I have a few multi unit properties on my radar in Illinois and for the most part they all currently have tenants secured to a lease, or they are month to month.
I’m wondering how other investors go about vetting these tenants before they buy, or the steps you would take to ensure you’re not buying a property full of tenants who miss payments, don’t follow the expectations of the building, or just outright damage the property.
Also, many of the rents that I’m seeing for these tenants seem low. Any tips on how to maintain the good tenants while still being able to raise the rents to the expected rates.
Investing in Illinois is tricky due to tenant rights and the difficulty of getting evictions processed.
Thanks in advance
First I bought from a owner who has had a long term track record in rental property. That being said all rents were way under the current levels for that area...I have slowly begin a 25.00 a month per year increase. I had one renter who started to give me a little trouble ....after consulting with the previous owner, she assured me they always paid. So I worked with them and everything has been fine since. I too am in Illinois.