Newsflash: Question: should I take on my landlord as my real estate broker?

I moved to my current area (NW suburbs of Chicago) a year ago. I found my landlord by chance; drove by, saw a “For Rent” sign, and called the number. He’s a good landlord. When I had a problem, he came out personally that day to see it fixed. When he couldn’t get it fixed, he had an expert on-site in less than 2 hours – and he came himself then too. Fair rent, too; it only goes up to adjust for annual inflation ($950 to $960 rent). I’ve never been unable to pay rent (one time a check bounced but it was remedied within days).My landlord also happens to be a real estate broker in my area. I know him, so perhaps that’d ease some of the process. It’s my first mortgage. I’m 26 and single. I work for a bank so I’d be in good shape mortgage-wise.Are there concerns I’m missing here? Is it a bad idea to let your landlord be your broker? Would he have some sort of leverage over me, or would it be purely-beneficial (as he knows what I like, what I’m paying, concerns about apartment units, etc better than a stranger)?



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