Tales from the Trenches
153 episodes - English - Latest episode: almost 2 years ago - ★★★ - 2 ratingsPodcast featuring stories of real estate landmines—and how to avoid them. Coming to you from the desk of veteran Canadian lawyer Barry McGuire.
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Episodes
Real Property Reports (Part 2)
August 12, 2015 20:46 - 6 minutes - 7.34 MBPodcast 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 … Continue reading Real Property Reports (Part 2)
Real Property Reports (Part 1)
August 04, 2015 22:30 - 7 minutes - 8.86 MBPodcast 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 … Continue reading Real Property Reports (Part 1)
Credit Hassles (Part 3)
July 31, 2015 20:10 - 5 minutes - 6.62 MBPodcast 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 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 … Continue reading Credit Hassles (Part 3)
Credit Hassles (Part 2)
July 27, 2015 21:51 - 7 minutes - 8.96 MBPodcast 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. Download the audio file HERE and the text/handout HERE. (control click or right click + save … Continue reading Credit Hassles (Part 2)
Credit Hassles (Part 1)
July 22, 2015 19:09 - 5 minutes - 6.92 MBPodcast 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 … Continue reading Credit Hassles (Part 1)
Here’s How Parking Spots Work in Condominiums
March 31, 2015 20:57 - 6 minutes - 8.15 MBPodcast 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… Download the audio file HERE. Download the PDF file HERE. (control click … Continue reading Here’s How Parking Spots Work in Condominiums
Condominium Parking
March 31, 2015 20:57 - 8.15 MBPodcast Episode 32: “Condominium Parking.” 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. Download the audio file HERE and the text/handout HERE (control click or right click + save … Continue reading Condominium Parking
Disaster At Penhorwood
March 24, 2015 20:31 - 12.7 MBPodcast 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 situations which led an engineer to say there was a possibility of, “potential hazard to life, health, safety or building integrity”. Lawsuits are flying everywhere. Download the … Continue reading Disaster At Penhorwood
Lawsuits Against Poorly Built Condo
March 24, 2015 20:31 - 10 minutes - 12.7 MBPodcast 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. Download the audio file … Continue reading Lawsuits Against Poorly Built Condo
Before Buying Condos, Hear This Tale of Woe
March 17, 2015 20:10 - 9 minutes - 11.6 MBPodcast 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 … Continue reading Before Buying Condos, Hear This Tale of Woe
Condo Reserve Fund Studies
March 17, 2015 20:10 - 11.6 MBIn honour of the 30th episode of the Tales from the Trenches podcast, Investor Lawyer has been renovated for a brighter and cleaner look! Podcast Episode 30: Condo Reserve Fund Studies Condominiums /strata corporations exist Canada wide. They are complicated in all aspects and especially on the financial planning side. It is essential to examine … Continue reading Condo Reserve Fund Studies
The Basics: Home Inspections Part 2 Painted Ladies
February 18, 2015 20:34 - 6.97 MBPodcast Episode 29: “Home Inspections Part 2 Painted Ladies.” Show homes are sometimes described as painted ladies. Despite their designer flair and top-end appliances these “painted ladies” can conceal a multitude of problems. Download the audio file HERE. Download the handout for parts one and two HERE. (Mac control + click + “save as” / … Continue reading The Basics: Home Inspections Part 2 Painted Ladies
The Basics: Show Homes’ Good Looks Can Conceal Problems
February 18, 2015 20:34 - 5 minutes - 6.97 MBPodcast 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. Download the audio file HERE. Download … Continue reading The Basics: Show Homes’ Good Looks Can Conceal Problems
The Basics: Inspect the Electrical Wiring Before Buying an Older Home
February 11, 2015 20:14 - 5 minutes - 6.32 MBPodcast 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! Download the audio file HERE. Download the PDF file … Continue reading The Basics: Inspect the Electrical Wiring Before Buying an Older Home
The Basics: Home Inspections Part 1 Knob and Tube
February 11, 2015 20:14 - 6.32 MBPodcast Episode 28: “Home Inspections Part 1 Knob and Tube.” Old, unsafe, hidden behind walls knob and tube wiring was discovered by a home inspection. The buyer avoided a $30,000 repair bill. Download the audio file HERE. Download the handout for parts one and two HERE. (Mac control + click + “save as” / PC … Continue reading The Basics: Home Inspections Part 1 Knob and Tube
The Basics: Is It Black, White, or Grey? (Part Two)
February 04, 2015 20:03 - 10.3 MBPodcast Episode 27: “Is It Black, White, or Grey? (Part Two).” A discussion of how to describe real estate situations as black (bad, stay away), white (legitimate, perfectly okay) or grey (uncertainty, could be offside, heading for black). Five real-life scenarios that illustrate the concepts of black, white or grey. Learn to tell the difference … Continue reading The Basics: Is It Black, White, or Grey? (Part Two)
The Basics: Trying to “Bend” Mortgage Rules is Fraud
February 04, 2015 20:03 - 9 minutes - 10.3 MBPodcast 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. Download the audio file HERE. Download the PDF … Continue reading The Basics: Trying to “Bend” Mortgage Rules is Fraud
The Basics: Is It Black, White, or Grey? (Part One)
January 28, 2015 18:00 - 9.32 MBPodcast Episode 26: “Is It Black, White, or Grey? (Part One).” A discussion of how to describe real estate situations as black (bad, stay away), white (legitimate, perfectly okay) or grey (uncertainty, could be offside, heading for black). Five real-life scenarios that illustrate the concepts of black, white or grey. Learn to tell the difference … Continue reading The Basics: Is It Black, White, or Grey? (Part One)
The Basics: How to Avoid Accidental Mortgage Fraud
January 28, 2015 18:00 - 8 minutes - 9.32 MBPodcast 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 … Continue reading The Basics: How to Avoid Accidental Mortgage Fraud
Transferring an Old Mortgage to a New Home Rarely Possible
October 09, 2014 19:30 - 3 minutes - 8.25 MBPodcast 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. … Continue reading Transferring an Old Mortgage to a New Home Rarely Possible
When Is Your Portable Mortgage Not Portable?
October 09, 2014 19:30 - 8.25 MBPodcast Episode 25: “When Is Your Portable Mortgage Not Portable?” Explains some of the pitfalls of relying on the portability clause in your mortgage. Why your credit track record doesn’t trump bank policy. Consider making your sale subject to achieving an unconditional purchase. Download the audio file (Mac control + click + “save as” / PC … Continue reading When Is Your Portable Mortgage Not Portable?
Fourplex Puzzle (Part Two)
October 02, 2014 19:30 - 19 MBPodcast Episode 24: “Fourplex Puzzle (Part Two).” 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 and final inspections done. A … Continue reading Fourplex Puzzle (Part Two)
Permits for Suites in a Fourplex: More than Zoning or Land Surveys
October 02, 2014 19:30 - 8 minutes - 19 MBPodcast 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 … Continue reading Permits for Suites in a Fourplex: More than Zoning or Land Surveys
Fourplex Puzzle (Part One)
September 25, 2014 19:30 - 16.6 MBPodcast Episode 23: “Fourplex Puzzle (Part One).” 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. Download the audio file (Mac control + click + “save as” / PC right click + “save as”) … Continue reading Fourplex Puzzle (Part One)
Joint Venturing Existing Properties to Raise Cash for New Investments
September 25, 2014 19:30 - 7 minutes - 16.6 MBPodcast 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. Download the audio file HERE. Download the PDF file HERE. (control … Continue reading Joint Venturing Existing Properties to Raise Cash for New Investments
How Snoopy Should You Be?
July 22, 2014 19:30 - 15.5 MBPodcast Episode 22: “How Snoopy Should You Be?” Commercial financing of real estate, (usually six units or more ) is different than retail 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 … Continue reading How Snoopy Should You Be?
Be Prepared: Rules for Commercial Mortgages Are Strict
July 22, 2014 19:30 - 6 minutes - 15.5 MBPodcast 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 … Continue reading Be Prepared: Rules for Commercial Mortgages Are Strict
It’s Just Paperwork, Right?
July 15, 2014 19:30 - 13 MBPodcast Episode 21: “It’s Just Paperwork, Right?” Not filing your annual tax return with the CRA is serious business. Big fines or potential jail time. Not filing your annual corporate return with corporate registry will, after two years, have your company dissolved. Should you invest in a badly run company? Download the audio file (Mac control … Continue reading It’s Just Paperwork, Right?
Here’s Why Even Small Corporations Must File Taxes with the CRA
July 15, 2014 19:30 - 5 minutes - 13 MBPodcast 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 … Continue reading Here’s Why Even Small Corporations Must File Taxes with the CRA
Developer = Issues
July 08, 2014 19:00 - 20.5 MBPodcast Episode 20: “Developer = Issues.” Buying any property from a developer is different than buying a previously owned home through a realtor. Developers have custom contracts which means nothing is standard. You must do more diligence. An incompetent developer’s representatives usually means trouble. “Subject to buyer’ s lawyer’s approval” is an excellent clause for … Continue reading Developer = Issues
This One Clause Will Save You When Buying Real Estate from a Developer
July 08, 2014 19:00 - 8 minutes - 20.5 MBPodcast 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 … Continue reading This One Clause Will Save You When Buying Real Estate from a Developer
Taming Your Legal Bills (Part 4 of 4)
June 26, 2014 21:04 - 8 minutes - 20 MBPodcast 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! Download … Continue reading Taming Your Legal Bills (Part 4 of 4)
Taming Your Legal Bills (Part 3 of 4)
June 19, 2014 21:02 - 5 minutes - 13.3 MBPodcast 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. Download the audio file HERE. Download the PDF file for all four parts HERE. … Continue reading Taming Your Legal Bills (Part 3 of 4)
Taming Your Legal Bills (Part 2 of 4)
June 12, 2014 20:59 - 6 minutes - 14.7 MBPodcast 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 … Continue reading Taming Your Legal Bills (Part 2 of 4)
Taming Your Legal Bills (Part 1 of 4)
June 05, 2014 20:51 - 8 minutes - 20 MBPodcast 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. Download the audio file HERE. Download the PDF file … Continue reading Taming Your Legal Bills (Part 1 of 4)
Handshakes and Promises Not Enough to Vary Written Contracts
May 22, 2014 19:00 - 5 minutes - 12.2 MBPodcast 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 get all promises in writing when buying and selling real estate. Don’t remove conditions especially a, ‘subject to financing’ condition, until you are satisfied you … Continue reading Handshakes and Promises Not Enough to Vary Written Contracts
Parol Evidence Rule
May 22, 2014 19:00 - 12.2 MBPodcast Episode 15: “Parol Evidence Rule.” People lie. You are not allowed to use verbal evidence to vary a written contract. Get all promises in writing. Don’t remove conditions especially a, ‘subject to financing’ condition until you are satisfied you have the appropriate financing. Download the audio file (Mac control + click + “save as” / … Continue reading Parol Evidence Rule
Tax Charity Scam
May 15, 2014 19:00 - 18.8 MBPodcast Episode 14: “Tax Charity Scam.” Fighting with tenants over small amounts of rent or security deposits is almost never worth it. Unhappy tenants can falsely report you to the Canada Revenue Agency (CRA) and trigger audits. Tax schemes that promise deductions much larger than a charitable donation are almost always found to be shams … Continue reading Tax Charity Scam
Scam Alert: Charity Claiming Tax Deduction Bigger than Donation
May 15, 2014 19:00 - 8 minutes - 18.8 MBPodcast 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 schemes that promise deductions much larger than the charitable donation are almost always found to be shams and disallowed by the CRA. You will almost … Continue reading Scam Alert: Charity Claiming Tax Deduction Bigger than Donation
Happy Tale
May 08, 2014 19:00 - 27.4 MBPodcast Episode 13: “Happy Tale.” Things to consider when moving from a buy and hold strategy to a fix and flip strategy. Consider private financing if your bank doesn’t like your plan to fix and flip. Your ability to perform will produce private lending opportunities impossible to get in the public marketplace. Download the audio … Continue reading Happy Tale
How to Get a Mortgage for Both Purchase and Renovation
May 08, 2014 19:00 - 11 minutes - 27.4 MBPodcast 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 their mistakes. But this Tale turned out just fine! It looks at things to consider when moving from a buy and hold strategy to a … Continue reading How to Get a Mortgage for Both Purchase and Renovation
Three Condominium Conundrums (Part 3 of 3)
April 30, 2014 19:00 - 5 minutes - 13.1 MBPodcast 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 and a rental pool. There is a formal process to join the rental pool and lots of paperwork! Download the audio file HERE. Download the … Continue reading Three Condominium Conundrums (Part 3 of 3)
Three Condominium Conundrums (Part 2 of 3)
April 23, 2014 19:00 - 5 minutes - 12.1 MBPodcast 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 Corporation to file a caveat against your title. If you don’t pay, the next step is what amounts to a foreclosure. Plus, you will pay … Continue reading Three Condominium Conundrums (Part 2 of 3)
Three Condominium Conundrums (Part 1 of 3)
April 16, 2014 19:00 - 7 minutes - 18.3 MBPodcast 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 with condominium bylaws, provide information to the Condo Corporation about your tenant, and your responsibility for tenant damages. Did you know it’s the Corporation’s right … Continue reading Three Condominium Conundrums (Part 1 of 3)
Mortgages and Related Security… How Are You Liable? (Part 9 of 9)
April 03, 2014 16:15 - 5 minutes - 12.8 MBPodcast 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 on the title of my rental property? What are the legal fees for a foreclosure? The test portion of this blog post also has handy … Continue reading Mortgages and Related Security… How Are You Liable? (Part 9 of 9)
Mortgages and Related Security… How Are You Liable? (Part 8 of 9)
March 27, 2014 16:14 - 6 minutes - 14.6 MBPodcast 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 their mortgage, are there other repercussions? How does assuming a mortgage from a corporation change liability for an individual? Listen (or read) on to find … Continue reading Mortgages and Related Security… How Are You Liable? (Part 8 of 9)
Mortgages and Related Security… How Are You Liable? (Part 7 of 9)
March 20, 2014 16:00 - 5 minutes - 13.7 MBPodcast 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. Is it really true that Albertans can’t be held personally liable for conventional mortgages? What if I my mortgage is in a holding company? There … Continue reading Mortgages and Related Security… How Are You Liable? (Part 7 of 9)
Mortgages and Related Security… How Are You Liable? (Part 6 of 9)
March 13, 2014 16:00 - 4 minutes - 10.8 MBPodcast 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 of personal guarantees. There are certainly lots of details when it comes to mortgage law, which is why you need a lawyer to get a … Continue reading Mortgages and Related Security… How Are You Liable? (Part 6 of 9)
Mortgages and Related Security… How Are You Liable? (Part 5 of 9)
March 06, 2014 18:00 - 2 minutes - 6.91 MBPodcast 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, enforceability, assumptions and foreclosures. Also includes 10 very useful true and false questions and an explanation of the court process around a foreclosure. Download the … Continue reading Mortgages and Related Security… How Are You Liable? (Part 5 of 9)
Mortgages and Related Security… How Are You Liable? (Part 4 of 9)
February 27, 2014 19:00 - 4 minutes - 9.78 MBPodcast 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 wrinkle regarding borrower’s liability in the event of a foreclosure… Download the audio file HERE. Download the PDF file HERE. (control click or right click … Continue reading Mortgages and Related Security… How Are You Liable? (Part 4 of 9)