Naperville, IL 60563
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Recent Blog Posts
Tenant Protection for Illinois’ Domestic Violence Victims
Data from the National Coalition Against Domestic Violence (NCADV) shows that approximately 20 people per minute are abused by an intimate partner. In some cases, the violence extends beyond cuts and bruises; the victim's life is truly in danger. What does this mean for you as a landlord? The following explains the tenant protections offered to domestic violence victims under Illinois state law, and it provides you with details on where to find assistance if you need further guidance or advice in a specific tenant-landlord situation.
Examining the Tenant's Rights
Tenants who are being abused by a family member have the right to terminate their lease early, should they so choose. However, they can also request to have their abuser evicted and the locks changed. As a landlord, you are required to comply with these protections. You should also be aware that domestic violence is considered a viable defense to an eviction, which may already be underway by the time you learn of the abuse. Sadly, this can leave you feeling a little caught off-guard, and it may even cause you to overlook your own rights as a landlord.
Cyber Security Issues and Commercial Real Estate – What Every Investor Should Know
As more and more cyber security breaches make headlines, investors find themselves asking when and how they may be vulnerable to threats. Interestingly enough, there are more areas of concern than real estate investors may realize. Learn more about the risks of cyber security breaches, including ways that you can protect your real estate investment empire.
Examining the Severity of the Problem
What do Target, Sony, Yahoo, and Heartland Payment Systems all have in common? Each one faced a cyber security breach over the past year – big enough ones that their companies landed in the news. If these multimillion dollar companies, armed with high-tech security systems are vulnerable to threats, then every business and individual should consider themselves at risk. Yet only 53 percent of all small companies place a high-priority on cyber security. In a world that is becoming increasingly reliant upon digital data and information, the lack of security is not just a risk; it is ultimately an invitation for trouble and, in turn, financial devastation.
Development at “Any Cost” Could Lead to Expensive Litigation
Most everyone has met at least one person who would scam their own family member. Perhaps it was a car salesman, or maybe it was that guy who sold you a less-than-authentic piece of jewelry for a “bargain” price. Where you would not expect to meet one of these people is in the land development industry. Unfortunately, these opportunists do exist, and they can give the industry a bad name. They can also drive up costs for other land developers, and may ultimately find themselves in costly litigation. Learn more about how to avoid being one of “those” developers, and how you can improve the overall success of your project.
Zoning Requirements and Your Development Project
Every new housing or land development project must follow local, state, and federal zoning regulations. Unfortunately, the verbiage and requirements of those zoning laws can be complex and confusing, even for seasoned land development veterans. To make matters worse, regulations vary from one area to the next, and the laws are constantly changing. None of this matters when it comes to compliance, however. In fact, failure to comply can result in project delays, extra costs, and even possible litigation if you fail to correct the issues or intentionally deceive investors.
Common Challenges in Real Estate Development
Real estate development can build your wealth and investment portfolio, but only if you play your cards right. There are numerous challenges, potential pitfalls, and unique obstacles that must be faced. Failure to account for any one of them can result in a delay or even complete loss in your project. Learn more about these challenges and how you can mitigate them with help from the following information.
Difficulty Seeing the Bigger Picture
Government projects often move quickly, but private real estate development usually take much longer. There are numerous reasons for this, and each development project is unique, but the lesson is that patience is crucial. Developers also need a certain amount of vision – an ability to see the bigger picture – to be successful over the long-term. So, before you purchase a property, consider some of the following questions:
Steps to Take Before Buying Commercial Real Estate
Stepping into real estate investment and development industry can be a smart choice. It can It is also an extremely risky industry, full of esoteric laws and complexities. There are regulatory hurdles and fewer lenders than there used to be. Thankfully, there are some ways to mitigate against these risks. The following explains how.
Look at Long-Term and Short-Term Issues
Although real estate investment can (and often does) offer a long-term payout and tax deductions for things like utilities, insurance, and other related expenses, there are also some short-term financial drawbacks that you must consider. For example, it is important to understand that you will have less liquidity once your money is invested in real estate. There are also costs associated with investing, like inspection fees, purchasing taxes, and more.
Rent Withholding – What Every Tenant Should Know About the Right to Repair Act
Although most landlords work hard to keep their properties safe and habitable, some do not. The Residential Tenants’ Right to Repair Act outlines the recourse that tenants have in such situations. It also provides detailed information on the limitations of the Act, which must be followed to ensure the protection of your tenant rights. If you are experiencing poor living conditions or are struggling to have essential repairs made, the following can help you understand how this Act may apply to your situation.
Deducting Repairs from Rent Due
Under the Tenants’ Right to Repair Act, tenants have the right to use a portion of their rent to pay for necessary and reasonable repairs to their dwelling. This right is not without limitations, however. The tenant cannot simply make the repair. Instead, they must notify the landlord, in writing, by registered or certified mail. If a response is not received and the repair has not been made within 14 days of the receipt of the notice, the tenant may then pay a tradesperson to complete the repair. It should be noted that the amount cannot exceed $500 or one-half of the tenant's monthly rent (whichever is lesser). Further, the damage cannot have been caused by the deliberate or negligent acts of the tenant or their animals or visitors.
Common but Potentially Devastating New Investor Mistakes
Real estate investment can be a lucrative business or hobby, but it should not be embarked upon lightly. The world of real estate investing – be it residential or commercial – is complex and full of potential pitfalls. Fall into any one of these traps and you could be at risk for a financial loss. In contrast, you can increase your chances of turning a profit by avoiding these common new investor mistakes.
Not Having a Plan Prior to Purchase
All too often, new investors get excited about an opportunity and jump on a property before they even have a plan. This is not how real estate investing should work. Rather than purchase a property and then decide what to do with it, you should know what you want to do and then search for a property that fits that vision.
Expecting to Get Rich Quick
How Easements and Right of Ways Can Impact Your Land Development Project
Land development is a process full of confusing terms, esoteric laws, and complex requirements. Easements and right of ways are no exception. In fact, these specific issues can have a significant impact on your land development project. Learn more about them, and how you can strive to either avoid them entirely or effectively navigate through them, with help from the following information.
What is an Easement?
Easements are predetermined land use agreements. Most often, these agreements are in place to protect wildlife, farmland, or landscape. Yet there are situations in which landowners add them to obtain tax credits. Regardless, you must understand what they are, and how they may affect your development project. This may be determined by looking at the two specific types of easements: gross easements and appurtenant easements.
Are Distressed Properties Worth the Investment?
Distressed properties may come at a discount, but that savings comes at a cost. They require a great deal of time, money, and energy. Even then, there are no guarantees that the property will turn into a valuable asset. That means investors must ask themselves one very important question before purchasing distressed property: is it really worth the investment? The following can help guide your decision, and offers some strategies to improve the chances you will be able to turn your distressed property into a valuable asset.
Examining the Potential Benefits of Distressed Property
Because they are offered at a lower price, distressed properties have the potential to turn over a higher yield. That is what makes them so appealing to investors. Did you know, though, that stabilizing the property can even further multiply your profits? In addition, you may be able to increase the overall marketability of surrounding properties. If you happen to own any of them, this could further increase your propensity to turn a profit.
Landlords Need to Heed Illinois Lead Laws
Lead can have a devastating impact on the mental and physical development of children. Sadly, the state of Illinois has one of the highest rates of lead poisoning in the nation. In fact, Cook County alone had more than 4,500 children who tested positive for lead poisoning last year. Some of these cases may have been the result of a lack of disclosure. This is allegedly the situation for one landlord who is now facing litigation.
Illinois Landlord Faces Litigation
In May of 2015, news reporters covered a story about two young children who had suffered from lead poisoning. Investigations from the Illinois Attorney General revealed that the lead had allegedly come from their apartment home. Their landlord had reportedly failed to take appropriate action, as required by the Cook County Public Health Department. Because of that, the Attorney General is filing suit against the landlord. This could ultimately result in a temporary closure of the property and hefty fines for any failure to comply with the stipulations for reopening the property.
1730 Park Street, Suite 117, Naperville, IL 60563
630-778-3818
