All Forum Posts by: Jennie Berger

1. Hi Y'all!
2. I used to live in South Florida and have been to Hollywood many times, but I am unfamiliar with this specific area. My cousin is selling his 5-unit townhome complex about 2.5 miles from the beach. It is zoned commercial and set up currently as a 5-unit with long term renters. I'm considering buying it and turning all 5 units into Airbnbs. It feels to me that it would be a great area for this, seeing as there are many other Airbnbs in the immediate vicinity, it's located 15 mins from FLL, close to Downtown and the beach, and of course, well, it's Florida. :)
3. He told me the following:
4. 1. Taxes are 10k/yr
5. 2. Insurance is 3k/yr (withOUT windstorm, which would add an additional 10k)
6. 3. Garbage is #4,500/yr.
7. 3. Permits are very difficult to obtain (we build homes in Chicago, so that may be a non-issue for us considering what we have to deal with here LOL :)
8. 4. It needs a lot of work. (We are GC's, so estimating repairs (and managing contractors) will not be hard)
9. 5. (1) Efficiency | (1) 2 bed, 2 bath | (1) 2 bed, 1 bath | (2) 1 bed, 1 bath
10. 6. Zoned commercially for a 4-story building, currently a 2-story building

I'm not so concerned about the pricing here, rather just looking to get local, hands-on knowledge and expert insight into the area. Seeing as my cousin is NOT a real estate investor (he and his wife were living in one of the units and the maintenance and expenses just became too much of a headache), I'm looking for your help. If you have experience investing in this area of the country and can shed some light and insight into taxes, insurance, Airbnb options (easy/hard/impossible), permits, flooding, other potential issues, etc., I'd be most grateful!

LOCATION OF PROPERTY: Vicinity of 17th St. and Dewey, near the Parkside area.

1. Hi Y'all!
2. I used to live in South Florida and have been to Hollywood many times, but I am unfamiliar with this specific area. My cousin is selling his 5-unit townhome complex about 2.5 miles from the beach. It is zoned commercial and set up currently as a 5-unit with long term renters. I'm considering buying it and turning all 5 units into Airbnbs. It feels to me that it would be a great area for this, seeing as there are many other Airbnbs in the immediate vicinity, it's located 15 mins from FLL, close to Downtown and the beach, and of course, well, it's Florida. :)
3. He told me the following: 
4. 1. Taxes are 10k/yr 
5. 2. Insurance is 3k/yr (withOUT windstorm, which would add an additional 10k)
6. 3. Garbage is #4,500/yr.
7. 3. Permits are very difficult to obtain (we build homes in Chicago, so that may be a non-issue for us considering what we have to deal with here LOL :)
8. 4. It needs a lot of work. (We are GC's, so estimating repairs (and managing contractors) will not be hard)
9. 5. (1) Efficiency | (1) 2 bed, 2 bath | (1) 2 bed, 1 bath | (2) 1 bed, 1 bath 
10. 6. Zoned commercially for a 4-story building, currently a 2-story building

I'm not so concerned about the pricing here, rather just looking to get local, hands-on knowledge and expert insight into the area. Seeing as my cousin is NOT a real estate investor (he and his wife were living in one of the units and the maintenance and expenses just became too much of a headache), I'm looking for your help. If you have experience investing in this area of the country and can shed some light and insight into taxes, insurance, Airbnb options (easy/hard/impossible), permits, flooding, other potential issues, etc., I'd be most grateful!

LOCATION OF PROPERTY: Vicinity of 17th St. and Dewey, near the Parkside area.

We invest on the NW side of the city so I'm not familiar (from a practical standpoint) with Bronzeville. But word on the street is--it's a BIG FAT YES of an area! I want to learn more about it myself. Please let us know how your journey goes and welcome to BP! :)

Jennie Berger, Property People

"Every neighborhood is different no matter how close together they may be." I am still constantly amazed at how TRUE this is! I've lived in quite a few large cities in my life--NYC vicinity, Miami Beach, Los Angeles, San Diego, and now Chicago. And Chicago is SO different from all of them--in so many ways--but particularly with regards to real estate. Chicago is literally comprised of micro neighborhoods & communities, and the decision to invest in any given area must be determined on a house by house, block by block, basis. Totally agree about the access to CTA lines--one of the greatest benefits of living in the city--having a world class, reliable public transportation system at our disposal. 

Hey @Anna Laud! What a fun project. And one I can identify with, as we are 95% done with a gut rehab of a 1915 home in NW Chicago which, like yours, came with a ton of original woodwork. 

Unfortunately, we were not able to save the trim or casings because retrofitting them to all the new items & upgrades would have been cost prohibitive. However, we did salvage many of the original 7ft oak doors, floors, and the entire staircase. Now, that being said, our wood was absolutely beautiful.  :) Your wood? I'm SO glad you posted pictures because I, three, was envisioning a totally different type of wood. 

In case you needed more feedback (LOL), I'm 100% with @Seth Larson & @Aaron Schrader--PAINT THAT WOOD and modernize it the best you can! Even though our wood was gorgeous, I decided to paint our doors and staircase (combo of sanding/staining the treads and painting the balusters & handrail) because I felt leaving them the original darker color would have completely dated the house. As a compromise--because people in Chicago do love & appreciate some old world charm--we have gone with design fixtures and finishes that are modern/deco inspired. We're not totally done but below are some progress pictures.

I'd like to see your 'AFTER' shots when you complete this project, if you don't mind sharing. Good luck!

Jennie Berger, Property People

John- can you send me the contact info as well? If your GC does full gut rehabs and new construction in the city...thanks!

I didn't realize this. I figured since I fully own the 2-4 unit (I don't have one yet, I'm just saying hypothetically :) I could/should be able to rent it to whomever I want. And for any duration of time. I guess after having lived in East TN for 10 years (and in FL at other points in my life), I'm still just baffled by how much control the city has over these types of things... It is MY home. Or, is it?

Would you be so kind as to clarify what you mean? Not quite understanding...thanks!