I got an email recently from an unhappy investor about problems with his property manager in Edmonton. Real estate investing is all about relationships, and you need to be able to rely on the people in your team. Property managers are supposed to find tenants, collect rent, and deal with maintenance, among other things. The following Tale is an example of what can happen when you hire the wrong property manager—and how to do it the right way. The email is so descriptive I’m passing it along verbatim. See below:
Download the audio file HERE. Download the handout HERE. (control click or right click + save as)
Am I Liable for Canadian Taxes When Buying Property from a Non-Resident of Canada?
I’ve written before on the extremely dangerous issue of non-resident taxes on Canadian real estate. Real estate agents and real estate lawyers in Canada know about non-resident tax. To give buyers comfort that the seller is a legal resident, the classic way to get some protection is to get sellers to sign statutory declarations that say, “I am not a non-resident…” Buyers then rely on the statutory declarations to make a decision that they do not have to collect withholding tax and that there are no CRA non-resident tax issues. But what if that isn’t enough to protect yourself? Continue reading →
I get a little mushy this time of year, partly because I love Christmas and the whole holiday season. Plus, I’m grateful for my circumstances. I’m healthy, love what I’m doing, totally in love with my sweetie pie Donna, and live in one of the very best countries in the whole wide world (Canada). For all of that, I’m extremely grateful. From my wife Donna and I, to you and your loved ones, the very best in holiday wishes. To everyone, may you have internal peace, happiness, and a fabulous 2019.
The Power of Positive Thinking Must Affirm Credible Goals.
Successful people set goals, and part of goal setting might be affirmations. The idea is that by affirming something in the present tense—as though it were already happening—one conditions the mind for achieving success. For we folk in the real estate investment game, an affirmation can be used to support financial goals. This is part two of a two-part set of blog posts on goal setting for the New Year (click here for Part I). Continue reading →
Get SMART with Your Goal Setting Technique for the New Year.
2019 is around the corner. Although 2018 has been a productive year, I didn’t get as much done as I might have wanted. Now, it’s time to look at 2019 and say, what’s out there? What are we, in the world of real estate, going to start, do, achieve, or finish in our financial goals for 2019? This is part one of a two-part set of blog posts on goal setting for the New Year (click here for Part II). Continue reading →
Take a look at my interview with Leanna Martens, a professional realtor, on how a real estate lawyer helps buyers and sellers. And if you’re buying or selling property in Alberta, please consider us at RMLO Law LLP
Live Real Estate Investing Event in Calgary, Nov 17: Our New, All-Day, Dig-Deeper AFS Intensive Focus Workshop.
Anyone who follows this blog knows that I love Agreements for Sale (AFS)! It’s a seller financing strategy that is so, so relevant in today’s tough Canadian real estate market. AFS is a classic way of buying property with very little money out of your own pocket. On November 17th, we’re running a special AFS Intensive Focus Workshop, featuring comprehensive tools to help both new and established investors achieve financial success. Continue reading →
Real Estate Cycle Blues:
Changing Mortgage Policy in Canada.
Real estate is a cyclical game. The market is strong; the market is weak. It’s a buyer’s market; it’s a seller’s market. Interest rates are abusively high; interest rates are unbelievably low. Inflation is rampant; deflation is around the corner. All of these factors affect what Canadian homeowners and investors pay for their dream home or next rental property both in regard to the price of the real estate and the interest rate on the new mortgage. This post is one of a series that I’m doing on the effect of recent restrictions on mortgage financing in Canada.
Registered Funds Are an Alternative Mortgages Goldmine.
This Canadian real estate investing video is an edited recording of a live webinar for participants in Barry McGuire’s Rapid Cash Program. The topic is how to use the funds in a registered investment (e.g., RRSP, RESP, TFSA, etc.) as an alternative source for a mortgage. Whether you want to be a lender or a borrower, there is lots of money out there—if you know how to find and use it! This video provides in-depth discussion from experienced registered fund lenders and borrowers.
6 Things to Know About RRSP Mortgages: A Legal Perspective.
Do you have a Registered Retirement Savings Plan (RRSP) in Canada? Are you unhappy with the financial performance of your RRSP? Are you looking for better investment returns in your RRSP? Or are you looking to borrow money? Perhaps you don’t want to borrow from a bank, credit union, or broker? If you answered yes to any of these questions, then you might find it attractive to use an RRSP mortgage. This blog post focuses on the legal aspects of lending and borrowing money from an RRSP as a mortgage, but it also applies to other Canadian registered investment funds like Registered Retirement Income Funds (RRIF), Registered Education Saving Plans (RESP), and Tax-free Savings Accounts (TFSA).