Podcast Episode 58: “You Are Buying the Neighbourhood.” When buying a property, you are buying the neighbourhood and neighbourhoods are not homogenous. Do some diligence around schools opening or closing, new public transit soon or in the works, and rezoning. Check parking lots and dumpsters where you intend to buy; these will give you an … Continue reading Multifamily Location Is Key

Podcast Episode 57: “All the Suites Look Just Like this One.” When buying a multifamily building, inspect all the suites. Your vision of what is satisfactory and the vision of a seller anxious to sell are likely to be completely different. Failure to inspect meant substantial extra expense after closing for this investor. Download the … Continue reading Inspecting a Multifamily Property

Podcast Episode 57: “All the Suites Look Just Like this One.” When buying a multifamily building, inspect all the suites. Your vision of what is satisfactory and the vision of a seller anxious to sell are likely to be completely different. Failure to inspect meant substantial extra expense after closing for this investor. Download the … Continue reading Inspecting a Multifamily Property

Podcast Episode 56: “You’ve Got How Many Vacancies?” This is the story of one investor’s path from single-family dwellings to multifamily properties. Multifamily lenders fund mortgages based on rental revenue. On closing day, every vacancy reduces the amount of mortgage money. What does it mean when two vacancies turn into eighteen vacancies on closing date? … Continue reading Multifamily – Mortgages and Unrented Suites

Podcast Episode 55: “It Took How Long?” Many things can slow down a mortgage application. Two weeks is a minimum for your financing condition, but some sellers might not like it; getting pre-approved is a safer option. To avoid human error, make sure to read over your own mortgage documents carefully. Download the audio file … Continue reading Mortgage Delays

Podcast Episode 55: “It Took How Long?” Many things can slow down a mortgage application. Two weeks is a minimum for your financing condition, but some sellers might not like it; getting pre-approved is a safer option. To avoid human error, make sure to read over your own mortgage documents carefully. Download the audio file … Continue reading Mortgage Delays

Podcast Episode 54: “Get it in Writing.” What happens when a real estate deal is delayed past the closing date? The seller can choose not to sell, but they still keep your deposit. Verbal agreements for things like extensions aren’t enough; you need signed documents or else people can change their minds. Download the audio … Continue reading Written Documents

Podcast Episode 52: “Some Deals Have It All.“ When doing joint ventures with friends and family, you still need formal documentation. If problems arise, deal with them promptly or pay the price. Download the audio file HERE and the text/handout HERE. (control click or right click + save as).   A Tale of Greed and … Continue reading Is a Handshake Enough?

Podcast Episode 52: “Some Deals Have It All.“ When doing joint ventures with friends and family, you still need formal documentation. If problems arise, deal with them promptly or pay the price. Download the audio file HERE and the text/handout HERE. (control click or right click + save as).   A Tale of Greed and … Continue reading Is a Handshake Enough?

Podcast Episode 51: “30 Days to Close Is Crazy.“ There are many things that can delay real estate transaction. 30 days is a minimum, but keep in mind that closing time should only begin after final conditions are removed. Download the audio file HERE and the text/handout HERE. (control click or right click + save … Continue reading How Long to Close a Real Estate Deal?