Newbie Landlord Questions - Joliet,IL

General Landlording & Rental Properties
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Newbie Landlord Questions - Joliet,IL

Veronika Burnette
Crest Hill, IL · Member since 2019 · 2 posts · 2 votes

I own an older home which I am looking to rent in the very near future. Is there a pre rental inspection that I need to have done in order to be able to list it as an investment property? If I have asbestos insulation in the attic does there need to be a special disclosure that happens somewhere along the line? Do I need to disclose older electrical setup? How do I actually go from homeowner to landlord and what legal steps do I need to take before listing my rental? I am stuck and not sure how to properly transition. HELP!

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Aaron Mikottis
Architect · Joliet, IL · Member since 2015 · 207 posts · 119 votes
3y

Reviving an old thread here...

The City of Joliet just passed an ordinance bringing SFRs into the inspection program. I work for a management company called Future Vision that specializes in the Joliet market if anyone needs help or wants to chat about what to expect.

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  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    6y

    @Veronika Burnette there is nothing you need to do in order to convert this to a rental. Take some great photos and get it listed for rent! Older electrical is not something you need to disclose as long as it is safe and functional, and asbestos insulation would probably be grandfathered in. As long as they aren't rolling around in the attic insulation you will be fine. The only disclosures we have in Illinois are lead based paint and radon for rentals. 

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  • Soh Tanaka
    Property Manager · Lindenhurst, IL · Member since 2016 · 854 posts · 506 votes
    6y

    Joliet requires an inspection.
    https://www.joliet.gov/departments/community-development/neighborhood-services-division/rental-inspection-program

    Also, maybe you can join this group. I don't know anything about them.
    https://www.jrla.org/

    If you change your mind and decided to hire a property manager, @Mark Ainley maybe able to help you. 


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  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    6y

    @Veronika Burnette Reach out anytime even as just investor to investor.  Or check out our new podcast Straighupchicagoinvestor.com which we also cover the southwest suburbs on there.

    [email protected]630-781-6744Podcast Guest on Show #72
    GC Realty & Development LLC4.61066 Reviews
    WebsiteView Page
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  • Sam L.Pro Member
    Rental Property Investor · Joliet, IL · Member since 2014 · 163 posts · 85 votes
    6y

    I live in Crest Hill and have rentals in Joliet and Rockdale. If it's a single family house there are no inspections required. If it's a multi family inside city limits you'll need a rental inspection.

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  • Aaron Mikottis
    Architect · Joliet, IL · Member since 2015 · 207 posts · 119 votes
    3y

    Reviving an old thread here...

    The City of Joliet just passed an ordinance bringing SFRs into the inspection program. I work for a management company called Future Vision that specializes in the Joliet market if anyone needs help or wants to chat about what to expect.

    2Reply
  • Xingcai WuPro Member
    Member since 2019 · 30 posts · 12 votes
    3y
    Quote from @Aaron Mikottis:

    Reviving an old thread here...

    The City of Joliet just passed an ordinance bringing SFRs into the inspection program. I work for a management company called Future Vision that specializes in the Joliet market if anyone needs help or wants to chat about what to expect.

    Yes, Aaron. This is Wu. I looking to purchase a house hack in the Joliet area. It’s a small Multifamily. Right now, it is rented to section 8 tenants. What should I expect when I take the ownership of the property? Thank you so much for your time!!!

    Wu
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