come into some money - BTL to secure my future?

anorthosite

92203 wrote: »

Currently staying with family over Christmas/New Year. I've just shown my uncle some of the responses to this thread.

He laughed his head off and has asked me to type the following ;

"To all those who lambast BTL Landlords, I have been in this business for over 25 years, and over the past 15 it has been my primary income. I worked hard to secure my first (residential) property and took risks in investing in subsequent properties. I cannot be held responsible for other people not owning houses. Rather than criticising landlords, people should be looking at why they can't afford their own houses. The answer is very close to home (excuse the pun) - they should work harder. Landlords actually provide a valuable service to those too !!!!less and unmotivated to have the means to purchase their own properties."



A bit of advice from my uncle - one of the properties he lets out has some cracked kitchen tiles and a leaking bath - the property has been like this for several years (and tennancies).

Don't bother repairing things too quickly (if at all), as the tennants will most likely forget or move out before it becomes much of an issue to them.

If asked about the faults by any propspective tennants, just promise you'll get them done, and then conveniently forget.

If you're uncle's so cold towards other people, why does he feel the need to defend himself against the charge that he is "responsible for other people not owning houses"? I would have thought he'd be boasting about it.

I think you're making this up.

pwllbwdr

92203 wrote: »

A bit of advice from my uncle - one of the properties he lets out has some cracked kitchen tiles and a leaking bath - the property has been like this for several years (and tennancies).

Don't bother repairing things too quickly (if at all), as the tennants will most likely forget or move out before it becomes much of an issue to them.

If asked about the faults by any propspective tennants, just promise you'll get them done, and then conveniently forget.

Is your Uncle trying to strengthen the arguments of those who call BTL parasites? Do you have an Auntie (Lisbon)Laura?

Pimperne1

geneer wrote: »

Come now pimp. Given that it would have been difficult for you to buy any closer to peak, a loss can only be expected.

You also bought yourself another bargain at the peak of the "recovery" didn't you?

You do seem to have an uncanny ability to time the market. :T



Well I hear theres a couple of flats going cheap down in portsmouth. :rotfl::rotfl::rotfl:

Yep but I timed the market well in 1981 - 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006 and 2010 (and the 2010 is a repossession already worth more than I paid but you only have my word for that). :rotfl:

I know you don't want to buy in Portsmouth but had you bought in Edinburgh when you admit you could you would be £60k better off - I know these damn facts really annoy you though - and don't come back with any of that "my sweet" or "deary" stuff - you know that annoys me and it doesn't detract from the fact that you are widely recognised as the biggest loser in property terms on any of the sites we have been a member of.

chucknorris

92203 wrote: »

A bit of advice from my uncle - one of the properties he lets out has some cracked kitchen tiles and a leaking bath - the property has been like this for several years (and tennancies).

Don't bother repairing things too quickly (if at all), as the tennants will most likely forget or move out before it becomes much of an issue to them.

If asked about the faults by any propspective tennants, just promise you'll get them done, and then conveniently forget.

I've been a LL for almost 20 years but I knew before I even bought my first place you shouldn't leave something like a leaking bath (especially for several years!). What sort of crazy advice is that? Doesn't he realise not only will is destroy the LL/tenant relationship but also turn a small maintenance cost into a much larger one.

Pimperne1

pwllbwdr wrote: »

Is your Uncle trying to strengthen the arguments of those who call BTL parasites? Do you have an Auntie (Lisbon)Laura?

Can't really work this parasite thing out. On here Landlords are either under stress trying to make ends meet and allowing the tenant to stay for less than they would pay in a mortgage and at the same time being called out at all hours to fix repairs or they are sponging off the hard working workers of this country. I am happy to be providing property for deserving tenants to live in and they seem content with this arrangement.

anorthosite

Pimperne1 wrote: »

I am happy to be providing property for deserving tenants to live in and they seem content with this arrangement.

But your not providing the property, not really. Without the builder there's no property. Without the architect there's no property. Without the plasterer, the electrician, even the stone mason, there's no property.

What's your role in this? Buy it up using cheap credit and take a cut from the rent? You don't contribute anything, landlords never have.

abaxas

People forget the most important down side of BTL.

Once you get to 5+ properties you are stuck in the system and it can be next to impossible to bail out/sell up. If you cant liquidate your 'pension' and cant be bothered to service it, how are you going to get out?

Do people really think they want the faf of no incoming when you are 80? Be serious here.

92203

Pimperne1 wrote: »

Can't really work this parasite thing out. On here Landlords are either under stress trying to make ends meet and allowing the tenant to stay for less than they would pay in a mortgage and at the same time being called out at all hours to fix repairs or they are sponging off the hard working workers of this country. I am happy to be providing property for deserving tenants to live in and they seem content with this arrangement.

I have to say that in the past I have felt resentment towards my uncle (and other people of his ilk).

I earn £25 K P.A which is roughly in line with the average full time wage (Source ONS) and live in Nottingham where prices are quite cheap compared to other areas of the country. Despite this and being preparede to live in a modest property, I am unable to afford to buy a property in an area I'd feel safe living in.

I wanted to buy my own place independantly, but without killing myself and selling my soul to get a high flying job (eg earning £50k+), this will not happen. I have made a choice and will wait until I get my inheritance.

Come on guys, the opportunities are out there, you just need to work a little harder with your jobs and hours etc. My uncle bought his first property while working as a taylor's assistant at Montague Burtons (and doing lots of over time). It was just as hard back then as it is now, if not moreso!

It is very fortunate that we have such a healthy BTL industry, without which a vaste swathe of our population would be homeless and the country would be on it's knees!

RenovationMan

abaxas wrote: »

People forget the most important down side of BTL.

Once you get to 5+ properties you are stuck in the system and it can be next to impossible to bail out/sell up. If you cant liquidate your 'pension' and cant be bothered to service it, how are you going to get out?

Do people really think they want the faf of no incoming when you are 80? Be serious here.

Cant you just pay a full management charge and have someone else worry about it? OK, you end up losing some of the rental to an agency, but it removes all of the hassle and so it would be worth it.

RenovationMan

abaxas wrote: »

No need to speculate, it's been happening since the 60's.

Not that previous loss in purchasing power means it'll continue on it's downward spiral.

whats been happening since the 60's?

I dont know about you, but in the 60s I would have been working in a factory and so would not be earning a fraction of what I am earning now.

As far as a reduction in spending power, do you really believe that things were cheaper in the 60s than now? I'd like to see how much you would have to spend in the 60s to buy a computer.