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)

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Should I Become a Developer?

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 multifamily properties, which builds on the experience of basic buy-and-hold. Becoming a developer is a very different type of strategy and is much more difficult. The rewards can be worth it for a senior investor, but there is also a lot of risk involved, and so development should be approached cautiously—if at all.

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

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Buying Foreign Property

Watch Out Buying In Mexico…

A few years ago my sweetie pie Donna and I spent a lot of time in a little Mexican town called Melaque. We stayed in a beachfront Mexican hotel called the Santa Maria, at the time inexpensive and very friendly. Lots of other Canadians and Americans came down and stayed there for the whole winter. The non-operating hotel restaurant was right on the beach. All the hotel residents used it for their own cooking and for regular fantastic nights of potluck and entertainment. It was paradise!

Frequently the talk turned to, “wouldn’t it be great if we had a place down here.” Some people actually bought property going through a completely unfamiliar buying process. There was property also called ‘ejido‘ land. Continue reading

Developer = Issues

Podcast 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 your protection.

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.

Developer = Issues (Handout)

Text Notes for Podcast 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 your protection.

Download the handout (Mac control + click + “save as” / PC right click + “save as”) HERE. Continue reading