Updated about 5 years ago on . Most recent reply
Illegal 4th unit Chicago Suburbs
Long time forum creeper and first time poster! I'm under contract to purchase a triplex in chicago's western suburbs (Forest Park). This property has an "illegal" 4th unit that once fixed up can rent for $700 - $900 per month. Does anyone have experience or thoughts on renting out an illegal fourth unit? Risks, downsides, etc? Thanks!
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@Alex Corral one thing to keep in mind, if you decide to rent out the unit you are assuming all the risks. Your lease will likely be unenforceable, a tenant call to the city will leave u in a world of hurt, god forbid anyone is hurt and your insurance company won’t pay you a dime on a claim. It’s commonly done, it’s commonly successful, but it is “fraught with peril” as Monty python would say