Finding a new property to host with neighbors who are supportive

[Dave452]

My wife and I turned our Chicago condo into an Airbnb after we moved and loved being hosts. Our neighbors did not. We ran out for about a year and did have a few incidents with parties. We got much better about screening guests and making sure they were considerate of our neighbors. 

Unfortunately, the neighbors changed our bi laws and forced us to stop. We're now looking for a new property in Chicago to Airbnb, but we want to make sure we have neighbors that will be ok with this. 

Any suggestions for how to find out if neighbors will be a problem? We've even thought about giving them a percentage of the revenue to make them feel like a partner. 

We really miss hosting and want to make sure we're thoughtful before buying a property specifically to Airbnb. 

Dave

[Paul154]

@Dave452 

People are fickle. 

I have been blessed with wonderful neighbors. 

I live in a neighborhood zoned for single family residencial purposes.

However most of my neighbors house students, large extended families and/or have an illegal second dwelling. They are cool.

My advice is to get neighbors who supplement thier income by being in the housing business. Their interests are your interest. Working class neighbors tend to be good. Asian neighbors also are used to the idea of packing people in.

Stay away from upper-class entitled neighborhoods too many NIMBYs

[Dave452]

Appreciate the advice. Thank you

[Mark116]

@Dave452  Of more importance than the neighbors is whether there is any existing or pending regulations or legislation that would ban or significantly reduce the opportunity to have an airbnb or other short term rental.  If you are able to pick and choose,  maybe try to pick a location where airbnb has been fully legalized.  For example, our city collects a city tax on airbnbs, so while the potential that the regs will get tighter and more onerous exists...it will probably be a few years and once the city is getting the revenue stream they may not want to limit STR in any significant way.  The opposite is true in New York City, where the city seems intent on eliminating the entire STR market.