Are you sorry you invested in property to rent?

Gonzales

I'm interested to hear from all of you that have purchased a second property for the purposes of renting.

I've been looking at this forum & ask about money & I see a huge amount of disputes between letting agents, landlords & tenants.

So my question to Landlords is are you sorry you bought a second property to rent?

Please forget about negative equity or lack of tenants, these will be obvious.
I'm just interested if you regret it based on tenant, letting agent, mgmt co or neighbour issues - basically human issues

duckysauce

why are you buying to rent?

Cookie_Monster

duckysauce wrote: »

why are you buying to rent?

to make money I'd imagine.

am i bovvered

Gonzales wrote: »

Please forget about negative equity

I wish I could just forget about it !!!
The fact is this is the major problem.

I have 2 rental properties bought in 2004 and 2006. The 2004 I do not regret the 2006 was a big mistake and has given me alot of financial headaches, but, I made that bad decision, and I will have to live with the consequences of that.
At present I have not lost any money and if things continue as is I will be able to see out the recession and come out OK but on paper I am at a loss.
I manage both properties and believe I really look after my tenents to the best of my ability, they are my customers.
It is important to have a good lease in place and to register your tenents and pay all taxes.
At present the low interest rates are hiding alot of potential problems, IMO this time next year we will start to see the firesale and things will bottom out the end of 2011.
Its a constant debate here, but it is inherent in Irish people to own there home, that has not changed.
Conditions are not yet right to start contemplating investing in BTL and won't be for a long while.

Victor

Poll revised and expanded.

xper

Gonzales wrote: »

I've been looking at this forum & ask about money & I see a huge amount of disputes between letting agents, landlords & tenants.

That's hardly the full picture. It is the nature of forums dedicated to a given service, activity or product that a high proportion of the threads will be started by people with problems with that service or product. For every person posting about a problem, there's hundreds and thousands of people just happily getting on with paying their rent, using their computer, driving their car, whatever the subject is. But they've no motivation to post messages saying "everything's just fine" (thankfully!).

Treehouse72

OP, I think the poll is flawed because of the people who regret buying-to-let, only a very tiny percentage would cite the "human issues" you mention as the source of that regret. Sure, they might exacerbate other problems, but I think the vast majority who regret do so for financial reasons.

Gonzales

Thanks for all the polls & responses.

xper, tree house - your comments are probably fair enough but it's really the only picture I'm interested in, as hassle with people would be a constraint to me getting into the BTL market. Those people getting along happily can select the first poll option.

Am i boverred - thanks for the opinions.

D3PO

I dont understand the logic of the poll.

BTL is purely a financial consideration and investments have to be gauged on that.

The same way making a thread about share dealing and looking at weather your broker is a pain to deal with makes no sense.

investments are and should only be made based on the financial implications of them. If your considering human factors then your not the kind of person that should be investing in property

helimachoptor

The OH's uncle bought a lot of property around Dublin in 96-2002. altogether i think he's about 15-20 houses and maybe 5 apartments. Have only spoken to him briefly about it but he pretty much has most of them paid off, the early ones were cheap and as they were paid off he used the income from those to pay for the other properties along with the rental income for those properties. AFAIK he has all his properties rented out at the mo, he's in a position to reduce the rents ones where he has
difficulty filling them.

He's not sorry thats for sure

fontanalis

helimachoptor wrote: »

The OH's uncle bought a lot of property around Dublin in 96-2002. altogether i think he's about 15-20 houses and maybe 5 apartments. Have only spoken to him briefly about it but he pretty much has most of them paid off, the early ones were cheap and as they were paid off he used the income from those to pay for the other properties along with the rental income for those properties. AFAIK he has all his properties rented out at the mo, he's in a position to reduce the rents ones where he has
difficulty filling them.

He's not sorry thats for sure

Timing is everything.

Victor

I've just realise this poll is multiple choice (I can't unmake it multiple choice, it was like that from the start) and some people have voted more than once (25 voters, 32 votes). This means the poll is largely bunkum.

Gonzales

D3PO wrote: »

I dont understand the logic of the poll.

BTL is purely a financial consideration and investments have to be gauged on that.

The same way making a thread about share dealing and looking at weather your broker is a pain to deal with makes no sense.

investments are and should only be made based on the financial implications of them. If your considering human factors then your not the kind of person that should be investing in property

D3PO, you might just have hit the nail on the head there, I'm interested in getting into BTL but cannot be bothered dealing with human issues like those raised in this forum. Probably not for me. thks.

Gonzales

Victor wrote: »

I've just realise this poll is multiple choice (I can't unmake it multiple choice, it was liek that from the start) and some people have voted more than once (25 voters, 32 votes). This means the poll is largely bunkum.

Largely Bunkum, thanks in part to you adding the extra options Victor. The original options were more appropriate for a multi vote poll in that a number of the poll options could affect a single individual.

Why did you revise & expand it?
I don't understand why you felt the need to do this.
Could you not just have let it be?

D3PO

Gonzales wrote: »

D3PO, you might just have hit the nail on the head there, I'm interested in getting into BTL but cannot be bothered dealing with human issues like those raised in this forum. Probably not for me. thks.

Well in theory thats what agents are for to remove the hassle for those that couldnt be bothered with the actually day to day management and interaction related to an investment property. That said you pay a premium for the service and that then could be the difference between a BTL being financially viable or not.

for whats its worth I dont see the yields being there right now to get into BTL anyway.