Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Why I'm taking my rental off the market

Options
24567…14

Comments

  • Options
    #32
    vectorvictor
    Registered Users Posts: 745 ✭✭✭vectorvictor


    Pkiernan wrote: »
    Why are you being so aggressive?

    I didn't bottle anything.
    I do not wish to rent my property again, as landlords are powerless to recoup losses like these.

    I will make the same money thru Air BnB with less risk. I don't care if it's empty on a Wed in November.

    The point of my thread is that current legislation is actively driving landlords away from renting to tenants.

    Don't know why pointing that out has made you so angry.

    Aggressive ? Angry ? Don't see any of those traits in my posts.

    You are incapable of running a basic letting. Now imagine 50plus of those a year , each with their own vagaries and far higher expectations than a standard letting. You will be equally powerless with Airbnb.

    You will lose more money through 50 annual risks with Airbnb than you will with one ongoing letting (if managed properly) That is guaranteed.

    You will receive daily messages looking for directions , why the wifi doesn't work, why you haven't supplied towels, why the sheets smell "funny", can they bring their extra friends, the light bulb is broken. They will also leave your light and heating on 24/7 and maximise the use of any appliance in sight (expensive to run dryers etc) it's "free" after all.

    It is up you how you construed posts that do not match with your expectations of your bright idea. I'm just sharing the reality.


  • Options
    #33
    Sleeper12
    Registered Users Posts: 16,955 ✭✭✭✭Sleeper12


    Pkiernan wrote:
    I've been renting it since 1995. Fully paid off asset worth considerable money. Some of us don't look for every penny.

    That's very noble but it makes no business sense. You were asking for trouble.
    Pkiernan wrote:
    You appear to have zero knowledge of the eviction process in this country.

    I've never had a tenant 4 months behind on rent and if I had I wouldn't be surprised if they left in the dead of the night. I would expect it.

    How you think that it's anyone else's fault is beyond me.

    You didnt vet the tenants enough. Didn't change enough rent. Didn't get a big enough deposit. Didn't inspect your property regularly enough. That's all in your opening post. You might have made more mistakes that aren't in the opening post.

    You don't look for every penny so will your Airbnb rates be 40 percent below market value or will you charge the going rate? Have you learned your lesson?


  • Options
    #34
    Wheeliebin30
    Closed Accounts Posts: 5,593 ✭✭✭Wheeliebin30


    No point in doing anything about it, the media, the left and the public in general think that tenants are all law abiding respectful citizens and landlords are evil people.

    Cut your losses and sell up.


  • Options
    #35
    Pkiernan
    Registered Users Posts: 4,315 ✭✭✭Pkiernan


    Sleeper12 wrote: »
    That's very noble but it makes no business sense. You were asking for trouble.



    I've never had a tenant 4 months behind on rent and if I had I wouldn't be surprised if they left in the dead of the night. I would expect it.

    How you think that it's anyone else's fault is beyond me.

    You didnt vet the tenants enough. Didn't change enough rent. Didn't get a big enough deposit. Didn't inspect your property regularly enough. That's all in your opening post. You might have made more mistakes that aren't in the opening post.

    You don't look for every penny so will your Airbnb rates be 40 percent below market value or will you charge the going rate? Have you learned your lesson?

    You're being deliberately ignorant, and behaving in a way you never would were we having a face to face conservation.

    Please explain how monthly inspections would prevent someone trashing the place in one weekend.

    Please explain how to evict a non paying tenant in less than 4 months. You could make a fortune advising landlords if you can.

    Please explain how you're vetting of tenants will guarantee rent payment 3 years from today.

    You're nothing but a keyboard warrior.

    I'm happy to Air BnB it. I'll report back next year and tell how I've done!
    If it makes less money I'll rethink.


  • Options
    #36
    vectorvictor
    Registered Users Posts: 745 ✭✭✭vectorvictor


    Pkiernan wrote: »
    Please explain how to evict a non paying tenant in less than 4 months. You could make a fortune advising landlords if you can.

    You could just follow the law which would have them out in 42 days?


  • Advertisement
  • Options
    #37
    jim-mcdee
    Registered Users Posts: 373 ✭✭jim-mcdee


    Pkiernan wrote: »
    I have a nice apartment in a very desirable area that will rent in a heartbeat.

    I haven't raised the rent since 2008, and property was last rented at 40% below market rate. I've never been interested in getting the most rent possible.

    Last tenant just abandoned the property without notice owing 4 months rent and has left the place in such a state that the kitchen and bathroom had to be entirely torn out and rebuilt from the studs out.

    Living room floor so damaged it has to be replaced.

    Kitchen appliances destroyed or missing.
    Entire apartment needs to be completely repainted.

    With the unpaid rent and repairs I'm out of pocket approx 17k euro, and no hope of reimbursement.

    He had been there for 3 years with relatively few issues.


    Place will be refurbed by end of September and is going on Air BnB, where 120 days a year occupancy will net me more than renting.

    If the government restricts short term rentals then I'll just keep it empty and use it as a holiday home.


    I'm sure I'm like many others who are sick of having zero property rights over their own property.
    Why were you renting it below market rate? Did you think you would get an award for humanitarianism? Trouble tenants can spot a weak landlord like a lion spots an injured zebra. Sorry to say, the business is not for you.


  • Options
    #38
    GhostyMcGhost
    Registered Users Posts: 1,349 ✭✭✭GhostyMcGhost


    amcalester wrote: »
    Also, in a RPZ he’s not allowed increase the rent to market rates.

    Sounds like more than substantial renovations have taken place


  • Options
    #39
    DubCount
    Registered Users Posts: 1,072 ✭✭✭DubCount


    OP - I'm sorry you've had this experience. Unfortunately, this type of thing happens far too frequently.

    The media will not be interested. The common media view of landlords is fat cat vampires, and many commentators are only delighted to see one getting stung.

    The RTB is pointless. In the unlikely event you can even find the tenant to bring a case, you would need a court order to enforce it, and the learned judge will be more interested in the welfare of the tenant, than you getting your money back.

    Revenue ringfence losses from residential letting, and you can only use those losses against other rental profits.

    Official Ireland would have you locked up for steeling from your local Tesco, but steeling from a landlord is fair game.

    Why does this story matter? This is the number 1 reason landlords are leaving the long term rental market. Any good tenants out there, the reason for rising rents and dropping standards is this type of storey.

    Good luck with your AirBnB business. I hope it brings you better success than your long term rental business.


  • Options
    #40
    K.Flyer
    Registered Users Posts: 8,565 ✭✭✭K.Flyer


    GarIT wrote: »
    You missed a bit, tenants rights with lact of responsibility is the problem.

    Someone renting for a weekend can hardly do as much damage as someone there for 3 years, and if they do Airbnb has their credit or debit card details. +Someone renting short term has none of the crazy rights.

    Do a search for AirBnB wrecked homes on YouToob and see what damage can occur.

    https://www.youtube.com/watch?v=LVSlS0F9WvI


  • Options
    #41
    AmberGold
    Registered Users Posts: 1,284 ✭✭✭AmberGold


    Long story shortend, with current legislation there’s zero value in being a small time landlord. The PRTB are about as useful as a chocolate fireguard. I’ve been thru it all myself.

    Is the OP going to have a better experience in his new venture, who knows. Can’t be any worse than where he’s at.


  • Advertisement
  • Options
    #42
    Sleeper12
    Registered Users Posts: 16,955 ✭✭✭✭Sleeper12


    Pkiernan wrote:
    Please explain how you're vetting of tenants will guarantee rent payment 3 years from today.


    We ask for employer reference, landlord reference and bank & card statements.

    We charge the market rate. Charging 40 percent under value attracts the wrong type of tenant but you know that now. Higher rent =higher deposit

    Think of the 10s of thousands in rent that you lost. It's a hell of a lot more than the damage done to the property.

    You have other landlords here telling you the mistakes you made but don't want to hear it. Do you really think that you are right & everyone else is wrong?

    Look I'm sorry this happened to you but you held your hand out to be slapped and boy did your Tennant slap it.

    It is a business. It has to be treated as a business. If you don't treat Airbnb as a business you will fail at that too.

    They are starting to regulate Airbnb so it might not be as profitable as before


  • Options
    #43
    whippet
    Registered Users Posts: 7,673 ✭✭✭whippet


    I totally sympathise with the OP .. I had to spend €12k to get a tenant out of one of my rentals 6 years ago .. €12k that did not include rent arrears .. I did everything by the book .. but when a tenant stops paying rent and trashed your property and then disappears practically in to thin air it is pointless spending more money on solicitors trying to recoup the cash.

    I just sold up and used my capital elsewhere to nett a small but steady income stream


  • Options
    #44
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    vectorvictor wrote: »
    You could just follow the law which would have them out in 42 days?

    You may wish to further your research.


  • Options
    #45
    richy
    Registered Users Posts: 502 ✭✭✭richy


    I have a bit of experience renting out a house on airbnb and have had literally zero issues. Having to answer a few questions is literally minimal hassle. I have created templates and I send them a lot of information when they book and I get virtually zero issues. The rent from the summer months alone covers what I would receive if I rented it out on a long term basis for the whole year. Who cares if the winter months are quiet, less wear and tear.

    There is more work involved, cleaning the house, making sure there is enough bed clothes etc. You can do this yourself or hire someone to do it for you. Get adequate insurance and kick up a fuss through social media if guests do serious damage. You can put a deposit on the house too if you required.

    Eoghan Murphy stated yesterday that he intends to introduce Toronto style airbnb laws in Dublin soon. That means you can only rent your principle private residence for short term lets. Second properties need to be letted for a minimum of 28 days. Still though, you can rent an apartment long term through airbnb for a lot more money than you would get through a long term non airbnb lease. These are usually corporate clients. Had an enquiry today for someone wishing to book for November - March as they are an engineer coming over to work for a multinational for a few months at a rate approx 50% above the market rate. Now I have to pay electricity, gas, cable costs but it could be a good alternative option. They often already have reviews and the property is being booked on a company credit card.

    Any questions you have, ask away.


  • Options
    #46
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    vectorvictor wrote: »
    Struggling to find the point of this thread? I'm gathering that it's that you have something that's in demand and you are not sharing it?

    So be it.

    Being a landlord comes with risks and you've bottled it when they came home to roost.

    If you think that's bad just wait until you see how Airbnb's host guarantee plays out. The headline figures are attractive but after host fees,
    tax , cleaning/agency and trying to fill it on a wet Wednesday in November , you'll be back to the rental market in no time.

    That's not to mention last minute cancellations, Sara from Copenhagen checking herself out on day one and getting a unilateral refund from Airbnb because the wifi is down or the towels are too rough (they have a guest guarantee too!) Meanwhile you are left nursing the cost of a perishable asset - you can never sell an empty night when the night has passed.

    What's new is wonderful until you experience it and you are positioning a choice you have never tried as the answer. Naive.

    I registered a property with Airbnb in January and I have been astonished with how easy, lucrative and hassle free it is. I don't worry about guests cancelling last minute because I opted for a cancellation policy whereby the guest is charged if they do. The guests pay in advance so no concern about unpaid rent and are charged a cleaning fee which takes care of laundry etc. The guest's reviews can be checked and though I have never had to claim Airbnb host insurance because even though it has been rented pretty much every weekend since March, there has never been any damage. It may be difficult to claim on Airbnb's host insurance, but tenants don't exactly come with their own damage insurance so it is still an improvement. As another poster said, how much damage can you do in a weekend? I have made twice as much already than I would made in a full year renting to a tenant, so don't think for one second the op or a property owner should feel bad in any way for going the Airbnb route.

    You refer to amateur landlords, most landlords in Ireland own single properties, if you would prefer to deal with a corporate landlord, you are being naive, do you think they would charge 40% below market rate. Not a chance.


  • Options
    #47
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    vectorvictor wrote: »
    Remember we are dealing with someone who can't understand negative sentiment on this thread resulting from a need to announce that they are revoking the amazing community service they have been providing since 1995!

    Another amateur landlord gone from the market. Leaving it to the pros is a good idea.

    Which community service would that be?


  • Options
    #48
    listermint
    Registered Users Posts: 33,790 ✭✭✭✭listermint


    I hope the government insure that Airbnb laws are pushed like Toronto's.

    There's a raft of people on here who think nothing of going the air BnB route and think nothing of the neighbours that live next door to your short term let. You don't pay business rates like equivalent hotels or bnbs . You think it's fine and dandy to run rough shod over it just because Airbnb is a massive organisation.

    The sooner the government sorts this out the better. I'd put money down you'd go nuts if your neighbours had 3 different sets of people coming into their house each week .

    Bet you wouldn't be a big fan of that carry on.


    As for the OP it seems your not really Interested in renting at all your words. Why are you even keeping the place . It makes no sense


  • Options
    #49
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    listermint wrote: »


    As for the OP it seems your not really Interested in renting at all your words. Why are you even keeping the place . It makes no sense

    It makes a lot of sense if he/she is going to rent it on Airbnb and/or keep it for personal use.

    Maybe when pushing through Airbnb restrictions like in Toronto, the Government might also push through some new tenancy legislation which offers LL's a little bit more protection from bad tenants and in the process makes renting their properties out to long term tenants safer and more appealing. Personally I don't see either happening any time soon because it would take guts and political will to do both.


  • Options
    #50
    appledrop
    Registered Users Posts: 5,829 ✭✭✭appledrop


    We are selling up too. We have been very lucky with good tenants who are now leaving the area.

    It's a joke being a landlord on this country. Half of the rent goes in tax so we still have a small shortfall between rent + mortgage payment.

    We were decent landlords + never increased the rent but pissed me off when government imposed a limit on increase. It's our house shouldn't be up to them. We just aren't bothered with hassle anymore + many more like us.

    The homeless problem will just continue as one off landlords like us sell up. The Muppets in power can't see the woods from the trees.


  • Options
    #51
    Sleeper12
    Registered Users Posts: 16,955 ✭✭✭✭Sleeper12


    appledrop wrote:
    The homeless problem will just continue as one off landlords like us sell up. The Muppets in power can't see the woods from the trees.

    This isn't really true. If you sell then the new owners will live in it. The only way it can add to the homeless problem is if you or a new owner keep it empty. So long as people live in it it doesn't effect homeless figures at all


  • Advertisement
  • Options
    #52
    appledrop
    Registered Users Posts: 5,829 ✭✭✭appledrop


    Not true. If the new owners are currently living at home with their parents then it's one less house available for the rental market. A lot of people who are homeless are in that situation due to lack of rented houses. They don't tend to be in a position to buy their own home. We were also very fair landlords who never increased the rent, which is another fact for rise in homeless numbers.


  • Options
    #53
    Sleeper12
    Registered Users Posts: 16,955 ✭✭✭✭Sleeper12


    appledrop wrote:
    Not true. If the new owners are currently living at home with their parents then it's one less house available for the rental market. A lot of people who are homeless are in that situation due to lack of rented houses. They don't tend to be in a position to buy their own home. We were also very fair landlords who never increased the rent, which is another fact for rise in homeless numbers.

    What if the council buy the property and put someone off the housing list into it? Maybe a family of 5 or 6. It might actually help reduce the homeless numbers.
    It goes both ways.


  • Options
    #54
    appledrop
    Registered Users Posts: 5,829 ✭✭✭appledrop


    That's not going to happen as it's a small house so council won't house a family of that size in it.


  • Options
    #55
    Sleeper12
    Registered Users Posts: 16,955 ✭✭✭✭Sleeper12


    appledrop wrote:
    That's not going to happen as it's a small house so council won't house a family of that size in it.


    Small house so you didn't fit too many Tennants in it either.

    Does not sound like the homeless numbers will sky rocket when you sell it


  • Options
    #56
    appledrop
    Registered Users Posts: 5,829 ✭✭✭appledrop


    Your totally missing the point. I posted in response to someone else who is also quitting as landlord. They are more + more of us getting out of market so that's what will effect the homeless figures.


  • Options
    #57
    AndrewJRenko
    Registered Users Posts: 28,630 ✭✭✭✭AndrewJRenko


    appledrop wrote: »
    Not true. If the new owners are currently living at home with their parents then it's one less house available for the rental market.

    Same would apply if the new renters were previously living with their parents.


  • Options
    #58
    delboythedub
    Registered Users Posts: 339 ✭✭delboythedub


    Pkieman can you not take a civil action against your former tenant.


  • Options
    #59
    Sleeper12
    Registered Users Posts: 16,955 ✭✭✭✭Sleeper12


    delboythedub wrote: »
    Pkieman can you not take a civil action against your former tenant.


    He will have to find him first. I'm guessing he didn't leave a forwarding address when he vanished. He could get in touch with his employer, assuming he got employer reference at time of letting & he's still in the same job.


  • Options
    #60
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    delboythedub wrote: »
    Pkieman can you not take a civil action against your former tenant.


    Thats the issue the laws arent strong enought. Even if all went to court a sob story to the judge and their off Scott free


  • Advertisement
  • Options
    #61
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    Sleeper12 wrote: »
    He will have to find him first. I'm guessing he didn't leave a forwarding address when he vanished. He could get in touch with his employer, assuming he got employer reference at time of letting & he's still in the same job.

    They can't tell a LL anything.


Advertisement