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Updated almost 4 years ago,
Duplex rental lease agreement in Illinois
Hello- My name is Zask, first time posting here. After listening and reading posts. This forum is the most educational site I have seen.
I just acquired a duplex in Moline, Illinois that has a long-term tenant. This person has been renting one side for over 20 years. He mows and takes care of the snow removal. His rent is $260 below the area rent. What pieces of advice do have for me?
1-Do I need property management since I am an out-of-state investor?
2- Should I negotiate the rent with him and let him continue taking care of the lawn and snow removal with no property management involvement?
3- Have him sign a new lease and hire someone to take care of the yard and snow?
4- What’s your preferred app for lease and rent collection?
Please share any information or methods that have worked for you as you invest out of state.
Thank you