Bitcoin, though introduced back in 2009, has made little headway in the real estate market. Still, there are enthusiasts who still believe Bitcoin real estate transactions (and other blockchain exchanges) are the wave of the future, and even real estate professionals have a mixed opinion about the future of cryptocurrency in real estate. What does all this mean for investors who are looking to sell or buy a property using blockchain, and how can a seasoned real estate lawyer help to mitigate the potential risks of such a transition? Learn more in the following sections.

Bitcoin Transactions in Real Estate 

Last fall, a Miami condo made national headlines when its listing announced that the seller would only take Bitcoin for the transaction. The price, which was set at 33 Bitcoins, amounted to about $544,500 at that time. While others had allowed cryptocurrency for real estate transactions, this was the first ever “Bitcoin only” transaction.

As investors near retirement, they may begin to worry that their nest egg will not be sufficient enough to sustain them. Could real estate investing help boost them over the finish line? Perhaps, but it is important that potential real estate investors understand the various investing methods, as well as the challenges and pitfalls that can accompany each one. Learn more in the following sections, including how a seasoned real estate lawyer can help you in building a successful real estate portfolio.

Why Real Estate Investing? 

Real estate tends to be one of the least volatile investing markets, and it typically outperforms other asset classes. That can make it a wonderful diversification tool for the seasoned investor, especially if they are nearing retirement age. It is important to understand that real estate dips do occur and your money is not typically as liquid in the real estate market, so you must be willing and able to weather the potential storms.

Real estate investment can be a lucrative business or hobby, but it should not be embarked upon lightly. The world of real estate investing – be it residential or commercial – is complex and full of potential pitfalls. Fall into any one of these traps and you could be at risk for a financial loss. In contrast, you can increase your chances of turning a profit by avoiding these common new investor mistakes.

Not Having a Plan Prior to Purchase

All too often, new investors get excited about an opportunity and jump on a property before they even have a plan. This is not how real estate investing should work. Rather than purchase a property and then decide what to do with it, you should know what you want to do and then search for a property that fits that vision.

It is tough to do anything in the real estate industry and not stumble across some reference to real estate crowdfunding. The idea of investment crowdfunding, in general, and real estate crowdfunding, in particular, has been on the horizon since the passage of the Jumpstart Our Business Startups Act (JOBS Act) in 2012. The SEC voted to authorize several regulations on October 31, 2015, which will allow the full investment crowdfunding regulations to take effect 90 days after the vote.

Defining Crowdfunding

Investment crowdfunding is fundamentally different from consumer crowdfunding that is found on sites like Kickstarter. Investment crowdfunding gives investors a chance to pool their money and own an equity stake in a project. The investors are risking their money by investing it. They also stand to profit if the investment pays off.

By agreeing to rent property from a landlord, a tenant enters into a lease arrangement with that person. From a security perspective, it is preferable to establish such a agreement in writing, and a large number of landlord-tenant agreements are completed as such. However, the state of Illinois also recognizes verbal leases, which are much more informal, and are normally considered month-to-month arrangements for a unspecified period of time. Violations of written or verbal lease agreements can force a landlord to pursue eviction action against a tenant, and properly doing so often involves several steps.

Notice Requirements

Before moving forward with eviction, a landlord in Illinois is required to notify the affected tenant in writing. The amount of notice given is dependent on the situation and the violated terms of the lease propagating the eviction: