How to Be a Landlord in Illinois
- 1). Get acquainted with Illinois law regarding tenant and landlord rights. Consult materials on the topic provided by the Illinois attorney general's office as a starting point.
- 2). Consult with an Illinois-licensed realtor to determine what rental property is on the market and the going rental rates. Speak with the lender of your choice if you need to borrow to finance a purchase. Acquire adequate insurance to cover reconstruction costs if your unit is destroyed.
- 3). Solicit potential tenants by placing classified ads in Illinois newspapers, advertising online or posting bulletin-board notices at grocery stores and other retail and community sites.
- 4). Have a face-to-face meeting with any potential renters who respond. Notify them about how much rent is, when it is due, what late fees are and how large of a security deposit you require.
- 5). Ask the possible tenant fill out an application that includes his name, employer and monthly earnings, driver's license and Social Security numbers, bank and auto information, rental history, at least four references and a credit-report authorization.
- 6). Order a credit report and review it for any previous bankruptcies, delinquencies or late payments, which reflect on a potential tenant's reliability and suitability as a renter. Notify the applicant of any negative finding in the credit report, as is required by law, that influences your decision to reject a rental application.
- 7). Sign and date a rental agreement with the applicant who meets your screening requirements. Include in the document the amount of rent, the due date, the amount of late fees, types of payment you accept and duration of the lease. Include in the agreement whether you or the tenant will pay utilities, whether pets are allowed and that failure to adhere to any of the requirements can constitute grounds for eviction.
- 8). Consider hiring a handyman to handle any maintenance issues that arise, including problems with plumbing, the furnace, air conditioner or the roof. Mow the yard once a week by doing it yourself or by hiring a landscaping service to handle the chore. Monitor when any bills for utilities or city or county property taxes come due and make timely payments.
- 9). Give an Illinois tenant five days notice that his or rent is overdue and 10 days notice if you plan to evict them for violating terms of the lease. Consult an attorney and sue a tenant if he or she stays in the rental unit after the eviction date.
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