All Forum Posts by: Weston Harding

Hey BPers! Most my clients and including myself, own properties mainly in the Chicago and Cook County area. With that being said our team always encourages owners to take a move in fee instead of a security deposit for multiple reasons and #1 being the risk that is included with the collecting, holding and maintaining of a security deposit. 

If a client prefers to collect a security deposit, I then encourage them to consult a licensed attorney to make sure they cover every detail to limit all possible risks.  A benefit of collecting a move in fee is you can keep the funds to turn over the unit when the tenant leaves but if you try to take funds from a security deposit there are certain restrictions within that and show proof of damage/repairs. 

Whatever you decide to do, you must always collect the same amount for all your properties. I typically see anywhere from $250-$500/ person or per unit, or a 1-month security deposit. 

Best of Luck on your rentals!

@Jim Ostler thanks for starting the thread! and I do think that STR's can provide strong cash flow, I have many clients that are exploring this avenue. I think the biggest advantage is being the owner. There are a lot of people like @Paul Sandhu mentioned, making calls to owners and agents to lease and re-lease or sublease these properties, and there are management companies as well that can assist with furnishing, eys and turning it over for cleaning between stays. but again I think that owning the building, make this model more obtainable and profitable. 

@Michelle thanks for starting the thread, but agreeing with @Ashour Rehana and @Ann Folan it is not very common to have radon testing done. I had it done recently to a multi-unit listing as requested by the buyers and nothing came up. I think it also depends on the type of purchase as well, highrises it is extremely uncommon due to the height or floor level of the property. but it is at the buyer's discretion if that is some additional inspecting they want to do. 

Hello, my fellow BPers!

Myself, @Michael Facchini from Fairway Mortgage Company and the X Plus Team will be at Chop Shop Wednesday evening for a discussion all about financing, house hacking, and investment opportunities. This is part of our bi-monthly series discussions and we hope to see you there! 

Please make sure to RSVP using the link below or send me a direct message with your email address :) 

https://liveforfreethexplusway.app.rsvpify.com/

@Michael Facchini Excited to do another discussion with you about how to finance a 2-4 unit property! This is the #1 question I get from clients, "how can I make this happen?" 

and for any of our other BP members who have questions, this is a free event so come check it out!

To RSVP click the link below, see you there! 

https://liveforfreethexplusway.app.rsvpify.com/

Hey there! We still have not broke ground just yet, but yes as @Ann Folan has mentioned you want to start with zoning and your alderman. I am currently in the process of working with the alderman and the community on some final details. Hoping we can break ground soon!!

Hey @Alex M. in Chicago Airbnb is allowed with some restrictions. Condo buildings do not allow for Airbnb. 

And I know they have some restrictions on locations but there are ways to petition for an amendment on that. There is also a maximum number of units that can be used for short term. I would be happy to connect you with Billy for more info, direct message me and we can go from there! 

@Guillaume Fortina thanks for the thread! As many have said here yes it all depends on what your RE goal is. Many of my clients are going the house hacking route so their main objectives are;

1. The number of legal units, as this can change the ability to cash flow and even lending options for the buyer

2. The condition of units, now vs. ARV, and structural integrity of the building

3. A desirable location for renters, near transit and grocery stores etc.  

@Michael Facchini is this something you and your team could help with?