Chicago Condo - Lincoln Park

[Paul V.]

Investment Info:

Condo buy & hold investment.

Purchase price: $232,500
Sale price: $268,000

2 br/1 ba condo in Chicago's Lincoln Park neighborhood. Vintage courtyard condo building with 91 walk score. Bought it as a long term rental. HOA put a 2 yr maximum rental rule in effect, so I had to sell.

How did you find this deal and how did you negotiate it?

MLS

Lessons learned? Challenges?

HOA put rule limiting rentals. Pay extra close attention to HOA meeting minutes during due diligence process.

[Mark Ainley]

@Jonathan Klemm @Tom Casey @Paul V. During the Great Recession I learned that the boiler plate Decs in Illinois which 90% of the HOA's use under the Illinois condo act have a "hardship Provision" that basically states of you can show a hardship they must give you a year to rent and get approved for a possible second year even in an HOA that has zero rentals allowed. May not apply here but wanted to share that cause a lot of people do not know that.