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I’m really going off the idea of being a landlord

Discussion in 'Coffee Shop' started by derek kelly, Aug 2, 2020 at 3:40 PM.

  1. derek kelly

    derek kelly The Deli lama Club Sponsor

    A friend has recently finished renovating his buy to let property, three weeks ago he introduced his first tenant into the property, day three, he gets a phone call, “you never told me I’m not allowed to hang my washing in the back garden” Steve went to the house to sort the problem out, apparently he hung his washing out & went to work, when he returned his washing was missing, turned out the old lass next door took it in her house (still wet) & put it in a bin bag, wet washing in a black bin bag on a very hot day = more washing, the old lass told him that as he’s only a tenant he’s not allowed to hang washing out.
    Steve went to have a word with her & she went scatty & threatened to call the Police, so Steve just told his tenant to ignore her, most days since she has found something to complain about, last week the bin men left his wheelie bin outside the neighbour’s house so she has kidnapped it, steve told his tenant to bag his rubbish & dump it in her garden with a note to put it in the bin, the tenant has given notice to leave.
     
  2. Squag1

    Squag1 Can't remember.... Club Sponsor

    My son was on work experience in Brussels. It was around the time the guy kidnapped the children in the 90s.

    There were about 8 of them sharing a house. The landlady was next door and not quite firing on all cylinders.

    One morning very early there was banging on the front door. I think he was the one who answered, to get run down by a gang of armed police who searched every corner of the house.

    It seems yer one next door told them that there were children crying in the house.
     
  3. Stevebrooke

    Stevebrooke Knee up, wheel down Club Sponsor

    I told you before - give it to a decent investment company. We got in at the bottom just after covid struck and we've made 8% in 3 months. It could go tits-up anytime as it's stocks and shares Isas but the company we're with looks after Mrs B's pension as well and that has climbed steadily over the years. We've no worries about damage, repairs, maintenance, tax, insurance or anything else that goes with renting.

    Now I've praised it it'll probably bomb knowing my luck.
     
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  4. derek kelly

    derek kelly The Deli lama Club Sponsor

    I still think buying land is a safer & more lucrative bet, people always want land, you don’t have to pay agent fees, you can make money simply by having it cut for hay, it never devalues & when you sell it you don’t pay capital gains.
     
  5. Cougar377

    Cougar377 Express elevator to hell Staff Member Moderator Club Sponsor

    A couple of days ago a huge quantity of hay in a field a couple of miles up the road was torched by kids from a nearby housing estate. You can't protect yourself from that.
     
  6. derek kelly

    derek kelly The Deli lama Club Sponsor

    A local farmer usually buys the cutting rights to the field we don’t use, if it gets torched then it’s his problem but the field is far enough away from the main road & there are a couple of houses overlooking it, this is the field we are in the process of selling for over double what we paid for it.
     
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  7. Lee337

    Lee337 Confused Poster Club Sponsor

    Being on the receiving end when I used to rent. First time when I was 18, I had the door kicked in at 2.00am by the landlord, who then kicked me out in the street with the aid of his Alsatian. I left everything, including the furniture that I owned. The police wouldn't do anything as the landlord was a serving officer. A couple of years later, the basement of a flat i was renting 'spontaneously 'caught fire. It was believed to be the owner of the property next door who thought that having 20 somethings renting flats next door, devalued his property.

    Shortly before I bought where i am now, I was renting a nice little house on a quiet estate. There were no issues with neighbours and I never saw the landlord as he lived in Canada. Everything was done via an agent, who had good reviews. After living there 20 months I found out from a neighbour (who was also renting from the same agent) that rent for the previous 12 months had not been passed on to the property owner. Turns out the agent was pocketing rent from all the 50+ properties he was representing & telling the owners that the tenants were just not paying. I was eventually evicted as I couldn't pay the back rent and lost over £1000 deposit.

    Don't think this could happen now as about a year later, a law was introduced so that agents had to place all funds into a secure account, but at the time, all rent collected could be put anywhere including, it would seem, the agents pocket.

    I'm so glad i don't have to rent anymore.
     
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  8. andyBeaker

    andyBeaker Moderator Staff Member Moderator Club Sponsor

    I stand to be corrected but I am 99.9999999999% sure that it is only the deposit that has to be held in a 'government secure' account. Rent goes straight to the agent who takes their cut and passes on direct.

    I cannot emphasise enough the importance of using an agent. A reputable one that is!! As a landlord I wouldn't want the hassle of Derek's example in the first post, even though the outcome may have been the same. The outcome may have been different if the troublesome neighbour was also renting.
     
  9. derek kelly

    derek kelly The Deli lama Club Sponsor

    Lady I work with was always saying she had the perfect tenants as they always paid on time, she received a call stating that the old wooden guttering needed replacing, she went round to the house (first time since the tenants moved in) she was appalled as the decking which she had newly installed had been ripped up, there was dog shit all over the garden, the wheelie bins were overflowing & added to the mess in the garden, fortunately the inside of the house was spotless but the tenants refused to accept responsibility for the decking & state of the garden.
     
  10. andyBeaker

    andyBeaker Moderator Staff Member Moderator Club Sponsor

    You seem to only know landlords that have bad experiences!!

    You have to accept that the place won't be looked after like it is your own. As an example I have a couple that have decking out the back and realistically I don't expect tenants to maintain it (I don't expect them to rip it up either!) and equally I can't expect them to have me going in every five minutes to maintain stuff like that. You have to accept that when a tenant leaves there will be renovation for the landlord to do (any decent landlord That is) to smarten the place up. You have to be realistic - I put a new lawn down when a tenant moved out, looked like Wembley, but I knew it wouldn't stay like that for long.

    As for dog poo....that's why I don't allow pets in any of mine. Whether the government will let me keep doing that much longer is anyone's guess as all legislation changes seem to favour tenants.

    Derek, in all seriousness, there will be bumps in the road if you become a landlord - even with great tenants there are occasional issues, a good agent should deal with most of these without involving you but sometimes you, and your wallet, will be needed.
     
  11. derek kelly

    derek kelly The Deli lama Club Sponsor

    I know what you are saying Andy but the more I think about it the more I believe I’m not cut out for it, Bev has fairytale view on it thinking it will be all fluffy pink clouds & perfect tenants.
     
  12. Squag1

    Squag1 Can't remember.... Club Sponsor

    It also depends on what contract the tenant signs. Needs to be clear what responsibilities are. Maybe including penalties.
     
  13. Oldandbald

    Oldandbald Been there, and had one Club Sponsor

    You are 99.9999999999% wrong.

    https://www.gov.uk/client-money-protection-scheme-property-agents

    Sorry but couldn't think of a gentle way of breaking it to you!
     
  14. andyBeaker

    andyBeaker Moderator Staff Member Moderator Club Sponsor

    Sorry, that is something different...don't know how to break it to you.....:p

    That is saying that client money must be held in a client account, something that has been in place for donkeys years.

    Hardly a foolproof mechanism as many crooked professionals have proved over donkeys years.
     
  15. Oldandbald

    Oldandbald Been there, and had one Club Sponsor

    Really? Despite the legislation only being brought in last year - although they did extend the deadline until April this year if my memory serves me correctly.
     
  16. Nige F

    Nige F Been there, and had one Club Sponsor

    I hear a number of horror stories from the other half about rental properties on a daily basis.... People doing a runner leaving the house in a mess etc etc.

    I was going to rent my house out but having thought long and hard I'm so glad I didn't and just sold it.

    Unless you can afford several and get a decent income from it I wonder if its more hassle than it's worth, especially when it appears that the tenants seem to have more rights than landlords
     
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