Ep. 160: From Condos to Multifamily Apartments with Shawn Good

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 in 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: [email protected] 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.