Written by Karen Mason

Most real estate agents will tell you to purchase your rental property with tenants already occupying the units. I however have a different take on this….yes, it’s great to have the income from the start, and that’s if they pay, but if you have a dirty or disruptive tenant, you’re better off without a tenant at all. I’ve been through three evictions in four years and many renovations due to lousy inherited tenants and a bad choice of a tenant on my part. Especially with IL law being pro-tenant and anti-landlord, the law is not in your favor. Having income immediately after purchasing your investment is a great idea, just make sure you screen the tenants thoroughly.

A couple things you can do to screen your tenants:

- Create a required application that requests their employment info, social security numbers, bank accounts, past landlord info, income, and 3 non-related references
- Pull credit report
- Ask to look at their current residence
- Ask for 2 months worth of rent as a security deposit

Just remember, it’s much more difficult to get them out than to get them in.

Karen Mason is a Realtor with Rubloff Residential Properties…check out her website at www.chicagorealestateliving.com