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559 S. Washington Ave., Kankakee,IL 60901

P.815.929.9258 P.815.929.9200

walter@waltersanford.com

"Thanks I love it! That is the punch we needed. I will change the letter in the morning. Great stuff! You are the BEST!" Jim d’Artenay, Prudential Carolina

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MAN, DO YOU OWN RENTALS? January 5th, 2008 | Posted in General Real Estate

It’s the fifth, last day of the grace period and it seems the holidays caused my tenants to have a financial blooper.  It happens every year.  This year 10% of my renters are late.  It has been more but  my good news is that after 35 years of tenants there are some rules.  Don’t wait to learn the lessons that I have.

1.  All rents are due on the first, late on the 6th and eviction started on the sixth, no excuses. 

2.  Minimum two year leases with huge security deposits with a iron clad lease.

3.  No pets, none.  No birds, cats, dogs, hamsters, snakes, roosters.

4.  Every family must have a prove-able source of income, no section 8.

5.  No families real or extended that exceed the size of the home.

6.  No students, period unless their parents sign the lease.

7.  Huge deposits, the largest that law will provide

8.  Full background checks to include credit report, FICO score, terrorist report, sex offender list, social security number check and previous addresses. 

9.  Calling all previous landlords and employers

10.  Someone going to see them “living in action” at their current address prior to moving into yours. 

 THOSE ITEMS SHOULD CUT OUT 90% OF THE PAIN!

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