I completed necessary background checks, personally verified rental references, and collected a security deposit. The situation seemed to be going well, until I received a 15-day notice of intent to terminate their lease due to a job relocation. Upon inspection, the ‘trained’ dogs had destroyed the carpet and the security deposit only covered a fraction of the replacement cost. Instead of legal action, I decided to cut my losses and try again. After a large investment into renovations and repairs, I found an amazing tenant who years later, when the market rebounded, ended up purchasing my unit. I share this tale of the bad-turned- ideal rental situation to highlight the potential risks and rewards owners face when leasing. Would it not be great if all tenants were just test driving apartments to find the one they want to purchase?
Important advice to potential buyers: read the rules, regulations, and bylaws carefully before taking the plunge into community association ownership. If you find your dream home and the regulations regarding leasing are vague, plan to get involved in your community immediately by attending board meetings and potentially serving on the board of directors to protect your investment. Introduce yourself to all neighbors to help build a stronger community with co-owners and renters alike. Think of community involvement as your virtual RSVP to the neighborhood party invitation after you address the occupancy questions and take the purchase plunge!
Is your bank helping to improve your Association?
Since 1948, Itasca Bank & Trust Co. has earned a solid reputation for strength, stability and trust. We’re here to satisfy your fi nancial needs and build great communities. Our future is committed to providing outstanding service to Community Associations and the property managers who serve them throughout Chicagoland.
Common Element
Repair Loans
Competitive rates and terms!
Electronic Banking Services
Direct debit and free online banking access!
Fixed Rates up to 10 yrs.
No pre-payment penalties!
Call for more details. Mark Stelter at x 220,
markstelter@itascabank.com For more information contact: Shaping the future! Two Convenient Locations!
308 West Irving Park Road Itasca, IL 60143
One East Irving Park Road Roselle, IL 60172
Phone: 630-773-0350
itascabank.com
14 | COMMON INTEREST® A Publication of CAI-Illinois Chapter MEMBER
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