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Updated over 7 years ago on . Most recent reply

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Jackie Badiali
  • Huntley, IL
7
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New Landlord Advice...what changes can we make?

Jackie Badiali
  • Huntley, IL
Posted

We will be landlords in about 10 days if all goes as planned.

Question 1: Do you know if we can add an amendment to the rental agreement that is currently in place? The agreement doesn't stipulate a late fee for late rent payments and we'd like to add one since the payment history shows they have been 7-10 days late quite frequently.

Question 2: What other things do landlords typically do once they've bought an established property with tenants already there?

What changes can we legally make?

Your help is appreciated.

Jackie

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The first thing you must do is study and learn all your state landlord tenant regulations. That should be done before you start your business. You have 10 days. Your regulations will likely say that you may not alter or modify a existing lease without the tenants approval. Each state has specific regulations that cover all aspects of your business. Probably can not make any changes. When it ends it will automatically become M2M which should be your prefered lease agreement to best protect your investment. 

Learn the codes and post for clarification specifically from Illinois investors.

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