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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Guest: Mark Ainley of GC Realty & Development
Link: Mark's Instagram
Link: The Science of Scaling (Book Recommendation)
Link: It's How We Play The Game (Book Recommendation)
Guest Questions:
03:15 Housing Provider Tip - Ensure to perform periodic checks on properties to identify issues that tenants may not bring up!
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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Production House: Flint Stone Media
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