Navigating evictions for landlords
In Dolton, Illinois, which is located in Cook County, strict tenant protection laws require landlords to adhere to a detailed eviction process. Landlords must first issue a written notice to end the lease, file an eviction case in court, serve the tenant with eviction papers and attend eviction court, either on a video call or in person.
If they don't have a lawyer, tenants may be referred to Cook County's Early Resolution Program, which connects residents to resources for rental assistance, mediation and legal aid.
Although this process is designed to protect tenants from exploitative landlords, it can complicate matters for landlords when tenants refuse to pay rent or communicate, making resolution a challenge even for compliant property owners.
Do keep in mind that tenancy laws may vary by jurisdiction.
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Read MoreOther ways to invest in real estate
The responsibilities of property management can sometimes make investing in real estate less appealing. But those looking to invest without the hands-on hassle have other options.
Real estate investment trusts (REITs), for instance, allow investors to purchase shares in a diversified portfolio of income-generating properties without the direct responsibilities of a landlord. Think of them as giant landlords — the fund purchases the properties, collects rent and then passes a portion of that income on to shareholders in the form of dividend payments. REITs are publicly traded, making them easy to access.
Crowdfunding investment platforms also allow you to invest in commercial and residential properties by purchasing a percentage of a property. While some options target investors with deeper pockets, many platforms enable you to invest as little as $100.
If you're looking for a more accessible and diversified way to invest in real estate, exchange-traded funds (ETFs) can be a good option. Real estate-focused ETFs can provide exposure to a broad portfolio of REITs and real estate stocks, allowing you to tap into real estate's potential without the commitment of owning property. Traded on major exchanges, ETFs make it easy to buy and sell shares as your needs change.
With several hands-off real estate investment options available, investors can still gain exposure to real estate's potential returns without the everyday challenges of collecting rent.
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