New Landlord in Chicago, Illinois

12 Replies

Hello! I'm a software developer here in Chicago, and my wife (@etesla) is a stay-at-home-mom. We just closed last week on our first property: a quad on the North Side, which will be our primary residence.  We are excited to be landlords, and are looking forward to all the things we will learn. Real-estate investing is a very attractive pursuit for us because it has such good potential for providing financial security.

We have both been reading the forums and listening to the podcast for several months now, as we've been working on finding and closing this first deal. BP has already been so valuable to us. I, for one, am excited to get more involved in the community.

Welcome and congratulations on your first investment property! Two pieces of advice: 

Be a stickler about your rents from day one. It's hard to be lax and then tighten up procedures. Rent is due on the first by close of business and a late fee equal to the maximum allowed under your state law should be assessed on the second. That late fee when paid in the month when rent is due is a 60% APR return on the rent payment. Don't ever pass up an opportunity to collect one!

Never develop personal relationships with your tenants. Do not get involved with their family affairs or socialize with them in any way. You are in a different social group from your tenants - act like it.

Enjoy, it's an exciting and rewarding business!

I've been putting off writing an intro/first deal post. Either that or I've just been too busy working that deal! Glad to see my husband got around to it, though, and the very warm welcome he received. What a great resource this site has been for us already!

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