All Forum Posts by: Eric La Pratt
Eric La Pratt has started 43 posts and replied 161 times.
Post: AirBnB Short Term vs. Long Term in Chicago

- Investor
- Chicago, IL
- Posts 166
- Votes 67
This is interesting, @Ravi P. How does this fit into the recently negotiated landmark deal struck between the city and AirBnB?
@Juan Duque For 29%, they're doing literally everything except providing the unit, furniture, utilities & repairs. 29% includes cleaning, marketing, turning over, concierge services, toiletries, answering emails/calls... all of it.
Post: AirBnB Short Term vs. Long Term in Chicago

- Investor
- Chicago, IL
- Posts 166
- Votes 67
Has anyone run into any issues getting licensed with the City of Chicago?
Post: AirBnB Short Term vs. Long Term in Chicago

- Investor
- Chicago, IL
- Posts 166
- Votes 67
Post: AirBnB Short Term vs. Long Term in Chicago

- Investor
- Chicago, IL
- Posts 166
- Votes 67
Post: AirBnB Short Term vs. Long Term in Chicago

- Investor
- Chicago, IL
- Posts 166
- Votes 67
I have a multi-unit in a class A neighborhood in Chicago (Lincoln Square - 60625) that I am wrapping up a large rehab on right now. The property is on a remarkable block and the units really are fantastic - we've taken great care in choosing finishes and upgrading many items. The last 2 units are coming online right now and we're suddenly considering AirBnB vs. long term rental. Here's why:
An old friend of mine from the hospitality world has cofounded what I understand is the only "full-service" short-term rental property management company in Chicago and they manage over 100 units - doing everything from price adjusting to marketing to filling to cleaning. I do not believe they are paying your utility bills or ordering maintenance but they are cleaning and turning the property over day after day if necessary. They charge a 29% fee to do this - literally answering every email/message, writing feedback, acting as a concierge services, meeting tenants if necessary (normally doing lockbox/coded entry nowadays), etc.
The numbers his company prepared for me are almost too irresistible. We're talking netting roughly 50% more than I would net with long term tenants. I've run their same numbers considering if I were to property manage it myself, and the numbers are staggering. All said, I have a few detailed questions:
- Does anyone have experience in running numbers for short term rentals that they can share how to do it?
- For those of you who are doing this, how are you furnishing your units? How do you figure these costs? Do you rent? Buy? I would think that we would want our furnishings to similarly match the beautiful finishes we used (wherever that sweet spot is) in order to maximize our returns.
- How are you managing the turnover/cleaning? If you do it, how do you arrange for when you are out of town?
This is a good start to hopefully getting me to a space where I can make an informed choice.
Post: First-time Chicago multifamily in contract - Close or Pass?

- Investor
- Chicago, IL
- Posts 166
- Votes 67
@Elliott Kim - Is this property a legal 2 unit? Have you seen the certificate of zoning compliance yet? Which unit(s) is/are non-conforming? What are their ceiling heights and are there 2 forms of egress? Lastly, how many parking spaces do you have?
Post: Where to post rentals online for Chicago

- Investor
- Chicago, IL
- Posts 166
- Votes 67
Post: First Flip in Ferndale, MI

- Investor
- Chicago, IL
- Posts 166
- Votes 67
Bravo @Diego Ortega! Looks spectacular. Hoping you get that under contract soon.
Post: Where to post rentals online for Chicago

- Investor
- Chicago, IL
- Posts 166
- Votes 67
I'm about to start listing my apartments - what are you using to post them for an open house?
Thanks!
Post: Ferndale, MI Duplex Valuation & Market Assessment

- Investor
- Chicago, IL
- Posts 166
- Votes 67
I have a duplex in Ferndale I am considering options (like selling) and have a few questions for the BP community familiar with 48220.
- 1970 sq. ft.
- North of 8 Mile, East of Woodward, West of Hilton
- 2X 2 bedroom + dining room apartments
- Rental certificate
- Fully Separated Utilities (including furnace & water heaters)
- Highly qualified tenants
- Stainless appliance upstairs unit
- Very, very, very clean
- Massive lot
Questions:
- Where are you all getting your rental valuations from? I am curious to know where mine stand.
- Ferndale market is hot. Multi-family is also hot. What are some thoughts about pricing strategy for both rentals and sales? I am seeing some varying thoughts out there.
- Are there agents that you all might recommend for selling? No rush, so like everyone, looking to maximize.
Thanks!