All Forum Posts by: Seb Ko

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?

I live in a 2nd/3rd floor duplex with only one set of stairs and no sprinkler. Just bought last year and nothing came up about any code violations. Even if the property was grandfathered I would’ve still expected the inspector to mention something if that were the case. 

Hi Friends, does Chicago require registration on their short term rental portal for Airbnb listings longer than a month? Is this something Airbnb itself enforces when you list a place?

 No longer offer this as of a few months ago

Most have specific rules on either which state the property is, if it's multi-unit, and if there is a first lien. I have only found one lender for example that allows for a HELOC on multi unit property in IL that has a first morgage.

Thanks everyone for the responses. I have applied for a 4th time with another combination of unit#/document showing proof/and indicating primary. Hope this one goes through

following. Iron looks great though will begin to degrade within 4-5 years and will need continual upkeep going forward. Been debating aluminum which isn't as nice looking but is powder coated generally and many are lifetime warranties. 

Agree with a lot of the last few comments. As best as possible, do not reduce the amount of security deposit return (you have 45 days to return this, and don't forget the interest. Try to charge pro rated rent. 

Hi everyone, hoping I could get some help from anyone that has successfully applied for an STR/Airbnb in Chicago. I have now been denied 3 times. I have a 2-unit and I live in one and would like to Airbnb the other. I have applied for the Unit which I do not live in and indicate Entire Dwelling. The last response from the city was:

• You have attempted to register a unit which is not your primary residence, in a building with four or fewer dwelling units. You may apply for a Commissioner's Adjustment to waive the primary residency requirements. You can find information about the Commissioner Adjustment process at www.cityofchicago.org/bacp.

The unit is not my primary residency obviously, as it's the one I'm trying to rent out. On any documentation I submit it indicates my unit. I can submit documentation (e.g. utility bill) for the unit I'm trying to rent out and indicate that as my primary residence. Is this what should be done?