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From Condos to Multifamily Apartments with Shawn Good, Episode 160

January 28, 2020

 

Shawn Good is a second generation attorney in Palatine, IL, just outside of Chicago. He started practicing real estate litigation when a real estate broker in his building needed an attorney. He works with investors to protect them and close deals.

 

As an investor, Shawn owned two condos before exchanging them for an 8-unit building in Lake County. He shares how he transitioned from owning a condo to commercial multifamily, pitfalls of investing in condos and his plans to continue to grow. 

 

Partner: Join me at the Best Ever Conference plus 15% discount with 15DEAL


 

Key Insights

  • Started practicing real estate litigation because there was a real estate broker in their building who needed an attorney. 

  • Owned two condos, sold and 1031 exchanged into an 8 unit

  • Things to monitor when buying a condo as an investment: bylaws, on-site management, budgets, reserves, association dues paid, meeting minutes, 22.1 disclosure (in IL)

  • Bought an 8-unit in unincorporated Lake County

  • Property was his friend’s grandmother’s property

  • Unincorporated = county oversees local municipalities instead of city/township 

  • Signs new leases at his attorney’s office - adds more professionalism and sets the tone to build rapport

  • Biggest difference on commercial property vs. condo - managing logistics, landscape, snow removal, trash removal, rekeying, etc.

  • Operations for the 8-unit are exceeding rent projections

  • Make sure you have a skilled underwriter when reviewing multifamily deals 

 

Partner: Download a Free Sample Apartment Deal Package 

 

Bull’s Eye Tips: 

 

Most Recommended Book:

The Snowball: Warren Buffet and the Business of Life by Alice Schroeder

 

Most Recommended Digital/Mobile Resource:

Google Docs

 

Daily Habit:

Getting the Right Amount of Sleep

 

Apparent Failure:

Saw his health issues as a failure, but it provided gratitude and purpose

 

Wish I Knew When I Was Starting Out

That multifamily is an option

 

Advice for a Smart, Driven College Student:

Learn from people who are doing it

 

Current Curiosity:

Syndications

 

Best Place to Grab a Bite in Chicago:

Tuxpan in Norwood Park

 

Connect with Shawn:

Email: Shawn@thegoodlawgroup.com

Website: Good Bros Property on Facebook

 

Leave us a review and rating on Apple Podcasts or Spotify. Be sure to check out more info at TargetMarketInsights.com.

 

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