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

May 26, 2022

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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!

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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

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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!

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Production House: Flint Stone Media