Quote from @Jennie Berger:
I have considered doing this! We bought a property in Lakeview to tear down back in April. While waiting for the permit--and the final building plans to be approved--we knew we had about 6 months so I thought it would be an ideal location (close to Wrigley Field and all) to rent out 2 private spots in back of the home. Never pulled the trigger but I'm really curious what others have to say (for my own future reference), so, I'm chiming in here. (Sorry that's probably not helpful at all, @Christopher Koechle LOL :))
Yeah your thoughts are right on! My property is in north center and the spot was rented on almost every home game in the summer. I’m sure Lakeview would drive a heavier premium and maintain the same occupancy. Spothero has partnered with a 3rd party to manage the spots so there wasn’t any overhead to set up and or manage the listing. Pros and cons there for sure. The split for the management is 70/30 going to the seller and I was averaging a little more than $100/month take home (after the split) during those summer months.
From my side, I think there was an error somewhere in the payment process and had struggled with on time payments the whole time - October payment came 5 weeks late and I’d go weeks without responses from my representative. Feels like a black box that I have no control over. Not sure if others had similar issues or if mine was a 1-off.
Side note, congrats on finishing construction with Roxy- it’s been fun to follow your journey on the straight up Chicago group !
