New Investor in Chicago

[Matt Meyers]

Hello BP community. I'm a new investor in Chicago and looking to get started in buy and holds. I currently am working on converting my condo to a rental property when my wife and I close on our new house. I'd love to connect with other investors in the area. I'm excited about all the great resources here.

[Dale Stevens]

If you are changing your condo to a rental, be sure you are aware of a few things.

1. Does your condo association allow rentals?

2. If they allow rentals, is there a cap? Many Condo Associations Cap the number of units that can be rentals (NOO) to allow for FHA financing for other buyers. So check on that.

3. Also be sure to follow the Residential Landlord and Tenant Ordinance in Chicago. It has some tough penalties if you do not follow it to the "T".