Thank God for that

iggy

Finally closed sale of my apartment in Adamstown Lucan Co Dublin.
Won't get into the details but it was sale agreed since February.

The purchasers were a nightmare.
Bought in 2008 for €325k and sold for €240k

Being a landlord was the most stressful, money burning experience I've ever had.. I had a house from an ex which I bought her out then bought a apartment with new partner. Lived in the apartment for a few years than babies arrived.
Moved back to house then let out apartment.
Have it rented out since 2011 and it's just being a nightmare. Pumping money into it. Have had great tenants and and idiot tenants but its becoming ridiculous renting out a property.

. I made a loss and celebrated.


Anyway I for one am fecking delighted to be out of that sh1t.
Can start living again.



The relief is beautiful.

Noose off the kneck.

And I'm sure I'll get the surely u making a profit blah blah blah.
Don't care... I'm back to being a normal mortgage payer /not landlord.
Thanks all

4ensic15

Your point being?

L1011

4ensic15 wrote: »

Your point being?

Report a post if you have a problem with it

iggy

4ensic15 wrote: »

Your point being?

My point being is I'm posting in the Accommodation and Property under the Selling header. What do u not understand?

4ensic15

4ensic15 wrote: »

Your point being?

Simple point I would have thought, the op doesn’t find being a landlord appealing, apparently it’s an increasingly common opinion.

Timberrrrrrrr

Glad you got out, especially in this day/age. Too many people caught in the LL trap. Onwards and upwards.

iggy

Timberrrrrrrr wrote: »

Glad you got out, especially in this day/age. Too many people caught in the LL trap. Onwards and upwards.

Thanks.
Looking forward to it

endacl

Best of luck with the next phase.

rightmove

I understand. Perhaps there should be a thread simply devoted to ppl exhalating their joy at exiting the LL market. Maybe this one

Steve

Glad you're out of the trap.

iggy wrote: »

I made a loss and celebrated.

The only ones that celebrate a loss are banks and vultures, they can write it off against tax for years so the loss actually costs them nothing.

Sickening.

GIMP

iggy wrote: »

Finally closed sale of my apartment in Adamstown Lucan Co Dublin.
Won't get into the details but it was sale agreed since February.

The purchasers were a nightmare.
Bought in 2008 for €325k and sold for €240k

Being a landlord was the most stressful, money burning experience I've ever had.. I had a house from an ex which I bought her out then bought a apartment with new partner. Lived in the apartment for a few years than babies arrived.
Moved back to house then let out apartment.
Have it rented out since 2011 and it's just being a nightmare. Pumping money into it. Have had great tenants and and idiot tenants but its becoming ridiculous renting out a property.

. I made a loss and celebrated.


Anyway I for one am fecking delighted to be out of that sh1t.
Can start living again.



The relief is beautiful.

Noose off the kneck.

And I'm sure I'll get the surely u making a profit blah blah blah.
Don't care... I'm back to being a normal mortgage payer /not landlord.
Thanks all

Well done, been there, sold up last year similar situation, took 5 months to complete sale.

Great feeling, off loading the place, bloody noose around your neck!!

YipeeDee

Well done, glad you made it out. I’d say you are so relieved to be done with it. Best of luck for the future

mvt

Great post, not a bad word against anyone in it- took the hit & were a man of your word.

You & your family deserve a good run of luck now, hope youse get it!

Marcusm

Steve wrote: »

Glad you're out of the trap.



The only ones that celebrate a loss are banks and vultures, they can write it off against tax for years so the loss actually costs them nothing.

Sickening.

Your understanding of the Tax system is poor in the extreme.

Steve

Marcusm wrote: »

Your understanding of the Tax system is poor in the extreme.

If a corporation has a tenant that stops paying rent then it is reflected in their profit and loss accounts and therefore their tax liability. Private landlords are exempt from this.

https://www.revenue.ie/en/property/rental-income/irish-rental-income/what-expenses-are-not-allowed.aspx

What expenses are not allowed?
expenses on premises rented out on an uneconomic basis, where it is not possible to make a profit from the rent received

Banks operate in a similar manner for non performing mortgages and some will have no tax liability for the next 30 years.

https://www.irishtimes.com/business/financial-services/banks-sheltering-profits-from-tax-will-not-go-down-well-1.3811520

Yes private landlords can declare a capital loss and carry it forward but it can only be offset against a capital gain made in the same year as the loss according to this:

https://www.irishtimes.com/business/offset-your-investment-losses-against-capital-gains-1.3491632

Maybe you could further explain where I've gone wrong in my interpretation of those articles and information on revenue's website?

martingriff

Steve wrote: »

If a corporation has a tenant that stops paying rent then it is reflected in their profit and loss accounts and therefore their tax liability. Private landlords are exempt from this.

https://www.revenue.ie/en/property/rental-income/irish-rental-income/what-expenses-are-not-allowed.aspx


Banks operate in a similar manner for non performing mortgages and some will have no tax liability for the next 30 years.

https://www.irishtimes.com/business/financial-services/banks-sheltering-profits-from-tax-will-not-go-down-well-1.3811520

Yes private landlords can declare a capital loss and carry it forward but it can only be offset against a capital gain made in the same year as the loss according to this:

https://www.irishtimes.com/business/offset-your-investment-losses-against-capital-gains-1.3491632

Maybe you could further explain where I've gone wrong in my interpretation of those articles and information on revenue's website?

Private landlanlords can not write off losses like that. In this case the OP the owner will still have pay of his mortgage so how will banks and vulture funds be celebrating this loss

Sunrise_Sunset

What took so long to close the sale?

iggy

Sunrise_Sunset wrote: »

What took so long to close the sale?

Purchasers dragging their heels and delaying everything.

Sunrise_Sunset

iggy wrote: »

Purchasers dragging their heels and delaying everything.

Were they not wary of their mortgage approval running out during that time?
I'm sale agreed now and hoping, like everyone else is too, that it's wrapped up pretty quickly.

Very similar circumstances to you too. Bought in the boom, selling in negative equity, accidental landlord etc.

iggy

Sunrise_Sunset wrote: »

Were they not wary of their mortgage approval running out during that time?
I'm sale agreed now and hoping, like everyone else is too, that it's wrapped up pretty quickly.

Very similar circumstances to you too. Bought in the boom, selling in negative equity, accidental landlord etc.

They were cash buyers and had the funds but just decided to drag it out whilst I pay 5 months mortgage with nobody in it

4ensic15

iggy wrote: »

They were cash buyers and had the funds but just decided to drag it out whilst I pay 5 months mortgage with nobody in it

If it was empty when you signed the contract, you should have made time of the essence in the contract.

iggy

4ensic15 wrote: »

If it was empty when you signed the contract, you should have made time of the essence in the contract.

Let's just say they were a pain in the hole. I won't go into it but I hope no other person has to deal with these people again.

But from what I'm reading on this forum and others it's taking 5 months or longer to close the sale from start to finish. That's ridiculous. I paid €5k mortgage while the place was empty when it went sale agreed. I know that comes off the capital when I'm paying the bank the final money owed but some landlords won't be able to pay the mortgage on it for that long with no rent coming in. I was lucky as my wife working too and her wage paid the mortgage on the apartment whilst we wait for the purchasers to hurry the feck up.

4ensic15

iggy wrote: »

Let's just say they were a pain in the hole. I won't go into it but I hope no other person has to deal with these people again.

If time was of the essence in the contract, you could have pulled the plug on them months ago.

Sleeper12

Congratulations and best of luck for the future.

Sunrise_Sunset

iggy wrote: »

Let's just say they were a pain in the hole. I won't go into it but I hope no other person has to deal with these people again.

But from what I'm reading on this forum and others it's taking 5 months or longer to close the sale from start to finish. That's ridiculous. I paid €5k mortgage while the place was empty when it went sale agreed. I know that comes off the capital when I'm paying the bank the final money owed but some landlords won't be able to pay the mortgage on it for that long with no rent coming in. I was lucky as my wife working too and her wage paid the mortgage on the apartment whilst we wait for the purchasers to hurry the feck up.

I totally understand that. We've had to move back into our apartment while we wait for the sale to go through. We couldn't afford to leave it empty while we pay the mortgage and rent on another house we were in. We are a one income family, we had no option but to move back in. I really hope it doesn't take 5 months! The apartment is in the next county to where we are buying, and where the kids go to school, so come September I'll have a long commute for the school run twice a day. We are tripping over ourselves in this small apartment.

anewme

Good luck, reads like a really stressful time coming to an end.

Steve

martingriff wrote: »

Private landlanlords can not write off losses like that. In this case the OP the owner will still have pay of his mortgage so how will banks and vulture funds be celebrating this loss

They are celebrating because the OP took the loss, not them.

Had the OP, like many others simply stopped paying the mortgage, the banks or VF's sell it to NAMA or another VF and write that off against tax so it's win win for them. Meanwhile the private landlord is still liable for the debt till they die.

Pawwed Rig

Steve wrote: »

Glad you're out of the trap.



The only ones that celebrate a loss are banks and vultures, they can write it off against tax for years so the loss actually costs them nothing.

Major misunderstanding about how loss relief works. Losses are never a good thing for anyone. Yes they can use their losses against profits but they still lose 87.5% of the cash.

Marcusm

Steve wrote: »

If a corporation has a tenant that stops paying rent then it is reflected in their profit and loss accounts and therefore their tax liability. Private landlords are exempt from this.

https://www.revenue.ie/en/property/rental-income/irish-rental-income/what-expenses-are-not-allowed.aspx


Banks operate in a similar manner for non performing mortgages and some will have no tax liability for the next 30 years.

https://www.irishtimes.com/business/financial-services/banks-sheltering-profits-from-tax-will-not-go-down-well-1.3811520

Yes private landlords can declare a capital loss and carry it forward but it can only be offset against a capital gain made in the same year as the loss according to this:

https://www.irishtimes.com/business/offset-your-investment-losses-against-capital-gains-1.3491632

Maybe you could further explain where I've gone wrong in my interpretation of those articles and information on revenue's website?

Yes; they can get tax relief for their loss but they have still incurred a loss and are thus not happy! Certainly they will not "celebrate a loss" as you described it. They have suffered a 100 loss to get a tax credit of a smaller amount (12/5, 25 or 33 depending on their tax regime); not a matter for a celebration in anyone's books.

Steve

Fair enough, 'celebrate' wasn't the best description.

It's still no less palatable.

tazdustdevil

Well done Iggy! I’m in the same sinking boat only my 2006 mistake was a one bed. It’s been for sale a while now but no action yet. I am going to have to give tenants notice as hardly anyone is even viewing it with tenants in situ. I just feel I will struggle to pay the mortgage while it’s empty but I can’t deal with the revenue ball and chain anymore. Even if I got asking price, I’d still be €95 k down on what I paid for it. 50k deposit I put down myself. Delighted for you.

Homer

How does the loss work out for you when dealing with the bank that issues the loan? Do you still have to make up the difference in a once off payment or will they accept continued monthly payments on the loan? Surely they have no asset to recover if you stop paying? It’s not a huge amount I know but wonder how they look at situations like this where clients want to sell property at a loss?

Pawwed Rig

The bank may not allow you to sell it. They have a say as they have an interest in the asset. A lot will depend on negotiation with the bank.

Love_BBC

Not sure what point OP was making. So a landlord stops being a landlord and someone who was renting gets to own their home. Everyone's a winner.

You say you bought at X and now selling at a loss. Are we supposed to feel sorry for you? Everyone makes their own decisions.

You made a decision, it ended badly and now you act like you've been hard done by.

Gumbo

Love_BBC wrote: »

Not sure what point OP was making. So a landlord stops being a landlord and someone who was renting gets to own their home. Everyone's a winner.

You say you bought at X and now selling at a loss. Are we supposed to feel sorry for you? Everyone makes their own decisions.

You made a decision, it ended badly and now you act like you've been hard done by.

Mod Note
This post falls short of the expectations for this forum. If we were to reply to every thread in this manner, people would stop posting in the forum altogether.

We have many posts from tenants talking about termination notices, rent increases etc and if we were to reply to their posts in the same semi-abusive tone as this post, this forum would be a horrible place to visit.

Consider this a verbal warning not to post in this tone again.

rightmove

Not very fair bbc

iggy

Love_BBC wrote: »

Not sure what point OP was making. So a landlord stops being a landlord and someone who was renting gets to own their home. Everyone's a winner.

You say you bought at X and now selling at a loss. Are we supposed to feel sorry for you? Everyone makes their own decisions.

You made a decision, it ended badly and now you act like you've been hard done by.

Why would I want anyone feeling sorry for me? I'm celebrating.

I was just posting my own experience of trying to sell the apartment and my experience of being a landlord. That's all.

rightmove

The relief at no longer being a target for the gov, the revenue, delinquent tenants...etc etc is great. Anyone else coming out??

Samuel T. Cogley

Been getting the wife to have a read of all things rental related, she's finally coming around to my way of thinking. Time to get rid.

rightmove

Get her to read top gear post on the daft ads thread. My crowd cost me but this post is scary..page 5 btw

handlemaster

Were are the posters now that think landlords are printing money ?

OP congrats sounds like the right decision for you.

Sunrise_Sunset

rightmove wrote: »

The relief at no longer being a target for the gov, the revenue, delinquent tenants...etc etc is great. Anyone else coming out??

Out since June. Thanks be ta Jaysis!!!

Bigmac1euro

rightmove wrote: »

Get her to read top gear post on the daft ads thread. My crowd cost me but this post is scary..page 5 btw

For anyone wondering the post referred to above is

Topgear on Dave wrote: »

I have no idea how many default, Id say its rare enough but when it happens, it can happen in expensive style.

In the local paper here about 2 weeks there was a court case against a tenant not paying rent. No rent paid in about 16 months, 24000 euros owed to the landlady* and the landlord had to go to the RTB and then Naas district court (twice!) to get the judge to order the tenant to leave or else.

That house will never get rented again! Ye'd want to be mad to rent out a house with that level of risk. :pac:


*Landladys son actually, the lady is in a nursing home

rightmove

There are 2 articles in the leinster leader on that case. Behind paywall though

Irishcrx

Best of luck to you!

I've been a landlord , extremely stressful all around and unless you own a portfolio between dealing with tenants , repairs and taxes there's not much money to be made in it that's worth the stress tbh.

rightmove

Irishcrx wrote: »

Best of luck to you!

I've been a landlord , extremely stressful all around and unless you own a portfolio between dealing with tenants , repairs and taxes there's not much money to be made in it that's worth the stress tbh.

Surprised there is not hundreds of ppl replying as I know a lot that are getting out

As a follow up to the earlier post I had quoted about the court case that the LL in Maynooth had to bring to secure an eviction I have just seen this weeks Liffey Champion newspaper headline.

"CRISIS AWAITS
Students at Maynooth may not be able to find or pay for accommodation"

Maynooth is taking in 3225 first year students this year, its largest ever first year intake.

YipeeDee

rightmove wrote: »

Surprised there is not hundreds of ppl replying as I know a lot that are getting out

For what it’s worth, I won’t be far behind the OP in getting out of the rental market.
I’ve been a LL for just one year with a single property that was my own home.
Most of the reason I even entered into this was because I was fool enough to answer the call from politicians and homeless groups, asking people not to leave their property stand idle during this crisis at the time.

In fairness I have been absolutely blessed with my two young tenants, both from a country with a respectful rent culture and they are looking after my much loved home brilliantly.

However, given the amount of crazy legislation that has come in even within the last year.
Not to mention the anti LL venomous culture that’s developed.
The risk is akin to putting your asset on a roulette table and hoping for the best.
And now you’re not even allowed to ask for references?


I have every ambition of honouring my lease agreement with my two tenants but once they leave, there’s not a chance in hell I’ll be letting out my house again.

L1011

Topgear on Dave wrote: »

As a follow up to the earlier post I had quoted about the court case that the LL in Maynooth had to bring to secure an eviction I have just seen this weeks Liffey Champion newspaper headline.

"CRISIS AWAITS
Students at Maynooth may not be able to find or pay for accommodation"

Maynooth is taking in 3225 first year students this year, its largest ever first year intake.

I live in Maynooth in an estate that had a reputation for student rentals

There are close to none now. Every rental that's gone for sale (which was about half of them) has been bought by an owner occupier. Still about 15% of the estate rented but mostly to families or adult house shares.

The student development on Leinster Street can't come soon enough.