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Lessons Learned from being a Chicago Landlord - Part I of V

Reblogger
Property Manager with Gibson Management Group, Ltd.

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!

Original content by Maggie Finegan

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.

Maggie Finegan Chicago

 

(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!

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Keller Williams Chicago - Lincoln Square
2156 W. Montrose
Chicago, IL  60618
773.502.1673

 

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Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

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Comments (3)

Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h
There are a variety of similar services around and they are a great timesaver. I'd just stress the importance of ensuring that the data pulled is thorough and complete. I also prefer my staff to call on references as this helps to discover any potential fraud.
Oct 22, 2011 01:27 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Wallace - I always suggest that new landlords join the local landlord's association.  Why re-invent the wheel?

Oct 23, 2011 04:19 AM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

I have been looking for a good accounting software. Had a really good one 15+ years ago, but they stopped supporting it and it quit with one of the windows upgrades.

Oct 24, 2011 06:34 AM