Retired Landlord

[Roy]

23 years and I've finally called it a day.

I tip my hat to you young 'uns @AuricGoldfinger @katyc @modofantasma? you have the drive and the energy to slog on!

It's not the game it once was 😐

[AuricGoldfinger]

5 hours ago, Roy said:

23 years and I've finally called it a day.

I tip my hat to you young 'uns @AuricGoldfinger @katyc @modofantasma? you have the drive and the energy to slog on!

It's not the game it once was 😐

Selling up? I don’t blame you if you’ve had enough!

What tipped you over the edge or is your gold stack worth so much now to hell with property? 

[Spyder]

Probably programs like can't pay, won't pay. Too many playing the the system of paying for a few months and then nothing.

My advice for anyone contemplating this, rent your rental property out to the council on a three years term. Slightly less money per month, but guaranteed payment. They are also responsible for everyday maintenance  during  that period.

[Midasfrog]

@Roy join the club after 20 years I have also just given up on the rental game. The profit is being drained out and nailed down by the Government.

Government control 😷

[katyc]

13 hours ago, Roy said:

23 years and I've finally called it a day.

I tip my hat to you young 'uns @AuricGoldfinger @katyc @modofantasma? you have the drive and the energy to slog on!

It's not the game it once was 😐

Thank you @Roy

You're now free to concentrate on you and your family. No more dread when the phone rings (I have a separate tenant phone which I call it the "Anxiety Phone")

All the best for the future.

[Roy]

8 hours ago, AuricGoldfinger said:

Selling up? I don’t blame you if you’ve had enough!

What tipped you over the edge or is your gold stack worth so much now to hell with property? 

No, I'm not selling up!

I was an 'accidental' landlord, I was posted abroad and had a property sitting empty so I thought I might as well rent it out.

Because I was only playing at it, amateur at best, and being an overseas landlord, made things tricky. If it's done properly, it's still a lucrative business.

Never rent your house out on a handshake! 

I'm giving it to an elderly relative who is finding things tough in the current environment, so it still remains 'on the books' so to speak.

😊

 

[shawy2510]

I have just got into it Roy, I got a flat to start with 4 months ago & had it rented out the day after I got it luckily, fingers crossed it stays like the as after service charges & dreaded tax I am about £6 a month in profit which is ok I suppose on a repayment mortage. Would like a house aswel either here or abroad but very weary on it.

 

[Roy]

Nice one!

As said, done properly, it's a tidy business but it is a full/part time job and I'm done with that!

I hope it all works out well for you 👍

[Spyder]

17 hours ago, shawy2510 said:

I have just got into it Roy, I got a flat to start with 4 months ago & had it rented out the day after I got it luckily, fingers crossed it stays like the as after service charges & dreaded tax I am about £6 a month in profit which is ok I suppose on a repayment mortage. Would like a house aswel either here or abroad but very weary on it.

 

Shawy, read my comment I posted earlier. At one time I worked as a estate agent. The ones who slept well at night, were the ones who rented their property out to the council on a minimum 3 years contract.

[ZRPMs]

4 minutes ago, Spyder said:

Shawy, read my comment I posted earlier. At one time I worked as a estate agent. The ones who slept well at night, were the ones who rented their property out to the council on a minimum 3 years contract.

Here's a few pic's of what managed by the local authority look like when its handed back. Needed new kitchen, bathroom, floor and celling joists floor. back door. Total so far is approaching £15,000 to put right. TBH the pictures don't convey the destruction.

Been in the game for approaching 30 years. Can't wait to sell them all. I've seen the best of society and the worst. But lately, only the worst.

 

[Zeuk]

I rented a property out when I was at uni, they were much cheaper back then and I managed to save enough for a deposit and then rent out the rooms whilst in it.  I kept it going for a while after leaving but it was in a bad area and kept me quite busy.  One day I got a call from the council, immediately alarm bells rang - instead they said they were rejuvenating the area and asked if they could do up the outside of the house, I was very grateful and stuck it on the market as soon as they were finished for 100% profit 😇🤣

[ZRPMs]

24 minutes ago, Zeuk said:

I rented a property out when I was at uni, they were much cheaper back then and I managed to save enough for a deposit and then rent out the rooms whilst in it.  I kept it going for a while after leaving but it was in a bad area and kept me quite busy.  One day I got a call from the council, immediately alarm bells rang - instead they said they were rejuvenating the area and asked if they could do up the outside of the house, I was very grateful and stuck it on the market as soon as they were finished for 100% profit 😇🤣

Nowadays, at least in Wales. You have to register as a landlord. Register each property, if you manage your own properties, that has to be registered. If you have HMO's they need a separate licence and registration. Each of these cost's along with the bi-annual checks that all is ok. The first licence I had on my flats had 42 conditions that needed following above the normal legislation. Had I fallen foul of any of these points there was a fine. Most carried an upto £5,000 penalty, with some at £15,000. The last licence had well over 60 points most of which carried an unlimited penalty. Along with this any breach of any number of point could have been seen as a breach of licence. Carrying the risk of the property being taken over by the local authority and an unlimited fine.

On 20/03/2023 at 02:51, Roy said:

23 years and I've finally called it a day.

I'm sure it's going like this in every line of work or every enterprise. It really feels as if its becoming illegal to stand on your own two feet and be self employed. I'm going to stop now. Congratulations on getting rid of the house. Time to enjoy.

[Zeuk]

17 minutes ago, ZRPMs said:

Nowadays, at least in Wales. You have to register as a landlord. Register each property, if you manage your own properties, that has to be registered. If you have HMO's they need a separate licence and registration. Each of these cost's along with the bi-annual checks that all is ok. The first licence I had on my flats had 42 conditions that needed following above the normal legislation. Had I fallen foul of any of these points there was a fine. Most carried an upto £5,000 penalty, with some at £15,000. The last licence had well over 60 points most of which carried an unlimited penalty. Along with this any breach of any number of point could have been seen as a breach of licence. Carrying the risk of the property being taken over by the local authority and an unlimited fine.

I'm sure it's going like this in every line of work or every enterprise. It really feels as if its becoming illegal to stand on your own two feet and be self employed. I'm going to stop now. Congratulations on getting rid of the house. Time to enjoy.

Blimey, it was much easier a couple of decades ago - over-leverage on a buy-to-let mortgage and then cover it plus some with rent, sell after a nice hike.

[Roy]

@ZRPMs

   

Some folk live like animals. Probably never cleaned from the day they moved in.

 

[Spyder]

4 hours ago, ZRPMs said:

Here's a few pic's of what managed by the local authority look like when its handed back. Needed new kitchen, bathroom, floor and celling joists floor. back door. Total so far is approaching £15,000 to put right. TBH the pictures don't convey the destruction.

Been in the game for approaching 30 years. Can't wait to sell them all. I've seen the best of society and the worst. But lately, only the worst.

 

You did not say how long the council had your property for. I have seen new renovated property in just as bad state after just 2 years of some council tenants moving in. You buy a cheap property, fit cheap kitchens and bathrooms and rent out. The money you would have made back in that periods would have covered it all. At least you got paid and not having to go court to get an eviction.  

[ZRPMs]

7 hours ago, Spyder said:

You did not say how long the council had your property for. I have seen new renovated property in just as bad state after just 2 years of some council tenants moving in. You buy a cheap property, fit cheap kitchens and bathrooms and rent out. The money you would have made back in that periods would have covered it all. At least you got paid and not having to go court to get an eviction.  

The property had been fully renovated then handed over for the Syrian refugee program. It was supposed to be for 2 years but ended up 5 years. and only after I had visited for a repair had I realised the extent of the situation and pulled the council up on the state of the place. The tenants are now housed in a local authority property. Now I'm battling with them for the damage costs. Market rent at £700 but only getting £535 pcm. Its a joke. 

On the other hand I have met some great people and I am now even god parent to one, But that is a whole other story. Funny as hell but like a I say, I've met the best and the worst of society. 

[ZRPMs]

9 hours ago, Roy said:

Some folk live like animals. Probably never cleaned from the day they moved in.

It really is very sad. Everyone seems to know their rights but not their obligations. It's never their fault, always someone else's. My picture folder is full of the houses in a shocking state after tenants have left and during their occupancy.

The thing I like about metals is, it doesn't make any mess and won't ring me up at 11:30pm on new years eve to tell me the shower had been left on as they were rushing to leave the house that morning to visit family and having just got back in have realised the shower head had fallen and sprayed water all over the bathroom floor which has made it through the celling in to the kitchen. Can I come quick to sort it out. 

[Spyder]

26 minutes ago, ZRPMs said:

The property had been fully renovated then handed over for the Syrian refugee program. It was supposed to be for 2 years but ended up 5 years. and only after I had visited for a repair had I realised the extent of the situation and pulled the council up on the state of the place. The tenants are now housed in a local authority property. Now I'm battling with them for the damage costs. Market rent at £700 but only getting £535 pcm. Its a joke. 

On the other hand I have met some great people and I am now even god parent to one, But that is a whole other story. Funny as hell but like a I say, I've met the best and the worst of society. 

The stories I could tell you, I could write a book. I worked for 18 years for a west London council and sometimes I would take a heavy duty rubble bag just to rest my tool bag on as the floor was so disgusting. They would say to me ''sorry did not have time to clean today''' I would not hold back and told them straight, '' this place has not be cleaned in years''. 

[CANV]

it was a great earner , but all the loopholes have been closed and then some.  I couldn't do it because I just cant handle dealing with twats and vermin.  

although of course many renters are top drawer . I know my luck. id never get one of those ..

is all about pensions now,,  the government wants the rental property market in the hands of big business.  the privateer will be taxed and regulated out of the game. 

[ZRPMs]

Well, Here we are again. Tenants have discovered weed. 4 months rent arrears, damage to the property, but of course its my fault. Sell sell sell.  Tried to listen to radio 2 today. Once again housing problem is landlords fault. no representation from landlords, or at least by the time I had to switch off. Just lots of un-truth's from virtue signalling hypocrites. Not that any of my rent's are at the market price but I fail to see any of those on the panel would take a 20% cut in their rate. But it's worse than that, Most landlords would love to make 20% profit What the panel proposed was rent control at 20% lower than market rate. For starters, How would market rate be calculated if everyones rent was 20% less. Wouldn't that become the new market rent. Then 20% less again, so on and so fourth.

Sorry for the rant. I will stop myself before I carry on and on and on. 

[HonestMoneyGoldSilver]

I feel sorry for you guys who are trying to be honest and just earn a fair return but are being screwed by the government/council and tenants.

BTL sounds wonderful on paper, especially when interest rates are low (they will be going down again within 12 months), but I've heard so many horror stories in recent years, not to mention the absolute shitshow of those underwater in 2007-09. I actually bought my house at auction from a landlord who over-extended themselves. I picked it up for 35% of what they paid and almost felt guilty about it, but not really as it was owned by the bank at that stage. This is one of the most lucrative schemes I've ever been lucky enough to fall into btw - repossessed property that is sold at auction to full cash buyers. Of course you have to be extremely careful you don't buy a property that has legal issues such as right of way, or has some sort of contamination or structural faults. My property was a new-build at the time and pristine. 

I don't know how you deal with tenants who are behind on rent or damage the property. I would probably damage them in all honesty. Seems like the only way to run a BTL is to give your property to close friends/relatives who you know and trust, otherwise it might be highly lucrative or it could be the bane of your existence. 

[HonestMoneyGoldSilver]

What do you mean @ZRPMs, "the tenants discovered weed". You mean they are smoking indoors? I'd go absolutely mental. I am a smoker and I don't smoke in my own house. I have a garden and a garage for that kind of business. If I was a landlord I wouldn't accept paying for smoking or pet insurance. If the tenants smoked in my house I would phone the police and have them evicted, or failing that just take the keys from them and physically throw them out the door. 

Sorry I am getting angry vicariously on your behalf. 

[ZRPMs]

Friend and family are the worst. Never mix business with friends and family. You end up loosing them and the business if not carful

[ZRPMs]

3 minutes ago, HonestMoneyGoldSilver said:

What do you mean @ZRPMs, "the tenants discovered weed". You mean they are smoking indoors? I'd go absolutely mental. I am a smoker and I don't smoke in my own house. I have a garden and a garage for that kind of business. If I was a landlord I wouldn't accept paying for smoking or pet insurance. If the tenants smoked in my house I would phone the police and have them evicted, or failing that just take the keys from them and physically throw them out the door. 

Sorry I am getting angry vicariously on your behalf. 

You would be accused of discrimination. The police don't care unless it's for you. You would be locked up faster than you could get the first screw out of the lock. 

Don't get wound up. It only raises blood pleasure and that certainly won't help.

[HonestMoneyGoldSilver]

Yes I have no doubt you are correct @ZRPMs about the police

I also agree it's rarely a good idea to mix business with friends/family but if you offer them a good deal and you know they won't deliberately damage the property, then I see it as a win-win. You'd have to be very selective obviously

You didn't answer about the weed thing. Are the tenants smoking weed in your property, or growing it?