Rent increase query

How do you know what portion of the mortgage (interest /capital) the tenant is paying ?

Post #1

He says the rent no longer covers the mortgage on the property

Again, you are just making up your own narrative to fit the thread.
If you have some insight into the LL’s finances that goes beyond what the op has posted, please share it with us.
The op has asked for advice on where to look for info if the LL increases the rent, then along you come and make all kinds of assertions which have to basis. We don’t know how long the LL has the house, whether it is in negative/positive equity, how much the mortgage has gone up, what his circumstances are etc etc, but you seem to know his financial position. That is impressive.

Imagine if a landlord said that about a HAP tenant that was tearing the hole out of the system at the landlords direct expense.

There's a big subliminal hang up in Ireland about the title of landlord, it's an outdated word no longer applicable to the general population.

Most landlords these days are ordinary working people with 1 or 2 houses rented and they probably follow more savvy shopping and spending habits than their tenants because they have to.

There's never been any support, recognition or discussion about the accidental landlords who were spawned by the crash of the Celtic Tiger and who are still working all hours to supplement the crowd that think because 25 euro a week is stopped out of their free money that they are the victims.

The powers that be want small "landlords" out of the big picture and they will achieve their objective because the horse has already bolted.

The vulture funds were well christened by the people who created them.

Have you data @timmyntc to back up that statement that people with one or two rentals are amongst the wealthiest 5% in the State?

Rough calculation, but if his/her assertion were true, every LL with 1-2 properties would be worth just shy of €1m net. If you excluded the value of LLs primary residence and the population who don’t own rental properties from the equation, the percentage would be vastly different, so I’m going to call BS on @timmyntc statement.

Well you can call whatever you like based on nothing more than your "beliefs" or what suits you if you want.

The figure I can find is that more than about 750k wealth put you into the top 10% in 2018. So timmyntc probably isn't wildly far off in reality. It doesn't state his claim verbatim, but based on your own figure of a million quid, it's probably ballpark even if not exact.

https://www.cso.ie/en/releasesandpublications/ep/p-hfcs/householdfinanceandconsumptionsurvey2018/wealth/

Feel free to provide an alternate source.

Of course he is out by a large amount just because he counts no. of properties and not the value of them, mortgagd or owned out right. It was a baseless generalisation on Timmy's behalf.

Take it up with @Dav010 for making said baseless generalisation then. I only used his claim of 1m.

Timmy introduced the 5%

Dav10 introduced the "€1m net" figure.

More than 788k (as other poster linked to) gets you to top 10%. Surely there will be a percentage or two with wealth between 788k and 1m? Even if it was only 2%, then that still gets you to top 8% at 1m. If there are 5% between 788k and 1m, then Timmy was bang on.

What is the argument here? Or the point of it? You're arguing off stats than can be at most off by 5% (of the population.)

It’s perfectly ok for someone selling fuel, cars or food to set prices in order to maximise their profits- so why can’t a house owner rent out his property for a price that the market will deliver? If he asks for too much then he won’t get a tenant. If the shopkeeper’s bread is too expensive then he won’t sell it.

Also, any landlord that turns a profit can’t put this taxable earning into his pension and lower his tax, like he could with taxable earnings from any other venture. Can someone explain this one please?

My point was that that Timmy just threw out 5% with no facts to back it up.

Personally, I don't think owning 2/3 properties up to €1m (again Timmy put no figure on what the threshold for that was) will get you in the top 5% or even 10%. Even if it did, thats not anywhere close to being wealthy.

Using Timmy's 5% figure, that means 95% of Irish people are not wealthy. I would find that hard believe given the values of some peoples homes (again Timmy included home ownership as or in his wealth category). A lot of people in expensive homes are not living lavish lifestyles, including those with multiple properties. Reason: they cannot afford to

Post the source of your claim that people who rent out 1-2 houses are in the top 5% of the population in terms of wealth. There will be no need for gymnastics when you post it.

It was your claim about their wealth etc. I don't see how you can make that claim without a credible source.