Chicago Property Management Blog

What Can I Charge to my Tenant’s Security Deposit?

By Jason Marcordes Monday, September 14, 2020

If a tenant did not pay rent or you incurred significant damages to your property during their lease, you might need to withhold a portion, or all, of a tenant’s security deposit to cover your losses. As a landlord, it is important to understand what you are legally allowed...

Can I Sell My Rental Property While Tenants Occupy It?

By Jason Marcordes Monday, August 31, 2020

When you’ve decided it is time to sell your rental property, you have two general options: wait for the tenant’s lease to end and they move out to sell to an end-user, or sell your property to an investor while your tenants still occupy it. While selling your tenant-o...

Navigating the Eviction Process in Chicago During Covid 19

By Jason Marcordes Tuesday, July 21, 2020

Covid has unfortunately made it difficult for many tenants to pay rent. Under normal circumstances, after a missed payment, a landlord has the right to start the eviction process. However, with eviction courts closed and a new Covid-19 Eviction Protection Ordinance in Chicago, th...

Should I Own My Rental Property in an LLC?

By Jason Marcordes Tuesday, June 30, 2020

Owning your rental Property in an LLC can be a smart decision as a property owner. An LLC can help reduce your overall personal liability, but with anything, it’s important to understand the benefits and drawbacks for your investment purposes.What is an LLC?A limited liabil...

HOW TO PROPERLY SCREEN NEW TENANTS

By Jason Marcordes Wednesday, June 24, 2020

Any prospective tenant can seem great during the initial walk-through. So it’s important to screen every potential tenant thoroughly before allowing them to sign a lease. A seasoned landlord knows how frustrating it can be to work with a difficult tenant. Whether they ...

What kind of insurance do I need for my rental property? Should I include Renter’s Insurance?

By Jason Marcordes Thursday, May 21, 2020

The Windy City is a great place to live and invest. Finding the right insurance policy is an important step to protect your rental property from liability. If you occasionally rent out a room in your primary residence, then homeowners insurance might work for you, but if you...

HOW DO I PROPERLY SCREEN NEW TENANTS?

By Jason Marcordes Wednesday, May 13, 2020

Any prospective tenant can seem great during the initial walk-through. So it’s important to screen every potential tenant thoroughly before allowing them to sign a lease. A seasoned landlord knows how frustrating it can be to work with a difficult tenant. Whether they ...

HOW MUCH SHOULD I CHARGE FOR RENT?

By Jason Marcordes Friday, May 8, 2020

Every landlord faces the question of pricing their rent. Depending on your state, location, city and even neighborhood - finding the right price range to list your property can be tricky for new landlords. Even in Chicago, our city is so diverse. Chicago includes such a wide rang...

HOW DO I LEASE PROPERTY DURING COVID 19?

By Jason Marcordes Friday, May 1, 2020

Under Illinois’ Executive “Stay at Home” Order, real estate services are included under “essential businesses”. This means people engaged in real estate are permitted to leave their homes to provide these services. This includes real estate brokers a...

DO I HAVE TO PAY MY RENT OR MORTGAGE DURING COVID 19?

By Jason Marcordes Wednesday, April 29, 2020

COVID-19 “Coronavirus”, has impacted and affected every major area of our lives. From our jobs, schools, social lives and weekend plans, there is no one that hasn’t been affected on some level. So many of our favorite places to go have been shut down, restaurant...