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 the Calgary office of Global Governance Advisors. Her Tale concerns a real estate investment project in Alberta presented to the REIN Group by a REIN member. Quite a number of REIN members invested in the project, including Arden. Unfortunately, the deal went bad, but I was able to come to Arden’s rescue as her real estate lawyer (aka Legal Eagle).
Download the audio file HERE.
Download the handout HERE.
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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)
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