All Forum Posts by: Victor So

John Warren do you also charge a move out fee when they leave? Is that even a thing in Chicago? (This is sort of a separate topic but I’m curious because my condo is charging me a move out fee)

Thanks @John Warren and @Christopher Malone  I’ll be house hacking in Niles, IL. I guess I’ll just take a security deposit. How much do you guys require for a security deposit? Also, are there requirements for how to handle it? Does it have to be kept in a special account? 

Hello BP! For all the landlords out there, do you guys require a deposit or just charge a move in fee? And what amount do you charge? Thanks! Victor

Grant Rothenburger Thanks for the reply! What would you say to someone who says that move in fees are better for tenant-friendly cities? The worry obviously is that if the tenant damages things we may not be able to use the deposit for them if they take us to court or something. Also, how much do you require for a deposit?

Niles is a neighboring city about 10-15 min Northwest of Chicago.

Hello BP! I just closed on a 2-unit property in Niles, IL where I will house-hack by living in one unit and renting out the other. I also plan to airbnb my spare rooms for extra income. Before acquiring this property, I had my own condo where I rented a room through airbnb so I’m familiar with that process. However, this would be the first time being a landlord and, for those who invest in Niles, is there anything I should keep in mind in terms of local laws when renting out my unit? Also, I’ve noticed certain trends that I’m looking to go against but I’m not sure if this is a good idea. For instance, around my neighborhood, many units are not pet friendly. However, I plan on allowing pets in the unit for a monthly pet fee. Also, most landlords require a deposit. However, I plan on just charging a move-in fee. What’re your thoughts on going against the grain? Any advice would be appreciated! Thanks! Victor

Hello BP! Can anyone recommend a knowledgeable lender in the Chicago area who has experience with FHA 203k loans? Thanks! Victor

The only other site I use is VRBO. But pretty much, you can get a grasp as to what you should charge just from listings on airbnb.  

I'm renting out a room in my condo. And yes, our HOA is strict with everything. They only allow guests (all guests, including airbnb) to stay a maximum of 2 weeks at a time. So, I've set my limits for guests to book to a maximum of 2 weeks. Most people, however, are tourists and so they only stay for a few days anyways. So, I've really had no issues.

Hey Conrad! I am currently renting out a room through airbnb in Edgewater, which is the adjacent town south of Roger’s Park. It’s been awesome for me thus far. There is a demand in our area on airbnb due to Loyola University and Northwestern University nearby. Therefore, I have parents, siblings and significant others of students who book my place a lot. I would make sure to find a location where public transportation is readily accessible since many tourists want to get to downtown. Parking would be helpful too. Make sure to do your due diligence and see what similar rooms are renting out for in your area. Hope this helps! Victor