I want this flat, but wont pay the rent....

Benefits_Blagger

Spamreported wrote: »

if you cant afford it, dont expect someone to suit you. try and get an Audi for the price of a Polo "because you dont want to pay it" idiot.

as pointed out, if someone is unwilling to pay the price for an audi it will come down to the price of a polo eventually.

in this current market i am not going to be taking for a mug, it the LL's who are desperate let them come down to my level before i get to theirs.

after all i have nothing to lose as i dont have a home, they do!
oh how time times have changed! :beer:

Tassotti

Most people I know with difficulties try to make the best of themselves!!..??

You seem to sit back and attack others for trying to make a success of their lives...Up to you

bobby-boy_2

Hi Blagger nothing wrong with wanting to negotiate and your right some LL will be desperate to fill the flats as some rent is better than none but don't forget not every BTL is up to thier eyeballs in debt to the bank, so can stick to the rental income they want and choose good tenants as opposed to the 1st person to turn up with some cash.

PasturesNew

The new LHA coming in next week might make more people think about the medium- long-term affordability of their rent if they're laid off. Especially single people.

bobby-boy_2

I have just checked the LHA rates for my city (Dundee) and the rates would cover any of my rental properties and seem to be set at a realistic rate. having said that Dundee only has one Broad Rental Area and obviously some areas will be more expensive that others. At least with the LHA you know how much you will get as opposed to the old system that was a property by property assesment.

BobProperty

Benefits_Blagger wrote: »

if you havn't noticed but for the past decade that is how BTL landlords have worked, they by a property then set the rent against the yield they want.

now the the property market is falling, what is wrong in me insisting on the same?

That may be how amateurs work. I find out what the market rent is then compare it to the price. The method described above is a bit like buying a share then telling the company what dividend it should pay you. It doesn't work.

Benefits_Blagger

BobProperty wrote: »

That may be how amateurs work. I find out what the market rent is then compare it to the price. The method described above is a bit like buying a share then telling the company what dividend it should pay you. It doesn't work.

but Bob, what do you do if they "market rent" is not getting you any tenants ?

i.e. take the manchester situation, the market is flooded with new builds, all of these new builds are charging what they percieve as "market rent", but they are all empty! then someone else joins the BTL brigade looks at the "market rent" despite most of the properties being empty and then charges similarly because thats what everyone else is charging.

i feel in the manchester case at least, there is a stand-off between renters and LL's, as no one is willing to pay the rents they are asking, someone has to break sooner or later.

im just hoping that the new owners of the repossesed properties are willing to take a lower rent as they will achieve a decent yield.

BobProperty

Benefits_Blagger wrote: »

but Bob, what do you do if they "market rent" is not getting you any tenants ?

It's not the "market rent" then is it?

Benefits_Blagger wrote: »

i feel in the manchester case at least, there is a stand-off between renters and LL's, as no one is willing to pay the rents they are asking, someone has to break sooner or later.

So keep pestering the LA/LL until one of them accepts your offer. I would agree with you though, a lot of stuff has been sold on the basis of over-optimistic rentals and HPI. I would be very, very reluctant to buy anything in the centre of Manchester as I fear the block concerned will become either abandoned (like the place in Glasgow that was talked about on here, where the factor hasn't been paid so isn't doing any maintenance) or full of HB tenants which will give the place a "floor price" based on the LHA that Manchester will pay.

eamon

I suspect that many BTL's are not even being told/or are aware that they can reduce the rent. The old proverb remains true "one in the hand is worth more than two in the bush". It is a harsh lesson for many to learn!

Eamon