Soldato
- Joined
- 23 May 2006
- Posts
- 7,207
just look at the stuff on this forum..... some stuff i agree with, some i disagree with and some is utter ludicrous nonsense....
My point is, we may be many things............... but muzzled from speaking our minds isnt one of them - unless you are supporting hate speech or objectively wrong nonsense which will get people killed (even then there is plenty of that allowed to fly)
Soldato
- Joined
- 23 May 2006
- Posts
- 7,207
i am actually a little jealous of how much you make off your flat valued at 120k
...... we only charge £100 PCM more and the flat is worth over double that.
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Soldato
I'm glad and lucky to buy my first semi detached house with garden etc without any support from family and friends but from sheer grind on my job.
Not many can attest to that in this day and age
Soldato
Why delete?
Soldato
- Joined
- 23 May 2006
- Posts
- 7,207
honestly i do not blame him... its a no win situation.
i am gonna talk about me as it is not for me to speculate on others but....i have been asked in this thread how much our property was worth, what i owe on it and what rent i charge......
i naively answered but it was a damned i do damned if i dont situation.
imagine i put my flat was worth 100k, and i have a 90% mortgage on it...... then i would be accused of making money without actually owning anything... it would be purely a predatory move forcing prices up and taking a house off the market, without me even risking my own wealth just to make money... (kind of what the glazers did to united i guess but i digress)
on the flip side i say my flat was worth 400k and fully owned outright........ well then i am just a rich person and i dont NEED to be renting the property out, i have enough money as it is and am just a rich land owner exploiting the poor.
(2 extremes, i am neither of the above)
some people in this thread just do not want individuals owning more than 1 property, they would happily have forced purchases by the government at what ever value they choose and then put into cheap council rental stock......and no matter what the circumstances... the landlord is evil and will be blamed no matter.
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Soldato
Private landlords are the evil though.
Its mainly the billionaire's from Russia etc that are not great landlords..
Every time a property becomes a "Second Property" it's taken away from potential home owners.
Every time a property becomes part of a "Portfolio" it's taken away from potential home owners.
It makes no difference whether you own it outright or have it sat on a 90% mortgage.
It does not matter how the property was acquired, whether it's "only" your second property, or the 50th your adding to your portfolio.
There is simply no need to own more than 1 residence.
It is a deliberate choice that people make and it almost always leads to them enriching themselves at the expense of those less fortunate.
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The irony, especially on this forum.
Seeing as deliberately inflammatory analogies designed to flip the perspective of the morality get the Karen's all upset calling for the nanny state erm I mean the mods to protect their feelings, let's try to be nice.
I flipped loads of graphics cards and consoles during the pandemic, I had a contact in the distribution line that could filter me out 5-10 per week of anything he could get a hold of, I wasn't like the greedy flippers I only marked up the prices to make a grand or two a week and I worked hard for it.
The moaning and complaining on this forum about prices at the time was funny, it was obviously only done by lazy people who didn't put the effort in to get just one card a retail.
Seeing as deliberately inflammatory analogies designed to flip the perspective of the morality get the Karen's all upset calling for the nanny state erm I mean the mods to protect their feelings, let's try to be nice.
I flipped loads of graphics cards and consoles during the pandemic, I had a contact in the distribution line that could filter me out 5-10 per week of anything he could get a hold of, I wasn't like the greedy flippers I only marked up the prices to make a grand or two a week and I worked hard for it.
The moaning and complaining on this forum about prices at the time was funny, it was obviously only done by lazy people who didn't put the effort in to get just one card a retail.
Well said.
I posted before I was finished
I have a flat I rent out.
Value £120K
Mortgage £75K
Rent £520 (unchanged for 4 years)
Agent (10% plus VAT) £62.4
Mortgage monthly £147 (relief value £29)
Insurance monthly £10
Safety inspections £14
Sundry repairs £20
Other fees £20
Profit £384.60
Tax £161.53
Net benefit £203.07
APpreciation on property over last 6 years, approx £10K
The tenant is a couple of months in arrears at the moment and she's wanting me to change the heating from electricity to gas. Cost approximately £4000. It's not all roses. I'd like to sell but right now it's very difficult due to the Scottish Government's policies.
I posted before I was finished
I have a flat I rent out.
Value £120K
Mortgage £75K
Rent £520 (unchanged for 4 years)
Agent (10% plus VAT) £62.4
Mortgage monthly £147 (relief value £29)
Insurance monthly £10
Safety inspections £14
Sundry repairs £20
Other fees £20
Profit £384.60
Tax £161.53
Net benefit £203.07
APpreciation on property over last 6 years, approx £10K
The tenant is a couple of months in arrears at the moment and she's wanting me to change the heating from electricity to gas. Cost approximately £4000. It's not all roses. I'd like to sell but right now it's very difficult due to the Scottish Government's policies.
Hold up hold up..
£200 profit per month, every month, for how long?
If we take that "6 years" figure you mentioned for appreciation of the property value then...
6x12 = 72
72x200 = £14,400.
£14,400. Profit.
You have made (hypothetically) Almost £15,000 in clear profit AND £10k appreciation on the property value AND been paying off it's mortgage from your rental income yet somehow you think because a new boiler is going to cost £4000 suddenly it's "not all roses"?
It's not all roses?
Are you ****ing kidding me?
Even WITH the new boiler you still made 10 grand profit over those 6 years all the while having SOMEONE ELSE pay the damn mortgage for you too.
Can you not see how utterly warped your view is ? 10grand clear profit is "not all roses" ? REALLY?
*This* is the reason the younger generation are so ****ed off. The CLEAR PROFIT you are making off them is more than your entire mortgage payments on the property.
In those hypothetical 6 years you have taken in clear profit, enough money for your tenants to have a chance at a deposit on a flat just like the one you instead choose to rent to them.
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Soldato
- Joined
- 23 May 2006
- Posts
- 7,207
lol ... ok so the government doesn't want to own a large fleet of houses. they made that clear by selling out the ones they had.... so . I guess that means an end to rentals. good work! that would have been me screwed for the 1st few years when I got my job but was not ready to consider setting down roots.
Caporegime
Woohoo ~£138 profit per month or ~£1,650 per year, big money moves. With profit margins so slim he'd be better off selling the house and sticking the money in a pension.
And the above is before we start to talk about the risks of renting, fixes / damage / a tenant not paying for months on end / house prices might not go up.
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If it's not about the money/profit then why own it and rent it out?
If it's so bad why doesn't he sell it and let someone own it?
Clearly he see's advantage and benefit coming from owning the property and renting it out vs selling it.
People wouldn't do it if there was no money in it.
Fact is, more people are doing it every day.
What does that tell you?
That tenant couldn't afford to buy a house. I've made one available to her that she could afford. I could just as easily have sat with the cash in the bank. Did I want to make a profit? Yes, of course. The profit however won't be as much as your huge letters suggest. The original mortgage was at a higher rate, (it was pretty much break even then) but I've given you this last years numbers. Add in a new bathroom, new flooring, various other costs over the years and there's really not much in it. Appreciation will attract CGT so I won't even see that much of that.
So no, I don't think my view is warped. It is how it is. Perhaps you'd rather have had her on the streets?
Grow up and do one.
Caporegime
No, Private landlords are currently leaving on mass, hence the massive shortage or rentals and increase in rental prices.
The government also didn't want gay's in years gone by. They also didn't want women voting. They wanted to be a part of the EU. Then they didn't want to be part of the EU.
Governments change. Policies change. Times change. Yes they sold off a crap ton of housing via RTB etc.. does that mean they will never, ever again want to increase their social housing stock?
Your assertion that the current way is the only way, is flawed.
You didn't read my post. I want to sell it, it's not worth the hassle but the way the Scottish Government is just now I can't increase the rent beyond 3% nor sell it unless under very specific circumstances.