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Now ye're talking - to a landlord

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Comments

  • #212
    krinpit
    Registered Users Posts: 450 ✭✭krinpit


    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


  • #213
    ReneeCali
    Closed Accounts Posts: 43 ✭ReneeCali


    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


  • #214
    christy G
    Banned (with Prison Access) Posts: 45 ✭christy G


    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 .


  • #215
    lawrencesummers
    Registered Users Posts: 8,468 ✭✭✭lawrencesummers


    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.


  • #216
    I'm a Landlord, AMA
    Company Representative Posts: 87 Verified rep ✭I'm a Landlord, AMA


    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 %


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  • #217
    I'm a Landlord, AMA
    Company Representative Posts: 87 Verified rep ✭I'm a Landlord, AMA


    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 ...


  • #218
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    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.


  • #219
    ReneeCali
    Closed Accounts Posts: 43 ✭ReneeCali


    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?


  • #220
    Clareman
    Moderators, Sports Moderators, Regional Midwest Moderators Posts: 23,923 Mod ✭✭✭✭Clareman


    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"?


  • #221
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    I think we should agree to disagree and move on.


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  • #222
    gar32
    Registered Users Posts: 1,024 ✭✭✭gar32


    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 !!!!!


  • #223
    Luimneach2018
    Closed Accounts Posts: 72 ✭✭Luimneach2018


    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...


  • #224
    I'm a Landlord, AMA
    Company Representative Posts: 87 Verified rep ✭I'm a Landlord, AMA


    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


  • #225
    I'm a Landlord, AMA
    Company Representative Posts: 87 Verified rep ✭I'm a Landlord, AMA


    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


  • #226
    Clareman
    Moderators, Sports Moderators, Regional Midwest Moderators Posts: 23,923 Mod ✭✭✭✭Clareman


    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


  • #227
    Ubbquittious
    Registered Users Posts: 6,177 ✭✭✭Ubbquittious


    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?


  • #228
    I'm a Landlord, AMA
    Company Representative Posts: 87 Verified rep ✭I'm a Landlord, AMA


    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


  • #229
    dubrov
    Registered Users Posts: 3,544 ✭✭✭dubrov


    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


  • #230
    I'm a Landlord, AMA
    Company Representative Posts: 87 Verified rep ✭I'm a Landlord, AMA


    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


  • #231
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    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.


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  • #232
    Clareman
    Moderators, Sports Moderators, Regional Midwest Moderators Posts: 23,923 Mod ✭✭✭✭Clareman


    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.


  • #233
    I'm a Landlord, AMA
    Company Representative Posts: 87 Verified rep ✭I'm a Landlord, AMA


    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 .


  • #234
    Clareman
    Moderators, Sports Moderators, Regional Midwest Moderators Posts: 23,923 Mod ✭✭✭✭Clareman


    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.


  • #235
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


    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.


  • #236
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 22,292 CMod ✭✭✭✭Pawwed Rig


    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


  • #237
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


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


  • #238
    ednwireland
    Registered Users Posts: 14,281 ✭✭✭✭ednwireland


    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.

    My weather

    https://www.ecowitt.net/home/share?authorize=96CT1F



  • #239
    Iscreamkone
    Registered Users Posts: 706 ✭✭✭Iscreamkone


    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”


  • #240
    Boards.ie: Niamh
    Boards.ie Employee Posts: 12,597 ✭✭✭✭✭Boards.ie: Niamh
    Boards.ie Community Manager


    ReneeCali do not post in this thread again.

    How can I? User's guide to some features on the new site



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  • #241
    robindch
    Moderators, Society & Culture Moderators Posts: 24,399 Mod ✭✭✭✭robindch


    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?


This discussion has been closed.
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