All Forum Posts by: Michael Hoover

The unit is located in Lincoln Square.

To be clear on what they actually offered.   They will pay 6 months rent up front and will pay the individual months rent on the first day of lease through month 6.   So the 6 month prepaid rent will actually go toward months 6 through 12 rents.

The property is located in Cook County and yes the eviction process can be lengthy here.

Would a 12 month prepaid lease change your viewpoint?   

I am waiting until this evening to make my final determination after I receiving both credit reports but as of right now I do not think it is worth the risk.  

 Exactly what you said....

I am not seeing the same risks that some of you are suggesting if I get a full year of rent ahead of time.  I could put in a clause that states if they wish to renew for another year the rent must be fully paid again for at least 6 months in advance.  

Illinois is very tenant friendly state and Chicago takes it to a whole new level but if you stay on top of rules I don't think it should be that much of an issue.

Is Notice Required if a Lease Expires?

A written lease expires automatically when the lease says it does, usually after one year. However, if the Chicago Residential Landlord and Tenant Ordinance (RLTO) applies to your rental unit, you must give the tenant notice, in writing, 30 days before the end of the lease, that you will not renew the lease. If you do not, the tenant can stay an additional 60 days past the expiration of the lease. After 60 days, you can file an eviction lawsuit, without giving a 5, 10, or 30-day notice.

Rent Payments After Expired Lease

If you accept rent after the end of the lease, you will create a new month-to-month lease with your tenant. This new tenancy will have the same rules and terms as the lease you were using. If you want to end the lease at some point in the future, you will have to give a 30-Day Notice as described above.

@Bill  I think you are correct in your statement that he met her and she straightened him out.  He was a manager at a restaurant that recently closed down.  

I think I am going to counter their 6-month offer with either a 6-month or  1-year prepaid lease.  

Seems like the best situation to protect myself.

You guys are confirming my initial reaction to the request.

If they are willing to prepay 6 months they might be willing to prepay a full year.  If so, then just sign them up for a 1-year lease.

Initially was going to be a 1-year lease but could make it a 6-month or make 1-year prepaid.

Looking to rent one of my 2 bedroom units and a couple with an interesting situation applied and I wanted to see what some you of thought of renting to them.  

The husband was recently laid off from his job and is currently seeking employment.  The wife is currently staying home with their young child.   They recently sold their home and have offered to prepay the first 6 months of rent (1650 per month) and begin paying on first month and continue for the next 6 months until the full years rent is paid.   They stated that they have very little debt and sizable savings (getting the credit reports this evening).  He filed for bankruptcy 5 years ago and she has good credit.

What do you guys think?   

@Chris Martin. You are not reading the links that I provided nor are you reading the posts. We are talking about two DIFFERENT services provided by Google Wallet. YOU are not the "seller" in these scenarios. As I have stated many times it is free to receive money. This service is no different than the Chase Quickpay and others mentioned in this thread. I don't know any other way to explain this.....