The joy of being a landlord

bris · 7 Mar 2023 at 00:05

cheesyboy said:
Landlording is simply immoral. No excuses.

Well you will be glad to know that landlords like me will be selling up in there millions soon.

I have housed 16 families for the last 20 years, didn't have a pot to **** in but it was at the time the banks were throwing money at small business like mine(retailer) where they even worked a different loan for the deposit.
I basically got my properties on interested only mortgages for practically nothing up front apart from broker and bank fees. PS in case you didn't know, this reckless lending is what caused the massive crash in 2008.
Whilst I have never missed a payment tens of thousand took the money and ran, I was small change, the defaults were from huge companies.

12 of those families have been with me from the start, the other 4 are the only ones that pay their own rent, the others get everything paid for them but that doesn't make them bad people.

I am now selling when they become vacant, I wont be evicting anyone (you can if your selling) just waiting on them leaving.

Bottom line though is the government have shafted us over the years, its now at the stage where we cant put interest on the loans through as a business expense as well as other penalties so it's simply unaffordable now to let properties.

In Scotland we have had the forever leases for years, it's just been introduced in England, which means you cant evict anyone unless they are in months of arrears, even then it takes a year to get an evection order.

So those LL's in England are simple evicting or selling up when a tenant leaves.

There will be a massive housing shortage in the next 2 or 3 years and it's already started, there is a reason rents are so expensive just now and that's because of lack of LL's like me. it's supply and demand

So yes if you Rent and complain about LL's then get a mortgage, if you cant get a mortgage then be thankful there is LL's like me, but no you just complain because you cant get a mortgage and have to rent, well that's your fault no one else's

You need someone to blame? Well Thatcher is to blame, she sold everyone their council homes on the cheap so getting a council home is near impossible. Most of those homes that are sold are now rental properties.

cheesyboy · 7 Mar 2023 at 00:15

bris said:
There will be a massive housing shortage in the next 2 or 3 years and it's already started, there is a reason rents are so expensive just now and that's because of lack of LL's like me. it's supply and demand

Oh good, we can talk supply and demand, and the impact of landlording.

Demand for rentals is increased by fewer properties available to buy (because BTL has caused supply to fall in the owner-occupier market)

Meanwhile supply for rentals is also increased, because more BTLs are in the market.

So far, so neutral.

BUT, in supply and demand, your demand curve shifts when the supply or price of a substitute changes.

Higher property prices cause the rent demand curve to shift upwards.

Hence. Higher rent prices AND higher purchase prices. Thanks landlords, you immoral *****.

cheesyboy · 7 Mar 2023 at 00:16

bris said:
So yes if you Rent and complain about LL's then get a mortgage, if you cant get a mortgage then be thankful there is LL's like me, but no you just complain because you cant get a mortgage and have to rent, well that's your fault no one else's

I've had a mortgage since I was 24 (40 now). I just recognise how awful landlording is for society.

NVP · 7 Mar 2023 at 01:00

I rent properties to foreign workers who need temporary housing, to fresh immigrants who need to rent whilst saving to buy, to a young family who move to the city for the guys new job, and currently one is rented to a family of Turkish asylum seekers (a judge and a dr) being paid for by their family friend because they don't have their own place either.

If there were no landlords where do you think people like this will stay?

Devilman · 7 Mar 2023 at 02:32

NVP said:
I rent properties to foreign workers who need temporary housing, to fresh immigrants who need to rent whilst saving to buy, to a young family who move to the city for the guys new job, and currently one is rented to a family of Turkish asylum seekers (a judge and a dr) being paid for by their family friend because they don't have their own place either.

If there were no landlords where do you think people like this will stay?

In times past people rented properties from the council. Hence.. Council House.

The term has since been hijacked to infer people on benefits.

Why should private individuals make profit on something so basically fundamental as a roof over one's head to call home, instead of the money going directly to local councils / government?

Maple Leaf · 7 Mar 2023 at 03:12

Devilman said:
Why should private individuals make profit on something so basically fundamental as a roof over one's head to call home, instead of the money going directly to local councils / government?

You're joking, right? This is a capitalist country. We have to pay private industry for everything. Even water is privatized here. Pop down to Aldi or Lidl, fill up a basket with the cheapest food you can find, a bottle of water and a cheap change of clothes and then try walking out without paying. When they stop you tell them how utterly disgraceful it is that they dare to charge for something as basic as food, water and clothing - the basic fundamentals of life! See how far you get with that argument when the Police turn up.

Efour · 7 Mar 2023 at 06:17

NVP said:
I rent properties to foreign workers who need temporary housing, to fresh immigrants who need to rent whilst saving to buy, to a young family who move to the city for the guys new job, and currently one is rented to a family of Turkish asylum seekers (a judge and a dr) being paid for by their family friend because they don't have their own place either.

If there were no landlords where do you think people like this will stay?

Your properties or you work at a letting agency?
I never had you down as the first. Very interesting.

Efour · 7 Mar 2023 at 06:51

At the end of the day if it wasn't profitable people wouldn't bother being landlords and the situation wouldn't arise.
I wish when I was younger i was a bit more serious with my money and so inclined. I could have quite easily snuffled up some BTL mortgages and gone down that route.
Pay some Muppet Letting agent to run the show and count the pennies as they roll in.
If it's not profitable or you can't handle the tenants, I know I couldn't be bothered, just get out surely.

This isn't directed at anyone. Just the state of housing in the UK really. The separation of government responsibility and privatisation/ private ownership . Housing and infrastructure are at least 2 things government should be able to get right but the UK hasn't for... I don't even know how many years. The right to buy? Maybe 80s?
You need some new direction.. ...

NVP · 7 Mar 2023 at 08:26

Efour said:
Your properties or you work at a letting agency?
I never had you down as the first. Very interesting.

I was an IT contractor for 10 years, properties were my pension, however the divorce has since ****** it all up.

Deleted member 77746 · 7 Mar 2023 at 08:31

Maple Leaf said:
You're joking, right? This is a capitalist country. We have to pay private industry for everything. Even water is privatized here. Pop down to Aldi or Lidl, fill up a basket with the cheapest food you can find, a bottle of water and a cheap change of clothes and then try walking out without paying. When they stop you tell them how utterly disgraceful it is that they dare to charge for something as basic as food, water and clothing - the basic fundamentals of life! See how far you get with that argument when the Police turn up.

It would be cheaper to rent if the councils had them all.

Personally I don't think we should have landlords.
It's all about profit and squeezing the money out of renters.

NVP · 7 Mar 2023 at 08:36

Profit squeezing? People seem to think landlords just bank the entire rent. The tax changes really impacted landlords, not much profit in this game when 40% goes straight to the taxman. Just spent 6 bills on some central heating issue this past week, the previous month it was over a grand repairing a leaky terrace. At the end of the year there really isn't much in comparison.

Deleted member 77746 · 7 Mar 2023 at 08:37

NVP said:
Profit squeezing? People seem to think landlords just bank the entire rent. The tax changes really impacted landlords, not much profit in this game when 40% goes straight to the taxman. Just spent 6 bills on some central heating issue this past week, the previous month it was over a grand repairing a leaky terrace. At the end of the year there really isn't much in comparison.

But there is a profit right? You certainly wouldn't do it for a loss.

200sols · 7 Mar 2023 at 08:37

NVP said:
Profit squeezing? People seem to think landlords just bank the entire rent. The tax changes really impacted landlords, not much profit in this game when 40% goes straight to the taxman. Just spent 6 bills on some central heating issue this past week, the previous month it was over a grand repairing a leaky terrace. At the end of the year there really isn't much in comparison.

Let me just find my violin.

200sols · 7 Mar 2023 at 08:38

GaryTheSnail said:
But there is a profit right? You certainly wouldn't do it for a loss.

Exactly, all those costs, all that tax and still a decent yield per year with little chance of capital loss.

NVP · 7 Mar 2023 at 08:40

GaryTheSnail said:
But there is a profit right? You certainly wouldn't do it for a loss.

Well, the post where I mentioned my divorce that amused you so greatly stated why I purchased them.

Deleted member 77746 · 7 Mar 2023 at 08:40

All you landlords - if your not in it for a profit let people on here rent for for free (As long as they pay for repairs e.t.c).

yeh... thought not.

NVP said:
Well, the post where I mentioned my divorce that amused you so greatly stated why I purchased them.

Which post?

NVP · 7 Mar 2023 at 08:42

I worked and invested so I didn't have to waste my life in an office. Don't hate the player...

Deleted member 77746 · 7 Mar 2023 at 08:44

I'm not having a go at landlords here - it's the system.
I know how hard it is for some landlords with the upkeep of the property I have friends who has properties.

The point here is landlords wouldn't be in it if it wasn't for profit at the end of the day.
Some do make a loss but it's how they manage things.

JonRGV250 · 7 Mar 2023 at 08:46

GaryTheSnail said:
It's all about profit and squeezing the money out of renters.

Is it?
I haven’t and won’t put up the rent as long as my tenant looks after the place and is no trouble (she knows this).
She’s paying £150PM less than market rate currently.
So, do tell how I’m squeezing money out of her.

JonRGV250 · 7 Mar 2023 at 08:48

GaryTheSnail said:
All you landlords - if your not in it for a profit let people on here rent for for free (As long as they pay for repairs e.t.c).

Not sure I’d want any of you nutters within a mile of my property