Due Diligence Fails

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. This is a two-part Tale, showing a couple different examples of problems to look out for when doing one’s due diligence. The first example is about what happened when someone bought a property that was scheduled for renovation, but didn’t look into the plans. The buyer thought everything was taken care of—until things went wrong with the contractor. The second example is about someone who bought a bunch of condo units. The buyer got hit with a special assessment shortly after closing, which was a surprise because there was no deferred reserve study available. In this podcast, I draw important lessons from these examples and make suggestions about how to avoid similar problems.


Download the audio file HERE.
(control click or right click + save as)

For an experienced and reliable Alberta real estate lawyer in Edmonton, contact Barry now!

House/Home Inspection” image by Mark Moz used under CC Attribution 2.0 Generic.

Worst Case Condo Investment

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 previous Tale, and then follow-up with a discussion of how the circumstances evolved. Read on and be very aware that some condominiums have ultra-serious issues.

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as)

Continue reading

Condominium Parking

Podcast 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 as). Continue reading

Disaster At Penhorwood

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 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 audio file HERE and the text/handout HERE
(control click or right click + save as). Continue reading

Condo Reserve Fund Studies

In 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 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 required to replace building components (windows, siding, shingles). Then look to see if the condominium corporation actually has the money in the bank!

Download the audio file HERE and the text/handout HERE
(control click or right click + save as) Continue reading

Happy Tale

Podcast 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 file (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.

Happy Tale (Handout)

Text Notes for Podcast 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 handout (Mac control + click + “save as” / PC right click + “save as”) HERE. Continue reading

Three Condominium Conundrums (Part 3 of 3)

Podcast Episode 12: “Condominium Conundrums 3/3 – Rental Pool Mysteries.”

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 (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.

Three Condominium Conundrums (Part 2 of 3)

Podcast Episode 11: “Condominium Conundrums 2/3 – Caveat on my Condominium Title.”

Failure to pay a special assessment allows the condominium Corporation to file a caveat against your title. If you don’t pay the next step by the condominium Corporation is what amounts to a foreclosure. Plus, you will pay the condominium corporations legal fees.

Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.

Three Condominium Conundrums (Part 1 of 3)

Podcast Episode 10: “Condominium Conundrums 1/3 – Rules…, What Rules?”

A primer on the law surrounding condominium corporations in Alberta. Includes your responsibility to be in compliance with condominium bylaws, provides information to the Corporation about your tenant, discusses your responsibility for tenant damages. Confirms the right of the Corporation to evict your tenant for breach of the condominium act and/or condominium bylaws.

Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.