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**NEW HOST ALERT** Chicago

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#1

Hi my names Nikko and recently started my Air bnb company, was going to get my first Rental arbitrage in downtown Chicago. Would like some advice on the market out there if anyone has any good knowledge. Also will be needing cleaning if anyone knows any cleaning sevices in the area.

Thanks

#2

We are an international forum and most of us would have no idea about your wants and needs.
Strongly suggest you do your own research in your market.
Finally- why do we need to be alerted as to your new host status? New hosts come and old hosts go, best of luck in your journey as it it lots of hard work!

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#3

But - a 5 second google gave me this

https://www.cityofchicago.org/city/en/depts/bacp/supp_info/sharedhousingandaccomodationslicensing.html

And as I landlord there would be no way I would allow any tenant of mine to sublet, the lease termination papers would be served so fast the ink would be wet.

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#4

Nikko, Nikko, Nikko. What do you mean you have started an “AirBnb company?” Do you mean you are a property manager or an Owner of units in Chicago that you plan to rent out on a short-term basis via AirBnb?

Also, what do you mean by rental “arbitrage”? Are you purchasing and selling units simultaneously? I would guess not. “Arbitrage” is the act of purchasing and selling an asset simultaneously.

Finally, what do you mean about getting some advice on the “market”? What market are you talking about?

If you are planning to run/manage short-term rentals via AirBnb and don’t already have your own cleaning service secured and tested…you may be jumping the gun.

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#5

Rental arbitrage in terms of Airbnb means renting a place and then listing it on Airbnb and making more money on Airbnb than you pay in rent. Youngsters leasing an apartment and then Airbnbing it and spending weekends with their boyfriend or going out of town, that kind of thing. For the vast majority it’s in violation of their lease but hey…if you got em, smoke em.

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#6

Oh-tay…got it.

Still…

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#7

First off LOL I’m not asking you do any of my research as I’ve done so my self and that’s the reason I’ve landed on Chicago was reaching out to any owners of properties in Chicago if there was any… please never talk to me like you know more than me and I’m ignorant. Also you have no idea what I’m talking about obviously, and it’s funny that you so quickly responded with such a caddy attitude…
I hope you have a great day.

#8

Another day, another time I am reminded I am never to old to learn something new.

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#9

Deb probably came off like that because your original post sounds less than informed based on how you phrased some things. That can lead the more jaded or observant among us to believe you haven’t done much research before posting. If you stick around, you’ll see how often it happens :wink:
Also it’s “catty” and she has a cat avatar. haha

There’s a Chicago hosts section of the Airbnb community forums. They may be good source for local knowledge.

In terms of general tips, I’d suggest thoroughly reading the Airbnb TOS (boring but valuable) and help pages. There’s a steep learning curve and mistakes can cost you a lot.
I may be reading too much between the lines, but it sounds like you may not live in the market, but selected it for the arbitrage opportunity. You’d do well to develop an extensive support system - not just cleaners, but people who can step in on your behalf if there’s an issue. At least 3-4 people you could call for late night lock-outs, neighbor complaints, or the odd guest who wants you to re-clean because they saw a spider at 11pm. No cleaning service is doing that stuff!

Best of luck

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#10

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#11

@Nikko_Costello - you may want to recall that you came into this forum asking very broad questions and for general advice, and I presume you did so because you think we know more than you.

Our place is not located in Chicago, but if it were, I would not be inclined to help a new competitor in my market. So you may not get the help you are expecting. The “sharing economy” does not mean people give stuff away for free to anyone that asks.

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#12

You came here for help from experienced hosts. I manage four of my own properties for the last three years on four different booking platforms. I have had issues come up that some hosts here had never heard of. So yep - I know more than you on this topic!

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#13

Yikes, and there was I thinking that caddy was something to do with golf.

Mind you…

Some people obviously know more than me then… :slight_smile:

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#14

Looks like you didn’t get the memo about being welcoming to new members of the forum.

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#15

2340790069_c664785e94_m

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#16

Anyone else hearing Sheldon Cooper sing “Soft kitty, warm kitty, …”?

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#18

I drive a caddy. Great little car the golf is the bigger model :joy:

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#19
  1. Most landlords don’t allow tenants to sublet for good reason
  2. Chicago has quite a few regulations that if you are caught violating or trying to avoid will cost you a LOT of money
  3. Chicago is notorious for a number of folks who rent AirBnBs, advertise and throw big parties for which they charge at the door, and where these parties usually end with a lot of damage to the unit

But you sound like someone who knows everything, asks for advice but doesn’t want it, and will lose their shirt doing exactly those 3 things. Remember that your business, financial, and legal history follows you everywhere for the rest of your life. Your get-rich-quick scheme is full of holes that will lose you a lot of money. But go ahead, blow us all off, and make all Air hosts look bad. Fortunately, you’ll probably go under after the 3rd house party and an eviction.

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#20

Me too, and it makes me money!
aa%20Escalade%20400pix

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#21

Actually a VW Golf is much smaller than a Cadillac! :wink:

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