All Forum Posts by: Seb Ko

Anyone familar with listing an Airbnb listing in last few months? Are there additional primary residence requirements such as homeowners exemption required, or anyone know if this is coming down the line?

Hi everyone, does anyone have experience putting through an ADU for an already completed unit. I've read that this is allowable, but that city will check to see if all work has been done correctly, pull permits, etc. Does anyone have first hand experience with this?

 Hi Reed, isn't the risk always on the insurance side? Where they would not cover a claim if there is an illegal unit?

 Hi Noah, any further update to this? Did you end up finalizing and getting it legal?

Hi there, does anyone have experience going through the ADU pilot process end-to-end? Does the City inspect the entire property to make sure it is up to code or just the ADU area of the building?

Illinois

Hi everyone, wanted to see what your experience has been with home insurance costs. I own a 2-unit primary residence in Lakeview and premiums have doubled in 1 year from ~3200 to ~6500. I have 0 claims - this is strictly due to "inflation protection and rate revisions in IL". My bundled auto insurance went up 60% to 1600 (0 claims, same reasons). Wondering what others here are seeing and if anyone has recommendations for home insurance companies covered 2 units. 

Thank you both for the responses!

Hi BP Chicago, I'm looking to add an ADU but will need to increase the water supply line to meet code. Unfortunately it will likely have to cross the street (small residential street in Wicker Park). Has anyone gone through this process and understands what cost estimate and process (timing, permits, etc) looks like?

Hi BP folks, I purchased a 2 unit property in 2021 which had one unit with a lease going through to June 2022. To calculate the 7 day maximum STR requirement for bonus depreciation, do I include those 6 months from that lease as a single stay?