All Forum Posts by: Jessica Aldakar
Jessica Aldakar has started 1 posts and replied 6 times.
Post: Must Live in 2-4 unit to rent?!
- Posts 6
- Votes 2
Quote from @Jonathan Klemm:
Hey there @Jessica Aldakar! Everything you said is correct regarding short-term rentals here in Chicago. No license unless you are listing your specific unit, not another within your 2-4 unit.
Even if you do mid-term rental you still won't be able to get an AirBnB license. The only way to get an AirBnB license here in Chicago would be to show proof that you are living in the unit (i.e, bank statement with the listing address).
My unsolicited advice, is to only consider doing STR or MTR if you are going to make it your ONE thing and do that. Picking one niche is honestly the only way to create the right systems and processes to scale...I have been good at trying way too many things instead of being a master on one...
Yes I can see the benefit of picking a niche for sure!
Post: Must Live in 2-4 unit to rent?!
- Posts 6
- Votes 2
Quote from @Brooklyn McCarty:
Best thing you can do to find out for sure is find out the city regulations yourself either with a quick google search, phone call, or even visiting if you have to.
But finding "alternative paths" to regulation is not something I am interested. I never want to flirt with the law. This is why I like to buy in true vacation markets.
Thanks Brooklyn, I didnt mean illegal by loophole haha though I disagree about flirting..I think we should have flirted much harder to gain us some better rights as property owners :P
Post: Must Live in 2-4 unit to rent?!
- Posts 6
- Votes 2
Quote from @Michael Baum:
As far as I know @Jessica Aldakar, you will have to reside on site in order to STR the others.
Several other members have had issues even when living in another unit. They were not able to get the licenses in order to rent the others.
If you already own the building, I would look at the longer term short term stay. Over 30 days. Know as mid term rentals. If the area is good for that, close to hospitals, universities etc. it might work.
Otherwise do the LTR in those and move on.
Thanks Michael! Its already bringing in quite a high rental income in Lincoln Park, so I dont think MTR would bring in so much more. Great idea though!
Post: Must Live in 2-4 unit to rent?!
- Posts 6
- Votes 2
Quote from @Michael Baum:
As far as I know @Jessica Aldakar, you will have to reside on site in order to STR the others.
Several other members have had issues even when living in another unit. They were not able to get the licenses in order to rent the others.
If you already own the building, I would look at the longer term short term stay. Over 30 days. Know as mid term rentals. If the area is good for that, close to hospitals, universities etc. it might work.
Otherwise do the LTR in those and move on.
Thanks Mike! I's already at a high LTR rate, so I just don't think MTR would bring that much more.
Post: Must Live in 2-4 unit to rent?!
- Posts 6
- Votes 2
Hi everyone,
Looking for help in better understanding Chicago's ST regulations on 2-4 story units. Is it true that even if one owns the entire multiplex, they can only STR if they occupy one of the units? That would really be something else! If so, has anyone found an alternative path for STR in their multiplex?
Much appreciated,
J
Sarah,
mind if I ask what building you are in?