Property Management Blog

By Tim Harstead - Tuesday, January 5, 2021

Screening For Tenants

In Chicago, going through an eviction with a tenant can mean months of unpaid rent ... and that was pre-pandemic! Right now, it's almost impossible to get a tenant out for non-payment. So, what’s the best way to do an eviction? The answer is to make sure you don&r...

By Tim Harstead - Thursday, July 23, 2020

Illinois extends eviction moratorium, and Chicago passes 120 day notice required to get tenants to l...

The last few days have dealt a few blows to Chicagoland real estate investors with tenants not paying their rent, or for landlords with plans to raise rents. Governor Pritzker has extended the ban on evictions until August 22nd. This means you can not file an eviction on a non-pa...

By Tim Harstead - Thursday, March 19, 2020

Tenant and Landlord Resources for the Coronavirus Pandemic in Chicago

This is unchartered water for everyone. With tenants losing jobs or having to work from home, to landlords not knowing if they will be able to make their next mortgage payment, there is a lot of uncertainty going around right now with the Coronavirus. I definitely do not have all...

By Tim Harstead - Monday, February 10, 2020

Is Cash-for-Keys a Good Alternative to Eviction in Chicago?

Yes, and understandably, it sounds counter-intuitive. You have a bad tenant who is not paying their rent, and here I am telling you that offering to pay them money to leave may be your best option. Let's break it down. Eviction in Chicago: The way the current law is written a...

By Tim Harstead - Friday, January 17, 2020

Interest rates for Chicago Security Deposits

The city of Chicago has set the 2020 interest rate for security deposits for renters at .01%. This means that if you have a security deposit of $1,000 you must pay 10 cents within 30 days of the end of every 12 month cycle you hold the security deposit for. You must also include ...

By Tim Harstead - Wednesday, January 1, 2020

Can Tenants Smoke Marijuana in their Apartment now that it's legal in Illinois?

Weed is now legal in IL but is it legal in your apartment?Happy New Year and new decade! If you live in or own property in Illinois, then you know recreational marijuana is now legal in the state of Illinois. Which brings up the question many tenants are wondering: Can I smoke it...

By Tim Harstead - Friday, November 29, 2019

BRRRR

In Chicago, as we hit December, BRRRR sounds like the sound we make when we step outside! But, it is actually a very useful real estate investing technique! Let’s break down what each letter stands for, so you can see if this is a game plan that would work for you and your ...

By Tim Harstead - Thursday, November 7, 2019

Budget plans for Chicago Utilities

They say “failing to plan is planning to fail” but how do you budget for bills that are different every month? Chicago’s utilities have a solution. ComEd and Peoples gas now have budget billing. This estimates your annual costs and gives you an equal bill every ...

By Tim Harstead - Thursday, August 8, 2019

What's a House Hack

House hacking is an investor term for buying an investment property that you live in while you either rehab it or while renting out the other units in a multi-unit building while gaining enough equity to refinance and buy another property.Whether you are looking to start an inves...

By Tim Harstead - Wednesday, July 24, 2019

Staying Fair Housing-compliant when it comes to criminal convictions

Can declining criminals in your Chicagoland apartments make you a criminal?Screening potential tenants is one of the most important jobs of a landlord and property manager. If you let someone in who doesn’t pay, not only are you losing income for the months they don’t...