Buying a 2BR. I plan to rent out the other bedroom. Advice? (Chicago: neighbourhood, tenant)

[ShouldHaveLeft914]

Thanks for the perspectives.

Here are some other details:
Full amenity building in south loop (doorman, rec room, fitness center)

Rent would actually be just $800 with utilities (Seems like a good deal, right?)
I would charge indoor heated parking for $200/mo.
Total of $1000 rent.

[OhAcid]

Originally Posted by ShouldHaveLeft914

Thanks for the perspectives.

Here are some other details:
Full amenity building in south loop (doorman, rec room, fitness center)

Rent would actually be just $800 with utilities (Seems like a good deal, right?)
I would charge indoor heated parking for $200/mo.
Total of $1000 rent.

Keep in mind most renters in the loop looking to share a space are not going to own a car, so if you do find a tenant you'd be eating the $200.00 for parking most likely.

[jwaiter]

Originally Posted by OhAcid

Keep in mind most renters in the loop looking to share a space are not going to own a car, so if you do find a tenant you'd be eating the $200.00 for parking most likely.

He can always rent the space to someone else!

[prelude91]

Originally Posted by OhAcid

Keep in mind most renters in the loop looking to share a space are not going to own a car, so if you do find a tenant you'd be eating the $200.00 for parking most likely.

I would wager the majority of people lving in the South Loop own a car.

[aragx6]

Originally Posted by ShouldHaveLeft914

Thanks for the perspectives.

Here are some other details:
Full amenity building in south loop (doorman, rec room, fitness center)

Rent would actually be just $800 with utilities (Seems like a good deal, right?)
I would charge indoor heated parking for $200/mo.
Total of $1000 rent.

I think you'll find someone who's interested at that price point.

[eevee]

Originally Posted by ShouldHaveLeft914

Thanks for the perspectives.

Here are some other details:
Full amenity building in south loop (doorman, rec room, fitness center)

Rent would actually be just $800 with utilities (Seems like a good deal, right?)
I would charge indoor heated parking for $200/mo.
Total of $1000 rent.

$800 for a full amenity building in the South Loop is a better deal and you'll definitely get more bites, but given the number of colleges in the area, I wouldn't be too surprised if college students answered your ad as well (you could always specify an age range if you don't want this). Not sure how many people your age are looking to live with roommate who could afford a relatively higher price point.

I wonder if doing a temporary lodging set up would work as well? Furnish the room really nicely and market it to business travelers and tourists. It's a ton more work, but then again, I think you can charge more than $800 for 3 weeks. Just a thought...

[jsk1983]

Just rent the parking space separately.

[jahk]

One more comment: If you haven't already purchased, make sure the unit you buy has 2 full bathrooms.

Sharing an apartment is one thing, sharing the bathroom would be a dealbreaker for some.

[OhAcid]

Originally Posted by prelude91

I would wager the majority of people lving in the South Loop own a car.

If by people you mean families and wealthy residents then yes, possibly.

I don't suspect that a well to do family of four or a wealthy single tenant is going to be moving into his available one bedroom though. Someone looking to save money by sharing an apartment with a complete stranger is not going to own a car 9 times out of 10.

[linicx]

Be very careful that the County Tax Assessor does not find a reason to change your status from Homeowner living in Primary Residence to that of a Landlord living in Multi-Use Unit,

You could reserve your parking space for overnight guests. too,.$6.50 is not much for 24-hour parking