SUCI Co-Host Mark Ainley is back in the hot seat to share insights on being an apartment operator in Chicagoland Villages and Suburbs!
Mark jumps right in by giving a bit of history on why rental licenses were originally introduced. He gets granular on various village requirements for rentals including smoke detectors, GFCIs, and hot water heaters. Mark explains some hoops you can expect to jump through during Point of Sale inspections and how to expedite the process! He closes by breaking down tax transfer stamps and other transaction fees in the Suburbs so you can accurately factor this into your holding costs!
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03:16 Housing Provider Tip - Understand the updated CARES Act notice requirements!
04:55 Intro to our guest, Mark Ainley!
05:48 The history of village requirements for rentals.
09:17 Considerations when investing in Schaumburg.
17:27 Insights on permits and associated fees.
21:38 Navigating point of sale inspections in different villages.
31:46 What to know about tax transfer stamps!
35:56 Overview on rental licenses, village inspections, STR licenses, and more!
39:51 Book recommendations from Mark!
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Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest Name: Mark Ainley
Guest Company: GC Realty & Development
Guest Link: https://www.gcrealtyinc.com/
Other Links for show notes:
