Success with Buy and Hold Real Estate Investing

Edmonton Alberta Fireworks with 100!!!

Podcast Episode 100:

“A Tale of Real Estate Investing Success.”

I’ve been doing Tales from the Trenches for 15 years. These are amazing stories from real estate investors, mostly from Alberta, Canada because that’s where I practice law. Tales began as a segment during meetings of the Real Estate Investment Network (REIN), which I continue to do. And then about 4 years ago, it became a podcast, too.

Lots of those stories are about mistakes made and lessons learned. Feedback tells me you find Tales not only interesting, but also very useful in organizing your own real estate rules and how you invest. I love doing Tales and you love hearing them.

We post Tales on my blog website, where we are at 99 podcasts and counting. The 100th podcast is a big deal, at least in my mind. But, what should I talk about? Fond reminiscing about doing 99 podcasts, how I love the feedback, how many folks we have helped, why that feels good… what to do?

Today the lightning bolt struck. I know what I’m going to say!

Of course, it’s a story. But, instead of a typical Tale about mistakes made and how to avoid those mistakes, this Tale is all about success. It’s all about an approach to real estate investing that has a high percentage chance of creating success. You can up your chances of trouble-free real estate investing by listening to this great story, a very positive Tale from the Trenches.

 

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Tenant Problems After Move Out

landlord tenant law

Previous Owner Skeletons.

In a recent purchase of an Alberta fourplex, our client took over existing tenants. There was one utility service and utilities were apportioned between the tenants. The arrangement was that tenants would pay their rent plus an estimated portion of utilities. At the end of the year, the landlord would add up the actual utilities and either refund money or collect extra money from each tenant.

When our client took over, one particular tenant was on a month-to-month tenancy. It became immediately apparent that she was “one of those tenants!!” Continue reading

Disappearing Tenants and Vanishing Buyers

Podcast Episode 98:
“Don’t Wait, It Only Gets Worse;
Discharge That Caveat.

The first part of this Tale is about an Alberta landlord with tenant problems. The renter usually paid on-time, but then the rent started coming late. The tenant’s girlfriend left him, and when our landlord went to check on the property it appeared to have been taken over by a biker gang! Eventually the property appeared to be abandoned, but the landlord was afraid to go back. Moral of the story, nip problems in the bud before they grow to become out of control.

In the second part of this Tale, we have a problem with a buyer who disappeared, but whose caveat comes back to haunt the seller. If you would like to sell a property by way of agreement for sale, the buyer will register a caveat on the title. That is the buyer’s protection in the transaction. But what happens if the buyer then changes their mind and walks away from the deal? Their caveat might still be on title, which you as the owner/seller need to address before you can sell the property to someone else.

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If you’re buying or selling real estate in Alberta, you need a lawyer.
Use the form below to contact Barry now!

“Neon Real Estate Sign” by Chris Griffith used under CC Attribution 2.0 Generic.

Removing Conditions on Purchase Contract

Podcast Episode 94:
“Removing Conditions—Should I or Shouldn’t I?

Conditions on a real estate purchase contract should only be removed once the due diligence is complete. But what if the conditions are sort of met, but not completely? Should you still remove conditions if the property seems good, the numbers appear to work, and due diligence is more-or-less done? In this Tale, our investor removed conditions even though they only had verbal assurances about rent and utilities, rather than the written tenant information that was supposed to be part of the deal. As you can probably guess, things weren’t what they were supposed to be, but the deal was already done by the time our investor figured out what was really happening! Listen to the audio to get Barry’s take on strategies for dealing with this sort of situation.

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If you’re buying or selling a home in Alberta, you need an experienced lawyer that you can trust. Get in touch with Barry now!

“3D Realty Handshake” image courtesy of Scott Maxwell. Used under Creative Commons Attribution-Sharealike 2.0.

When to Remove Conditions on a Purchase Contract

Podcast Episode 90:
Diligence Pays Off.”

I’ve said it before and I’ll say it again: when you’re buying a property, never remove conditions on the purchase contract until you’ve done due diligence. A real estate lawyer like me can protect your interests and help you negotiate a better deal, but I can only work with the documents and evidence available. In this Tale, our investor was working on buying a multifamily rental property. Unfortunately, there were many discrepancies with the contents of units as well as with the estoppel certificates (aka rental confirmations forms). Good thing they didn’t remove conditions before they finished their diligence!

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Use the form below to contact Barry McGuire, real estate lawyer, Edmonton, Alberta.

Exercise That Diligence” image by Alan Levine used under CC Attribution 2.0 Generic.

Tenant Running Illegal Business

Podcast Episode 88:
I Ain’t No Ho!”

As a landlord, you need to be proactive about what is happening with your tenants. Be concerned if you suspect that a renter may be running an illegal business out of your property! This Tale is short and sweet because our investor took action as soon as they found out a tenant was on the wrong side of the law. Do you know what’s going on in your rental properties?

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Need an Alberta real estate lawyer in Edmonton? Contact Barry now!

“Merrymakers in an Inn” painting by Simon de Vos is public domain. Image from Wikimedia.

Lead Pipes in Older Homes

Podcast Episode 83:
Lead Isn’t Dead.”

Lead pipes are a very real risk with older houses; it’s a toxic metal and can make the water unsafe to drink. In this Tale, my client was given notice by her water utility provider that her rental property might have lead pipes. She took lengths to protect her tenants, as well as make sure her insurance would cover her in case of any issues. When dealing with older homes, it is essential to do diligence on the possibility of lead pipes and how to address it.

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What Happens if my Tenant Leaves?

Focus on Real Estate: Quick Tips.

Most buy & hold real estate investing involves having a tenant whose rent pays the mortgage. But what happens if the tenant leaves? In this video, you’ll get advice about how to mitigate the risk. If you need a real estate lawyer in Alberta, get in touch with Barry at RMLO Law LLP.

This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos that provides bite-sized pieces of real estate knowledge.

Buying and/or selling real estate in Alberta? Barry can help. Contact him now!

Videos co-produced by the Real Estate Investment Network (REIN) as a Google Partner.

What is Rent-to-Own?

Podcast Episode 80:
Rent-to-Own.”

Rent-to-Own (abbreviated as RTO and often interchangeably called a Lease-Option) is a two-part strategy. You start with a lease (the ‘Rent’ part) and add an option to purchase (the ‘Own’ part). In a Rent-to-Own scenario, the renter is, for some reason, unable to finance at the moment. Examples of financing problems are: bad credit, not enough down payment, self-employed, new job, or new immigrant. Yet, all these tenants want to make the transition toward home ownership immediately, usually for personal or emotional reasons.

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How to be a Legal Landlord

landlord tenant law

Podcast Episode 72:
The Basics—The Legal Side of Landlording.”

In my 40-plus years of experience as a lawyer, I have observed many common situations that real estate investors have the same questions about. My answer is: it’s all about The Basics. One of those questions is how to be a landlord. As an attorney, I suggest that one of the most important parts of being a landlord is carefully following the legal rules for renting properties. In order to do this, you need to know the law in your area. Luckily, governments usually have all kinds of resources to help people who aren’t lawyers to learn the rules. You also need to have a system in place that makes sure you can consistently do things by the book. In this Tale from the Trenches, we have a property manager who unlawfully evicted a tenant, and a landlord who paid the price.

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