Why do people think landlords are greedy

sooz

Carol's post has reminded me what I find so astounding about the posts on this board...so many tenants complain that their property is terrible, & the LL had promised to fix it before they moved in, & yet they never bothered to get anything in writing.

Under no other circumstances would people sign a contract without including all the t & c's they had agreed.

If you put it in writing, it's there in black & white - no arguments. If the LL won't agree to put in in writing, walk away - they are not going to change.

Even when it comes to repairs - certainly it may be faster to call to report problems, but it will only take a minute to send an email after confirming what you have just discussed.

Tassotti

dopester wrote: »

Every time I learn of a BTL landlord going bust my spirits soar. I
/quote]

I hope you lose your job and end up living in a cardboard box!!

This seems to have become a tenant versus LL debate...

Well maybe I am one of the rareties, but I keep to my side of the agreement and so do my tenants...There is respect on both sides.

tbs624

Tassotti wrote: »

This seems to have become a tenant versus LL debate...

Well maybe I am one of the rareties, but I keep to my side of the agreement and so do my tenants...There is respect on both sides.

I don't think it is a rarity Tassotti - it's just that people rarely comment on something when it works well - they take it for granted because it is how it should be.

On the other hand in so many of the threads on here you get posters - from amongst Ts and LLs - who take their own bad experiences and seek to extrapolate them right across the rentals market as though it's a standard. Some of those LLs and Ts who seem to have a run of difficulties with several of their Ts or LLs perhaps need to look at how they handle conflict so that they are not unnecessarily escalating matters into a stalemate or a deterioration of the LL&T business relationship. There are some genuinely rotten LLs and Ts but there are also good, and even really good ones on both sides.

stevetodd

carolt wrote: »

I would argue that landlords are often disliked because of those of their number who fail to provide a professional service to their customers ie tenants such as repairs, gas safety certs etc etc, whilst at the same time (is this the cause?) despising their tenants as losers, failures, etc - see this very thread for examples!

So in other words, they want their rent, paid on time monthly, but aren't prepared to fulfil their side of it.

So that makes them lazy and greedy.

I would also add 'stupid and ignorant' to lazy and greedy for those landlords that you are talking about (I am a landlord).

It is ridicleous not to maintain your property, not only will the property fall into disrepair (and eventuially cost more to repair), but it also sends out the wrong message to your tenants. It also means that managing the property will be much more difficult and tedious as a good relationship with the tenant will not exist.

The last time we rented a house (March 2008) we turned down many prospective tenants because we felt they wouldn't look after the property, which would have been annoying after having painted it top to bottom, put in new laminate floors (except stairs, bathroom and kitchen), new fitted kitchen, new boiler, new good quality furniture and turfed the garden. Some of the tenats had no idea what I was talking about, in response to me saying to them "We are looking for tenants that will really appreciate the house and look after it" one group of sharers responded "Would it be possible to take the dining table out of the dining room and the sofa's (new leather sofas we had just bought) out of the lounge and put in additional beds! Eventually we found 3 graduates that loved the house and they do really look after it, and also keep us informed so we can do our bit and look after it for them too.

dopester

Did you put your cash offer in on that million pound dream house Tas?

Why does it bother you anyway?

It was only a few months ago you were saying you should be "congratulated" for selling a bulk of your portfolio in the market before it fell in price heavily. Very generous of you.

(Over 10+ properties wasn't it... something like 36 if I recall the post correctly).

I'm sure you can take the hit on your remaining portfolio.

How is your debt-collecting business going?

Tassotti

All my businesses are going very well. Thank you for your concern.

It bothers me because you relish in seeing others fail.

At least they have tried something..What have you ever done?

dopester

Just want to see house prices return to normal and the speculators, with 5, 10, 20, 50+ properties, buying on margin in to the boom, helping fuel spectacular HPI, learn that property doesn't always double every 7 years..

.. and for a return to value for all those who've been priced out, including generations to come. You lords would rather have them paying off your mortgages and leaving you with property empires. We shall see how the gamble, some did not have any expectation of ever losing on, plays out for you lords.

sdooley

santashelper wrote: »

I know many people who are doing buy to let because they took out an endowment mortgage and have now found the shortfall will not pay their mortgage and they have had to look at alternatives to help them through life.

George Orwell wrote in the Road to Wigan Pier that the worst slum landlords (back when there were real slums) were not those who had thousands of tenants and armies of rent collectors but the pensioners with 2 or 3 properties dependent on them for an income who couldn't repair anything broken or maintain the property as every shilling of income was required for their personal circumstances. Anyone in arrears had to be forced out instantly as the cash-flow couldn't be balanced across a portfolio.

As for why buy-to-let is detested by some in the UK while people are happy to rent in Europe, Germany for example has widespread rent control and the majority of landlords are large corporates who can afford to carry out major renovations and improvements to the housing stock, including environmental/fuel efficiency measures. There are some fantastic landlords out there - most are mediocre - a few are notorious.

Fly_Baby

Some landlords ARE greedy. Renting prices in my area have gone up dramatically and you cannot rent a 2-bed for less than 900 a month - make it 1000 if you want a nice 2-bed. And that is not London and not even Greater London and salaries are far from that.
I once came across an advert of a 2-bed flat for 850. When I called, the EA said that it was 850 if there was 1 person to live and 1050 if there are two people. Bills and CT not inclusive, if you wondered. And it was nothing special. Why should the landlord charge different amounts?

dopester

I see another of your kind wasn't content with just a single home, a repossessed Victorian house he got at the around bottom of the market in 1992, and has gotten in way too deep 16 years later.

I’m facing re-possession across my portfolio, I’ve lost money on properties overseas, & off plans over here, and I’ve recently had to get a full time J.O.B.

Not much has worked out according to plan, my exit strategy was always based on being able to sell a property if needed, but values are now below the mortgages and I now find myself a victim of debt and in a similar situation to those people who, in the past I have tried diligently to help.

He goes on and on - Lake District holiday homes, offplan sure-fire easy money deals, Estonia ventures... difficult to follow as not enough clear paragraphs, but doesn't look good for them. Amazing how people in the boom always expect the good times to forever continue over-leverage their positions.

http://www.property-system.com/auction/vbulletin/showthread.php?t=80091

Best answer was this... except I'm not sure you can just allow your poor performers to get repossessed whilst keeping on to your prize properties.

There is no such thing as "negative equity" unless you have to sell. Why sell the properties that are providing good income to prop up the rest. I would consider keeping these and let the others get repossessed.

Move out into rented accommodation if you have to and hold your head up high as you have nothing to be ashamed of.

In to rented you go. Harsh I know, but he could have consolidated his position much earlier on now, and be happy, and financially secure and a lot more comfortable in to the downturn.