All Forum Posts by: Lori Fentem

Following.  I am thinking about converting my primary residence in Phoenix to a luxury MTR.

Following as well. I am originally from Chicago too and just bought a condo there as a second home for personal use. However I found that many buildings also had restrictions on MTR such as limiting number of units that can be rented in the building or even requiring HOA Board approval of potential renters. I may want to rent my place when not using it so definitely interested in this thread. The rest of my rentals are in Phoenix.

 I live out of state but am a Chicago native.  I never miss an episode of this podcast. Its been super informative and I just purchased my first property in Chicago.  Thank you for all the great info.

Thank you @Tom Casey. I will definitely factor whether the HOA allow MTR into my purchase assessment. I knew that almost all require 30 day lease terms but was not aware that many require 12 month.

Following this. I am a newer investor with 4 properties in Phoenix (one that I live in and three that are LTR). I want to purchase a condo in Chicago for personal use in the summer but its hard to justify it sitting empty the rest of the time. I know the area well. I recognize the challenges with STR in the city but would love to learn more about the viability of a MTR, especially if I am using the property during the most desirable season.

Following this. I have a few LTRs in Phoenix but looking into buying a property in Chicago (same neighborhoods as above) and making it STR and use it when I want to visit. Need to understand the restrictions first.

Congrats on the deal. I am looking at property in Lincoln Park.  Very solid location for rentals.

Bob, will you post an update from the meeting? I am considering buying another LTR (SFH) in Phoenix but have been cautious for the same reasons.

I moved from Chicago to Phoenix 30 years ago and have no regrets.    The economy, and housing market, are booming and the weather is great.  Public schools are a bit behind and politics are way different than Chicago. I traveled all over the country for work for the past few decades and still love Phoenix.

@Dareen Allie I started investing earlier this year and have purchased two townhomes in Phoenix. I checked the CC&Rs before purchasing and ensure that they allowed for LTR. I try to attend the virtual board meetings for the one I have held a little longer so I can meet the resident run board and make everyone comfortable that I am a responsible landlord. I offered to share my leases with the HOA as the CC&R requires and neither HOA felt it was needed and did not seem phased at all that I was leasing. Both units are rented and have appreciated quite nicely in the short time that I have had them.