Help with timing for a possibly buy

Norman_Castle

diystarter7 said:

hangryconsumer said:

diystarter7 said:

I do have the softer side and posts like yours is a good reminder., thanks again.

Bear this in mind when becoming a landlord. We were all tenants at one point in our lives, and the rental system in this country is completely unacceptable. It doesn't treat tenants like human beings, we're just to be milked for our labour value. What do YOU remember of being a tenant? Do you genuinely want to provide someone a "home" or just get as much money out of them as possible whilst also treating them badly? I understand you need to look after your investment, but ultimately any damage they do is cosmetic and as someone who can afford a BTL, you can afford to redecorate when they leave.

I was a tenant for 12 years, pretty much 50/50 Scotland/England. Scotland is better, but I was too young to appreciate it. English have brought in the law recently (forgot which one, was it deposits etc?) that Scotland had in place for years. During that time, landlords/agents broke the law multiple times, disrupted my right to quiet enjoyment of my home, gave out keys to workmen whenever they wanted without telling me, did constant inspections, moved things around etc. It made me feel utterly violated and disgusted. I am so glad that I no longer rent. I realise now, from reading this forum that tenants should immediately change the locks. This, unfortunately is expensive. Not all tenants can afford to change the locks.

I have also rented properties on the continent and not once was I ever bothered with stuff like that. Albeit for a shorter period of time, but ultimately I was left alone to live my life in peace. If it wasn't for Brexit I wouldn't be here anymore.

Even housing associations have better rules. You can decorate if you want, you don't have landlords bursting their eyeballs if you dare have holes in the wall from where you hung a picture to make it more homely. You won't allow them to hang a picture but...what if they accidentally spilled their cup of tea down the wall? What cost to the tenants for something they didn't intend?

That phrase in bold above. Do you want your children to feel that at the hands of their landlord or letting agent?

Thankfully we, ie me, my parents, family, and extended family have never ever rented. However, any T/family we take on, we will give them loads of respect and go beyond the law to look after them if they are decent people and not causing problems.

I am also aware of the laws which are all in the T's favour and me and my family are fearful of the law and would never want to give the T a chance to accuse us of wrongdoings and if they did it would  be malicious.

Some of the family on my side and also OH's side rent out and they treat T's with resct as do T's and they often stay for years but all use LA's as will we and once the T's been ther for at least 2 years trouble-free they let go of the LA but ensure they have legal and rent cover insurance.


I dont trsut anyone and may sound brutal but I do not trust my wife 100% when she is out but I do trust her with our money as we have joit accounts etc, that is just me beig honest.

If I feel someone is taking the p, i will never speak to them and if it is going to be the T, they will be out first chance I get.

Thanks and thank you for the detailed post,

Why can't you type tenant?

You're dreaming if you think you can choose an ideal tenant.

elsien

OP seems to have deleted some posts, but from a quoted post:
“If I feel someone is taking the p, i will never speak to them and if it is going to be the T, they will be out first chance I get” 
Being a landlord is a business. You don’t run a successful business if that’s your starting point. Find something else to do with your money. 

strawb_shortcake

This thread feels reminiscent of a previous poster 

CurlySue2017

As soon as I read the OP in this thread my thought was "this person should not a landlord become" and after following this and reading some later posts, I can safely say that I was right.

I can't honestly believe some of what I have read!!

kingstreet

What's the estimate rental income?

With a typical ICR of 145% at 5.5% would the rent generate the mortgage amount you would need?

EG £1,000 monthly rent = £150,470 mortgage.

SavingPennies_2

diystarter7 said:

user1977 said:

diystarter7 said:

HRH_MUngo said:

I have had four tenants in my flat.

The worst one was the 'professional' - a social worker.

She let about five other people live in the flat and in the few months she was there, caused damage.

Even the tenant who ended up going to prison kept the flat immaculate.

Nothing will protect you against bad tenants.

100% agree but onlu working professionals, married ones will do for me or those living as a couple and possibly one or two younger kids none smokers and no pets and that look nice and clean and drive a clean car that looks new is new or old but looked affter says a lot about them imo.

Is this a wind-up? If they didn't have a car, what would you be judging them on?

user1977 said:

diystarter7 said:

HRH_MUngo said:

I have had four tenants in my flat.

The worst one was the 'professional' - a social worker.

She let about five other people live in the flat and in the few months she was there, caused damage.

Even the tenant who ended up going to prison kept the flat immaculate.

Nothing will protect you against bad tenants.

100% agree but onlu working professionals, married ones will do for me or those living as a couple and possibly one or two younger kids none smokers and no pets and that look nice and clean and drive a clean car that looks new is new or old but looked affter says a lot about them imo.

Is this a wind-up? If they didn't have a car, what would you be judging them on?

Never thought of it like that. Everyone one, ie couple of family we know has a car but you have a valid point.  If they did not have a car, it would be no problem, my mistake.

Not everyone is part of a couple or family either, as you also mentioned only renting to married people or couples. I have rented on my own twice (and I don't have a car, and not because I cant afford one btw) and I was a model tenant, to be honest I wouldn't want to rent from you. You seem to have an insular life if everyone you know is a couple/ family, has never rented, and has a car. You are making the process of becoming a LL far too personal based on your own views and lifestyle.

user1977

diystarter7 said:

user1977 said:

diystarter7 said:

HRH_MUngo said:

I have had four tenants in my flat.

The worst one was the 'professional' - a social worker.

She let about five other people live in the flat and in the few months she was there, caused damage.

Even the tenant who ended up going to prison kept the flat immaculate.

Nothing will protect you against bad tenants.

100% agree but onlu working professionals, married ones will do for me or those living as a couple and possibly one or two younger kids none smokers and no pets and that look nice and clean and drive a clean car that looks new is new or old but looked affter says a lot about them imo.

Is this a wind-up? If they didn't have a car, what would you be judging them on?

user1977 said:

diystarter7 said:

HRH_MUngo said:

I have had four tenants in my flat.

The worst one was the 'professional' - a social worker.

She let about five other people live in the flat and in the few months she was there, caused damage.

Even the tenant who ended up going to prison kept the flat immaculate.

Nothing will protect you against bad tenants.

100% agree but onlu working professionals, married ones will do for me or those living as a couple and possibly one or two younger kids none smokers and no pets and that look nice and clean and drive a clean car that looks new is new or old but looked affter says a lot about them imo.

Is this a wind-up? If they didn't have a car, what would you be judging them on?

Never thought of it like that. Everyone one, ie couple of family we know has a car but you have a valid point.  If they did not have a car, it would be no problem, my mistake.

Or they could have a car, but not bring it round with them to the viewing so you can inspect it...

CurlySue2017

to be honest I wouldn't want to rent from you. You seem to have an insular life if everyone you know is a couple/ family, has never rented, and has a car. You are making the process of becoming a LL far too personal based on your own views and lifestyle.

Exactly this!  I would never rent from a LL that made the process this personal

Norman_Castle

diystarter7 said:

kingstreet said:

What's the estimate rental income?

With a typical ICR of 145% at 5.5% would the rent generate the mortgage amount you would need?

EG £1,000 monthly rent = £150,470 mortgage.

Not sure but may consider a flat in a very small purpose built block with OSP,

Is that on or off street parking? Its hard to know when you fabricate abbreviations.

https://acronyms.thefreedictionary.com/osp

https://acronyms.thefreedictionary.com/T

gingercordial

diystarter7 said:

HRH_MUngo said:

I have had four tenants in my flat.

The worst one was the 'professional' - a social worker.

She let about five other people live in the flat and in the few months she was there, caused damage.

Even the tenant who ended up going to prison kept the flat immaculate.

Nothing will protect you against bad tenants.

100% agree but onlu working professionals, married ones will do for me or those living as a couple and possibly one or two younger kids none smokers and no pets and that look nice and clean and drive a clean car that looks new is new or old but looked affter says a lot about them imo.

They might have excellent professional jobs and get made redundant the day after starting the tenancy. 

They might smoke and not tell you (my husband does and would not have told any letting agent; he'd never smoke inside anyway).  They might take up smoking after renting the flat. 

They might get a pet later and not tell you. 

You'd probably not get sight of our car depending on the parking situation, it might not be right outside, or we might park elsewhere to have a general look around the area.  In any case we believe in running an old car until it's uneconomical to repair, and it can get dirty again straight after cleaning with birds or pollen or Saharan dust storms.  

And what does "look nice and clean" mean?  The scruffiest person I know is a multi-millionaire from selling his IT start up, he is lovely, polite, responsible, very clever and is the only person I know rich enough to have one of the metal Amex Black cards but you'd think he was a tramp...

The point is you can't tell, and even if you think you can their circumstances could change any moment.