Illinois/Winnebago county tenant landlord laws/ lease with option

[Wendy Busa]

New investor, I am looking to do a possible lease with option on a property in Rockford Illinois. I have never been a landlord, so I am trying to find out what the tenant/landlord laws are. I went on to the Illinois attorney general site, that states to check with the local municipality.

I do not see anything for Winnebago county or the city of Rockford for their specific laws. Does anyone have any experience as a a landlord in the Rockford area? Any thing that I should be aware of?

Thanks,

Wendy

[Jonathan Klemm]

Hey @Wendy Busa - You should connect with @Jim Biggs, I know is out in Rockford and understand the commercial space quite well.

I believe you are talking about the lease-to-own strategy?  Most areas won't have any specific laws on it....I know Chicago doesnt.  You just need to find an attorney to write up a contract for you.

I can send you a sample of one we have used in the past.

[Wendy Busa]

Thank you Jonathan,

Sorry for the late response. Having issues with my email. Thanks for the great info. I will reach out to Jim.

Wendy

[Daniel Smyth]

Rockford now wants you to sign up and be taxed for your properties rented/leased or vacant.

There is a contracted company that does this, and they will send mail to your property and give you direction. 

The "right" thing to do, would be to contact the Alderman of the Ward your property or proposed property is in, and advise them your intentions. As much as I love to buck the system, It's probably best to just go along with the flow until you know the ropes. After all, it's the cost of doing business, and if you do it right, the tenants end up eating the costs, so you win by playing the game!

When you find yourself in the Rockford area, shoot me a text or leave me a phone message. I don't mind helping with my ideas about the Rockford, Illinois area. Sure things change, but History sometimes repeats it's self. I don't mind helping if I can! 

Perhaps if I find something closer to you, you can return the favor!

[Jim Biggs]

Hey @Wendy Busa I don't check here often. How did the deal go? Great advise and very generous offer @Daniel Smyth