Investor · Grayslake, IL · Member since 2015 · 10 posts · 1 vote
I am looking for some assistance in both buying and managing a short term rental in Lake County, IL, preferably in Grayslake, Gurnee, Libertyville, Waukegan or Vernon Hills. I assume I'll be trying to get traffic from either Six Flags Great America traffic or Navy Graduation families.
My main reason for purchasing in this area is to have a vacation home for myself. I am originally from the area and still have family here, and therefore want to be here during the summer (in the winter, no thank you!). I would like to rent it out short term for the rest of the year. I am mainly looking to cover my costs of ownership, but since I'm in the real estate investment business at home in Florida, long term appreciation and general cash flow would be great too!
So if anyone has great contacts/recommendations for management of a short term rental in this area, please send them my way. Or if any realtors have opinions or knowledge of specific neighborhoods they'd say to avoid because of STR unfriendly-ness, please let me know.
Are you looking at fully furnishing the home? That might be the best option for short term rentals. However, some towns do not allow for rentals less than 30 days (Vernon Hills, Mundelein and I believe Libertyville). Also be prepared to have to sit thru a 6 hour landlord course if you want to rent in Mundelein or Round Lake Beach. I have a rental in Gurnee and another one in Grayslake and both have been great rentals. There are always military families looking in those towns. I don't know about short term though, we usually rent them out for 2-3 year leases at a time as that is normally their orders to be at Great Lakes.
Are you looking at fully furnishing the home? That might be the best option for short term rentals. However, some towns do not allow for rentals less than 30 days (Vernon Hills, Mundelein and I believe Libertyville). Also be prepared to have to sit thru a 6 hour landlord course if you want to rent in Mundelein or Round Lake Beach. I have a rental in Gurnee and another one in Grayslake and both have been great rentals. There are always military families looking in those towns. I don't know about short term though, we usually rent them out for 2-3 year leases at a time as that is normally their orders to be at Great Lakes.
Short term rentals are banned in unincorporated areas of Lake County at the county level. I believe Grayslake does not regulate them yet, we'd have to check with the individual villages you mentioned. That being said, there is demand for short-term rentals with Six Flags, the Navy base, and Gurnee Mills and other attractions.
As far as management, I think you'd either have to self-manage or employ a company that specializes in managing short-term rentals remotely, I'm not aware of any property managers nearby here who do this.
Thanks, @Martin Vehlow, I knew it couldn't be in unincorporated Lake County, but there are plenty of Airbnb houses in Waukegan, Libertyville, and a few in Mundelein etc. I've looked into a few of these remote management companies like evolve and Vacasa, but I was hoping someone knew of something that was local. I have friends that I can possibly employ there, but I don't want to burden people with it either.
So if you don't want to be there in the winter, most everyone else may feel the same way. So you have a short peak season.
What about buying a place in the south east that has a long season makes a bunch if money. Use some of that money to pay for a place to stay in IL when you want to visit?