All Forum Posts by: Kristen R.

@Michael King Yes, it is a written lease.

@Bjorn AhlbladCan the written notification be through email? I looked online and in Chicago I need to give minimum 30 days notice for non-renewal. 

Thank you for the recommendations! 

I live in Chicago and I rent out my second bedroom. So this is an owner-occupied unit. I do not want to renew the lease with this individual. My question is, what do I need to do to notify them of this decision? Can I have an in person conversation, should I write an email, or does it need to be a written letter? Also, does anyone know what verbiage I should use? -Thank you

My guess is damage is about $3,000

I have a tenant that is causing damage to the property beyond what is covered in the security deposit. How can I bill them for the damages?

Hi Everyone -

I purchased a 2 bedroom condo recently and I am renting out my second bedroom. I am facing some difficulty with how to balance the role of the landlord and the role of the roommate. Is anyone else in this situation? Do you have any advice?

Hi Dwayne

1031 exchanges are very picky. You must set up the transaction perfectly in order for it to work but I believe the rule is that you can do a 1031 exchange regardless of who owns the property and who lives there (but there are other requirements) The owner/occupant would be important for capital gains purposes if you did not do a 1031 exchange. Hope this helps!

Thank you Patti and Taylor for sharing! It’s nice to have different perspectives. 

Hi All -

With all the extreme weather lately, I got to thinking about the possible implications of global climate change on real estate investing - for buy and hold investors. Has anyone thought about this topic? Please share!

Thank you, 

Kristen

Hi Albert,

I am from Boston and moved to Chicago a couple of years ago. Before you invest, you should move here as a renter, explore each neighborhood/do some market research and define your goals. The city is not like Boston.