Task List: Rent

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Purchase & Rehab Checklist

Successful investing requires systems, we have made it predictable and repeatable for investors.
Follow our checklist so you don't miss a step!

1a

Sign & Execute Contract

This should be completed by broker and investor. The contract, disclosures and any other documentation can be found in Dotloop.

2a

Earnest Money Delivery

Earnest Money should be delivered to appropriate party and we will upload a copy or receipt to Dotloop.

3a

Submit Sales Contract to Lender

Make sure your lender has a copy of sales contract, disclosures, and addendums.

Contact Lender

4a

Submit Rehab Scope to Lender

The lender may require rehab scope to be provided. Some lenders require rehab scope on their own form. Please verify with lender requirements.

5a

Order Vacant Property Policy

Make sure to order a vacant property policy for your investment. This is a critical step and is overlooked by investors paying cash as there is no lender requiring this item for closing. A vacant property policy should be ordered. Homeowners, landlord policies do not cover vacant homes. Please check with you insurance agent for specific requirements. A vacant property policy is usually double the cost of a homeowners policy.

Order Policy

6a

Utility Activation

Once you have closed on your property, please check with your renovation contractor regarding activation date. All utilities will need to be activated for renovation team to start remodeling. They will meet with utility company at property and will coordinate this with you. You can find utility contacts for the town property is located in using the button below. Make sure to record account number as you will need this to deactivate the account on the property is sold and closed.

  • Gas
  • Water
  • Electric
Utility Contact List

7a

Order Renovation

  • Let them know you have closed.
  • Inform them of days when utility companies will be at the property to activate.
Order Renovation

8a

Order Quality Control Service

This is optional but highly recommended! The quality control inspector will visit property bi-weekly from purchase date to close date with end buyer. You will receive a detailed photo report after each visit. This will be sent via email and uploaded to Dotloop.

  • Provides detailed photo report of property during rehab.
  • Will meet with renovation team for a final walk-through and provide photographed report.
  • Monitors property during marketing period, documented with photos.
  • Continues to visit during closing period, up until home closes.
Order Quality Control*

*Quality control inspector is NOT a licensed home inspector. They are visiting property to report rehab progress, cosmetic condition issues and property preservation.

9a

Order Grass/Snow Service

Make sure to keep your investment looking at it’s best by ordering Grass/Snow service.

Order Grass/Snow

10a

Complete Final Walk Through

If you have hired quality control, this will be completed by QC. If you are monitoring your own property, please schedule with rehab team prior to listing home.

11a

Order Home Inspection

We highly recommend having a home inspection company professionally inspect the property before listing for rent. This will ensure a smooth move-in with your tenant.

This is not a punch list. Use this inspection to determine if there are critical items that would be a safety hazard for your new tenant. Chase Real Estate investors get special pricing of $425.00 for the home inspection.

Order Home Inspection*

*This service is conducted by a Illinois Licensed Home Inspector

Rental, Refi & Property Management Checklist

Speed up the process of getting your cash back quickly! Use the following steps to rent, cash out refi and manage your investment.

1b

List Property for Rent

Once the home is photo ready, please use the button below to list your property for rent. We do need property to be at it’s absolute best. The first few days on market are critical and a home that shows well – rents well.

After completing the List Property form, we will send you listing agreement, disclosures and other listing documents through Dotloop.

List Property For Rent

2b

Start Cash-Out Refi

Contact your lender to start the cash-out refi process. This should be started as soon as you have closed on the property and renovation in progress. The actual refinance cannot be completed until 90 days of ownership, renovation is complete and a lease with tenant has been executed. It is recommended to start the cash-out refi paperwork early on as you can cash-out right after renovation and tenant placement.

Contact Lender

3b

Visit Property Regularly

For investors utilizing quality control services, this is done for you bi-weekly. Please make sure to review your reports.

Investors who are doing this on their own, we recommend visiting the property at least once every two weeks to ensure property shows well and property is being properly preserved.

4b

Tenant Screening Process

Once we have an interested party, our Leasing Team will perform an extensive 5 point background check to include:

  • Credit and Criminal background checks.
  • Screen all potential tenant’s though a sex offenders database.
  • Verify employment.
  • Verify previous rental history.
Visit ChaseRental.com

5b

Execute Lease with Tenant

Our lease agreement has been drafted by an Illinois attorney which includes the following:

  • Residential Lease.
  • Required Illinois Real Estate Disclosures.
  • Collection of 1st and last months rent.

6b

Utility Deactivation

At the time of occupancy make sure to deactivate utilities from your name and have them placed in tenants name.

  • Gas
  • Water
  • Electric
Deactivate Utilities

7b

Cancel Quality Control

Make sure to notify quality control that home is now rented. Please notify them a few days prior to tenant moving in.

Cancel Quality Control

8b

Cancel Grass/Snow Service

Please notify Grass/Snow service that home now has a tenant. This should be completed a few days prior to tenant moving in.

Cancel Grass/Snow

9b

Landlord Property Policy

Cancel vacant property policy and transfer to a landlord insurance policy. Check with your insurance agent for correct coverage.

Order Policy

10b

Property Management

Many investors manage their own property. We have a reputable company who will assist in property management if required. They will handle all city requirements as well.

Advanced Owner/Tenant/Property Manager Online Portal

  • Move-in inspection documented with photos.
  • Reviewing and extending leases.
  • Routine inspections documented with photos.
  • Tenant relationship using online portal, phone, email and text.
  • Rent collection completed electronically from tenant.
  • Payments sent to owner electronically or via mail – you select option.
24 Hour Property Protection
  • Maintenance and repairs.
  • In-house maintenance and repair service keeping your cost to repair at a minimum.
  • Warranty on all repairs – you won’t be charged for repeat services.
Order Property Management

11b

Complete Cash-Out Refi

Complete cash-out refinancing with lender. Remember, most lenders require 90 days of seasoning - meaning you own the property for 90 days and then the cash-out refinance can occur. Now that you have your cash back it’s time to start looking for the next one. As always we are here to help!

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