Articles Tagged with realestate

Owning a multifamily rental property can be a profitable investment, but it also presents a significant liability if it’s mismanaged. It’s important to adhere to all applicable laws, including those pertaining to the rights of your tenants. By following best practices, you can not only protect yourself from losing lawsuits, but avoid most of them entirely.

1. Set Up Recordkeeping from the Start

First of all, it’s important to keep thorough records on the financial and practical aspects of your property. Some of the documents that either you or a designated property manager should keep up to date include:

Between the lower interest rates, government bailouts, and economic challenges present during the current pandemic, real estate investing is likely to be heavily impacted, at least during the short term. In some cases, real estate investors may find themselves with unexpected opportunities, while other scenarios present difficulties.

While it’s not totally clear exactly how investment properties will be affected as yet, there are some likely changes that will occur.

Consequences for Rental Properties

The COVID-19 outbreak has affected everyone, including landlords and their tenants. During this time, it’s important for both to know their rights and follow the laws governing landlord-tenant relationships, including the temporary restrictions currently in place.

If you own or operate rental property, it’s important to make sure you stay well within legal requirements and guidelines. Otherwise, you expose yourself to lawsuits.

The Economic Situation for Renters and Landlords

Real estate investors may at times find themselves looking at properties that meet their requirements in all but one aspect—zoning. The zoning laws that apply to a given piece of property can restrict what you do with it, and it may be tempting to try to rezone it.

Here, we’ll go over the factors to consider before trying to rezone a property.

The Rezoning Process – Factors to Consider

While Illinois doesn’t have any strict legal requirement to have an attorney present during real estate closings, hiring one is still a good idea. A real estate attorney helps you throughout the process of buying or selling real estate by:

  • Preparing and reviewing documents
  • Handling disputes
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