March 13, 2023
TEDM Special Edition – Barry C. McGuire – Real Estate Strategies for Every Market
“There are always opportunities, it doesn’t matter what’s going on in the world, for creative strategies.” – Barry McGuire
- 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
- 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. Barry rounds it out with the four ways to monetize the deal for great monthly cash flow and great profit overall.
- [44:53] Playing the role of the naïve student today is Patrick Francey. Patrick sees a gap he’d like to Barry to fill in: what if the property rises in value when the tenant qualifies for financing? Is their 10% down payment enough? These types of nuances are just what the Rapid Cash Programs are designed to cover and prepare investors for both during and after the training.
- [50:12] Completing the trifecta is Strategy #3: Agreements for Sale. What the heck is that? At its heart it’s a seller financing strategy. In the same arena as wholesaling, Barry runs through a few reasons why a seller might be in a spot of needing to sell. He explains how the problem solver can introduce an Agreement for Sale that provides the right solution.
- [57:36] Patrick highlights the overarching benefit to the problem solver which is the absence of mortgage qualifying and ability to take over existing mortgage payments for the seller. Additionally, Barry explains how this can also work for a seller who has a clear title on the property.
- [61:21] Although not as widely known in Canada, Agreements for Sale are becoming better known and also provide investors with an alternate exit strategy to their investment property; hear why.
- [62:28] After a recent Agreement For Sale event in Edmonton, Barry shares that some Ontario attendees went back home and purchased a couple of multi-million dollar properties using the Agreement for Sale technique without a dime of their own money. Okay but how is that possible? Barry explains more.
- [66:28] While this might be a unicorn deal, the fact is the possibility and context for this deal would not have shown up if not for the Rapid Cash Program training. Being equipped with this knowledge provides more win-win opportunities both for profit and to create real solutions in a challenging financial climate.
- [68:27] Check out the links in the show notes to find out more about the programs and to get registered!