Lessons Learned from being a Chicago Landlord - Part I of V
GREAT SERIES! Good, EXPERIENCED property managers will be very VALUABLE to real estate brokerage for the next 5 to 10 years. In the 70s, when financing became a big issue, landlords renting their UNsold property saved a MASSIVE amount of real estate equity!
I bought my first rental property in 2003. It was a 3 bedroom townhouse in Chicago’s Ravenswood neighborhood. I first saw this property when showing a client who didn’t like the 50’s appeal to it. She didn’t love it, but I did! So, I bought it and became an instant Chicago Landlord.
My first challenge (and fear) as a first-time Chicago Landlord was: “How do I screen for Chicago Tenants?” A fellow Realtor® referred me to “ACR” – Advance Credit Reports in Matteson, Illinois. I set up an account with them, and they provided me with a legally compliant tenant application form that you can have potential Chicago Tenants fill out. What I liked about ACR is that once the completed application form was submitted via fax, the company ran a “Tenant Qualifier” in a matter of hours! This Tenant Qualifier includes a credit report, civil records, inquiries and residence history. For a nominal fee, they call employers and former landlords. For an extra charge you can run a criminal background check.
(Lessons Learned from being a Chicago Landlord will be a series of posts on a daily basis for the next week. Subscribe to my posts so you won’t miss this important information if you are thinking about becoming a landlord, are a landlord accidentally, have been one for a while, but may require a refresher course!)
When in doubt, reach out to Maggie!
Your Chicago Connection
Luxury Homes Division
Keller Williams Chicago - Lincoln Square
2156 W. Montrose
Chicago, IL 60618
773.502.1673
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