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Updated over 9 years ago on . Most recent reply

Matt Meyers's profile image
Matt Meyers's profile image
Matt Meyers
  • Rental Property Investor
  • from Chicago, IL
  • Member since Mar 4, 2014
  • Posts 6
  • Votes 2
  • Experience 11 Yrs
  • Investments 3
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Matt Meyers's profile image
Matt Meyers's profile image
Matt Meyers
  • Rental Property Investor
  • from Chicago, IL
  • Member since Mar 4, 2014
  • Posts 6
  • Votes 2
  • Experience 11 Yrs
  • Investments 3
Connect
Matt Meyers
  • Rental Property Investor
  • Chicago, IL
2
Votes |
6
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New Member Introductions

New Investor in Chicago

Matt Meyers
  • Rental Property Investor
  • Chicago, IL
Posted

Hello BP community. I'm a new investor in Chicago and looking to get started in buy and holds. I currently am working on converting my condo to a rental property when my wife and I close on our new house. I'd love to connect with other investors in the area. I'm excited about all the great resources here.

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Dale Stevens's profile image
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Dale Stevens
  • Investor
  • from Downers Grove, Illinois
  • Member since Mar 15, 2015
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Dale Stevens's profile image
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Dale Stevens
  • Investor
  • from Downers Grove, Illinois
  • Member since Mar 15, 2015
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Dale Stevens
  • Investor
  • Downers Grove, IL
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Dale Stevens
  • Investor
  • Downers Grove, IL
Replied

If you are changing your condo to a rental, be sure you are aware of a few things.

1. Does your condo association allow rentals?

2. If they allow rentals, is there a cap? Many Condo Associations Cap the number of units that can be rentals (NOO) to allow for FHA financing for other buyers. So check on that.

3. Also be sure to follow the Residential Landlord and Tenant Ordinance in Chicago. It has some tough penalties if you do not follow it to the "T".

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