Retired Landlord

[ZRPMs]

I've had both. but current lot are smoking. Can't afford both so they don't pay the rent. Worst I've ever had was £30k damages, rent, legal fees. They were the other half's Mother and Father. 

[AuricGoldfinger]

29 minutes ago, ZRPMs said:

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

THIS.

So many people fall into the trap of renting to friends and family. It’s a business arrangement - keep it as such.

29 minutes ago, ZRPMs said:

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

THIS.

So many people fall into the trap of renting to friends and family. It’s a business arrangement - keep it as such.

29 minutes ago, ZRPMs said:

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

THIS.

So many people fall into the trap of renting to friends and family. It’s a business arrangement - keep it as such.

[ZRPMs]

3 minutes ago, AuricGoldfinger said:

So many people fall into the trap of renting to friends and family. It’s a business arrangement - keep it as such.

Its not always that easy to be fair but, yes. Its the old saying "if you've had enough of a friend, lend them some cash" Its easier to give it to them. Family is worse. 

[HonestMoneyGoldSilver]

Jay-Jay-Jay Okocha, so good they named him thrice!

[CANV]

Get out. The game is over .. as I said before the government is moving it on to big business via tax..  

people are just worse than they used to be.  Loads of em have zero self respect and will have less than zero for your stuff.. there may be a middle class market somewhere , but when you get adverts demanding landlords step up,on bbc radio. You will get morons demanding you change a light bulb or fix a toilet flush.. a job anyone with an I.Q of more than 45 could do ..  my dog could do it if he had thumbs .

of course the slum landlords from certain sections of ‘our’ society will crack on as normal as no council woofter will get on their case 

[Roy]

Upgrades!

     

[SilverDrum]

7 hours ago, Roy said:

Upgrades!

     

Looks just like all of my bathrooms! Those sheets of plastic instead of tiles are neat, saved me learning to tile at least 🤣

[katyc]

Those wall panels save so much time and money. Also there's no grout going mouldy like with tile.

This is a really old, outdated bathroom. Even the bath is good old cast iron! Rather than ripping it out, I did the same. Bought a sink unit for £150 (already assembled). New sink/bath taps plus a rainfall shower (appx £150 eBay). Concrete effect wall panels and black edge trims (appx £150). Shower screen 100 squids from eBay. Vinyl stick down planks for the floor (£10 per square meter). Blind from eBay. Battery operated LED mirror. New toilet seat. Done.

Total spend appx £750 including other bits (towel rail, adhesives etc). But also cost many hours of my time on top. I did a plumbing course a few years ago. (And no, I'm not a butch lass! I just love being self sufficient and sadly have experienced quite a few cowboys who assume landlords don't care about a good finish. But I do. Which achieves great rents and good tenants as a result. TOUCH WOOD!)

Saved thousands. You can't beat real tile, but it's a rental and any profits are always many years down the line after initial outlay of 25% deposit, refurb, legals, extra SDLT etc.

Last pic is the before pic (please don't tell me you prefer it!)

Edited May 14, 2023 by katyc

[katyc]

Here's another I did just a few weeks ago.

Bathroom didn't really need updating, but I'm a bit OCD 😬

The entire bathroom is wall panelled on this one.

[SilverDrum]

Think we need a new page for active landlords...loving the spec on those @katyc i've only had one tenant move out of my houses in the 6 years i've been doing this, and they left to buy a house. So that says something!  

[SiCole]

Nice! Heres the last one i did.

[SilverDrum]

2 hours ago, SiCole said:

Nice! Heres the last one i did.

I do love a white wall, skirting board and dull grey or brown carpet…a couple of mine look just like yours 🤣
 

[Roy]

@SilverDrum @katyc @SiCole nice work!

I opted to rip the bath out and fit a walk in shower because the elderly relative who is moving in has limited mobility. I tried to make it more 'convenient' for her.

I didn't do any of the work mind you, I had a man in 😇

[CANV]

All fine and well priced work , but am I the only person left in the UK who doesn’t like grey and white ….  🤔

[SilverDrum]

7 hours ago, CANV said:

All fine and well priced work , but am I the only person left in the UK who doesn’t like grey and white ….  🤔

It's a blank canvas for the tenant tbh. If they really want to paint a wall, make the house personal...i am all for it, they usually look after it if they bother to paint and will stay and enjoy it. Then easy for them/me to paint white again before a new tenant. 

[CANV]

I miss magnolia 

[Aldebaran]

On 17/05/2023 at 15:08, CANV said:

All fine and well priced work , but am I the only person left in the UK who doesn’t like grey and white ….  🤔

No here is another person who doesn’t like grey and white - depressing 😁.

Gardenia, the best colour, everyone thinks it’s magnolia.

We got out of letting years ago, how many lunatics can you tolerate 🤣

[ZRPMs]

The property I mentioned at the start of this topic has been finished and new tenants are in. I gave the property to the local authority for their refugee program. 6 years after they move in the house is destroyed. Even had to replace the floor/ celling joists in the bathroom (pictures are on p1). 10 months later and about £20,000 has been spent in there. As a settlement for the damage done whilst it was in their care they have offered me £7,800 and tried to say the rest would have been wear and tear. 

My advice to anyone thinking for getting in to the rental sector is don't. To everyone in it if your not a limited company get out. It never used to be this way, but now. The tenants, the local authority, any un-familiar trades ( decent ones are all retiring), the banks and the general public (wither they rent, own or defiantly living with parents) are all out to shaft you. Get out if you can. Source an exit plan if you can't.

Environmental reg's (EPC's C rating or above soon). Rumblings over rent control. The list goes on. I have even spoken with a councillor that was mad keen on the local authority having mandatory allocation rights of the private rental sector in certain areas or wards. Reminds me of when Corbyn advocated taking possession of the big universities (Ox-bridge). Give it 20 years and housing stock will only be in the hands of large corporations, social landlords or the remaining small amount of council owned housing.

Struggling with seeing any point to it all. Remember you'll own nothing and be happy.

 

[Roy]

31 minutes ago, ZRPMs said:

£20,000 has been spent in there. As a settlement for the damage done whilst it was in their care they have offered me £7,800 and tried to say the rest would have been wear and tear

What dream world do they live in?

Frankly, I would be offended and by the sound/feel of your post, you are too.

 

[ZRPMs]

2 minutes ago, Roy said:

What dream world do they live in?

Frankly, I would be offended and by the sound/feel of your post, you are too.

 

Sorry @Roy for the rant. I can only congratulate you on getting out. When I spoke with them they conceded that, had they had the work done it would have cost in excess of £30,000. It's an absolute insult. Polite words fail me.

[ZRPMs]

Just read the reverse of the insult. In layman's terms it say's "......................................................................................................................................................................................................................"

Sorry. I've had to self censor. I think I'm already in trouble from a different topic. 

[AOB]

Been contemplating on starting at property a while now. But as my dad keeps talking me out of it, with exactly what @ZRPMs is mentioning (Bad tentants, bad experience & never ending refurbs/ damages).. 🤦🏻‍♂️

@katyc@SiCole@Roy@SilverDrum - Well Done!!! Very nice refurbs guys 👏🏽👏🏽

[ZRPMs]

9 minutes ago, AOB said:

Been contemplating on starting at property a while now. But as my dad keeps talking me out of it, with exactly what @ZRPMs is mentioning (Bad tentants, bad experience & never ending refurbs/ damages).. 🤦🏻‍♂️

@katyc@SiCole@Roy@SilverDrum - Well Done!!! Very nice refurbs guys 👏🏽👏🏽

Sorry @AOB, I've made some great friends. Become a godfather to one. I've seen the best of folk and possible the worst. What I find now is that the local authority hound you. The tenants destroy the place and think is your fault as they are told by the homeless and housing departments at the local authority. Even good tenants have turned bad. Never one to quench an enterprising soul. Just go in to it with eyes wide open. There are more costly reg's on the horizon and closer. I wouldn't buy a house under a C rating on the EPC. In Wales your on a register and all properties are registered for a fee. Rent Smart Wales only answer the phones between 10:00 am and 2:00 pm, if you can get through but only on 4 days of the week.

I wouldn't know what to suggest for the best. In the same boat myself.

[SiCole]

I have a house at the mo where the tenant has paid fine for 18 months and last month was 23 days late and this month is ignoring the agent. Every time i drive past it looks empty so that will be fun.

Im personally still looking for more but has to be an absolute steal to be worth it as i can invest in stock and sell for better margins.

[ZRPMs]

3 minutes ago, SiCole said:

has to be an absolute steal to be worth it as i can invest in stock and sell for better margins.

and greater sanity levels