All Forum Posts by: Kayla D.

Quote from @Russell W.:

For anyone else searching this topic, some helpful updated info: I was turned down by Chase to setup multiple accounts for Series-LLC's, so I did some research and moved on. BMO Harris allows multiple business checking accounts for Series-LLC's and there's no limit to the number of accounts. Just did this for two series I just formed and will continue to do so as I grow. Process could not have been easier. Anyone in the Chicago area PM me and I'll provide the branch and banker I went to- super helpful and understands exactly what it is we BP'ers are trying to accomplish.

 Hope you’re still around. I jus my 

Hey folks! It’s been a while since I’ve posted - quick update:

- Purchased condo in 08/2021, fixed it up and it’s been fully leased since 11/2022

- Purchased 2 unit in 10/2022, currently living in one unit and renting the other

I’ve gotten my feet wet, bumped my head, learned a lot - but ready to add to my portfolio. There are so many condos south of downtown that seem like literal steals. 2-3bd < $100k. But I’ve talked to 4 lenders this week and none of them can offer me anything. 

Any advice on how I go about securing financing for less than $100k? Most are saying I need to be looking at $150k or more but after 15-20% down plus closing I won’t have as much breathing room as I’d like.

Are others just buying the $75k deals with all cash? Goodness…

Thanks in advance!

Hi all! I somehow missed the tag - and just happen to come across this post. But I, in fact, did get my Basement Unit denied for a shared housing unit. Same address (different unit #) and I also opted to tell the truth on the app - but honestly didn't anticipate a denial.

I’ve since appealed the initial denial. The I submitted the commissioners adjustment - and that was eventually denied (on the 59th day of the ‘up to 60 day’ timeline). But today, I randomly received a notice of a hearing for my denied applications. I’d all but given up and did not even appeal the CA, but I am considering attending this hearing in the event I can convince them my basement apartment shared-unit isn’t not going to disrupt the neighborhood *insert eye roll*

Happy Sunday everyone,

Other than advertisement, can someone provide a source to rules or requirements for these signs? I have my first 2-unit and I see these “managed by [insert pm co]” signs and wondering if that’s something I need. 

Thanks in advance!

Quote from @Michael Baum:

Well @Kayla D., you would be setting yourself up for a big problem. I would expect that that mother/daughter simply wouldn't leave. Why would they? There is no lease stating anything. They could just squat in there for years if they wanted. You would have almost no recourse as you don't have a signed agreement.

Don't do it. I am dead serious about this. I know from your other posts that you have been having problems getting the city to allow your STR, but trying to do a short stay long term rental without a proper lease in place is a huge mistake.

The simple fact that they would be willing to pay full nightly rate for that time is a huge red flag. Anyone who has contacted me about a 3 months stay over the winter wants to pay market rental rate for a long term rental, not my nightly STR rate.

Yes! I don’t disagree and based on the feedback from you and others I have no intentions on proceeding without a lease. I’m just not sure what, if any, implications are with taking the arrangement outside of Airbnb. 

Quote from @Lauren Kormylo:

If Airbnb finds out you're taking the payment off platform, they will ban your listing.  Since they contacted you on Airbnb, take at least the first month's payment there, then subsequent months you can go off platform.  Airbnb does not do background checks.  They are only now getting around (this spring) to verifying that the person booking has a valid identity and credit card.  But that isn't a full background check.  As everyone else says, treat this like an LTR with a lease, background check, valid income, security deposit, etc.  

 That’s my concern. Executing a lease while adhering to Airbnbs booking policy. What can I do with them and without them? My lease and application process for my other unit lives outside of Airbnb and the total stay includes their fees and monthly discount. I’d draft a lease for that total amount Airbnb is showing? What about my terms, renter insurance requirements, etc - does Airbnbs guest policy trump my lease agreement terms? Tricky 

Quote from @Nathan Gesner:

MTR is not a real thing and only serves to confuse people.

If you are renting for more than 30 days, it is legally considered a long-term rental and you should follow long-term rental practices. They should fill out an application and pass your screening. Collect a deposit. Use a written lease agreement. Treat it like you would a long-term lease because that is exactly what it is. Whether you include utilities and furnishings with the rent does not change anything and it certainly doesn't create a new situation that justifies a new term.

BP is the first place I’ve heard MTR used so frequently - though I understand the concept. I list on Airbnb because the City isn’t approving my house share app because I don’t occupy the unit, so this is my alternative route. Stay has to be longer than 32 days to forego the licensing requirements, so those are the requests I’ve been getting. 

Have you done this before with Airbnb? Do I take the conversation off of their platform and execute a lease separately with a monthly payment? They’ve asked for a stay of 3/19 - 8/31. 

Quote from @Marissa Contreras:

Quote from @Nicholas Coulter:

@Marissa Contreras I like local credit unions. They typically have better programs and lending qualifications you can meet once you build a relationship with them!

Hi! So I was looking into a couple credit unions but they said they don't use zelle or venmo and I find myself having to pay for repairs/maintenance through those avenues regularly since I have properties out of state. I also have a tenant who pays using zelle. Do you have a credit union who uses these platforms? I find myself needing them a lot these days and I'm thinking the credit unions need to get on board!

Hi! Highly recommend Navy Fed, if you have a military affiliation that will allow you membership access. They have great business and personal account products - and they support Zelle!

Quote from @Crystal Smith:

Quote from @Kayla D.:

Quote from @Crystal Smith:

Quote from @Julie George:

Hi all - I've been using the standard Chicago Realtors Association lease for years and noticed they added a new section in 2023 to the bottom of the first page that now says you need to be a member of CAR or that the transaction must be facilitated by a CAR member. I'm neither and I'm sure most private landlords are neither as well. Is anyone familiar with this new clause ? Will the lease be "invalid" if we continue to use it ? Thank you!

For reference, here is the attachment I found that someone shared on a FB group. 

https://www.facebook.com/group...

 Julie:  I'm going to respectfully disagree with the advice of purchasing the Bigger Pockets lease agreement. Cook County has very specific Realtor Tenant Landlord Ordinances and the Chicago Association of Realtor's agreement is updated every year to be compliant with any changes in the Ordinances.    I have 2 recommendations if you're worried about the copyright- Pay a realtor a few bucks to be the middle person.  I'll send you a DM with my second recommendation.

Hi @Crystal Smith - Can you elaborate on getting a realtor to be the middle person? Would they need to be include on my lease somehow for it to be valid? I’m also looking for the most recent and valid Chicago lease as I’m afraid my current one, obtained through TurboTenant, doesn’t fit the bill. 

The realtor can be the middle person by facilitating the transaction. The realtor would provide the CAR lease to the new tenant to review and sign after which you would review and sign.  Then pay the realtor a few bucks for facilitating. I'd only do this if one is worried about copyright. 

Regarding the lease being valid- Whether the document is copyrighted or not the lease will be valid if a realtor is not involved.  If 2 parties have signed an agreement that is compliant with the law then the agreement will be valid.

Thanks for clarifying! In an another forum there were concerns that the lease may be invalid if even used by someone other than a licensed realtor. 

Hey y’all! 

Since listing my basement unit on Airbnb for stays 32+ days, I’ve gotten a few hits. Some of the leads have seemed very scammy - imagine someone willing to pay $22,000 for six months? Not me! But it’s happened - I ultimately deemed it not a good fit because the message exchange got weird. 

I have another request now from a mother/daughter duo that’s looking for a 3-6 month stay while they house hunt. So far, the only red flag is the cat they’d like to bring (and I don’t really allow pets), but it’s the mothers emotional support animal. They also have a move in date of 3/19 - this weekend, seems kind short notice for such an expensive stay ($15k) - so maybe another red flag. But, they want to bring furniture - and that’ll cut down my furniture rental costs. 

Saying all of that to ask… should I be putting these people through my regular application process? I know Airbnb does background checks and what not - but do they verify one’s ability to pay beyond entering a 16 digit card number?  This would also be my first time hosting my owned unit and I’m not even really sure how payments work. $15k is a lot to just charge at once to ones CC and I’d like some assurance knowing who they are beyond their relatively slim Airbnb profile. Member since 2013, but only 1 stay in DC last year that yielded a 5* review, and loves to rollerblade. 

Does Airbnb allow you to do that? You can’t even paste a link or phone number in the messaging. 

Thanks in advance!