You might own a lakefront property in Chicago but you don’t live there every day and you do not want to sell it because you see this property as an investment. Why not rent your property to tenants who want to live there for a few weeks or months? It’s important that you find the right tenants because the wrong tenants will cost you financially and emotionally. At the top of your criteria list must be a tenant who has a steady income and good credit because your mortgage will largely depend on how reliable tenants will be with rent. You want to choose a tenant who has had the same job for at least two to five years and whose income is above the amount you plan to charge for the rent. You should also do a credit check on potential tenants.
Get References From The Tenant’s Former Landlords
To make sure you find a stable tenant it would be a good idea to find out the tenant’s rental history by contacting his former landlords. You should ask if he always made timely payments, if he maintained the house in a clean and organized way at all times, if he respected his neighbors and if he always followed the rules of the lease without much trouble.
Be Specific in Your Advertisement
Another way to find the best tenants is to be specific in what you’re looking for in the advertisement. If you’re charging $500 per month plus a $50 security deposit, this needs to be in the advertisement. If you do not allow pets in your property this needs to be included in the advertisement.
Get The Word Out
Aside from placing classified ads in the local newspaper, there are other ways you can solicit qualified tenants for your lakefront property in Chicago. Tell your friends and relatives about the vacancy and also post the vacancy on your social media webpage as well as online apartment listing websites. Pass out flyers to colleges, public parks, community events, hospitals and at clinics. Give people brochures that include photos of the inside of the lakefront property.
When you use the above mentioned steps to find the right tenants you’ll have tenants who will not give you a lot of trouble. There may still be minor conflict between you and the tenant but with communication those issues can be resolved.
If you need to purchase lakefront property in Chicago for use as a rental property you can contact the Law Office of Starr, Bejgiert, Zink & Rowells
