Chicago Property Management Blog

When I first got into this business back in 2003, a house flipper would enter into a contract on the sale and money would be deposited in the bank 30 days later. Today, unfortunately, this is no longer the case. Speaking with a friend of mine who was interested in conducting their first house flip, I realized there is a lot to know about this topic, that anyone going into their first flip needs to know. This is easily one of the to...

In January 2021, the Cook County Commissioners passed the new Residential Tenant Landlord Ordinance, also known as the new RTLO.  The RTLO will go into effect on June 1, 2021 and will bring many changes to owners in the 125 cities in Cook County. The ordinance will exclude Chicago, Oak Park, Evanston, and Mt. Prospect as they already have their own version of a rental ordinance.  One of the largest changes for Landlords that w...

Each year, GC Realty & Development LLC meets with well over 200 homeowners/investors in the Chicagoland area with respect to their investment property, or the need for professional property management services.  Because so many real estate owners know our thoughts and feelings (from this website) on all things “Property Management,” they often ask us about other local property managers (our competitors). As a c...

On January 28, 2021, the Cook County Commissioners passed the Residential Tenant Landlord Ordinance (RTLO) that covers all of Cook County. The ordinance does exclude Chicago which is governed under the Chicago Residential Landlord Tenant Ordinance(CRLTO).  Oak Park, Evanston, and Mt Prospect are also excluded because they already have their own rental ordinances in place.  That leaves 125 other Cook County cities remaining tha...

On January 28, 2021, the Cook County Commissioners passed the new Residential Tenant Landlord Ordinance (RTLO). The RTLO goes into effect on June 1, 2021 and will bring many changes to owners in the 125 cities in Cook County excluding Chicago, Oak Park, Evanston, and Mt. Prospect, that already have their own version of a rental ordinance.To be clear for the investors we work with, we created the following list of Cook County Suburbs tha...

Does the RTLO apply to you?Cook County Real Estate investors/landlords that own real estate outside of the Chicago city limits in the collar suburbs, are in for a new reality. If you are currently a Landlord in Barrington, Schaumburg, Berwyn, Tinley Park, or Country Club Hills, you now have to approach being a Landlord a little bit differently.  If you are looking to invest, or turn your primary residence into a rental in subu...

Options AvailableFor a potential investor, there are many property investment options available. These options vary in the rate of return and the degree of risk involved. Property has long been a favorite for investors wishing to grow their wealth and it’s easy to see why.There are countless reasons for property being a sound investment for a potential investor – here are 5 of the most important ones:1. Inflation hedgeEvery ...

If you are buying property outside of the City Of Chicago limits, then it is imperative that you understand as a buyer the requirements that many suburbs have put in place before and after a real estate closing.  If the process is not clearly followed you, as the new owner, can have some large costs in the first 90 days of closing.  Point of Sale Inspection (POS)A Point of Sale Inspection (POS) occurs when a Village visits a p...

What is the Residential Landlord and Tenant Ordinance?In the 1980s the City Of Chicago passed the Residential Landlord and Tenant Ordinance to clean up the slumlords in the city of Chicago.  From this ordinance, it created many things that Landlords even today 40 years later are not aware of.  Below are some of the main issues you must be aware of as a Realtor or Landlord in the city of Chicago because if you are not the conse...

During the summer of 2020, amongst all the chaos that we have already experienced, the City Of Chicago approved the new Fair Housing Ordinance. This ordinance increases the amount of notice a landlord must give in order to not renew a lease, terminate a lease, or to raise the rent of a tenant.  Chicago Landlord Wants To Terminate Your Lease - Under the ordinance, landlords must provide:60 days of notice to terminate your lease if y...