All Forum Posts by: Sebastian Boruta

@Arthur Banks Congrats! Can't wait to hear the whole story.

@Matt Kesner Thank you for your advice.

The way I see it there are too many risks especially dealing with HOAs. The ones I checked so far did not allow short term rentals. 

If I already owned a condo it would be an interesting strategy to try but buying one for that specific purpose might be a little much especially since it would be hard to support it once converted to long term rental. 

Sebastian

Welcome @Daniel J.

@Arthur Banks Sounds good.

@Brandon Turner Ahh, the famous Brandon Turner! Thank you for all the info and all the great work at BP. Podcasts are amazing!

@Timothy Riley Thank you. Hope to meet you in person soon.

Thank you @Brianna Schmidt, @Arthur Banks and @Raji Ahmed for the warm welcome. Good to hear from the people in the neighborhood. Hope to meet you in person soon.

@Brianna Schmidt I see that you organize local meetups. Thank you for taking the time to do that. While I cannot attend the meetup this Tuesday I will definitely try to get to the next one.

@Arthur Banks greetings neighbor! Lunch sounds great. I work full time but drive around for work a quite a bit so depending on where you're located we can set it up.

I checked LCPIA but Tuesday evenings are difficult for me to get out of the house I will however plan to attend the Milwaukee meetup.

@Raji Ahmed Waukegan is right next door and I'll definitely check it out. I'd love to know more about the flip you're working on. 

Thank you for all the welcome posts. 

I am looking forward to working with all of you.

I have been researching the topic of short term rentals in downtown Chicago and would like to find out if anyone has any hands on experience with this and can provide some additional insight.

Target audience would be vacation and corporate rentals.

Marketing is pretty well covered by sites like AirBnB, VRBO, etc and currently posted properties have their calendars filled at approximately 50-80% rate. 

It looks to me like it makes sense financially but there are several risks that might turn it into a bad investment:

1.) Recent NY and SF legal issues for short term rentals (AirBnB specifically) and a possibility of the same happening in Chicago. - my research shows that it is legal to do it in Chicago at this point. License fees for that specific rental have even been established in the last few years.

2.) HOA issues - this will be case by case basis but even if it is allowed now it could change at any point. Not sure what can be done to alleviate this risk.

Anyone in this market already or looking to start? I would love to hear your thoughts.

Thank you in advance for any feedback.

Welcome to the site! @Jeffrey Armstrong

Just joined myself couple days ago and looking forward to meeting you at the meet up if I can make it.

Sebastian

Hello BP Nation!

I am looking to start my RE investing in 2014. I live in Gurnee, Illinois which is by the Illinois\Wisconsin border. BP podcast brought me here and helps to keep me motivated.

Due to the fact that I already have the full time job I am thinking about starting part time as a buy and hold investor. It doesn't seem like my local area can support that strategy very well but things start looking up once you cross the border into Wisconsin.

I'm also thinking about investing into vacation properties.

Looking forward to be a part of this community and helping others in whatever way I can.

Sebastian