Retired Landlord

[Roy]

Does anyone here run an AirB&B? 

Obviously, they're all about location, location, location, but you do appear to have more rights?

Potentially lots of 'empty calendars' too.

[AOB]

2 hours ago, ZRPMs said:

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.

Yes I completely understand, seems the government are striving for big companies to own all property (the likes of Blackrock etc).. which will turn make society become renter nations, with zero goals of owning property in the future

[AOB]

1 hour ago, SiCole said:

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.

Jeez it seems to be a disaster, nearly best calculating into your returns at 85% occupancy yearly, x amount in damages, repairs etc to ensure the property is viable.
I might do the same just play the waiting game until a good deal arises 

[Aldebaran]

We were landlords from the late 1980’s until about 2010.

We always owned the properties outright, so the late payments, people dying, doing a bunk, putting all the furniture out in the garden, smuggling in pets, flooding the house, smashing up kitchens and all the normal ridiculous behaviour didn’t affect us financially.

My husband decided to sell them one by one as they became vacant, which we did over a few years.

Would we launch ourselves into that arena now?  Possibly, but it is very different now and the prospect of even more authoritarian interference is very depressing.

 

 

 

 

[AOB]

4 minutes ago, Aldebaran said:

We were landlords from the late 1980’s until about 2010.

We always owned the properties outright, so the late payments, people dying, doing a bunk, putting all the furniture out in the garden, smuggling in pets, flooding the house, smashing up kitchens and all the normal ridiculous behaviour didn’t affect us financially.

My husband decided to sell them one by one as they became vacant, which we did over a few years.

Would we launch ourselves into that arena now?  Possibly, but it is very different now and the prospect of even more authoritarian interference is very depressing.

 

 

 

 

Yeah I think back then was prime to owning property with more ways to swerve tax man and offset profits with expenses - which are being heavily taxed with getting more strict on the expenses unless with a limited company. 
 

Hopefully I get a wealth of knowledge off you more experienced & maybe dip my toe into the BTL area in near future.. “MAYBE” haha

[Aldebaran]

1 minute ago, AOB said:

Yeah I think back then was prime to owning property with more ways to swerve tax man and offset profits with expenses - which are being heavily taxed with getting more strict on the expenses unless with a limited company. 
 

Hopefully I get a wealth of knowledge off you more experienced & maybe dip my toe into the BTL area in near future.. “MAYBE” haha

Marrying a builder was a pretty good plan😊

You will get where you need to be, when you need to be there 🖖

[Roy]

@AOB, you'll only ever hear landlords moan about their lot, never success stories.

I've had bad tenants, same as @ZRPMs and @Aldebaran, but ultimately, even with the shocking refurb costs and abuse of your property, it is still a great earner.

I picked up a phrase recently, but I forget who or where...

'Don't get into BTL as a passive income source. There is nothing passive about being a landlord!'

Good luck 👍

[AOB]

17 minutes ago, Aldebaran said:

Marrying a builder was a pretty good plan😊

You will get where you need to be, when you need to be there 🖖

Haha your speaking from experience..

Pity my missus isn’t a builder 🤦🏻‍♂️😂

7 minutes ago, Roy said:

@AOB, you'll only ever hear landlords moan about their lot, never success stories.

I've had bad tenants, same as @ZRPMs and @Aldebaran, but ultimately, even with the shocking refurb costs and abuse of your property, it is still a great earner.

I picked up a phrase recently, but I forget who or where...

'Don't get into BTL as a passive income source. There is nothing passive about being a landlord!'

Good luck 👍

Yes I was thinking of the property less of BTL and more of a pensions pot in a sense.. as don’t trust the conventional pensions if you get what I mean.

Yes I appreciate it and very good phrase haha 

[Aldebaran]

9 hours ago, Roy said:

@AOB, you'll only ever hear landlords moan about their lot, never success stories.

I've had bad tenants, same as @ZRPMs and @Aldebaran, but ultimately, even with the shocking refurb costs and abuse of your property, it is still a great earner.

I picked up a phrase recently, but I forget who or where...

'Don't get into BTL as a passive income source. There is nothing passive about being a landlord!'

Good luck 👍

I do agree with everything that you say, I think that the reason landlords say about the problems is because it is so ‘outside’ our normal behaviour.

Having said that, for us, and many more, it is a great way to establish a long term investment strategy.

[AOB]

Well all being said, it’s great to know there are many property investors here, if I need some advice in future or support in future, and that you all get better tenants 😉🤣

[ZRPMs]

I got in to the rental market for a few reasons but in the main, It had to be sustainable and make a profit. I wasn't looking for an over night get rich scheme. It was the bulk of my pension. However I was also aware that I was providing a home for someone. I started with a £7,000 loan from my father. Which I paid him back with interest. I worked in a job and was also working for myself. Employed and self-employed. In the beginning I was working 7 days a week and usually 5 or 6 am starts and 8 or 10 pm finishes some days finishing work, starting my paperwork and falling asleep over it. I'm in my late 40's and have over done it. I've had meningitis, Sarcoidosis (which we thought was lung cancer, thankfully not), a heart attack in my late 30's and suffer with, on occasion, intense migraine, a legacy form a severe head injury. In short I'm knackered.

On the question of would I do it again? Possibly, Knowing what I know now and in the current climate. I would probably not. A classic example of what I mean.

I bought a block of flats just before the HMO regulations came in. The afternoon I bought them I was contacted by the council. They were coming at me with all sorts of regulations. As it turned out non of what they thought was actually fact. It was in their opinion. After an expensive and fraught back and to between them and my solicitor. They conceded that they had been over zealous in their interpretation of the up coming regulations. Move forward a little in time and a new Housing Enforcement Officer starts to make his name. Another round of hoops and battles to contend with. However this chap was quietly let go after a while. Indecent images of young were discovered on his tech. All hushed up. More legislation gets introduced and now my block of 7 separate individual flats and 2 shop units that has separate council tax or business rates for each unit is now an additional licence-able HMO. I have to register myself as a landlord, register each individual flat and register the block as a House in Multiple Occupation. The last licence cost me £1,000. that licence had more than 60 points on the licence. A breach of one of those point held a penalty anywhere from £5,000 to unlimited. As a further unlimited penalty for being in breach of the licence in general.

My point is that there is more and more control and intervention from the state and local authorities. This is only increasing. Now with environmental legislation also not just housing concerns. The people in the enforcement team need to justify their jobs. Some use the post as a stepping stone to further their career. They look for situations that are not there or make over zealous interpretations of the legislation. Own your own home. but rentals. I'm afraid the fight has left me.

[ZRPMs]

Just seen this that makes me feel I'm late to the sell the lot party. Property owners who fail to comply with new energy rules could face jail time (msn.com)

 

GB News

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Property owners who fail to comply with new energy rules could face jail time

Story by Jack Walters •10h

 

Property owners who fail to comply with new energy rules could face jail time© GB News

Property owners who fail to comply with new energy rules could face jail time as the Government pushes ahead with net zero measures, a report has claimed.

The decision has sparked backlash from Conservative MPs who oppose measures to penalise homeowners, landlords and businesses.

Tory backbenchers will likely mount a rebellion against the proposals as pressure grows on Rishi Sunak to end his net zero pledge.

However, Government Ministers want to grant themselves powers to create new criminal offences and increase civil penalties

 

Rishi Sunak© GB News

Property owners who do not adhere to regulations to reduce their energy consumption could face up to a year in prison and fines of up to £15,000, The Telegraph has claimed.

Such measures have been included in the Government's Energy Bill.

The Energy Bill will enter the House of Commons for the first time when MPs return from recess on Tuesday.

It provides for “the creation of criminal offences” where there is “non-compliance with a requirement imposed by or under energy performance regulations”.

Homeowners could also face prosecution for the “provision of false information” about energy efficiency or the “obstruction of… an enforcement authority”.

The Energy Bill will embolden powers available under energy performance certificates.

The power was previously based on law which derived from Brussels.

However, such legislation from the European Union has been repealed since the United Kingdom left the bloc.

 

Craig Mackinlay, Conservative MP for South Thanet arriving for a meeting being held at 10 Downing Street© GB News

A Government spokesman said: “We have no plans to create new criminal offences, and any suggestion otherwise is untrue.

“Energy certificate legislation originated in EU laws, and our amendments ensure landlords, businesses and tenants are provided with the information they need to make their own decisions on energy efficiency in their buildings.”

Tory MPs have become increasingly outspoken about the Government's net zero agenda.

The head of the Net Zero Scrutiny Group Craig MacKinlay has tabled an amendment to the legislation.

 

\u200bJacob Rees-Mogg© GB News

He told The Telegraph: “The Bill is festooned with new criminal offences.

"This is just unholy, frankly, that you could be creating criminal offences

“The ones we’ve found most offensive are where a business owner could face a year in prison for not having the right energy performance certificate or type of building certification.”

Sir Jacob Rees-Mogg, who is also a GB News host, added: "The whole Bill is about piling costs onto consumers. It’s as if Uxbridge and the vote against Ulez had never taken place.”

 

 

[sixgun]

@ZRPMs - looks like the Bill passed. 

 

[katyc]

4 minutes ago, sixgun said:

@ZRPMs - looks like the Bill passed. 

 

Property owners.... So not just landlords - every home owner?

[sixgun]

2 minutes ago, katyc said:

Property owners.... So not just landlords - every home owner?

Looks like it.

The manmade climate change is a scam - a hoax.
Ordinary people struggling to get along are being hit with rising mortgage cost, runaway inflation in general, in London the ULEZ scam and now this BS.
You will own nothing.

[katyc]

12 minutes ago, sixgun said:

Looks like it.

The manmade climate change is a scam - a hoax.
Ordinary people struggling to get along are being hit with rising mortgage cost, runaway inflation in general, in London the ULEZ scam and now this BS.
You will own nothing.

I'm so tired of this sham of a country. 

[HerefordBullyun]

24 minutes ago, sixgun said:

Looks like it.

The manmade climate change is a scam - a hoax.
Ordinary people struggling to get along are being hit with rising mortgage cost, runaway inflation in general, in London the ULEZ scam and now this BS.
You will own nothing.

 

[Roy]

1 hour ago, katyc said:

I'm so tired of this sham of a country. 

I'm moving in with @sixgun and living on tapas and oranges.

I could reserve you a spot on the terrace if you like?

😎 ☀️ 🇪🇸

[katyc]

3 minutes ago, Roy said:

I'm moving in with @sixgun and living on tapas and oranges.

I could reserve you a spot on the terrace if you like?

😎 ☀️ 🇪🇸

Room for another?

[Roy]

Spain has its own problems, but at least it's warm there! 😊

[ZRPMs]

It's a flaming joke. I had a coffee with and old friend in the beginning of the week. Not seen him for a while. Probably last time I saw him was about the time the EPC's were being made a legal requirement for rentals and sales. I remember his stance was it was a great idea. At the time he was renting and wasn't intending on owning. We move on 10/ 15 years and he now has an old stone cottage out in the sticks. He tells me his rating is F, 2 log burners, Oil fired Rayburn that does his central heating with a really old solid oak front door in-keeping with the aesthetics of the property. I couldn't help but chuckle to myself the way he kept shouting the odds about what the government was doing should be criminal not owners of older properties he couldn't believe how unfair this was. "On top of my mortgage that's due to come off my fixed deal I'm not going to be able to afford any changes."  I did say to him. "I thought you thought EPC's were a great idea."

I think when people realise it could be a whole new ULEZ situation. To be fair some thing need to be done. It's beyond a joke. Next we'll have the mass clearances of the older properties. Streets will go under the dozer. No need for compulsory purchase orders. Owners will be fined out of their properties or just imprisoned. Social housing will assign you a property to suit your needs.

      Might as well have homes made out of containers as well as everything else we buy arriving in them.

Edited September 7, 2023 by ZRPMs

[Spyder]

I think this, if it does become law, would effect landlords and not regular home owners.  I for one will not worry about what might or might not happen years in the future.

I would say the house of commons would burn before any regular home owner ever will be sent to prison on this particular policy.

[katyc]

18 minutes ago, Spyder said:

I think this, if it does become law, would effect landlords and not regular home owners.  I for one will not worry about what might or might not happen years in the future.

I would say the house of commons would burn before any regular home owner ever will be sent to prison on this particular policy.

It wouldn't surprise me. There is a huge exodus of landlords at the moment so I'm not taking any action as eventually they'll be begging them back.

[ZRPMs]

5 minutes ago, katyc said:

It wouldn't surprise me. There is a huge exodus of landlords at the moment so I'm not taking any action as eventually they'll be begging them back.

Without the private landlord I fail to see how the housing sector can fulfil the demand. I admire anyone that can weather the storm. Myself, I've had enough. 

I just feel as if  A gif is worth a thousand words.

[Aldebaran]

6 minutes ago, ZRPMs said:

Without the private landlord I fail to see how the housing sector can fulfil the demand. I admire anyone that can weather the storm. Myself, I've had enough. 

I just feel as if  A gif is worth a thousand words.

I really can’t blame you, we had ‘enough’ some years ago and sold up 🖖