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All Forum Posts by: Seb Ko

Seb Ko has started 16 posts and replied 45 times.

Post: duplexing 2nd floor unit into attic

Seb KoPosted
  • Posts 49
  • Votes 26

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. 

Post: Registration needed for long term Airbnb?

Seb KoPosted
  • Posts 49
  • Votes 26

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?

Quote from @Kevin Romines:

Pen Fed is one of the best places to get a HELOC on a rental.

I hope this helps?


 No longer offer this as of a few months ago

Quote from @Jonathan Taylor:

@Seb Ko can you provide the reasons why the lenders you called deny your loan? I agree to the above C/O refis are super easy and as long as LTV, FICO, and financials line up, you should be fine.


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.

Post: Help with Chicago STR application

Seb KoPosted
  • Posts 49
  • Votes 26

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

Post: Chicago fence recommendation

Seb KoPosted
  • Posts 49
  • Votes 26

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. 

Post: Help with Chicago STR application

Seb KoPosted
  • Posts 49
  • Votes 26

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?

Post: Landmark building permit

Seb KoPosted
  • Posts 49
  • Votes 26

Hi there does anyone have experience applying for permits through Chicago landmark buildings? I’m looking at changing exterior windows and understand that if there’s a color change I have to apply for a permit. Would love to Understand what the process looks like, lead times, etc. 

Post: Airbnb 50%+ income! My strategy

Seb KoPosted
  • Posts 49
  • Votes 26

Great insights thank you. Can you tell me when you applied? I applied in late May and still it’s under review. Also, are you living in one of the units in the building?