All Forum Posts by: Matt Jordan

@Matt Boyle I would potentially live there the times it is not rented out and hopefully up to 2 - 4x in peak months in summer. I have considered a 4 unit but would rather have the flexibility of the short term renter vs a large commitment that could be very time-consuming and risky. 

Thank you for all of the advice and tips! @Stu Waters I would love to pick your brain more about your experience with Aribnb rentals and am very curious to see what happens on 12/17 with the city. @James Carlson If I could save 15-25% on a studio vs a 1 bed then I think it's worth it as long as the location is prime and there is something unique about the unit. I am also in love with Denver and would purchase my 3rd property their hopefully soon. I noticed Airbnb is very big in Denver and the fees/taxes seem to be much less than Chicago. I'm assuming the property taxes are also much lower as well. I also know Denver is perfect year round because of the ski season and not to mention marijuana at all times of the year. What numbers do you usually crunch before making an offer on a place? How often are your Airbnb's rented out? @Catherine Brennan  Thank you I hope Airbnb is around for many years to come and not banned like NY!

What's up BP,

I am officially looking to make my first rental purchase in Chicago hopefully in the next 2 - 6 months. I currently own a 3 bd/1.5br home in St. Charles that I've lived at for 3 years. I am looking in Chicago along the loop, bucktown, lincoln park area. I have a few hurdles I am trying to figure out to complete my master plan:

First of all I am unsure of what I am looking to purchase; 2 bed/1bed/studio/4 unit? Should I take a 15/30 year? Should I refinance my current house that is at 4.25% and use equity to use towards the rental? Do I buy an outdated condo and put 20-30k into it to increase the rental income? 

The plan is to buy a studio/1 bed and throw it up on Airbnb. I would hopefully rent it out 50-75% of the time and charge surge prices on events/concerts/conferences. I know it's about to be the winter so I am unsure of how often the unit would rent out.

I would need to make sure the HOA allows rentals and that there is no rental cap or restrictions. In case anything happens with Airbnb with restrictions it would be nice to have a plan B. This is also a potential unit that I would live at down the road, or if everything goes right the plan is to slowly buy units and throw them up on Airbnb around the country.

I have around 40 - 70k in cash to play with + equity on my current house.

Any and all advice is greatly appreciated!!

Hello,

I am 26 and am thinking of buying my first rental condo in Chicago to put directly on Airbnb/VRBO. I have owned a 3 bed home in the suburbs for 3 years and think it's time to own in one of the best cities in the world. It would allow me to use the condo when I please and have the mortgage paid for + profit. I can increase the rate dramatically during concerts/events. Here is my plan:

Purchase a 1 bed, 1 bath condo with HOA under $300/mnth. No rental cap or rental restrictions. 1 parking spot included.

Looking around River west, west loop, lincoln park, gold coast, possibly logan square/wicker park.

If anyone has any experience with Chicago and Airbnb please let me know. 

 What is a normal interest rate for private lenders?

Hello,

I'm 26 and have been interested in getting into real estate and not sure how I wanted to enter; buy/flip, buy/rent, wholesale etc. I recently found a townhouse with no HOA fees, priced at $69,900 for 3 bedrooms 1 bath. I am looking to get around $1100 - $1300 in rent. I am not sure the best way to maximize my value on this would be. 20% down and get a 30 year mortgage or do 3.5% down with PMI or try to get a couple investors to buy the place all cash. Any advice would be greatly appreciated.