Buy to Let trash

ManicMum

I think if the OP was (probably - just guessing) older and had bought a property say in 1995 and saw it rocket in value by the early 00s, then decided well, hey this is good, I'll borrow some equity from that property to buy another and then maybe another, he might just be a BTL landlord now. That's what I did but didn't factor in a massive drop in income so sold up.

FATBALLZ

dizziblonde wrote: »

The worst landlord I ever had in over a decade of renting wasn't the BTL ones who maintained their properties, acted civilly and viewed it like a business. It was the "can't sell the house for what I think it's worth up here in cloud cuckoo land (seriously he wanted £120k when stuff in the street is going for £90k) so I'll rent it" - viewed us as inconveniences, couldn't get rid of the emotional attachment aspect of "his" house (I've probably phrased that badly but you get what I mean) and was just a pillock at the best of times... others come off much worse than me with amateur landlords.

Yeah there are some BTL sleaze merchants - but a good one who knows the law and their obligations with regard to maintenance etc is much likely to make your life hell than an amateur viewing letting you pay the mortgage for their negative equity old house as a priviledge to grant you and you as some kind of slave to them.

I have to say my experience is the same, the worst landlord I had was a guy who had an emotional attachment to the house and didn't want to sell it when he relocated. I remember he tried to withold nearly £800 because there was a bit of dust in the place, even after we'd spent 3 days cleaning after we'd moved all our stuff out. Generally he wasn't interested in keeping the place nice for us or doing any repairs, after all why should we get any enjoyment from 'his' property?

Letting from proper landlords has always been better (although not necessarily great) in my experience.

I don't see how somebody who moves to a new place and keeps the old one on as a rental is any more ethical than a BTL landlord anyway, it's basically deciding that rather than free up a starter home for another FTB trying to get their own place, you'll get them to pay you instead.

Londonsu

Same old story young people this young people that I am getting a tad fed up with it.
Out of my family of 80 year old parents 2 sisters in their 40s and one in her 50s I am the only one who ever earned enough to get a mortgage and buy a property.

In fact the only other family members who have managed to get on the housing ladder are the YOUNGER generation, my 22 and 24 yo nephews.

The 22 yo bought a flat last year in North London for 120k Victorian, two bed with garden, needed a lot of work (hence the price) so he spends all his spare cash and time doing it up.

Compare him to his work mate who earns the same money and is the same age, this chap only wants to live in Clapham a nice trendy area, he pays over a grand a month in rent just to live there and wants to buy there

He spends all his time tracking 300k properties on right move in the vain hope that one might suddenly drop in price to £150k, and of course the flats he is looking at are modern and spacial inside with modern bathrooms and kitchens.

When one of 'his' flats get sold or are shown as under offer he spends the rest of the day ranting about greedy baby boomers and young people being priced out.

He wont buy a property in a cheaper area as he doesnt see why he should pay off a mortgage for 25 years just to live in a rougher area.

Which makes me smile as when I bought my Clapham flat in the 80s we had a rape/murder opposite, armed police storming into a flat down the road and a race riot 20 minutes away from me - all the the first month - Clapham wasnt trendy then

FATBALLZ

Londonsu wrote: »

Same old story young people this young people that I am getting a tad fed up with it.
Out of my family of 80 year old parents 2 sisters in their 40s and one in her 50s I am the only one who ever earned enough to get a mortgage and buy a property.

In fact the only other family members who have managed to get on the housing ladder are the YOUNGER generation, my 22 and 24 yo nephews.

The 22 yo bought a flat last year in North London for 120k Victorian, two bed with garden, needed a lot of work (hence the price) so he spends all his spare cash and time doing it up.

120k is of course still far more (in real terms) than the vast majority of baby boomers had to pay for their first place.

As an example my partners parents paid £26k for their place in 2000, and sold it in 2007 for £130k. This is of course after many years of dirt cheap council rent.

High earning young people can just about afford property, but are having to settle for much less than they would have done in the same circumstances a couple of decades ago. Myself I've just finished saving my deposit after 5 years, which is about 20% of the average house price. A few decades ago the same amount (in real terms) would have paid for over 50% of an average house.

Londonsu

FATBALLZ wrote: »

120k is of course still far more (in real terms) than the vast majority of baby boomers had to pay for their first place.

As an example my partners parents paid £26k for their place in 2000, and sold it in 2007 for £130k. This is of course after many years of dirt cheap council rent.

High earning young people can just about afford property, but are having to settle for much less than they would have done in the same circumstances a couple of decades ago. Myself I've just finished saving my deposit after 5 years, which is about 20% of the average house price. A few decades ago the same amount (in real terms) would have paid for over 50% of an average house.

I disagree when I bought my first flat with my Husband we had to find a 7 grand deposit I was earning 3 grand a year my husband was earning 6 grand a year- so we had to save the equivalent (sp) of more than two years of my salary it took 5 years saving before we could buy

My nephew and his partner earn 40k a year between them they had a deposit of 20k so they only had to save the equivalent of one years salary it took them 2 years to save that.

Save4ArainyDay

B_Blank wrote: »

Hi,

I have been looking for a place to rent for a while.

My problem is that almost all the places I look at cost alot of money to rent, and all are offered by serial landlords who probably bought the property to let it.

I am not a mean or horrible person, but I simply can't stomach paying rent to pay off mortgages (+some) of buy to let landlords who I genuinely think are the worst people in society today. I think I could be friends with a murderer before I could be friends with one of these idiots with 100 properties, renting them out thinking they are some big shot

Is there an estate agents out there which only deals with properties that are rented out by normal people (i.e. someone with a property they inherited, or they moved and couldnt sell so rented it out)? Maybe a site where people rent out rooms in their own houses?

I just see buy-to-let as the reason many of us young people are screwed out of buying a house and pushed into paying abnormally high rents because the buy to let scum have a monopoly on rental properties. And I do not want to reward these people.

What a loser you come across as! With your negative attitude you will get nowhere in life.

I am one of your horrible (worse than a murderer) buy to let landlords

When I left the Childrens' Home on my 16th birthday I got 3 part-time jobs and lived in a ramshackle caravan. By my 19th birthday I had my first house.

I did not spend my time moaning about broken homes, how hard done by I was - NO I put my effort into achieving my goals.

I don't have hundred of homes - just 5 and 3 mortgages to go with them.

I did an Open University Degree got better jobs and now I am professionally qualified. I work 60 hours a week and I make sure that all my properties are kept in good condition - my motto being "if I want rent for this then I must consider would I live here myself?"

So stop whinging and get saving, share a house, rent a room and put your money in the bank. part-time jobs that pay reasonably and are not difficult and do not interfere with day job are baby-sitting, dog-walking, takeaway delivering. Consider £6 per hour for an extra 20 hours a week = £120 pw or £6000 per annum - very useful for building a deposit on a home of your own.

When you get a home of your own take in a lodger and make some more savings!

So less moaning and more positive action is my advice to you.

N79

tbs624 wrote: »

A BTL portfolio holder of around 100 properties is is not likely to own them all - they'll be highly geared and it's the bank that"owns" them

Of course! - thanks for clarifying.

I just didn't make the connection (probably because my portfolio is owned by myself (well my companies really) and not a bank).

Oh dear, the OP is going to be after me now!

James_N

B_Blank wrote: »

Hi,

I have been looking for a place to rent for a while.

My problem is that almost all the places I look at cost alot of money to rent, and all are offered by serial landlords who probably bought the property to let it.

I am not a mean or horrible person, but I simply can't stomach paying rent to pay off mortgages (+some) of buy to let landlords who I genuinely think are the worst people in society today. I think I could be friends with a murderer before I could be friends with one of these idiots with 100 properties, renting them out thinking they are some big shot

Is there an estate agents out there which only deals with properties that are rented out by normal people (i.e. someone with a property they inherited, or they moved and couldnt sell so rented it out)? Maybe a site where people rent out rooms in their own houses?

I just see buy-to-let as the reason many of us young people are screwed out of buying a house and pushed into paying abnormally high rents because the buy to let scum have a monopoly on rental properties. And I do not want to reward these people.

Try the YMCA,
http://www.ymca.org.uk/bfora/systems/xmlviewer/default.asp?arg=DS_YMCA_WEBART_97/_page.xsl/147#tourist

or a campsite. Hotels have nice rooms sometimes, although the total costs will be higher than paying a scab landlord.

All the best

Property owning scab landlord

brit1234

The buy to let brigade did significant harm to first time buyers trying to get on the market. Before them we had normal landlords, when buy to let arrived we had greed and get rich quick zombies mass producing themselves like the common cold.

I'm not saying buy to let was the cause of our housing bubble but it was a significant part of the reason.

Buy to let however has the highest percentage of repossessions than any other group. I guess its because many people simply overstretched themselves constantly spending any equity on other properties. The whole sector is so sick and vulnerable that those gloating here at FTBs are endanger of having egg on their face.

Lets see what happens to your portfolios as prices continue to fall and you have to re mortgage as interest rates start to rise again.

I laugh at all those people who say they do it for their pensions. Have they really took the time to calculate their annuity they can get. I think they will find their pensions will be pitiful compared to investing in pension scheme from the start.

At least buy to let repossession will provide first time buyers cheaper homes.

redmen9

Blimey! Quite surprised by the amount of BTL members on this board, shows how rife it is really.

I have to say I'm quite surprised by the tone of the replies to a youngster who is eager to get himself a home to live in though. Is it not a basic human need to have a roof over your head?

It is a fact that BTL landlords have driven up the price of homes fuelled by programmes such as Homes Under the Hammer which promote houses as investments rather than their primary basic function, a place to live in. Can you not sympathise with him for not being able to buy his own home and having to pay inflated prices to rent a place to live in? Can you not understand his anger and resentment or are you too wrapped up in your own greed and desire to make more money to care about those who have not.

I suppose that in mocking him your just living up to the perception that he already has of you.

All I'd say to the OP is hold your nerve mate, we are at a tipping point with the whole property scene. Inflation is continuing to rise and with the base rate being kept at an artificial 350 year low, interest rates will have to rise soon. A simple 1% rise which os way below the long term average would trigger carnage in the UK housing market. Job losses continue and the cuts are yet to bite. There's only one way for house prices to go after the huge boom of the 2000's People holding property as investment will have their fingers burnt. Your time will come.