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Rental Basics in 60622 : Real Estate Advice

  • All97
  • Local Info6
  • Home Buying52
  • Home Selling7
  • Market Conditions1

Activity 51
Fri Oct 30, 2009
Sean Dawes answered:

Did your broker have any kind of training when you signed up to hang your real estate license there?
0 votes 1 answer Share Flag
Sun Sep 20, 2009
Philip Sencer answered:
This guy is nuts and why would you want to rent to him even if his credit report was 850????? If I read you correct, you have not even seen an application....nothing in writing from him! You do not need to tell him anything. Do not correspond with him ever again and move on with other potential tenants. He has nothing! He's nuts. Keep records of his corespondence including voicemails.

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Thu Sep 10, 2009
Jennifer Lane answered:
Hi Kevin,
There are options. What are other features a home must have, i.e. laundry, garage, etc.? Will the bedrooms be used as bedrooms, office or....? I ask due to size parameters. ... more
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Sun Sep 20, 2009
Kipp Blackburn answered:
Whats the address? Email me and I'll check the comparables. The market is 5-10% down for sure.
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Sat Jun 20, 2009
Chuck Stuparits answered:
There has to be proper ingress and egress, i.e not having to go through a room such as storage,furnace,or laundry room that's not part of the actual unit, to exit the apartment.. You have to have windows in each bedroom that open for natural ventilation and light.If you remodel an existing basement into an apartment that wasn't previously one you have to take out a building permit ... more
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Sat Jun 6, 2009
Connie Erickson answered:
Most local codes require that bedrooms in signal family homes have egress windows. Anybody can call a room a bedroom but really comes down to how to get out of the home if there is fire or smoke just outside your door. ... more
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Fri Jun 5, 2009
Liam Moran answered:
I'm guessing you have an electric hook up and no gas at all. A lot of rentals will use electric because it's seen as safer than gas.
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Thu Apr 30, 2009
Scott Newman answered:
Much like a buyer's agent protects your best interests, a rental agent does the same thing. Here are some thoughts:

You're moving from Kansas City. Do you know the differences in tenant and landlord rights between here and there? If you lose your job and can't pay your rent do you know what your options are? If your landlord does something you think is illegal who will you turn to? Do you know a good real estate attorney in Chicago you can count on if need be? Are you knowledgeable and comfortable with the standard chicago lease used in most cases enough to really feel comfortable signing it with no one there to answer your questions?

Landlord can be very ignorant of the laws and I have heard horror stories. My personal opinion is that if you go with a property that is listed by a Realtor and have a Realtor working for you then you have several people who know the business looking out to make sure the rules are followed- not just for your sake but their own. You have someone to ask questions, and more importantly a professional who is accountable to the transaction.

In terms of payment, the landlord pays the listing agent who offers a co-op to a buyer's agent just like if it were for sale. Sometimes a landlord will pay a commission directly to an agent who is able to bring him a buyer as well.

I hope this helps and welcome to Chicago!!!

Scott Newman
Newman Realty

P.S. if you want to search the renal inventory by price and zip code to get an idea of what's out there you can do so on our site
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Fri Feb 20, 2009
CMLHoldings answered:
It depends on which credit agency you pull the report from. I believe that most of them update the credit score every 30 days.
If they have good credit now and have for the last couple of years then I doubt that they will ruin their credit in 30 or 60 days. That is, unless, they lose their job and go through a divorce at the same time or someone steals their credit cards and goes on a binge.

I suggest you run the report again 30 days before they move in.

Good luck
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