All Forum Posts by: Krystyna Schexnayder

 Hi @Sophanara Khoeun

Apologies for the delay in response here! 

You absolutely can! Feel free to message me anytime. I'm happy to help. 

You can surely hire a PM for one property, as long as you feel like the costs associated with it align with your bottom line, and cash flow objectives. 

I use RentVine, and so far, we really like it. 

Hi Shawn, 

I don't think the verbiage in a notice like this is state specific. As long as you express the key details of tenant information, lease dates, along with any standard information to vacate, and clear language of "non-renewal". I do have a form I can share with you. But we can't upload pdf's in this forum. If you want to message me your email address, I would be more than happy to send you what I have. 

Best! 

Hi Danielle, 

As a property manager, if you were my client, I would recommend that you incorporate a monthly flat rate utility fee into that tenants lease. That way, there is some type of cushion to help against any high usage months, should they just happen to use more than your previous tenants did, or if you unfortunately get tenants who abuse the "utilities included" opportunity. 

Hope that helps! :-) 

For me personally, as a property manager and business owner, I truly believe this is not only about real estate, its a business of building relationships, and I think just being aligned with the basic principle that what we put out is what we get back, so I would be remissed not to oblige a new investors inquires. 

With boundaries of course as @Adam Bartomeo expressed. Every PM operates differently, and at the end of the day, there is tons of information you can navigate on your own in the beginning stages online, but surely there will be PM's that would be more than happy to assist you on journey.  And, I think its fair to say that we all may forget what people say or the information they provide, but we all never forget how someone treated us and made us feel! 

So I said all of that to say... lol, Yes, I think you can absolutely find a PM that would help answer some questions, and I hope you find some kind individuals. :-) 

All the best!  

Hi Ryan, 

I'm a licensed real estate broker in Illinois and also a property manager, and yes, in the state of Illinois, you need to be a licensed real estate broker (to be compliant) in order to manage property owned by others, because property management is considered a form of a real estate activity under Illinois law. 

There are exceptions, like what was mentioned by @Nathan Gesner, if you are an employee of the property owners, and you exclusively manage their properties, if you're a resident manager, living in the building that is being managed, or if you are someone who manages properties owned by a single entity and have a direct ownership interest in it. (Of course check with IDFPR). 

Hope this helps.

All the best!

Yes, @Sarita Scherpereel these words are used interchangeably, but @Mario Morales, both are still not able to be rented without risk. 

A non conforming unit is technically legal but it doesn’t meet current zoning (but possibly was once a legally functioning unit as a residence). Therefore still posing a risk to the owner, if rented.

An illegal unit was never legal per zoning/ building codes, and cannot be occupied without city approval.

Hi, 

As a property manager (based in Chicago), I have to say the screening process is paramount, because its the start of your relationship with various prospects. I can say while an eviction on a tenant’s record is a red flag, it doesn’t always mean they should be automatically disqualified. Context matters, and there are steps you can take to protect yourself while still giving applicants a chance to prove their reliability.

ALTHOUGH, still stay compliant with all of your states Fair housing laws, Always. Your property listing can also be a great way to lay out qualifying criteria (i.e credit score minimum, and require a co-signer if lower).

After conducting due diligence into a particular tenants situation, and you decided to proceed with an application approval, you could require a higher security deposit. 

The flexibility and context are often key to maintaining occupancy, while still minimizing your risk. There is a sweet spot in filling vacancies and protecting your investment! 

All the best to you! 

Hi, 

As a property manager in Chicago, if a client of ours presented us with this situation, in good faith, I could not advise them to rent the unit. 

Advertising an illegal, non-conforming basement for rent, whether publicly or privately, out right violates local laws. 

Chicago's Residential Landlord and Tenant Ordinance (RLTO) and building codes require that all rental units meet zoning, health, and safety standards. Advertising a non-conforming unit without disclosing its illegal status could be considered deceptive (and fraudulent), opening the owner to major legal risks (fines or tenant lawsuits).

Even private marketing, like word-of-mouth, doesn’t absolve the owner from liability if the unit fails to meet legal requirements. If the unit does not comply with local codes (like proper egress, zoning approvals, safety standards, etc), it cannot be legally rented regardless of how it’s marketed.

The safest course of action forward, would be to bring the unit up to compliance with chicago's zoning/ building codes before attempting to rent or advertise it. 

But furthermore, consult with your attorney.

Hope this helps.

Hi Jose, 

Congrats on your progress so far! 

I want to add to the sentiments of @RyanSpath and @LauraStayton! 

Is self management attainable, yes... Is it underestimated, yes. 

It is super important that you are very knowledgeable about your state landlord and tenant laws, to best prepare yourself for how to conduct your communications, and the essential do's and dont's that will save you in legal fee's if there is a simple mistake made. 

Self-managing can be a great way to stay directly involved, but it’s also important to consider the demands it can place on your time, resources, and expertise.

I'm certain, you have experienced some real frustrations with that PM company, but a strong property management company that can align with your overall needs, can sometimes be a priceless investment when it comes to staying compliant. 

The transition is going to be key... the less confused the tenants are, the better of a start you will have in gaining their trust moving forward. 

Either way, you have a great resource of industry professionals her on BP, so I'm sure you are going to be fine! 

All the best to you! 

Hello, chiming in to echo similar sentiments above... 

Its essentially in the longterm best interest of the property owner to ensure there is a non-compete clause in all leases; merely for the benefit of securing longterm relationships with the tenants.

A diverse tenant mix can attract a wider audience and contribute to a more vibrant environment. And therefore competition among tenants can create significant challenges, like...

Businesses may struggle to establish a unique presence and loyal customer base, and a lack of profitability due to nearby competition will likely lead to higher tenant turnover. When tenants aren’t able to achieve long-term success, they’re more likely to move out in search of a more favorable location. 

So definitely include clauses in all leases that limit the types of businesses that can operate within the space. This ensures that you protect existing tenants from direct competition and support their growth; this will also foster their trust in the ethics in which the property is managed. 

All the best!