All Forum Posts by: Robert Bostick

Hello All, I have a seller finance lead in Chicago and have never done seller financing. I was hoping to hear some information on the steps to get this done and also see if any Chicago investors have an attorney they have worked with for seller financing before? I would appreciate any help or recommendations for an attorney. Thanks

Hi Michael, 

My full time job is a Property Manager for condo associations and I am also an Air BnB host. I would be very hesitant about buying a condo with the intentions of using it as an Air BnB. I have seen dozens of different condo association declarations and I do not believe I have seen a single one that did not ban Air BnB. They may not outright ban Air BnB but they typically say something about transient tenants, short term leases, etc. 

If you do get a condo I would make sure it is one the explicitly allows Air BnB and before purchasing I would get something in writing from the association board stating they are Air BnB friendly. Even if a building is Air BnB friendly it can still be a risk as board members change all the time and can relatively easily enforce no Air BnB's. 

As an Air BnB host myself it sounds like you are looking to live in the condo and rent out a bedroom. Definitely make sure to check out prices in your area you are looking at for what only renting a bedroom goes for. If you are looking for a condo at a discounted rate, it will likely not be in a desired area so you would likely only get minimal prices/night and also higher vacancies. 

I know condos get a lot of flack on here as rental investments but if you have a stable condo association condos can be good long-term rentals if you know how to properly vet the condo association. 

Good luck with your search and feel free to reach out if you have any questions!

I look forward to attending my first meetup on the 16th. Newbie here who is set to close on Aug 31st for my first property. It is a 3-flat with a legal basement unit and I will house-hack living in one unit and renting out the other 3. 

I look forward to networking and meeting some more experienced investors. 

Hey Chicago BP'ers,

I am currently looking for a 2-4 unit multifamily to househack as my first investment property. I am currently looking for a realtor to work with in the Logan Square, Humboldt Park, West Town, Avondale, Irving Park area. 

Please let me know if you have any recommendations on realtors who know how to spot a deal for househacking/real estate investing with multi-families. 

I would appreciate any recommendations as I am getting ready for my first deal. 

Hey Jeff,

I am a condo association property manager in Chicago and would be happy to talk about condos here in the city if you have any questions. I am new to REI and am currently saving to do my first house hack in a multifamily.

I would be happy to connect and chat about Chicago condos or just to network in general. In general with condos and I would say this goes for any city, you need to make sure you have a property that is professionally managed. You also need to make sure you have an association with an active board, decent reserves, and an active maintenance plan. 

There are too many condo associations in the city with poor finances and poor maintenance plans. This can lead to special assessments and I would hate to be an investor that gets a special assessment that is out of my control. 

I also recommend to do your due diligence and read the associations meeting minutes, condo declaration & by-laws, and rules and regulations. 

Feel free to reach out if you ever want to talk more in depth. 

Hey Mark,

I just sent you a PM about the position, I look forward to hearing from you as I am very interested in entering the REI industry.

Hey BP,

I am very interested in getting into the real estate investing field and am actively learning. I recently finished grad school so am still building up the cash to get started but am looking to make my first deal in 12-15 months. 

This is probably a long shot but I am also looking to possibly work for a real estate investor. I currently work in business development downtown and am open to working for a real estate investor so I can start learning more about the business. 

I am looking forward to learning more from BP and the community and hope I can get to know some local Chicago investors to network and learn from. Message me if you are in the Chicago Metro and looking for help or to network.