As most of you know by now, in February Cook County passed the new RTLO. Then in June 2021 the ordinance officially went into effect in all areas of Cook County, excluding Chicago, Oak Park, Mt Prospect, & Evanston.
While many have been scrambling to remain in compliance, creating new bank accounts for security deposits, we have been 1) in the same boat and 2) working on a new lease for our residents in Cook Country.
When June 1 hit there was no official Realtor board lease for us to default to so many created their own lease or many more others have been waiting for the release of the official board lease. Below is the lease that meets all of the new Cook Country RTLO requirements and we want to share it with you.
For those of you behind on this new ordinance, check out our RTLO In Cook County page on our website. Here you can find details or a general overview of what you need to know as a Landlord in suburban Cook County as of 2021.
For anyone looking for more information on how to manage your investment property in Chicago or in the Chicago suburbs, head over to our self managing resources page where we share all the information you need to successfully self manage in Chicagoland.
If you are just starting your real estate journey we have written an ebook: What They Don’t Tell You About Real Estate Investing. Our book covers what to do - and what not to do - when real estate investing in the Chicagoland area.
Have you considered House Hacking? We have a House Hacking Calculator that will estimate your returns from House Hacking and the overall effect House Hacking can have on your net worth when compared to renting.