I have just become one,and would appreciate any advice.Gone through the process of registering and compliance (including deposit protection).I take it it's not simply a case of sitting back and watching the money roll in?
Betteridge's law of headlines (https://en.wikipedia.org/wiki/Betteridge%27s_law_of_headlines)
Simple really, plain sailing if you have a good tenant, nightmare if you have a bad one. My first tenant was great or so I thought, then house got raided for drugs, neighbours went ballistic and rightly so, I was public enemy no.1 for letting a dealer in, but I'd no idea. 2nd tenant another good one in terms of keeping house, good neighbour but had money problems, I need to say no more, 3rd one exact same as 2nd and luckily fourth one great, never hear from them, great young family and rent paid into account monthly no problems. Have the house 10 years and first six a nightmare last 4 plain sailing, apart from odd bit of maintenance
Remember you're not allowed to discriminate against gay tenants.
or scousers.
Quote from: dec on June 26, 2017, 10:37:24 PM
Betteridge's law of headlines (https://en.wikipedia.org/wiki/Betteridge%27s_law_of_headlines)
Very good!
Ulsterman Thanks.If I have a few bad ones I might just call it quits and live in the property myself!
Don't allow them to even fall one day behind with rent.
Did you enter a competition to get the house ?
Being a (reluctant) landlord meant I had to start filing a tax return, so if you didn't already, you'll need to start. And when interest rate relief disappears it will be a more expensive activity.
I let it stress me out too much. New boiler, new ensuite shower, electric safety certs, gas safety certs, all these things to deal with. Had good tenants for last 3.5 years though. Moving back in myself in a few months while we find somewhere else to buy.
I'd never be able to get long term tenants as the rent is high enough that if you can pay it, you're likely to be looking to buy.
Quote from: Over the Bar on June 27, 2017, 12:38:14 AM
Don't allow them to even fall one day behind with rent.
Just right too ;)
(https://s-media-cache-ak0.pinimg.com/736x/06/e7/77/06e7779d931f7855656297e14e19fd30.jpg)
Not one post about being a good landlord, looking after your tenant, ensuring the house is on a fit state of habitation and that it meets the appropriate safety standards etc, setting a rent that is fair and ensuring repairs and maintenance are carried out in a timely manner.
Quote from: Armamike on June 26, 2017, 11:28:34 PM
or scousers.
That cant be right. Imagine the cleaning costs when they leave
Budget for repairs and replacements.
Treat the tenants with respect.
Tony, I had properties in the states for rent, the biggest thing I learned was to rent only to people I knew or to people that had references from people I knew and trusted.
You better be handy or have good friends in trades, you are going to need them, insurance is vital, be attentive to your tenants needs and the minute they start f**king around rein them in or start plotting to get them out.
That is all.
Based on my experience from last ten years:
Don't take social welfare tenants.
Don't let them fall behind on rent.
Maintain a good relationship with the tenants - if you find good ones, try and keep them.
Get a good handyman you can call on when needed.
Do a check on tenants - even Google tenant name + conviction - I had one applicant who gave me his name with a different spelling - he was just out of Mountjoy. His Facebook cover photo was the Joy yard with a group pic of the lads and his profiles was him holding an AK47
Thanks.A local estate agent is managing it all for me.Tenants have first class references and seem mad keen to get the place when I met them.Property is mortgage free and I explained to them that I will be less likely to sell if I have good tenants who look after the place.
Quote from: T Fearon on June 27, 2017, 10:22:16 AM
Thanks.A local estate agent is managing it all for me.Tenants have first class references and seem mad keen to get the place when I met them.Property is mortgage free and I explained to them that I will be less likely to sell if I have good tenants who look after the place.
You'd be better of managing it yourself, they'll take 10% for simply setting up a standing order form from the tenants account to theirs.
They'll mither when things go wrong anyhow and will add a few quid to the bill for the privilege too. The only advantage is putting a bit of distance between yourself and the tenant although if they wanted to get hold of you its not exactly difficult.
I'd say having a handyman local that can fix things promptly would be a good plan.
Quote from: Maroon Manc on June 27, 2017, 10:34:02 AM
The only advantage is putting a bit of distance between yourself and the tenant although if they wanted to get hold of you its not exactly difficult.
sure Tony keeps a low profile, nobody knows who he is. NOT
What about HMO regulations? Do you have fire doors, mains fire alarm and fire extinguishers and blankets?
New tax arrangements will strip out any profit and it take you years to pay back the additional stamp duty for a second residence.
Inheritance.My solicitor is working hard as we speak to keep me out of the tax zone.Now own two houses with one very small mortgage only.
Quote from: T Fearon on June 27, 2017, 04:30:34 PM
Inheritance.My solicitor is working hard as we speak to keep me out of the tax zone.Now own two houses with one very small mortgage only.
I suspect your solicitor is focused on inheritance tax which is relatively straightforward to avoid assuming planning was done correctly. The new regime on interest deductible for ongoing income tax purposes is going to hit a lot of people. >:(
Quote from: Owen Brannigan on June 27, 2017, 03:22:45 PM
What about HMO regulations? Do you have fire doors, mains fire alarm and fire extinguishers and blankets?
New tax arrangements will strip out any profit and it take you years to pay back the additional stamp duty for a second residence.
HMO is only applicable where there's more than one unrelated family living in the house. As rightly pointed out, stamp duty doesn't apply to inherited property.
All of Tony's income (excluding every reasonable expense you can throw at it) is profit as there's no offsetting mortgage interest and it will be taxed at the highest rate that you're paying.
It'll be liable to Capital Gains Tax if disposed of depending on the transfer value for IHT. I laughed when someone said that to me when I started to rent out my house - I'd love to make a capital gain on the property but at current market price it's still £120k or so off that!!
I have rented out my first house for the last 13 years. The best tenants that I have had are single women, the worst was a school teacher and a Pre-med student. Thorough background and credit checks are a must, a person with a good credit history should be a good tenant. Check the references, especially from the previous landlord to the one they have now, the present landlord could be trying to get rid of the tenants. Take photos of the property before they move in. Once you have a good tenant do your best to keep them.
Is that not a major issue here too. Landlords in the big cities will up the rent instead of realizing the value of a good tenant paying the lower end of the market value.
As for the management companies the issue we had with them was that you had to hound them for tiny things. Then when something was a genuine issue you needed to raise hell. We ended up finding the landlord
A mate of mine ended up in the PRTB as a result of a mess-up from an agency and the owner was less than pleased. He had not heard the tenant side of the story until arbitration and ended up paying up.
Quote from: T Fearon on June 27, 2017, 04:30:34 PM
Inheritance.My solicitor is working hard as we speak to keep me out of the tax zone.Now own two houses with one very small mortgage only.
Why do you feel a need to share that information. Even on the most mundane topics you never miss a chance to do a bit of attention seeking. Personally I don't give two tosses if you have 22 houses and no mortgage, you're still a bollix of huge proportions
Is being a Landlord compatible with Christianity?
If you have 2 coats give one to him who has no coat.
Jesus didn't say charge him for the coat.
Jesus said nothing about dwellings.
What's this about tax? And I don't mean this in a cute hoor South Armagh sort of way. I have been a landlord for 4 years and was under the impression you only paid tax when the profit of rent v mortgage outlay was over a certain percentage ?
Quote from: Minder on June 27, 2017, 10:29:03 PM
What's this about tax? And I don't mean this in a cute hoor South Armagh sort of way. I have been a landlord for 4 years and was under the impression you only paid tax when the profit of rent v mortgage outlay was over a certain percentage ?
That twit Osbourne took on to tax the buy to let sector almost out of existence to stop it cutting out first time buyers. There is now a phased scheme to reduce to zero the amount of mortgage interest that you can claim against the rental income. It will eventually mean that you are taxed on the rental income and interest payments cannot be claimed thereby greatly increasing the tax payable for totally legit landlords. Only expense claimable will be on repairs and maintenance.
Quote from: Minder on June 27, 2017, 10:29:03 PM
What's this about tax? And I don't mean this in a cute hoor South Armagh sort of way. I have been a landlord for 4 years and was under the impression you only paid tax when the profit of rent v mortgage outlay was over a certain percentage ?
I think you should do the online HMRC income from property webinar.
You have to pay tax on rental income less allowable expenses, those expenses including (at present but not for long) interest. If rent less mortgage interest, agent fees, wear and tear allowance, repairs to key equipment etc is more than zero, you are liable to tax.
What is wrong of doing away with the buy to let sector if it makes it easier for people to own their own homes. Is this not one case where the Tory's are taxing the rich to the benefit of the poor?
Quote from: Stall the Bailer on June 28, 2017, 10:30:09 AM
What is wrong of doing away with the buy to let sector if it makes it easier for people to own their own homes. Is this not one case where the Tory's are taxing the rich to the benefit of the poor?
It doesn't make it easier if the person can't get a mortgage in the first place and has no option but to rent. All it means is that rents will go up to keep the landlord whole. There is an argument that it will help keep prices lower as less demand for buying houses with reduced buy to let interest but I have my doubts in his much impact this will have. I think it's more Osborne thinking about where can i increase tax revenues
Well a lot of stuff the price of housing is to do with supply and demand. It should help the first time buyer, how much is debatable. I would be very anti Tory but it seems this is one case where they are helping the small man. Probably just a convenient side effect for their real reason n doing it.
good tenants is crucial
a list of things they are expected to do - rubbish, cleaning etc
and a list of things that you are expected to do - , painting, maintenance
it will keep things very clear from the outset.
we've had two brazilian lads working in the IFSC in an apartment in Dublin for 4 years.
have never had a moment's problem with them. rent always paid on time.
Quote from: Stall the Bailer on June 28, 2017, 11:35:22 AM
Well a lot of stuff the price of housing is to do with supply and demand. It should help the first time buyer, how much is debatable. I would be very anti Tory but it seems this is one case where they are helping the small man. Probably just a convenient side effect for their real reason n doing it.
Lol you are a cynical man STB ;) I would tend to agree with you though. It hurts the "reluctant landlords" that Rois refers to. People who bought houses as a home rather than buy to let but who are in negative equity. They had to move say because of kids and couldn't sell the 1st house because of the negative equity hit so they rent it out at a "loss". That cash loss could increase significantly with no interest relief.
Manfromdelmonte! Your tenants aren't Neymar and Ronaldinho??
Just got an email from the agent - rental property needs a new fridge :(
Tony - just sell up. Not worth the hassle.
Quote from: T Fearon on June 28, 2017, 04:33:27 PM
Manfromdelmonte! Your tenants aren't Neymar and Ronaldinho??
Ha ha ha ha ha!
f**k you're one unfunny p***k.
Quote from: Rois on June 28, 2017, 06:43:35 PM
Just got an email from the agent - rental property needs a new fridge :(
Tony - just sell up. Not worth the hassle.
I think 10% is too much for tenant management. In the past price appreciation would have hidden it but with payrises a thing of the past prices will go nowhere for the next 5 to 10 years.
I'm not paying anywhere near 10%.
Me neither.I inherited the family home with a considerable bit of land.I thought I'd let the house out for a year to think things over.If it makes me a few bob and pays rates etc (which I would have to pay if it remained vacant) I'll be more than happy
Why you need to share such personal information on a public forum is beyond me. Have you no friends?
Sorry,forgot to mention.I also inherited a shit load of money as well.Me,rich bastid,loadsamoney! 😂😂😂
Money can't buy you class.
Ah I'm only winding up Dougal.You're right,I was one number away from €250,000 on the Lotto a couple of months ago.Tomorrow I could get knocked down by a bus.
Move Dine Site and we'll tax the hole offa ya.
Quote from: T Fearon on June 29, 2017, 12:28:55 AM
Ah I'm only winding up Dougal.You're right,I was one number away from €250,000 on the Lotto a couple of months ago.Tomorrow I could get knocked down by a bus.
In addition to the times you fell out of the pram and landed on your head
Quote from: T Fearon on June 29, 2017, 12:28:55 AM
Ah I'm only winding up Dougal.You're right,I was one number away from €250,000 on the Lotto a couple of months ago.Tomorrow I could get knocked down by a bus.
Make sure you've an up to date will in place and signed over to Seany Brady and the Catholic Church to look after it for you when you hit those pearly gates. After all there's no pockets in a shroud.
Quote from: T Fearon on June 29, 2017, 12:28:55 AM
Tomorrow I could get knocked down by a bus.
Here's hoping. I would pay good money to watch & hopefully there would be endless replays, in slow motion, like a Sam Peckinpah movie.
I do work for a Landlord, i don't know how they be bothered TBH. I've never away from their houses fixing stuff that shouldn't be breaking that frequently but are, just this evening i had to go and inspect one of her properties that had 3 broken windows last night in an ongoing fued with their Lithuanian next door neighbours...I was tempted to buy to rent myself but from the sights i've been seeing recently I think i'll stay clear.
My Estate Agent facilitated viewing from about 15 interested parties.He only recommended one.I met them,they seemed to be ok,have a long history of renting with first class references, but most of all they were like kids on Christmas morning,so keen were they to get the house,and I figured they will not cause undue bother and will look after it.I emphasised that the house and location is where generations of my family have lived and I will not be keen to dispose of it,and will be even less keen if I have good tenants who will look after it and not bother me.
I intend to let it sit for a year or two,it is already valued at a substantial six figure sum,so it can only appreciate in value over the next two years.I may in the future move in there myself,but in the meantime if the rent (which is substantial) pays the rates (the tenants are responsible for everything else, which I would have been responsible for had I chose not to let it out) and makes me a few quid I will be as happy as a pig in the proverbial.
Thanks for that Tony
Jesus christ. I dont know whats worse. When youre bein a wab or bein genuine. Actually theres little difference.
Id say whoever you inherited this from would be well proud. Take your first months rent go show them sayin "look at me didnt i do good"
Could the Sunday Times do a gaaboard rich list for next year i wonder
Christ.
A truly remarkable thread on a few levels.
This reminds me of a conversation we had with an acquaintance of the wife's
She had just been back from a resort in Hawaii and the wife said I bet that was expensive, to which the friend replied. "Oh, it wasnt too bad... $500 a night for a suite" :o :o :o
I am merely explaining the rationale.Wealth is meaningless,sure I already had everything,have done everything and been everywhere anyway (and rarely parted with money in the process).
Now I might become reclusive like Howard Hughes
Quote from: playwiththewind1st on July 02, 2017, 08:30:15 PM
Quote from: T Fearon on June 29, 2017, 12:28:55 AM
Tomorrow I could get knocked down by a bus.
Here's hoping. I would pay good money to watch & hopefully there would be endless replays, in slow motion, like a Sam Peckinpah movie.
Stay classy
Tony what i like about you is your modesty and the fact you still hold down a dead beat job knowing you don't need the money, that's pure class. I really look up to someone like you who goes out to work every morning knowing they could sit at home and look out at the peasants outside, If i'm ever skint for a few quid i'll come begging to you hoping you will send some of your wealth my way. I'd love to be as rich as you and own all those properties as well as being so popular and well liked by everyone...I wanna be Tony Fearon...You F**king LEGEND.
In fairness, and this is saying something, some his comments on this thread are the most bizarre he's ever posted on this board and that's saying something
Er I have not bragged about wealth.I simply asked for advice on being a landlord and clarified my situation as the thread developed.
Tony - that's nonsense.
Anyone with at least half an ounce of sense would have simply contacted an accountancy firm in Armagh and/or a letting agency/property management firm and not bothered us here with tales of your wealth. Worst case scenario would be to ask the Board if they could recommend a good accountant to sort out some tax issues or a good agency that could look after things.
I mean - what's next. A list of the sins that you confess at monthly confession?
In fairness SS a list of his sins would be pretty small given he's so perfect in all things moral as well.
Quote from: Dougal Maguire on July 03, 2017, 12:24:57 PM
In fairness SS a list of his sins would be pretty small given he's so perfect in all things moral as well.
Gluttony is one of the 7 deadly sins isn't it.....
Quote from: Shamrock Shore on July 03, 2017, 12:20:27 PM
Tony - that's nonsense.
Anyone with at least half an ounce of sense would have simply contacted an accountancy firm in Armagh and/or a letting agency/property management firm and not bothered us here with tales of your wealth. Worst case scenario would be to ask the Board if they could recommend a good accountant to sort out some tax issues or a good agency that could look after things.
I mean - what's next. A list of the sins that you confess at monthly confession?
But to contact a firm could cost Tony money?
Shrewd is our Tony
I was merely seeking anecdotal evidence of the pluses and pitfalls.Not bragging about wealth whatsoever.
Well two months in I thought I'd give an update! Only an external blocked drain to deal with,cost £25,apart from that the money rolls in,by Standing Order,and the house and garden is in better fecking shape than they were,when I handed over the keys!
Meanwhile I must read the recent electronically received Private Rented Sector Newsletter.Loving Landlording! 👍👍
Do you clane yer arse way fifty poond notes
No.Standard toilet roll is a much cheaper option
Quote from: T Fearon on August 18, 2017, 09:14:49 PM
Well two months in I thought I'd give an update! Only an external blocked drain to deal with,cost £25,apart from that the money rolls in,by Standing Order,and the house and garden is in better fecking shape than they were,when I handed over the keys!
Meanwhile I must read the recent electronically received Private Rented Sector Newsletter.Loving Landlording! 👍👍
That's a shame. You can off set the repairs you have to carry out against your tax bill but as of now you owe the HMRC 23% of your first 2 months rent!! ;)
Still a tidy little income for zero effort!