March 13, 2018
Episode #30 – Barry McGuire – Enduring lawyer, authentic counsel
“You do well yourself by helping others. It’s my nature to do it, and I discovered that people who preach and coach success have their various takes on it, but all the takes are ‘help others and you’ll be fine’. That just solidified the notion of who I was going to be as a lawyer and a person, and that’s how my life goes and that’s who I am” Barry McGuire
Barry McGuire is a long-term Member of the Real Estate Investment Network, a veteran real estate investor, and is senior counsel at RMLO Law LLP in Edmonton, Alberta.
He is also a guide and a leader in thinking about Alberta real estate from the perspective of both an investor and a lawyer. With over 40 years of experience as a real estate attorney, handling literally thousands of real estate transactions, Barry and his team focus on buying and selling all styles of real estate from houses to condos, apartments, commercial buildings, acreages, and more.
Barry is co-author of the national bestselling book 97 Tips for Canadian Real Estate Investors and is a
sought-after speaker regarding investment, real estate, and law groups.
When he’s not practicing law or coaching investors, Barry is an avid gardener, hockey player, family
man, and bon vivant. He lives in Edmonton with his wife Donna, who partners with him by leveraging
her strengths in many aspects of their businesses.
Barry loves spending time with his niece Adrianna, the daughter he never had. His son Colin is a PhD
researcher in ethnomusicology and plays a role as backstage support for Barry and Donna.
At the core of it all, Barry’s innate desire to help people fuels his passion for the life he lives.
Selected Links and People Mentioned from this episode:
- Connect with Barry McGuire:
- 97 Tips for Canadian Real Estate Investors
- Focus Workshops – Rapid Cash Program
- Real Estate Investment Network
- Raymond Aaron
- The 7 Habits of Highly Effective People by Stephen Covey
- [02:06] Patrick shares a brief bio about his next REIN Member/Expert Guest and friend: Barry McGuire
- [04:00] Patrick and Barry get their conversation underway!
- [04:20] Barry shares his elevator pitch and why he remains passionate about it 40 years later.
- [06:25] As the world of real estate evolves and changes, Barry continues to learn despite the thousands (25,000!) of real estate transactions he has supported.
- [08:56] The interesting client ratio of Barry’s legal practice.
- [09:58] In addition to legal counsel, Barry is an avid educator both for real estate investors and home buyers alike.
- [11:41] Barry describes his university journey from first year pre-med, to a dissatisfying arts degree, and finally landing in law school where he discovered a natural aptitude.
- [14:41] Barry gives us some insight into his parents, and his early morning ritual with his Dad in law school days.
- [17:10] Barry shares more about his three brothers.
- [19:47] During his time articling Barry quickly realizes the adversarial side of law is not for him and moves on to corporate work including real estate law.
- [21:25] Ethics and integrity are non-negotiable as a lawyer and Barry illustrates how important this is for the real estate investors and the clients he coaches. Stay out of the gray area!
- [26:15] Barry explains what CMHC is, who it’s for and where people can cross the line with their intention.
- [29:05] Barry’s first experience buying a house with his brother proves to be a fruitful one with the help of five friends, some blankets and a student loan.
- [34:30] Barry shares a coaching moment for first time real estate investors who may be a little unsure about buying their first property and more importantly taking a real look at who they’re going to be and their “why” of getting into the game of real estate investing.
- [38:19] From 3 – 5 doors to the world of multi-family, different strategies will suit different investors depending on their authentic “why” and their game plan.
- [39:34] Quantity vs. quality: Barry’s experience has shown that investors who scurry to buy in a hot market, without giving thought to what they’re buying can result in a lot of tears when the market cools.
- [41:38] In any market, the most important factor is how you buy. Boom markets can produce a frenzy which creates a false confidence.
- [44:23] Patrick’s impactful coaching question to real estate investors. A final reality check before they buy a property.
- [46:28] Social media and FOMO (Fear of Missing Out) – what is Barry’s opinion on the effect social media can have when an individual doesn’t have a good plan and a good sense of who they are.
- [47:47] How does Barry define success? It’s simple, satisfying and only getting better!
- [50:14] Has it ever been in Barry’s character to be driven by the material world?
- [51:48] Barry’s natural desire to help people coupled with his lovely wife Donna’s innate ability to help him move that desire to another level, makes them an impactful team!
- [54:43] At the nucleus of Barry’s fork in the road stood Raymond Aaron and a fax machine.
- [58:38] How that experience led to another facet of Barry’s career as a speaker and educator on the legal side of investing in real estate.
- [60:00] At the youthful age of 70, Barry talks about how his life is now and the pure enjoyment he is experiencing.
- [62:25] What advice would Barry give his 20-year old self?
- [64:02] What is at the heart of Barry’s confidence?
- [64:52] Relationships and being in contribution are the very foundation of how Barry shows up in the world.
- [66:14] Patrick’s favourite time: rapid-fire time! Start with the books: fascinating current book, recommended book, impactful book. Favourite swear word; inspirational quote; alternate profession in sports; message at the pearly gates; what he’s not very good at; room, desk or car; favourite tune; favourite music; favourite movie.
- [70:48] Barry’s great gratitude in the lottery of life.