All Forum Posts by: Kevin Yun

Thanks for the heads up @Angelo Mart

There is a property I am considering to purchase, (built in late 1800s), and after visiting the property today, the 3-flat house was visibly a little wavy (caved in / settled) on one side. (Imagine a deck of cards, bent a little).

Has anyone had experience with a structural warranty as a buyer? Or any advice you could provide?

Everything else seems to be pretty good for this property, and the structural point may be my biggest concern.

@Mark Reitman thanks for confirming, that lines up to what I read in the ordinance doc.

I would say I did a lot of research/reading, but this specific regulatory piece of information was something I had to stumble across.

Makes me wonder how many owners (with <5-unit properties) are unknowingly STR'ing their properties

Thanks John. I am 100% with having LTR tenants, however wanted to also test the waters with STRs in the market

Hey BP,

I am considering purchasing a 3 or 4-flat in Chicago, and planning out my rental strategy (STR and/or LTR).

After speaking with an STR (Airbnb/Vrbo) management service today, the owner informed me that only 1 rental unit per building can is allowed. What that means is that if I were to buy a 3/4-unit, only 1 unit could be for Airbnb rentals.

This is strange, because I was recently considering a 3-flat in which the owner was pitching Airbnb'd out rental figures. That means they were either grandfathered in(?) and aren't aware of this limit, or that 3 Airbnbs is illegal within the same property/building?

I'll be speaking with a lawyer later this week, but wanted to see if anyone knew info on this. The best I could find is the Chicago ordinance reference (https://www.chicago.gov/content/dam/city/depts/bacp/ordinances/sharedhousingordinanceversionfinal.pdf), but still not quite sure.

I've got a list of property managers I'd like to reach out to (most from the BP internal search pages), and I'm starting to look at properties this week. I am in the market for a 4-unit in Chicago.

I just wanted to see if anyone had any latest recommendations on property managers you use.