9 – History Is No Mystery.” Mortgages are a fact of life for most people buying and selling real estate. For the first episode of … Continue reading Mortgages and Related Security… How Are You Liable? (Part 1 of 9)