“There are always opportunities, it doesn’t matter what’s going on in the world, for creative strategies.” – Barry McGuire 

Connect with Barry McGuire:

Website

Youtube

Twitter

Facebook

 

Selected links and people mentioned from this episode:

Rapid Cash Program

97 Tips for Canadian Real Estate Investors book

Barry C. McGuire Focus Workshops

Upcoming Events: Rapid Cash Program Live Focus Workshops

 

Connect with REIN Canada

REIN Canada

REIN Channel

Facebook

Instagram

Twitter

 

Patrick introduces his Special Edition TEDM guest and Veteran Real Estate Lawyer, Barry McGuire.

[01:36] So, why a special edition podcast? With the uncertainty of today’s real estate market Patrick and Barry are inspired to reach out and help investors who are stepping away from the market in confusion. With their intention to expand our view of real estate strategies and open the door to possibilities, education is key.

[03:53] Barry and Patrick get to work! Opening the conversation to discuss creative buying strategies, Patrick outlines the three he would like to cover with Barry in this conversation – Rent to Own, Agreements for Sale, and Wholesaling.

[05:08] As markets change nation-wide, Barry’s clients and students are out there finding great opportunities. Barry provides examples of how strategies certainly differ in success depending on the market. Creative strategies exist and work in every kind of market; now is the time to sharpen our saws and get educated.

[08:11] Let’s kick it off with Strategy #1: Wholesaling. Barry provides an overview of how wholesaling works, the differentiation of terms “assignment” and “wholesaling” and the win-win of this strategy to generate income now (hence “rapid cash strategy”) while giving the buyer built-in equity.

[12:21] What about the vendor? What are some scenarios that would drive them to sell below market value and still benefit?

[14:03] Barry shares the categories in which wholesalers divide themselves and what end of the scale you’d typically work with a realtor.

[16:38] There are ten or more steps in the process of wholesaling, but two fundamental steps include creating a buyers list and finding the properties that fit the strategy. Both rely on relationship building.

[18:21] Barry shares a student’s story which demonstrates how accessible creative buying strategies can be regardless of where in the country you are.

[21:16] Along with a relatively low cost of entry, wholesaling is also simple and repeatable, it’s just not all that easy. Details and systems are critical, and this is where the benefit of education comes in. Branding yourself as a problem solver with a win-win attitude is an empowering strategy that can continually generate positive outcomes in the space of wholesaling.

[27:01] Moving along to Strategy #2: Rent to Own or Lease Options. The urge for home ownership is worldwide, and many Canadians aspire to this. Rent to Own helps people who want to buy a home now, but for various reasons are unable. Barry and Patrick dive into some of the reasons for that.

[31:52] Using the rent to own strategy provides a mutually beneficial opportunity. Barry describes the high-level process from marketing, to fielding inquiries, talking with a potential tenant buyer, analyzing the problem to solve, then working with your power team to establish the suitable property type for your client to shop for.

[35:08] Barry and Patrick discuss the ability for this strategy to be a lucrative business particularly in a space where there is a lack of expertise.

[37:17] Patrick fills in some of the advantages both to the tenant buyer and the investor.