Task List: Rent
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!
Sign & Execute Contract
This should be completed by broker and investor. The contract, disclosures and any other documentation can be found in Dotloop.
Earnest Money Delivery
Earnest Money should be delivered to appropriate party and we will upload a copy or receipt to Dotloop.
Submit Sales Contract to Lender
Make sure your lender has a copy of sales contract, disclosures, and addendums.
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.
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.
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.
- Let them know you have closed.
- Inform them of days when utility companies will be at the property to activate.
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.
*Quality control inspector is NOT a licensed home inspector. They are visiting property to report rehab progress, cosmetic condition issues and property preservation.
Order Grass/Snow Service
Make sure to keep your investment looking at it’s best by ordering Grass/Snow service.
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.
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.
*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.
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.
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.
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.
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.
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.
At the time of occupancy make sure to deactivate utilities from your name and have them placed in tenants name.
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 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.
Landlord Property Policy
Cancel vacant property policy and transfer to a landlord insurance policy. Check with your insurance agent for correct coverage.
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.
- 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.
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!