Tenant Refusing To Pay Rent * MOD WARNING IN POST #1 *

dubrov wrote: »

It's actually the opposite. Most people will pay their home mortgage ahead of an investment property mortgage. Rates are higher to reflect the risk.

I meant the risk is far less for the banks. If you dont pay they have no problem repossessing your investment because they are not putting you out of the family home. Anyway getting sidetracked here.

1874 wrote: »

I would not agree on that at all, if you dont pay your homes mortgage or only paid some off rather than all at the end of any month because you had to pay more into a mortgage for an investment property, due to a non paying tenant caused a shortfall in finances, then you arent likely to get your home taken off you, ie where you/your family live.
Better to make sure an investment property mortgage is paid as they would go after that more readily and have more luck getting it off you, and just selling it up on you and you'd still owe them the balance.
The rates are also higher on an investment mortgage, so any payment not made would be hit with even higher interest, penalties could also apply.


Both would take time, I took the option I mentioned for this reason, because of a non paying tenant.

The only reason the rates are higher for an investment mortgage is due to the higher risk for the banks.

Masala wrote: »

Jesus... reading this thread - I will NEVER rent out a property should I be in a position to do so. I will either leave it vacant or just sell it. There just seems to be NO protection for a landlord. What a screwed country we live in......

Successive ministers bringing in populist regulations that cause landlords to exit the market, driving up prices, that brings in more populist regulations and on it goes.

emeldc wrote: »

I think the day is coming where you won’t be allowed to evict a tenant just to sell your property. You’ll have to sell it with a sitting tenant. Which is why I’m trying to get out this year. But a six month notice period could easily become eight or ten months with lockdowns.

"Calls have been made to ban landlords who got tax breaks to buy properties from selling the homes, unless they keep tenants in place."

https://www.irishexaminer.com/news/arid-40208831.html?fbclid=IwAR1CGi2eZBAqoPMhaLvCrMR4hPgthoXt6UFqyyIExT0Ccdo_zd3cJcvawVw

Zamboni wrote: »

"Calls have been made to ban landlords who got tax breaks to buy properties from selling the homes, unless they keep tenants in place."

https://www.irishexaminer.com/news/arid-40208831.html?fbclid=IwAR1CGi2eZBAqoPMhaLvCrMR4hPgthoXt6UFqyyIExT0Ccdo_zd3cJcvawVw

They've hammered the landlord the last 5 years or so and landlords are legging it.
Sinn feins solution - hammer the landlord some more!
What could possibly go wrong!!

I know a guy who was in the Revenue, the Military Police and a landlord. He got more hatred and odium from being a landlord than from any of the other occupations.

agoodpunt wrote: »

Heres the article I dont agree with there policy rentals are not just for families



https://www.herald.ie/news/pressure-to-increase-on-renters-as-17000-landlords-quit-the-market-39248586.html


I disagree our anti LL lobby is feeding disfunction and reduced supply especially in more affordable and thats been replace by higher end.


To stop paying rent should be recorded on a database visible for those who pay and LL who want to rent

There was an expectation that short-term holiday rentals would be converted to long-term residential leases because of new regulations and the coronavirus crisis.

^^ from the article

Many in here said that this would happen. LLs didn't just go to Airbnb for the money, they went because it was less risky. You can't force them all back into long term rentals if they still think it's risky, some will just exit.

runawaybishop wrote:

There was an expectation that short-term holiday rentals would be converted to long-term residential leases because of new regulations and the coronavirus crisis.

I've seen multiple places convert from short term to long term rentals.

If you are a landlord who lets a place sit idle because you are afraid of the risk, you are in the wrong game. You'd be much better off selling up, buying some shares and having the easy life

dubrov wrote: »

The only reason the rates are higher for an investment mortgage is due to the higher risk for the banks.

Possibly, but thats not the point, the point is from an owners perspective, they are less likely to get their home taken off them than an investment property, someone else suggested otherwise.

Masala wrote: »

Jesus... reading this thread - I will NEVER rent out a property should I be in a position to do so. I will either leave it vacant or just sell it. There just seems to be NO protection for a landlord. What a screwed country we live in......

If this is your first insight into this, then think yourself lucky. You could get lucky with tenants, but you are only ever 1 month away from a non payment or from ever being paid again for years. So the conclusion you have come to is one that other landlords have already arrived at. If you feel you have learned from others experience then that is a good thing, because it could be a very expensive lesson. This is why landlords have and are leaving in droves. If you have money to invest, invest it elsewhere, pay off debts, education, anything really. There are potential rewards, mainly if you can afford to outright purchase a property, otherwise there is significantly less likelyhood of coming out with anything at the end of the month, a significant (hundreds of thousands) input or debt, for minimal if any reward, unless you are a sadomasochist and like pain.

handlemaster wrote: »

more populist BS. more interference why ?

They may think they are encouraging people to exit the market, scare tactics to help that?

Claw Hammer wrote: »

I know a guy who was in the Revenue, the Military Police and a landlord. He got more hatred and odium from being a landlord than from any of the other occupations.

Not sure why an individual would get abuse for being in Revenue, Ive fumed at them generally but always found them helpful on the phone and never took out my ire on individuals (then again, why wouldnt someone who is putting their hand in your pocket be nice , but honestly, I know its necessary), but they are (unsurprisingly) one of the few state organisations that are fit for purpose. Barely saw a PA in my time, again, they have a job to do,

Samuel T. Cogley wrote: »

OP look into carrying forward any losses. I'm not exactly sure how it works but you may be able to write some of the impending ****show off against future tax.

Id have said there wouldnt be tax to offset if you aren't receiving rent in the first place, but definitely keep your records up to date OP, maybe thats how Revenue extracts preliminary tax before you even received a penny, I had an accountant, well worth it imo

investing in property is a no brainer if you have the right mentality .currently if you have 350k you get nothing on deposit .buy even blue chip shares and you could lose everything ,property gives you income and capital growth ,nearly always ,bar a once in a lifetime crash like 2008.The OPs travails while distressing ,over the longterm a 4k loss is nothing,house prices at times go up by that amount in 3 months.The only downside to property investment is dodgy tenants who I suspect are an exception rather than a rule.How anyone ended up with a dodgy tenant recently giving the demand is surprising.I would imagine the OP will have learnt a valuable lesson and will do well from now on.And if the worry of a dodgy tenant is overbearing them you are probably not cut out for Landlording.