Investor · Chicago, IL · Member since 2020 · 11 posts · 1 vote
I knew Chicago was a tenant-friendly city when I decided to invest here. After all, I live here. I must admit that the new ordinance doesn't sit well with me. I am a micro investor who is sympathetic to the plight of families who are renting during the COVID-19 era. However, I can't afford to subsidize them if they decide to withhold rent during that four-month period. Or what recourse do I have if they damage my property during that period?
I'd really appreciate your perspective, especially investors in Chicago.
BTW, any suggestions where I could look for buy & hold multis (3+ units)?
Hazel Crest, IL · Member since 2017 · 38 posts · 11 votes
6y
It is my understanding that it only applies to properties with 6+ units. I watched the playback of the city council meeting, but have been unable to find official documentation yet.
Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
6y
That is eviction without cause. Please consult an attorney when dealing with eviction issues. There are several new changes.
The only time I evicted was for "non payment." The 120 days should not apply.
I do believe there is a new form required with non payment evictions, due to covid related employment. It is a form that states the landlord must propose a workout remedy. Again consult a good eviction attorney.
Eviction court closure has been extended another month, so these are trying times for landlords without paying tenants.