All Forum Posts by: Julian Trillana

This is a fantastic meetup that brings together like minded investors from beginners to seasoned professionals! John also brings on great guests that share their knowledge and expertise. To echo off of @Nathan Fernandez I wouldn't have been able to acquire 2 buildings in Berwyn without the help of John, Sharon, and the rest of the team!

@Rick Martin already gave some great underwriting models, and there’s plenty out there! I’ll also suggest:

Justin Kivel’s acquisition model. I like his YouTube channel and he’s also got courses on building your own models if that’s something you’d be interested in. 
https://youtube.com/c/BreakInt...

Michael Blank’s Syndicated Deal Analyzer is a very popular one as well. https://themichaelblank.com/sy...

The best model is… the one you will use! It can get frustrating if you’re looking at multiple underwriting models and just trying to make sense of it all. 

I’m actually going through this right now. I had a fire on my 3-flat in Berwyn, and Berkshire Hathaway did something similar to your situation. They sent me multiple checks addressed to me and my mortgage company. I had to mail each check to my mortgage company to sign off each time. I then received the signed checks from the mortgage company and deposited them into my bank.

My mortgage company was withholding some funds until they had their inspector come out and check the progress of repairs. Depending on how far along the repairs are, the mortgage company will release the rest of the funds or send a partial payment (you may need to have another inspection after repairs are complete to release the rest.)

Hope this helps!

Welcome to BP Isaac!

You're in the right place, there's a ton of great investors here in the Chicagoland area. Check out Mark Ainley and Tom Shallcross' "Straight up Chicago Investor" podcast as well! They dive deep into the different markets in and around Chicago.

I would get familiar with the village or town code you're considering investing in. Each one can have their own set of rules that you need to look out for (Bolingbrook requires landlords to complete a class and pay an annual landlord license fee, or another example is Berwyn requires permits for a lot of various work and contractors to be licensed and bonded to the city of Berwyn.) 

One "gotcha" moment was having to replace all the electrical wiring in my 3-flat here in Berwyn. I accounted for replacing the old electrical panels but didn't take a look at the actual wiring, which was outdated cloth wiring and could be a potential fire hazard. So performing a thorough due diligence is essential, and if you're looking into older multifamily properties I would pay attention to the condition of all the mechanicals.