Renting 101 - Chicago IL

4 Replies

Hi all!

I am looking to buy a condo in Schiller Park, IL for about 70k and rent it out for $1,150.00

I have not done all the money to see how much everything is going to cost I am meeting with a realtor agent tomorrow to talk about it. If I sent you guys the link to this place can you guys give me some feedback?

This will be my first rental property so I'm taking it easy.

Step one is to study your state landlord tenant regulations. They are mandatory reading before starting your investing.

In addition to understanding applicable landlord-tenant laws, be sure to thoroughly read through the condominium's governing documents, particularly any policies about renting.  Some condominium associations prohibit or restrict rentals.

I would make sure the condo building allows you to rent it out. A lot of condo boards are changing the rules to include buyer must own unit for 2 years prior to renting. Also, I would make sure the condo association has strong reserves so you are not hit with a special assessment. I would recommend asking for one years minutes, once you are under contract, to determine if there is any discussion about special assessments. If so, you will want to negotiate this cost with the seller. A good selling agent will let you know if there are any specials. I would also make sure that once you rehab it you identify that other similar condos are selling for the purchase + remodel price so you do not lose money.

@Bart Barabas undefined

since you are close, i would drive the area at night (especially weekends) to see who are your renters.

Good luck

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