All Forum Posts by: Victor So

Hey @Nat Solomon , what area is your two flat in? Have you heard of the new adu ordinance? Is it in the adu zone? If so, you could convert your basement to be a legal unit (given it has 7 ft ceilings, two forms of exit, etc)

Here is the link for reference: https://www.chicago.gov/city/e...

I currently rent out my basement on Airbnb and no, the city didn’t come out to inspect anything. It’s much easier for owner occupants to get licenses. If you don’t live in the property, there are more hurdles.

Here is a link to Airbnb faqs: https://www.airbnb.com/help/ar...

But when in doubt, contact the Department of Business Affairs and Consumer Protection(BACP) directly. 

Hey! This is what I actually do in Chicago. I have extra rooms in my basement that I rent out on Airbnb. I find that this brings in more income than renting the entire unit alone. 

The one thing I would say is, just make sure with the Village or city that Airbnb is allowed. Or, you can do a simple Google search to see if Airbnb is banned in your area. 

Some cities allow it, some don’t, and some don’t provide guidance on it at all. In Chicago, some of the suburbs completely banned Airbnb and some don’t provide any guidance but you can tell they don’t like it. 

As @Kerry Baird mentioned, the key is to do it before you move out because some banks will only do HELOCS for primary residences. 

Hey Carli, congrats on taking your first steps! Soon, you’ll get some great advice from multiple successful real estate investors from Chicago in this thread. 

But to start I would say, start in your own backyard. Figure out where you would feel comfortable living and what kinds of returns you would feel comfortable getting. And then, start running the numbers and see if it makes sense for you.

There are many meetups you can join that @Mark Ainley and @Tom Shallcross can inform you about. 

When I first started, I read Ben Leybovichs and Craig curelops  househacking books. I also listened to every single BP podcast including the rookie one. 

Hope this helps! 

@Russell Brazil just joined. I’m at Second City Real Estate with Brie Schmidt in Chicago

@Reshad Harun

Hey! Just DM’ed you!

@Michael Nowakowski

Hey Michael! Do you currently live in Chicago? And what specific suburb are you interested in (north, northwest, south, southwest, etc.)?

@Matteo Foglieni

Hey! If I were you, I’d use an fha loan to purchase a multi-family. It’s the cheapest way to get into the game. Sure, there’s pmi and all but your tenants pay that off for you. I’ve been househacking 1 property per year for 4-5 years now and have acquired 7 units that way.

My first property was a condo and due to issues with the HOA and my persistent fear of special assessments, I sold it. I don't think I'd ever buy one again. But obvious to each his own. There are many successful condo investors out there.

If you want to chat more, DM me!

@Michael Johnson

Hey Michael! PM me!

@Christian Padilla

Hey! Welcome! Congrats on taking your first steps! I remember when I was in your shoes a few years ago. I didn’t know where to start so I kept networking on BP, listened to every single BP podcast, and read a whole bunch of real estate books.

Ultimately, I felt that house-hacking was the best way to start. I was able to use a fha loan and put only 3.5% down. And I rented out extra rooms and units to cover my rent.

But obviously there are other ways to start too. Figure out what you are (or could be) passionate about. Wholesaling? Fix and flips? Buy and holds?

Pick a strategy, learn everything you can about it, and networking with people who are experts at it.

Hope this helps! Good luck!