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Victoria
Real Estate
Investors Club Newsletter
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|  Hi Folks!
All the media are now saying the RE market in Canada has now settled down from its dangerous path to .....whatever.......now that the mortgage rules have been tightened up. We mustn't have wild, out-of-control growth or ..... something bad will happen. Hey, not much in Canada is wild and out of control these days. Even Quebec politicians are no longer getting "bonuses" just for getting elected ;-)
Another viewpoint (mine) is that all market cycles swing back and forth and every adult is obliged to take control of their debts and resist relying on politicians to protect them from themselves.
IMO politicians change regulations occasionally so that they can announce that they fixed a problem and that all is now well and that they are giving us value for our tax dollars (whether there was a problem or not). Let's outlaw career politicians and entice smart, willing adults to lead us in an effective manner with no chance for re-election. Then there might be common sense in the way we create and enforce laws and regulations.
Whew, time to climb down off the soapbox. What I'm really saying is that believing what politicians say in the news isn't staying in touch with reality IMO. Noticing generally what's happening in the world, both nearby and far away, then remembering people and trends come and go, then handling what's right in front of us is an easier path than reacting to the news.
Given all that, there are a couple of news articles to the right which report actual facts (really small condos and city transportation plans) and may influence how you invest in real estate in the next few years. Give 'em a read.
I recently asked for feedback on what you'd like to hear more of at our monthly meetings. As a result the speaker at our meeting on the 30th will do just that. Tej Wirk from Mullin Demeo, who has spoken at the club before, will give us his thoughts on owning property personally versus corporately. He'll also talk about partnerships from a legal expert's point of view. BRING QUESTIONS! He's not on billable time during the meeting.
Speaking of lawyers, see the article below on why an attorney is your friend if you're a real estate investor and how to manage that relationship.
Denise and I have been called away from Victoria (something about a pool in Phoenix that needs attending) and so Cheri Crause will, as usual, lead the meeting in a professional fashion.
Have fun on Tuesday and have a scarey Wednesday night!
Gord Knox
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October 30 Monthly Meeting
|  Topic: HST Update, Partnering and Corporate vs Personal Speaker: Tej Wirk of law firm Mullin Demeo
Tejpaul Wirk is with the law firm Mullin Demeo. As the HST/GST laws are changing in BC, Tej will get us up-to-date on how that affects RE investors. As well he will show us the pros and cons of partnering in RE investments. Finally he will give comments on using a corporate structure vs personal ownership for holding properties. Lots of great info!
7 - 9 pm Tuesday October 30, 2012 Comfort Hotel 3020 Blanshard St NOTE: after-meeting meeting at Redd's down the hall and up the stairs for socializing |
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Cheri Crause
Royal LePage
Coast Capital Realty
1933 Oak Bay, Victoria
250-592-4422
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Breakfast Meeting
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Sat, November 17,
9:30am
Princess Mary Cafe
On West Bay in the inner harbour, at 453 Head St in Esquimalt
reserved under Real Estate Club
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Andy Vickers
250-477-7555
Mortgage Broker,
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R. MIKE MULLIN, CGA
"Your One Stop Commercial Specialist in Victoria and the Mid Island"
Commercial & Investment
Real Estate Specialist with
Toll Free 1-855-650-6560
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AINEY
CONSTRUCTION
250-818-9725
Renovations, Additions, Roofing, Siding, Fully Licensed and Insured
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What Is the Value of a Good Attorney in Real Estate Investing? (US version)
| By Dave Dinkel
This is not just another attorney joke; it's a serious topic that can make the difference between making a lot of money on a real estate transaction or having a headache that just won't go away. Picking that ideal attorney can take time and patience and shouldn't be done just because someone is a closing agent for real estate transactions.
One of the first times I started to use a new attorney I was surprised at my first closing to see documents that I had never seen before. As I looked closely, these were forms that the closing attorney had made up himself and seemingly had no relevance to anything I had seen before. When I asked what they were for, he simply answered he was protecting himself. Even though I was the client and paying for the title policy, he was still protecting himself from me; and in hindsight, that's what he should have been doing to stay in business.
Before I gave him the above closing I interviewed him in his office. I had a simple request, to allow me to sit in on one of his closings. He was surprised but complied and I did just that. From this simple beginning we became good friends and I quickly learned the power of working with a knowledgeable attorney.
On the other hand, I have had closings with attorneys who don't do the actual closings themselves and rely on their designated closing person in the office. However experienced, these non-attorneys are not what you are paying for and they are often stuck in how to do certain aspects of the closings which may not even apply to you. As with any profession, some of these designated closing people are excellent, some are very poorly informed. It might be better to do a dry run before you get to the closing table.
I suggest that you request the closing documents at least two days before the closing date; one day at a minimum. These should include anything you will sign if you are a seller or buyer such as the HUD Statement, Deed, Bill of Sale, IRS forms, etc, and most importantly, the title commitment from the title company issuing the title policy.
The title commitment will become the title policy once the deed has been recorded in the public record. However, you can request at the closing that the Schedule "B" Section 1 exceptions be deleted. This effectively makes the commitment a title policy. Take the time to read these exceptions to the title policy as they will show you what issues or problems are coming attached to your purchase of the property.
In summary, interviewing an attorney to do your closings will greatly help reduce your headaches in your investing career. Don't wait until you have a deal to start looking for a suitable candidate. Get referrals from other investors who are doing deals and for attorneys who are actually doing real estate closings as their primary source of income. The closing agent gets paid 70% to 80% of the title policy fee and other charges that are on the HUD-1 so your business should be important to him. Never be afraid to challenge costs or expenses you are charged. You have the right to see actual FedEx charges and lien letter fees so ask for any fees you think are excessive - it is your right!
Dave Dinkel has over 35 years experience in real estate investing which has given him a unique perspective into the real estate market. In case you haven't seen it yet, take a minute to see 15Ways to Make Money in Real Estate investing with No Money http://www.15wayswithnomoney.com.
If you need to sell your home quickly, even if it is upside down, here is an answer - Sell Your Home in Days at Full Market Value http://www.fsbopowersellingsystem.com.
Article Source: What Is the Value of a Good Attorney in Real Estate Investing?
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