"Buy to let is a wonderfull thing" Landlord on BBC

StevieJ

Come back NDG

the_ash_and_the_oak

Don't have a problem w btl at all - private rental sector in UK not big enough imo - so provides a good function

that said I wouldn't really look for a btl styled place to live. I'm in a 120 year old place - landlord has owned for think around 15 years and has something like 65 other houses apparently. kinda prefer this sort of setup tbh

PasturesNew

brit1234 wrote: »

:exclamati However beware the clich! remark "It doesn't matter we are in it for the long run":exclamati


http://news.bbc.co.uk/1/hi/business/7662750.stm

We're doing it for our kids.

PasturesNew

StevieJ wrote: »

Come back NDG

ditto

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ukcarper

Where are all you people going to rent if there are no BTLs

the_ash_and_the_oak

ukcarper wrote: »

Where are all you people going to rent if there are no BTLs

well tbf BTL is a pretty new thing - think people did rent prior to the explosion in btl but I take your point

socrates

Most people have looked to point fingers of blame during these hard times it happens in every crisis.

I still say that the financial institutions are to blame for everything.

There were young men getting six figure bonuses. Why?

The money to pay them had to come from somewhere.

For every big winner there are losers.

The banks have more or less walked away from their losses - however the ordinary man who has had his house repossessed retains the burden for many years to come.

BTL done properly is pretty much like any other business - it has its good and bad points. It must be needed otherwise it would not exist. However people jumped into it like any other get quick rich scheme and got their fingers burnt.

Why is it the banks never set the same restrictions then as they are now.

And as for charging presently an average of 5% and 2-3% arrangement fees for any new BTL purchase when IR is at 0.5% - the banks are 'at it' again!

One thing that amuses me is that some of the people who complain about BTL LL's are actually tenants themselves who have NO issues or disputes with their LL.

torontoboy45

a couple of months ago I posted on a pub in a northants village and the type of well-dressed, money-grabbing people that frequent it.
well, I was back in there with friends last night. watching (and sometimes being forced to listen to) this repulsive customer base can be a source of short term entertainment, supplemented by my friends' increasingly sarcastic comments.
I chatted with a bar staff who I recognised from a town centre pub and who had only recently taken up the new job. 'these people give me the creeps'. she whispered. 'I've already told some to speak to me with a bit of respect or go elsewhere. the landlord seems wary of them and doesn't back me. I won't be here long. look out - here comes another one'.
I turned to see a guy I knew from my teenage yrs coming to the bar. he used to run a work agency somewhere down south before going into property development. he made it clear that he didn't want to get into discussion and took his drink over to his little coterie of mates in the corner.
'do you know him?' asked bar staff. I said I did, sort of. 'he rents out ****holes and gets 'heavy' when the rent's late', she said. 'I should know; my brother rented off him'. I got interested. so how many properties does he 'own'?
'not sure' she said, ' but at least 40. still, he won't be swaggering in here for much longer. he's in big trouble with the banks. his big-mouth mates were gobbing off about it a few weeks ago. it must be bad because he's hidden his lotus in a lock-up'.
so there is a God, I thought.
I've been around the block a few times and - with a solitary exception - every portfolio LL I've had dealings with has proved money-driven, shifty, gaudily flashy and arrogant. in other words: pretty unpleasant.
but they can't all be stuffed in northants, can they? or is it the case that the 'nice' LL's can only be found on MSE?

dopester

torontoboy45 wrote: »

but they can't all be stuffed in northants, can they? or is it the case that the 'nice' LL's can only be found on MSE?

Good story, thanks.

There is nothing wrong with BTL as such, but they've help drive the market values upwards.

Only someone buying at a higher price drives the price upwards, for all properties in the area. Borrowing on your equity each time values rise, to buy again..... multiple properties.

Just a business? Fine. Don't take it personally when the business fails due to high leverage and reckless expansion, because the power of leverage works two ways.