Law Office of Zachary Lynn

05/02/2019

ICYMI - Head's up Cook County Landlords...

Cook County board passes an ordinance that makes it illegal to refuse to show property or rent housing to people with certain criminal records

03/24/2017

Thinking about being an Airbnb host in Chicago?

If you have decided that you can stomach the risks associated with hosting Airbnb guests, in addition to talking with your insurance professional to fully explore your insurance coverage options be sure to also register with the City of Chicago first before you start hosting.

The City of Chicago passed new rules for home sharing in July of 2016 and February of 2017.

Anyone with a property listed for short-term rental on a hosting platform like Airbnb must register with the City of Chicago or else face fines, or even litigation from the City of Chicago. This does not apply if you already have a valid shared housing unit registration, vacation rental license, or bed and breakfast license.

For more information here are Airbnb's resource pages relevant to Chicago:

https://www.airbnb.com/help/article/861/chicago--il

https://www.airbnb.com/help/article/1495/chicago-home-sharing-registration--frequently-asked-questions

02/08/2017

What happens when the Landlord can't afford the building any more when taxes go up and rents don't rise? Will conditions for the tenants improve with rent control?

https://www.dnainfo.com/chicago/20170207/kenwood/chicago-should-have-rent-control-state-lawmaker-says

Chicago has never had rent control and it's been outright banned at the state level since 1997.

01/20/2017

FYI for any FHA financing purchases in progress where Buyer's financing is tight - https://www.bloomberg.com/politics/articles/2017-01-20/trump-administration-overturns-obama-s-fha-mortgage-fee-cut

Soon after Donald Trump was sworn in as president, his administration undid one of Barack Obama’s last-minute economic-policy actions: a mortgage-fee cut under a government program that’s popular with first-time home buyers and low-income borrowers.

01/11/2017

Use a drone to check out real estate? Probably worth it to pick up some insurance for it before the battery dies / motor fails and you have an unwanted drone strike.

http://realtormag.realtor.org/law-and-ethics/law/article/2016/01/drones-assessing-risks

Whether you hire a company to operate a UAV or do it yourself, know your insurance options.