All Forum Posts by: Jillyan MacMorris

@John Underwood Yes, it is legal in my area. I will need to furnish the place. I figured I'd use Facebook marketplace to gather what I need. It's a little place!

I own and live in a 1b/1b condo in Arlington Heights, IL. The unit above me is about to become available and the landlord is willing to rent it to me for $150 below comp rates in the area (about $100 more per month than I pay for my current place). I would like to sublet his unit as a mid-term rental, which could bring in a few hundred dollars of profit per month.

I've never done mid-term rentals, so I'm intimidated! Any advice about how to determine if there is good demand in my area or warnings about the cost-effectiveness of my idea are very welcome! I'm not entirely sure how to run the numbers, and I don't want to sign a lease without reason to believe it will work.

Thanks to everyone! I do live within 15 minutes of a hospital, and I took the advice to connect with Furnished Finders. Someone is going to give me a call today to talk about demand in my area and whether my place is a good fit. I'll check out Fb groups as well!
I'm on the board of my condo association, so I can find out for sure whether that's allowed in our building. We don't have anything prohibiting it in our bylaws, so I'm optimistic. 

Hello!

I own a 1B/1B condo in Arlington Heights, IL. How would I go about finding out whether it is a good mid-term rental candidate for traveling nurses or business people? An opportunity presented itself for me to rent another unit in the same building for a low cost, and I am considering renting that unit for myself and opening up mine fully furnished to mid-term renters.

Help!

Thank you! I'm looking forward to it!

I plan to move out and have someone else move in to rent it. I haven’t done so yet, but I’m thinking about the taxes I’ll be filing this spring after purchasing the place last year.

I purchased my first place in 2021, putting 5% down because I moved into the property. I plan to rent it out next year, but I wonder what write-offs I can take on a property that was not financed with investor financing. I've made a handful of improvements, but I've never done this before! I suppose it's just what regular homeowner would write off, but I don't know what that is. Would someone be willing to advise?