How to Become a Real Estate Investor

Focus on Real Estate: Quick Tips.

The way to become a real estate investor is by getting going. No matter how much you plan, analyze, and prepare, your first real estate investment deal is probably going to be a bit messy. But if you have a good strategy, and you keep using it, your next deals will be easier. Don’t wait for your first investment to be “perfect” or you might never get started!

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.

For all your legal needs with Alberta real estate, contact Barry McGuire using the form below.

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

Sales Tax on Real Estate Purchase

Focus on Real Estate: Quick Tips.

Do you have to pay sales tax when buying a home or investment property in Canada? The short answer is yes, but it varies by province as to how much you’ll have to pay. In Alberta, you only have to worry about the federal Goods and Services Tax (GST) because there is no provincial sales tax. Did you know that you can sometimes get a rebate on the GST when you buy real estate? In this video, Barry talks about the rules for personal residences vs rental properties when it comes to paying sales tax on real estate purchases in Alberta. If you need a real estate lawyer in Alberta, contact 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 answers to frequently asked questions about real estate.

If you’re buying or selling real estate in Alberta, Barry can help. Contact him now using the form below.

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

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.

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

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.

How to Avoid Mortgage Fraud

mortgage fraud

Podcast Episode 97:
“Mortgage Fraud.

The simplest way to avoid committing mortgage fraud is to fully disclose everything about a deal to your lender. If they are satisfied, then you’re probably okay. But what happens if someone else is defrauding you? In Tales from the Trenches, you usually hear second-hand accounts of the trials, tribulations, and successes of Canadian real estate investors. In this Tale, you’ll hear it from the “horse’s mouth.” Special guest Valden Palm tells us how he narrowly avoided getting sucked into a mortgage scam. An unscrupulous guy in Edmonton was buying houses, doing shoddy renovations, and then flipping them between shell companies to get more and more money in refinanced mortgages. Lucky for Valden, due diligence and a gut feeling saved his bacon!

 

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

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

“Mortgage Fraud” image courtesy of  http://www.cafecredit.com used under CC Attribution 2.0 Generic.

How Long to Close a Real Estate Deal?

Focus on Real Estate: Quick Tips.

Closing a real estate deal in Alberta has two parts. The first is when you are putting together the purchase contract. The second is after conditions have been removed from the contract. In this video, you’ll get Barry’s expert opinion on how long you really need to take care of due diligence, home inspections, mortgage financing, and signing documents. Keep in mind that delays and mistakes are possible, so you need enough wiggle room to get everything done properly. If you need an Edmonton real estate lawyer, 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 quick tips on buying and selling real estate in Alberta.

Buying and/or selling real estate in Alberta? Barry can help. Use the form below to contact him now!

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

Edmonton Real Estate Lawyer Legal Fees Cost

scale with clock balancing money

“How much are legal fees to buy and sell a house in Alberta?” This is the number one search, the question everyone wants answered. So, here are some answers based on my law firm (RMLO Law LLP), and some comments about how much it costs for real estate lawyer’s fees in Edmonton.

First of all, there are no, “standard” legal fees. Continue reading

Interest Rates on RRSP Mortgages

Podcast Episode 96:
“RRSP Mortgages.

In Canada, it is possible to use money held in a Registered Retirement Savings Plan (RRSP) to fund mortgages. While this strategy can yield a nice steady return on investment, there are rules in place that can make it a bit tricky to get into. One of those rules is that the lender (i.e., the person with the RRSP) must use a third party trustee to administer the mortgage. This Tale is about dealing with a couple of different trustees and their policies on interest rates. RRSP mortgages must legally be “commercially reasonable,” but apparently there is a lot of room for interpretation of what exactly that means…

 

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

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

“Mortgage” image courtesy of NYPhotographic.com used under Creative Commons Attribution-Sharealike 3.0.

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.