The joy of being a landlord

[Quartz]

I've come 500 miles to inspect my home I have let out. And the agent doesn't have the right keys. That's three days and a lot of money wasted. Travel, hotel bills, meals.

Tell me about the joys of being a landlord again, someone, please? You know, how it's the route to megabucks?

 

[Quartz]

If you were travelling all that distance I'm surprised you didn't take your keys with you?

Whenever we go to ours we always take our keys - but let the tenants know we're coming, but we have a good relationship with them (hence why they've been there for over 3 years so far).

They've changed the locks over the years

 

[Quartz]

3days, was it a holiday to see friends are you claiming it back as companies expenses

Train down, overnight in London, visit today, train back tomorrow.

 

[Quartz]

Surely the agents are not also hundreds of miles away from the property, can't you or they just fetch the right keys from their offices?

He had ONE key. There are two front door keys.

 

[Quartz]

there is your first mistake, renting out property you are not local to.

It's my old home.

 

[Quartz]

Renting out a place in London? Surely that would more than cover your expenses...

The house is in Luton, not London.

 

[Quartz]

We ignoring the massive capital growth whilst your investment returns a steady 3-6% whilst you sleep?

What massive capital growth? Outside some areas, growth has been limited. In some places, like Aberdeen, property prices are only now just stabilising.

 

[Quartz]

The amount of return on investment you can get for renting out a property is insane considering the property appreciates in value also.

Only if you chose the right location. My own property in Luton has not significantly appreciated once you account for inflation - I posted about it in another thread.

Oh yes, just got another £1000 bill...

 

[Quartz]

lol

In all seriousness @Quartz I'd be interested to know how much you put down as a deposit, what year that was and what your property is worth now (and how much of the mortgage left if applicable). I can't honestly see how any landlord that invested >10-15 years ago could have lost out in comparison with other options. Even without getting a profit every month on top.

Bought in 2002, 25% deposit, mortgage fully paid before I let it out. Don't forget that there's been 72% inflation since then. I'm told that the way to make money on property these days is to own the property through a company so you can put the mortgage interest as a cost before tax.

Don't get me wrong: I would make a profit were I to sell it but it's not the megabucks people seem to think, and tax is paid on that profit, and I've lost perhaps £50k on my flat in Aberdeen.

 

[Quartz]

Sounds like renters need to move to an area where they can afford to save up a deposit for a house asap then...

Yes, there's plenty of cheap property hereabouts and plenty of space for businesses, but it hasn't happened. I blame the SNP, but that's for another thread.

 

[Quartz]

If it's let out why are you and the agent entering the property while the tenant is not there?

Because I had arranged it. Booked train tickets, accommodation, etc. I live hundreds of miles away, remember?

not sure the details but I believe a landlord or manager has the right to inspect their property and make sure it is being properly maintained or that no smoking / pets or what ever rules are being adhered to.

Correct.

 

[Quartz]

Did the tenant know the day you were coming? Was it agreed?

Of course.

 

[Quartz]

Yeah but would the tenant not need to be present?

The tenant can decide to be present or not be present. Their choice. I was there with the agent.

 

[Quartz]

Worst thing about renting in the UK is everything skewed in favour of landlords, with no rights for tenants to have a secure home.

Would you care to justify that statement?

 

[Quartz]

I think living under threat of losing your home with only two months notice, for no reason, pretty much covers it no?

No, it doesn't. Two months is plenty of notice (and I speak from experience).

 

[Quartz]

Don’t be daft.

Care to make a reasoned response?

 

[Quartz]

Businesses are not willing to move to where housing is cheap.

 

[Quartz]

surely government could encourage it with sweeteners tho

I can only speak for Scotland but the Scottish government could start by not taxing people more heavily and by not interfering in local ratings rulings. And they could go on and ditch the idea of giving a universal basic income of £25k.

 

[Quartz]

I'm not sure if you over-estimate the number of people willing to become parasites on others,

Landlords provide a service.

we will need to move from promoting individualism to (voluntarily) embracing collectivism.

No. It is by individualism that we find the best way forward.

 

[Quartz]

You became a LL for the potential profits that would be made though right?

No, actually. I became a landlord because I moved to Aberdeen and wasn't sure how long the job would last.