Episode 143: Ins and Outs to Navigating Chicago Short-Term Rentals with Jessica Ryan

Have you also been considering short-term rentals to increase your NOI?! Jessica Ryan joins us to share valuable knowledge on considerations when planning your short-term rental! Jessica starts off by explaining the main points of the Chicago Shared-Housing Ordinance and how to get a license for a short-term rental. She touches on notice requirements to other tenants, percentage of short-term rental rentals allowed within a building, and other limitations to consider when planning a short-term rental. Jessica closes by sharing some of the more interesting/goofy short-term rental stories that she has seen in her legal practice. Listen to this one closely so that you plan your short-term rental correctly and don’t need Jessica to represent you in court! If you enjoy today’s episode, please leave us a review and share with someone who may also find value in this content!   Connect with Mark and Tom: StraightUpChicagoInvestor.com Email the Show: StraightUpChicagoInvestor@gmail.com Guest: Jessica Ryan from KSN Law Link: Network Recommendation (Tim Jacobs) Sponsors: Prime Lending and Appeal.tax ----------------- Guest Questions 02:28 House Provider Tip: Look out for leaks when turning on your water spigots this spring! 04:20 Intro to our guest, Jessica Ryan! 05:20 How did short-term rentals start in Chicago? 07:59 What are some of the requirements of the short-term rental ordinance? 14:23 How do you start the process to obtain a short-term rental license? 15:58 Are there any legal notices required to other long-term tenants when adding a short-term rental to a building? 20:40 What are some of the main points that cause application denials? 24:25 How many short-term rental units are allowed in multi-family buildings? 28:13 What are the requirements for individual room rentals? 30:40 What rights does a long-term landlord have on a tenant running an authorized short-term rental in their unit? 33:13 Any funny/interesting short-term rental stories? 37:15 Does Jessica foresee modifications to the Ordinance in the near future? Wrap Up Questions 40:20 What is Jessica’s competitive advantage?  40:53 What is the one piece of advice for new investors looking to buy their first property in Chicago? 41:29 What do you do for fun? 42:31 Good book, podcast, or self development activity that you would recommend?  43:28 Local Network Recommendation? 44:17 How can the listeners learn more about you and provide value to you? That’s our show! Thanks for listening! ----------------- Production House: Flint Stone Media Copyright of Straight Up Chicago Investor 2022.

Om Podcasten

Are you a real estate investor in Chicago or someone looking to invest in the Chicagoland Market? If so, this podcast is for you! We break down the neighborhoods, different sides of the city, and surrounding suburbs so you can understand the uniqueness of investing in Chicago real estate. The hosts and guests are Chicago investors and Property Managers who are making it happen in and around the Windy City. We share information, winning strategies, obstacles, success stories, and most importantly, lessons learned. If you are looking for ground level information and want to learn what has worked and not worked in Chicago, you are in the right place.