Now ye're talking - to a landlord

05-03-2020 7:27pm

spurshero wrote: »

It’s gas when you were the guts of a half a million in negative equity a few years ago people wouldn’t have cared but now that things have improved for you and you are nearing the finishing line mortgage wise some posters seem to be angry towards you . You poured in your own money for the last 15 years and I’m sure a lot of time as well . I for one think you get whatever u deserve out of life and also that the more you put in the more you will get out . Good luck for the future op.

I think that anger is dangerous, populist and quite ill-informed. I heard a lot of it stirred up around the time of the election.

domrush · 05-03-2020 7:30pm

SuperRabbit wrote: »

<snip>
OK my question is:

Did you vote for Fine Gael?

grow up honestly, the man is being very honest about what being a landlord is. It's quite informative. Get the chip off your shoulder, it won't get you far in life

I'm a Landlord, AMA · 05-03-2020 7:30pm

Deleted User wrote: »

I think that anger is dangerous, populist and quite ill-informed. I heard a lot of it stirred up around the time of the election.

I agree 100000%
Ironically FG the “landlord party” brought it more taxes for landlords than any other party in the history of the state ...

ReneeCali · 05-03-2020 9:54pm

I'm a Landlord, AMA wrote: »

I had just finished a 4 year maths degree while working in a petrol station by night in 2002 , then I started as a junior developer so in 2004 I was a developer

How does this show I was greedy ?

Honestly, I find this hard to believe. A guy two years out of college buying a house. Unheard of at that time. Banks would not give you a mortgage if you didn't have a full-time job, and even then it was X times income. I know this for a fact.

Your spoofing. I guess Boards.ie have some agenda on this, though I'm not sure what it is.

05-03-2020 10:00pm

ReneeCali wrote: »

Honestly, I find this hard to believe. A guy two years out of college buying a house. Unheard of at that time. Banks would not give you a mortgage if you didn't have a full-time job, and even then it was X times income.

Nothing wrong with greed...but be honest with people

Not unheard of at the time. Remember 100% mortgages were still a thing. I remember very nearly buying an apartment with 2 friends and we'd barely a penny between us...its this madness that lead to the last major downturn. But its OK, you twist history to suit your self pitying agenda

Pkiernan · 05-03-2020 10:00pm

Never seen such vile hatred directed at an AMA host before.

Speaks volumes for the character of some posters.

u140acro3xs7dm · 05-03-2020 10:05pm

ReneeCali wrote: »

Honestly, I find this hard to believe. A guy two years out of college buying a house. Unheard of at that time. Banks would not give you a mortgage if you didn't have a full-time job, and even then it was X times income. I know this for a fact.

Your spoofing. I guess Boards.ie have some agenda on this, though I'm not sure what it is.

He did have a full time job, I think he said he was on 40k a year. I can remember lads in their early 20s getting 100% mortgages back then. Up until 5 years ago, you only needed an 8% deposit.

curiousinvestor · 05-03-2020 10:07pm

I bought my 1st house 2 years out of college. In 2005
I hadn't a penny, 100% mortgage. Bought on my own, the now wife was in college also.
Had a fridge, that was it for furniture and slept on d floor.

ReneeCali · 05-03-2020 10:11pm

Deleted User wrote: »

Not unheard of at the time. Remember 100% mortgages were still a thing. I remember very nearly buying an apartment with 2 friends and we'd barely a penny between us...its this madness that lead to the last major downturn. But its OK, you twist history to suit your self pitying agenda

I was in Ireland from 2000 to 2004, and I know exactly what the bank's policies were. The banks are not stupid - they did not lend to people unless they had a stable income and a permanent contract. And even then it was a multiple of income. This would be even more so if he or she was applying as a single person. Don't try to rewrite history.

Its complete nonsense, and I have never heard of anyone moving from working nights in a petrol station to become a property developer.

I don't have a self-pitying agenda. It just doesn't add up.

beauf · 05-03-2020 10:15pm

ReneeCali wrote: »

Honestly, I find this hard to believe. A guy two years out of college buying a house. Unheard of at that time. Banks would not give you a mortgage if you didn't have a full-time job, and even then it was X times income. I know this for a fact.

Your spoofing. I guess Boards.ie have some agenda on this, though I'm not sure what it is.

They had lifted the rules at this time which is how lots of people ended up in trouble when it resulted in the crash a few years later. Which is why they had to reinstate those rule years later.

krinpit · 05-03-2020 10:17pm

Thanks for sharing, warts & all!

How do you get small (non DIY) repairs done? Do you prefer sole tradesmen via google searches, or do you have a standing relationship with a professional company?

Thanks

ReneeCali · 05-03-2020 10:21pm

beauf wrote: »

They had lifted the rules at this time which is how lots of people ended up in trouble when it resulted in the crash a few years later. Which is why they had to reinstate those rule years later.

They hadn't lifted income thresholds and multipliers. The practice at banks was to lend too much to those that qualified, not to lend to all in sundry. Granted some people slipped under the radar, but the idea of people in their early 20s without permanent jobs getting large mortgages is not believable

christy G · 05-03-2020 10:25pm

I'm a Landlord, AMA wrote: »

Hi there
I went to the bank and told them the house purchase was for myself.
I tried to get a BuyToLet mortgage but they wanted a 25% deposit
I think it was only 8% when I told them I was going to live in it ..

Do you have 3 houses rented out aswell as own your own house? Are they in dublin area and how many people would you in one house , would you recommend building a 1 bedroom out a back to rent out as everyone is doing it lately seems to be best thing to do at the moment the way the country is .

lawrencesummers · 05-03-2020 10:27pm

ReneeCali wrote: »

They hadn't lifted income thresholds and multipliers. The practice at banks was to lend too much to those that qualified, not to lend to all in sundry. Granted some people slipped under the radar, but the idea of people in their early 20s without permanent jobs getting large mortgages is not believable

I was unemployed and not even claiming the dole when I got my first mortgage. Early 2005.
I was 24.

I'm a Landlord, AMA · 05-03-2020 10:29pm

ReneeCali wrote: »

Honestly, I find this hard to believe. A guy two years out of college buying a house. Unheard of at that time. Banks would not give you a mortgage if you didn't have a full-time job, and even then it was X times income. I know this for a fact.

Your spoofing. I guess Boards.ie have some agenda on this, though I'm not sure what it is.

I had a full time job for 2 years before I applied for any mortgage
I also had to provide Niamh from boards with some proof I am a landlord which I’m sure she can conform to you . On my third house purchase there was 2 banks fighting to give me 100% and a tracker of .75 %

I'm a Landlord, AMA · 05-03-2020 10:31pm

christy G wrote: »

Do you have 3 houses rented out aswell as own your own house? Are they in dublin area and how many people would you in one house , would you recommend building a 1 bedroom out a back to rent out as everyone is doing it lately seems to be best thing to do at the moment the way the country is .

If I knew then what I know now I’m not so sure I would have jumped in
I was 23 foolhardy and naive .. everyone was telling everyone to get on the ladder ... sure what could go wrong
It did in a big way I was 28/29 and in -400k of equity ...

05-03-2020 10:32pm

ReneeCali wrote: »

I was in Ireland from 2000 to 2004, and I know exactly what the bank's policies were. The banks are not stupid - they did not lend to people unless they had a stable income and a permanent contract. And even then it was a multiple of income. This would be even more so if he or she was applying as a single person. Don't try to rewrite history.

Its complete nonsense, and I have never heard of anyone moving from working nights in a petrol station to become a property developer.

I don't have a self-pitying agenda. It just doesn't add up.

You're talking complete nonsense. I know plenty of people who bought during that period and ended up in negative equity when the down turn happened. The banks were literally throwing money at people back then.

ReneeCali · 05-03-2020 10:39pm

Deleted User wrote: »

You're talking complete nonsense. I know plenty of people who bought during that period and ended up in negative equity when the down turn happened. The banks were literally throwing money at people back then.

Of course they did, we know that. That is not in dispute.

Are you suggesting that there was no credit risk assessment?

Clareman · 05-03-2020 10:46pm

First off fair play to you, very enjoyable read, I bought my own house in my early 20s as well and have banks offering mortgages for other houses, listening to stores of renting (from both sides) I'm delighted I didn't but fair play to you for going through with it.

My question is... in a few years you will be mortgage clear but have the rent for 3 properties coming in, assuming the monthly cost of rent is equal to a monthly mortgage payment (for a 25 year mortgage) you could have the price of another house in ~8 years would you be tempted to "save" the rental income for a few years and buy another house for "cash"?

beauf · 05-03-2020 10:51pm

I think we should agree to disagree and move on.

gar32 · 05-03-2020 11:15pm

I both my 1st place when I was 23 years old. I went into the bank to ask for loan so I could have a deposit for a mortgage. They said that is not allowed. You have to save it. I said I will just go else where and get a loan. The Bank manager said I can't give you a loan for a deposit but I can give you a loan for Furniture wink wink !!! I had 2000 pounds in the bank when I bought an Apartment for 80,000 Pounds. I got a old sofa from an Aunt and made a bed from some pallets. Had saved up Tiger tokens for years which got me so spoons and forks etc. Some times you have to go all out to get what you want. OP has done it and not in an easy way. Again good luck and F$%& the trolls on here !!!!!

Luimneach2018 · 05-03-2020 11:16pm

ReneeCali wrote: »

I was in Ireland from 2000 to 2004, and I know exactly what the bank's policies were. The banks are not stupid - they did not lend to people unless they had a stable income and a permanent contract. And even then it was a multiple of income. This would be even more so if he or she was applying as a single person. Don't try to rewrite history.

Its complete nonsense, and I have never heard of anyone moving from working nights in a petrol station to become a property developer.

I don't have a self-pitying agenda. It just doesn't add up.

You left in 2004 eh?

I believe it, because given what you went on to say about our wonderful banks you clearly were nowhere near Ireland 4/5 years later when certain realities began to emerge...

I'm a Landlord, AMA · 05-03-2020 11:23pm

Clareman wrote: »

First off fair play to you, very enjoyable read, I bought my own house in my early 20s as well and have banks offering mortgages for other houses, listening to stores of renting (from both sides) I'm delighted I didn't but fair play to you for going through with it.

My question is... in a few years you will be mortgage clear but have the rent for 3 properties coming in, assuming the monthly cost of rent is equal to a monthly mortgage payment (for a 25 year mortgage) you could have the price of another house in ~8 years would you be tempted to "save" the rental income for a few years and buy another house for "cash"?

I don’t know to be honest .. it would be nice to live off them rather then go thru it all again for another 10 years or so

I'm a Landlord, AMA · 05-03-2020 11:24pm

gar32 wrote: »

I both my 1st place when I was 23 years old. I went into the bank to ask for loan so I could have a deposit for a mortgage. They said that is not allowed. You have to save it. I said I will just go else where and get a loan. The Bank manager said I can't give you a loan for a deposit but I can give you a loan for Furniture wink wink !!! I had 2000 pounds in the bank when I bought an Apartment for 80,000 Pounds. I got a old sofa from an Aunt and made a bed from some pallets. Had saved up Tiger tokens for years which got me so spoons and forks etc. Some times you have to go all out to get what you want. OP has done it and not in an easy way. Again good luck and F$%& the trolls on here !!!!!

I agree it was insane
I believe this sums it up

https://youtu.be/BmK953BaEO0

Clareman · 05-03-2020 11:31pm

I'm a Landlord, AMA wrote: »

I don’t know to be honest .. it would be nice to live off them rather then go thru it all again for another 10 years or so

Sorry for the follow up question then, do you think you could give up your current role to live off the income from the houses or go reskill or do something else? Or is there anything else you'd like to do.

Personally, I love the tax relief on pension contributions, great way to make your money work for you imo

Ubbquittious · 05-03-2020 11:33pm

Do you spend a lot of time in Lanzarote or Marbella drinking pints on the back of some poor hapless sods doing the daily grind?

I'm a Landlord, AMA · 05-03-2020 11:35pm

Clareman wrote: »

Sorry for the follow up question then, do you think you could give up your current role to live off the income from the houses or go reskill or do something else? Or is there anything else you'd like to do.

Personally, I love the tax relief on pension contributions, great way to make your money work for you imo

At the moment there is no income from the houses
In real cash terms ..

last year was the first year they have covered the mortgage and covered all taxes and repairs and that ...

If I am using the wrong the wrong terminology re profits or that I apologise as I’m not an accountant

dubrov · 05-03-2020 11:36pm

Ubbquittious wrote: »

Do you spend a lot of time in Lanzarote or Marbella drinking pints on the back of some poor hapless sods doing the daily grind?

If you'd bother to read the thread you'd realise he has been at this 16 years and effectively made nothing.

Sure the future looks good but it can all change again very quickly

I'm a Landlord, AMA · 05-03-2020 11:40pm

Ubbquittious wrote: »

Do you spend a lot of time in Lanzarote or Marbella drinking pints on the back of some poor hapless sods doing the daily grind?

If you read my posts you will find it’s more gaa club and Wexford

05-03-2020 11:42pm

ReneeCali wrote: »

Of course they did, we know that. That is not in dispute.

Are you suggesting that there was no credit risk assessment?

I'm not suggesting anything, I'm telling you they were much more lenient then. As long as your finances were in order, you were on the band wagon.

Clareman · 05-03-2020 11:47pm

I'm a Landlord, AMA wrote: »

At the moment there is no income from the houses
In real cash terms ..

last year was the first year they have covered the mortgage and covered all taxes and repairs and that ...

If I am using the wrong the wrong terminology re profits or that I apologise as I’m not an accountant

Oh I know that but when the mortgage is paid off in a few years the outgoing will drop a lot, bet it'll be nice to have some payment for your time and effort, I guess my question is any plans of what to do once you start to get some income but then again 9 years time is a long time away so probably a stupid question.

I'm a Landlord, AMA · 06-03-2020 12:01am

Clareman wrote: »

Oh I know that but when the mortgage is paid off in a few years the outgoing will drop a lot, bet it'll be nice to have some payment for your time and effort, I guess my question is any plans of what to do once you start to get some income but then again 9 years time is a long time away so probably a stupid question.

Ah look no question here is a stupid one
To be honest I know it’s only 9 years but as I have learned in the past 15 years anything is possible , government regulation , brexit , or I might get the corona virus .,, who knows .

Clareman · 06-03-2020 12:15am

I'm a Landlord, AMA wrote: »

Ah look no question here is a stupid one
To be honest I know it’s only 9 years but as I have learned in the past 15 years anything is possible , government regulation , brexit , or I might get the corona virus .,, who knows .

You better not be in contact with someone from Clare then :pac::pac::pac:

Thanks for taking the time, I know a few people who have rented out houses due to either getting married and renting out 1 of their houses or inheritance and everyone of them have had issues, same way as I know people who have rented houses and have had issues with the landlord.

To me it seems that with landlords they are portrayed as all big nasty greedy people looking to squeeze every last penny out of it and renters are seen as the poor downtrodden struggling to make ends meat (think Scrooge and Bob Cratchit) whereas in reality a lot of it is in the middle where everyone is just trying to get by.

IvoryTower · 06-03-2020 12:25am

I remember being offered mortgages back then and instead I took a heap of money off them to go travelling for a year. Only getting a mortgage now at 37 but I do have slight envy of those who had their **** together enough to save while the rest of us were on the lash every weekend. I can still barely save so it was certainly never going to happen then!

Hope it all works out for you in the end, fair play.

Pawwed Rig · 06-03-2020 12:36am

ReneeCali wrote: »

Of course they did, we know that. That is not in dispute.

Are you suggesting that there was no credit risk assessment?

I applied for mortgages around that time and the banks were encouraging you to exaggerate your income and means. It was all nod nod wink wink stuff.

Crazy time

IvoryTower · 06-03-2020 7:00am

Can you not just be happy for someone else's success? Can we do an ama with the bitter tenant next

ednwireland · 06-03-2020 8:32am

great read I only own one house , as it's a 70s bungalow theres always repair Bill's. my house hasn't made money in several years.

do you keep a contingency for major repairs ?

as to those saying banks didnt lend my neighbours son borrowed a 1 million to set up a plant hire company in the early 2000's at 19.

Iscreamkone · 06-03-2020 8:58am

Just to let people know how mad the banks were before the crash... one bank offered a 70% LTV mortgage to self employed who self certified their income.
This was for lads who were working on the black economy, cash in hand in construction - which was worst hit in the crash.

Irish Permanent I think it was who gave these mortgages to the “privileged few”

Boards.ie: Niamh · 06-03-2020 10:44am

ReneeCali do not post in this thread again.

robindch · 06-03-2020 11:22am

Do you reckon there's any benefit to using property managers (like rentals.ie) who take some percentage of the rent in order to find tenants, leases, billing and the rest of it?

On an average month, how much time would you spend chasing bills, organizing repairs and that kind of thing?

argolis · 06-03-2020 12:07pm

Back again

Have you rented any of them unfurnished? Have a strong preference? Do you think that's becoming more common to provide or to be a request from tenants?

I'm of the opinion that I won't bother leaving anything in the kitchen in future (other than appliances e.g. delph), even as a tenant I'd always store away the crappy random stuff that was left there and use my own and then put it back at the end of the tenancy. I've wondered if the completely unfurnished route is becoming more popular though.

I'm a Landlord, AMA · 06-03-2020 12:08pm

robindch wrote: »

Do you reckon there's any benefit to using property managers (like rentals.ie) who take some percentage of the rent in order to find tenants, leases, billing and the rest of it?

On an average month, how much time would you spend chasing bills, organizing repairs and that kind of thing?

Hi,
Sometimes yes /Sometimes no , I have heard they will just stick any tenants in and when thing go wrong it with them its up to you to sort it.
I do it all my self from the add on daft to the lease to the day to day stuff

last year I think I had 2 plumber call outs for the heating
and one other person needed a new electric shower
that was in in the entire year really

I'm a Landlord, AMA · 06-03-2020 12:09pm

argolis wrote: »

Back again

Have you rented any of them unfurnished? Have a strong preference? Do you think that's becoming more common to provide or to be a request from tenants?

I'm of the opinion that I won't bother leaving anything in the kitchen in future (other than appliances e.g. delph), even as a tenant I'd always store away the crappy random stuff that was left there and use my own and then put it back at the end of the tenancy. I've wondered if the completely unfurnished route is becoming more popular though.

is there not a min spec that you have to leave there as per PRTB rules
all mine are furnished but the furnishings were decent new sofa new beds etc … there wasn't a lot really ,table ,6 chairs ,3 beds...

rtron · 06-03-2020 12:16pm

Do you worry about people staying in your property for too long and getting squaters rights etc? How do you know you are protected from that.

I'm a Landlord, AMA · 06-03-2020 12:29pm

rtron wrote: »

Do you worry about people staying in your property for too long and getting squaters rights etc? How do you know you are protected from that.

I have a lease with the tenants ...squatters rights or adverse possession takes 14 years if somebody was in my house for 14 years without a lease or rent I would know about it

06-03-2020 12:42pm

What's the ridiculous requests you've gotten from a tenant? A letting agency once told me they had to go and change a lightbulb.

My housemates sometimes badger me to ask our landlord for a new coach; is that a reasonable request? I think it's fine personally, a little frayed around the edges.

u140acro3xs7dm · 06-03-2020 12:56pm

Deleted User wrote: »

What's the ridiculous requests you've gotten from a tenant? A letting agency once told me they had to go and change a lightbulb.

My housemates sometimes badger me to ask our landlord for a new coach; is that a reasonable request? I think it's fine personally, a little frayed around the edges.

Where will you be going in the coach?

I'm a Landlord, AMA · 06-03-2020 1:09pm

Deleted User wrote: »

What's the ridiculous requests you've gotten from a tenant? A letting agency once told me they had to go and change a lightbulb.

My housemates sometimes badger me to ask our landlord for a new coach; is that a reasonable request? I think it's fine personally, a little frayed around the edges.

One asked my for his Deposit back when he was in 2 months of Arrears,the house was on the news due to the fact he built a bomb in the garage and blew up an estate agents in Roscommon and the Gardaí raided the house and damaged the front door and the plasterboard in the ceiling ..

I thought that as pretty ridiculous..

Another tenant had smashed 2 chairs and put punch holes in a door and told me it was wear and tear

:D:D:D

James Bond Junior · 06-03-2020 1:11pm

[Deleted User] wrote: »

What's the ridiculous requests you've gotten from a tenant?

Mine wanted me to replace the battery in the smoke alarm.

06-03-2020 1:13pm

Deleted User wrote: »

What's the ridiculous requests you've gotten from a tenant? A letting agency once told me they had to go and change a lightbulb.

My housemates sometimes badger me to ask our landlord for a new coach; is that a reasonable request? I think it's fine personally, a little frayed around the edges.

Jesus I need to proof read.

*most ridiculous

*couch

Now ye're talking - to a landlord

Comments