Updating post from Reddit.
The complete contemp and disrespect given by certain groups of people because I have the balls to buy a dilapidated house nobody else wanted, refurb it and then rent it out. I'm genuinely shocked by the amount of abuse given on forums by these people who have no idea who I am or how I treat people just because I rent out a house.
It's the bad ones on both sides that make for lack of trust. It's impossible for anyone to know if they have a good landlord or tenant until things have already gone too far.
I have had a couple of good landlords but that was out of all those I've had and it leaves me feeling jaded that I can do everything right as a tenant but then get robbed when I need to move on or can move into somewhere and have no hope of getting the landlord to maintain the property so be forced to move on.
I'm currently stuck in a no maintenance property but make due because it's good for my children's school. My landlord is making lots of money on the house they inherited but does nothing to maintain. It's annoying all round.
Same here, lived in my place for 5 years now and only thing that’s ever been done is the gas safely certificate each year… broken oven since November, leak in the kitchen, no insulation causing condensation , broken gutter, popped double glazing… all of which have been “on his to do list “ but I guess his 13 other properties keep him too busy …. Can’t afford to move right now and that’s the only reason I put up with it
>My landlord is making lots of money on the house they inherited but does nothing to maintain. It's annoying all round.
Curious how you know they're making lots of money?
What if the property is on an interest only mortgage (most likely)... The rent could be £1200 a month and the mortgage £1100 .. but then you have: insurance, maintenance, tax etc... and take home could be £-3000 a year
They said it’s a house their landlord inherited so it’s not a leap to think they either had a small mortgage or were unencumbered.
I’d be very surprised if they inherited a property and retained it as BTL but were making a loss or barely breaking even
I've inherited BTLs that have mortgages on them... They cashflow a small amount but it's still worth me keeping as I don't want to pay capital gains or stamp duty if I was to purchase another place from the sale of it
So they are either profitable to run or they would generate a lot of income at once if sold.
"I'm brave because I bought a cheap property and rented it out"
What even is this argument? That only people who have balls will renovate a house?
I don't think you get abuse for the reasons you think you do...
Does not change the fact that as a landlord there is a subset of people who will hate you regardless of whether or not you’re a good or bad one
Sure. Because the scales go from slumlord asshole to 'not unreasonable but still taking an essential resource to pursue rent seeking behaviour'.
it's like being a dictator - whether you're a benevolent dictator or a tyrant dictator, you're still a dictator and people will still rightly shit on you for that fact alone.
You can't be serious can you?
If you had it your way and there were no landlords / rental accommodation, what would people that NEED and WANT to rent do?
Not everyone wants to buy a house....
It's a waste talking to them about it. The only way to be a 'good landlord's is to not make any actual profit from a property. Then you're doing it for reasons other than financial.
Alas those really are few and far between.
Even if you break even on a property you’re still in profit as you’re getting equity?
What about negative equity?
However unlikely that is (and not down to tenants) you're still paying towards the mortgage which is worth something.
Negative equity is extremely common - just ask anyone that owns a flat with cladding on it
Unlikely, most mortgages are interest-only. There is no capital being built up by a tenant's payments.
What are you on about, only 9% of all mortgages are interest only? Why? Because it's a terrible idea, hope to god you aren't on one and renting out.
https://www.fca.org.uk/publications/research-notes/interest-only-mortgages-analysis-fca-mortgage-data-and-consumer-research#:~:text=Based%20on%20this%20analysis%2C%20interest,had%20a%20credible%20repayment%20plan.
Occupational hazard. Don't want to get burned? Don't step into the kitchen.
Exactly - so why do people hate on landlords for taking a risk and investing their capital? It could work out, or it could go wrong.
People that hate on landlords as they're "profiting off a natural commodity" - yet are happy for supermarkets to make a profit, or utility companies to make a profit - these people are either very ignorant (or brain dead)
It will be because of the perception, correct or otherwise, that landlords will almost certainly pass their financial problems on to tenants when things get tough.
A landlord might lose some money in the short term (but retain a long term asset), worst case scenario they can liquidate the asset. A tennant might lose the roof over their head.
The risk to a tenant is potentially homelessness, the risk to a landlord is short term financial pain, or the need to liquidate an asset. That dynamic is never in favour of the tenant.
Wrong, I'm friends with my Tennants, and they dont want to stay in village permanently, they dont want to buy, so whats next made up scenario your going to throw at me?
I don’t think it was an argument… what a strange thing to say
No I think your wrong, also its not an argument, just disappointed- people like you really.
Okay let's rewind then and say I've misunderstood.
Why do you have balls to buy a cheap property and renovate it?
Buying neglected properties can be a gamble. Gambling potentially tens of thousands of pounds takes balls. It’s a pretty fair comment, don’t get hung up on it.
Buying any property is a gamble. It's an investment and they can go up or down.
It's just so telling that he wants a pat on the back for buying a cheaper property and doing it up.
how are you brave?
Largely because when you buy a house, you save a deposit, you buy it, and then that cost is offset against your next house. Rampant buy-to-let locks more and more people out of making that first purchase, because they're already paying mortgage-level or higher amounts of money to take that step. It's infuriating to know you're effectively paying the mortgage on a property that you cannot then use as any form of leverage to move up and buy. A lack of credit tracking for rent that reduces your risk as a buyer compounds this.
Then, add in that the property should be maintained and there are too many cases where it isn't. I appreciate that it's because the cost of the mortgage plus business costs can result in negative equity, but that doesn't really help tenants, many of whom would happily buy that property rather than pay the mortgage on it on your behalf.
And finally, rather than go on, it's the attitude that landlords are providing a service. If you're buying up houses, investing in the work that needs to be done on them, then renting them to people who don't want the long-term commitment of a mortgage, absolutely. Bigger landlords that hoover up cheap properties with their buying power then use tenant desperation and letting agencies (a cost that's also wholly passed on to a tenant) is scalping. Like buying all the cars in a lot then offering to hire them out and being aggrieved that other people, who also wanted to buy, no longer have that option.
It's not you personally. I don't know your circumstances, or the circumstances in which you worked to be able to afford that investment in the first place. Maybe you worked for years. Maybe it was your nan's. Maybe it was a loan from your wealthy parents. Who knows. But personally, I wish you well.
The problem It's a system that prioritises profit over welfare. A system that makes unqualified investors into the caretakers of society, when really they saw how much property prices rise with inflation in this country and wanted a slice of one of the easiest markets to make massive margins on. (name one other low-risk investment that goes up in value, consistently, by as much as 5%/year).
And when renters complain, the overwhelming reaction from the rental industry is "tough shit".
That's why renters hate landlords - before you factor in bullshit deposit scams, stupid rules, HMOs renting out sheds as studio flats, discrimination, boilers so dilapidated you can visit them for free with a National Trust pass, and black mould and damp slowly killing us.
Sincerely, a trapped renter who regularly refers to landlords as cockroaches.
You're not a saint, you could sell.
I use Openrent. Much cheaper than using an agency.
This is the way - boba fett
I've never used an agent, fortunately. I like having the direct contact with my tenants.
Looking at current mortgage fees just for a mortgage renewal
Having water damage from above flat and when fixed and claimed on insurance told the excess is £1500 as another flat owned by the same wanker above in the block claimed £26k the year before only to then be told he has no obligation to pay me for flooding my tenants bathroom etc, £1300 to fix, happened twice, claims and correspondence for months and still nowhere, the amount of stress that caused me and my tenants made me think some landlords are just arseholes.
That sounds horrible. Would ruin me with stress.
Was chatting to a tradie recently who said whenever they do work for the local letting agents they found that the agents would add 20% ontop for their fee too.
This is correct, they always go for the most expensive option as well, my agent mistakenly sent me another LL’s invoice. Poor guy was charged 180 to fit a new toilet seat
Not exactly a hard pill, but not always obvious until you start - as much as being a landlord is about property, it's even more about people.
Yeah theyre wankers but i just use them as it seems to provide a bit more of an authoritative presence towards the tenants rather than just me the lone landlord.
Please get an agent that isn’t a wanker, rather than sticking with one who is a wanker. That would help reinforce good agents profit and shit ones adapt or die
I use an agent, I picked one with good people, and I pick up what I can directly with the tenant. My agent is there as cover when I’m on holiday or if it’s something I don’t have contacts or capacity to resolve myself. They are my safety net.
Costs me money and I get little from them outside of peace of mind. I think it’s worth it
yeah true i do agree. i only however plan on being a landlord for 1 more year and then selling due to various circumstances so once the year is up i'll be done anyway so i just decided to not change for now and just deal with the wankerness for a few more months
😆 enjoy.
People who have good estate agents don’t mention anything about them and those that chose bad ones make a big noise.
That it makes no money and you have to give it all to the tax man
Also the only business where you are taxed on the gross
Wow it's almost like they want to rent-seek to fund their lives rather than earning an honest living. The cheek of it.
Being seen as a capitalist leech on society. God forbid someone works hard and wants to put their savings somewhere that doesn’t get eaten by inflation.
This is a community for Landlords. You can be anti-landlord in other places like /r/HousingUK/