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Bradford Miller Law, PC, Attorneys & Lawyers Real Estate, Chicago, IL
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Chicago Real Estate Blog

Before you purchase real estate for rentals

Becoming a landlord in Chicago can provide you with a steady income, but there are many considerations before you take the first step. One of the biggest may be the factors involved in buying the real estate. At Bradford Miller Law, P.C., we have helped many investors who wish to own rental properties purchase multifamily homes.

Location is an essential element, according to the Chicago Tribune, not only because of the draw for the type of renters you want, but because of the way the neighborhood affects the amount of rent you can ask for. You will also need to compare the costs of similar properties, and not necessarily just the ones nearby.

How do I choose a home inspector?

Before you buy a home in Chicago, your lender will want you to have the building inspected. While this may seem straightforward, not all inspectors are the same, and the differences go deeper than price.

According to U.S. News, you need to find a home inspector who has a reporting style that you like, and that your lender will accept. A sample or past report would probably provide you with the information that you need. This may also give you some insight into the experience, background and training the inspector has—although you will want to follow up with more questions on this topic to ensure that you have someone who knows how to do the job right.

Lax city inspections may be allowing dangerous violations

Tenants in low-income housing should expect their landlord to maintain the building and prevent any threats to their life or property. The City of Chicago’s Department of Buildings should be enforcing the rules and regulations of the Chicago Building Code to make sure the property owner fulfills these responsibilities.

According to the Chicago Tribune, the Chicago Housing Authority has not been performing the rigorous inspections that should be carried out on subsidized housing for low-income families. The property owners of Section 8 buildings could be taking advantage of a system that has allowed dangerous levels of lead to continue in subsidized apartment buildings in the city.

Types of commercial real estate leases

The right location for your Chicago business includes customer traffic, proper zoning and the right type and size of building. Even once you think you have identified the ideal place to open your doors, your evaluation process is not complete. The lease on the property could make or break your company just as quickly as any of the other issues. At Bradford Miller Law, P.C., our team helps many entrepreneurs to review leases and determine whether the terms are right.

Any building has a number of expenses that must be paid by someone, Forbes magazine explains, and your commercial real estate lease will spell out whether the responsibilities fall to you or to the landlord. These include the following:

  •          Utilities
  •          Maintenance
  •          Property tax
  •          Insurance
  •          Structural repairs
  •          Common area maintenance

Can I run my home-based business from my rental?

Being able to work from home and be your own boss may seem like a dream come true, but if you rent your Illinois home, there may be snags that you need to work out before you get started. According to Inc. magazine, you should do your homework on the following issues.

Zoning laws: If your home is already zoned as mixed-use, you are probably in good shape, but residential zoning could lead to problems. The land use department in your area has the information you need to ensure that you are in the right place. It may even be possible for you to get a waiver rather than moving.

Consider the expenses of selling your home

It is not uncommon for Chicago homeowners to relocate after living in their homes for a while. Many of have dollar signs on their minds when they think about how much money they can make from selling their homes. What many of them fail to realize is that they may need to spend money to ensure their properties sell.

Some costs like realtor commissions are necessary if they hire one, but there are other expenses they should learn about.

Rental properties and tenant safety

Some people purchase real estate in Chicago because they are thinking about turning them into rental properties. Before doing so, they should first learn about their responsibilities and how they can impact tenant safety. Many people are under the assumption that all they need to do is to fix up their buildings, so they meet all building codes and market them to possible tenants. These are not the only obligations they have as landlords. Property owners who fail to maintain their properties, so they remain hazard-free may find themselves facing lawsuits from their tenants.

3 reasons to get professional help with the home buying process

When you're ready to buy a house, you know you're taking a major step. This is a home, an investment and a financial goal of yours. You want to know that the choices you make now will benefit you in the future.

Buying a home is a complicated process, so it's a good idea to work with a professional who can help make sure you don't make mistakes or agree to bad terms. Here are three reasons you need to work with a lawyer when you decide you want to buy a home or business property.

Should you hire a property manager?

If you own a rental property in Illinois, you may have heard about property management resources. For many landlords like yourself, hiring a company to oversee your property is not a simple decision. Rather, it requires time to find a reputable business that will maximize the value of your rental and generate revenue with consistent interest from renters.

You may be questioning whether or not delegating property management to someone else is worthy of your time and money. The Los Angeles Times offered some compelling reasons why this decision could yield an enticing return on investment. These include the following:

  • Because property management is their profession, allotment of time and attention will not be an issue.
  • They know all of the best housekeeping services and will make sure that your property remains clean and orderly.
  • You no longer have to worry about screening renters and dealing with the stress of finding people who meet your criteria because it will be overseen entirely by your management company.
  • A property management company will oversee all marketing efforts to ensure that your rental remains enticing and visible on the market.
  • You can be confident that periodic inspections will keep your rental in compliance with required safety protocols for legal occupation of the premises.

Tips on finding a good real estate agent

When you're searching for the perfect place for your family to call home, having a good real estate agent on your side can make all the difference in the world. A real estate agent can listen to your wish list and use their expertise to find you properties that fit the bill. They can also help you understand the process and assist you in seeing any red flags that pop up. Unfortunately, not every real estate agent is equally competent or ethical.