All Forum Posts by: Weston Harding

Hey man, Welcome to BP! My name is Weston, and I am an investor in Chicago. Mostly focusing on the residential market but then I also have some commercial properties (5+ units) I think knowing your numbers is key and getting a great relationship with a lender! 

Hello Tara, are you looking to stay near Chicago neighborhoods? What you are looking for is more B and C neighborhoods, Irving Park Avondale, Logan Square, West Town I would say are B neighborhoods etc. Depends on what you are looking for unit number wise and what you want to put down. Cash flow is more about the numbers than the neighborhoods. 

@Tevin E. Taylor Welcome to BP! A great place to meet people and learn from real experiences :) 

Come join my Team and I, in our bi-monthly panel discussion! This Month's discussion is on Airbnb for your investment properties and how to increase you're cash flow. Hear from our 3 guest panelist. Our meet up location for this event is at Chop Shop located in the popular Wicker Park neighborhood.

Please RSVP by clicking here

Hey @Kurt K. Welcome, welcome! 

If you are ever considering the multi-unit investment strategy, let me know!

@Dustin Hughes Thanks for starting the thread! Fellow Texan myself, but currently living and working in Chicago. I am not as familiar with landlord tenant laws in your state or county but in Chicago we have a RTLO which spells out obligations on both parties. 

With that being said, why the owner would not want this...? March is not the worst time to locate a tenant, the worst of the rental market is starting to get behind us. One reason, he/she may not like this is if they have to pay an agent commission to find a new tenant. Which is something you could help work out with them. Could also just be they just don't want the hassle of a new tenant and the unknown of what that might be. Especially if you are a good tenant, they do not want to loose you :)

But back to laws, in Chicago a landlord must allow for you to sublet you're apartment as long as the occupant is qualified. a sublet would take over the remaining months of the lease. An ideal scenario would be a re-let, this means a new lease would start that does not include you in it. bottom line, tenants have rights. 

@Nicole A. I have to disagree about only leasing units that are vacate and maybe this is where our market differs. In Chicago we start leasing out units 30-60 days before the current tenant moves out. Having a vacancy can hurt your cash flow, especially anyone who maybe a new investor and has not built up capitol to help with rent losses etc. 

@Alexander Ramos I think these are very common questions as airbnb is a somewhat newer investment strategy. I am learning about all of this as well. I actually teamed up with an airbnb property management company to learn a little more and we are hosting a meet up at the end of the month to share with other like you. 

But yes it seems challenging to make any changes to these regulations and I am sure they will continue to change. 

Hey @Nathan Zale there are a lot of ways to find off market properties. Many times these transactions are done by work of mouth, and they are able to locate buyers before the properties hit the market. 

Let me know if you have any properties you are wholesaling in the chicago area, especially any multi-units. Thanks! [email protected]

@Brian Haugh there are a few ways to find off market properties. A lot of it is word of mouth and who you know. So before these properties hit the market they have already found a buyer. Not sure what size condo you are looking for but I do have some properties in Lakeview that will be hitting the market in the next 1-2 months.